Wrap rates can be confusing as it goes by many different names: wrap rates, fully burden rate, fully loaded rate, and billing rate.  What exactly is included in your wrap rate?  That is what the video is about.  Your wrap rate is made up of Indirect Costs which are also known as burden(s).  Burdens are support costs like fringe benefits, overhead and general and administrative costs (G&A). Fee(s) are your profit.  A wrap rate is what you bill your customer to recover the cost of the employee pay, plus fringe benefits plus an amount for overhead, plus G&A costs, and profit. 

Analyzing the definition of key terms often provides more insight into concepts.  Overhead can be defined as activities supporting the production process that are not direct costs, or direct labor.  As an entrepreneur, it is essential to know why overhead costs impact your small business.  I first start by defining overhead then go into examples.   What costs are included in overhead?  A definition of fixed costs, variable costs, and semi-variable (mixed) costs are also included.  It is important to note that the more fixed costs you have, the less profit you will have.  Also discussed is how to compute your overhead rate. 

This week’s discussion is on “Have Gov’t Contractors Been Impacted by Pandemic”. In order to make this determination I can reports through USASpending.gov. The results were surprising. In fact, two set-aside actually saw an increase in contracting dollars when compared to just a year ago. Now, I could have used the FPDS database to obtain the numbers for this episode, but I find it too cumbersome when compared to USASpending. Besides, the information is the same no matter which system you use. Depending on the set-aside used government contractors saw a 11.54% decrease to a 24% increase! The biggest winner were small businesses with a 24% increase. 8(a) contractors saw the largest decrease of 11.54%. HUBZone contractors saw an 11.03% decrease as well. The service-disabled veteran-owned small businesses saw an increase of 1%. This number really surprised me. Last but not least Women-Owned Small businesses (including Economically Disadvantaged women-owned small businesses) saw a 2.5% decrease.

I am continuing our cost accounting (#costaccounting) series today by explaining the difference between fixed and variable expenses.  Throughout the video, I will be using the following terms interchangeably and they are costs and expenses.  (#VariableCosts.) Variable costs change based on the number of items produced or the number of services provided.  If your production goes up 20% then your variable expenses (cost) goes up by 20%.  If your production goes down by 30% then your variable costs will go down by the same percentage.

Your fixed expenses stay the same.  They do not change no matter how many products or services are provided.  They are fixed, hence the name fixed costs. #FixedCosts #FixedExpenses

Why do you need to know the difference between fixed expenses and variable expenses?  Well, the more fixed cost a company has the more revenue the company needs to produce to break even.

#accountingLet's face it. Everyone thinks they know the purpose of the accounting system(#PurposeOfAccountingSystem) however there is a legal requirement. After all, you do have to pay taxes. Today, I will discuss not only the purpose of the accounting system but the 11 functions contained within the #accountingsystem. Also, I will provide suggestions on policies to include in your business to help deter theft and fraud. Your accounting system(s) plays an important role in your business. #FinancialAccountingSystem Are you using your financial accounting system to its potential? Have you restricted access to employees to only the information that they need? #accounting #smallbusiness #entrepreneur

Do you want to know the Top MISTAKE Gov't Contractors Make? Well, that is what I will be talking about today as well as a few strategies to help. Let's face it government contracting #Government Contracting is not easy. If it was then everyone would be doing it. As a government contractor, (#governmentcontracting) you need to be better than the rest if you want to stand out. Bidding on government contracts can no longer just be the lowest price as the government is moving to the lowest price technically acceptable. Small businesses need to have a strategy in place to achieve their goals. What strategy (#strategy) should you use? Well, that is up to you. I will talk about three strategies today. The first is Cost Leadership Strategy, the second is Differentiation Strategy and the third is Focus Strategy. #Entrepreneur. #SmallBusiness #GovernmentContracting

Hi Guys,

This is a short video explaining why I am changing the name of the podcast soon.  If you are a long time listener you know that our podcasts cover more than Government Contracting.  That is why we are changing the name to "The Nancy Byerly Show".  

Also, included in this episode is updates on upcoming episodes.

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Hi, thanks for joining me today.  My name is Nancy and our top ic today is on Cybersecurity Maturity Model Frequently Asked Questions. The Department of Defense will soon start requiring Defense Contractor to obtain a certification in order to bid on Defense contracts.  If your information systems have not been certified to the level required by the solicitation, then you cannot be awarded the contract. PERIOD.

A great introduction goes a long way to setting the stage for a professional conversation—especially when used at networking events or tradeshows.  The one tool that people use to make introductions simple and effective is the elevator pitch.  Today, we are going to provide several elevator pitches (speech) examples and tips to help create, craft, and deliver your message.  Throughout this blog, we will use elevator pitch and elevator speech interchangeably.