This is the updated version of a previously published Practice Alert Practices on profitability. Profitability is determined by the difference between income and expenses…and GBA Member Firms can do far more to increase the former and decrease the latter.

Low margins are somewhat commonplace among geoprofessional firms. This Best Practices addresses the issue head-on and identifies valuable techniques firms should consider to improve their profitability, including: 
• managing labor costs; 
• finding opportunities to offer contingency fees; 
• obtaining lump-sum assignments and managing them well;
• managing expectations;
• learning to bind clients to your firm;
• avoiding attachment to your fee schedule.

client relations, clients for life, contingency fees , design/build, expectations management, fee considerations ,  labor costs , lump sum pricing ,profitability proposals , records management , T&M pricing, time and materials pricing, upfront