Bringing Business to the Company?
Bringing Business to the Company?
(OP)
Hello all,
I am an employee at an engineering consulting firm. I am starting to make some contacts and am working on bringing new business to the company. I am meeting with some potential clients to tell them a bit about the company, myself and handout a company resum. When I start bringing my own jobs in, does it make sense that I should receive a finder's fee of some sort for every project brought to the company? I think growing the business deserves some incentive, and a project by project based incentive plan sounds like it could be a good thing for the employer and the employee. For instance, an example could be that any job brought to the company would require the company to pay me 7% of the total project fee. Any feedback would be greatly appreciated wehther you have experience with this type of situation or not.
Thank you.
I am an employee at an engineering consulting firm. I am starting to make some contacts and am working on bringing new business to the company. I am meeting with some potential clients to tell them a bit about the company, myself and handout a company resum. When I start bringing my own jobs in, does it make sense that I should receive a finder's fee of some sort for every project brought to the company? I think growing the business deserves some incentive, and a project by project based incentive plan sounds like it could be a good thing for the employer and the employee. For instance, an example could be that any job brought to the company would require the company to pay me 7% of the total project fee. Any feedback would be greatly appreciated wehther you have experience with this type of situation or not.
Thank you.





RE: Bringing Business to the Company?
Good Luck
David
RE: Bringing Business to the Company?
If the company has a business development guy, he might push back a little, but you never know until you ask.
I would suggest you approach it with the idea of a finder's fee based on signing a contract or of actual work generated. And it would be helpful to provide some examples of the type of business you can bring, type of company you are meeting with, etc. Personally I would appreciate a guy taking the initiative and trying to get work coming in the door.
Question is - what is a reasonable finders fee? Anyone have any ideas???
Greg Lamberson
Consultant - Upstream Energy
Website: www.oil-gas-consulting.com
RE: Bringing Business to the Company?
RE: Bringing Business to the Company?
-The future's so bright I gotta wear shades!
RE: Bringing Business to the Company?
But, don't let this stop you
Kevin Hammond
Mechanical Design Engineer
Derbyshire, UK
RE: Bringing Business to the Company?
RE: Bringing Business to the Company?
As a salaried employee, you also have to think that the "finders fee" you think you should get is actually your salary. The company pays you to do the work, and if bringing work into the company pays for itself, then consider that contributing to your salary. If you think you should get a finders fee for bringing work in, then maybe you should try setting up your own business and take all the fees for yourself. Are these projects coming in due to the Company's reputation, or your own?
I agree with what CVG stated - consider it part of your job and make sure the management sees this extra effort and you can be rewarded in other ways. If that doesn't pan out, then you have the choice of going out on your own, or finding another company that appreciates your efforts more.
RE: Bringing Business to the Company?
Though being defence we had a more limited clientel so it wasn't quite as relevant. Chances were we aleady knew and had work from the client, it was just getting in extra/winning over companies.
RE: Bringing Business to the Company?
RE: Bringing Business to the Company?
RE: Bringing Business to the Company?
Try sitting down and putting a pencil (or pen) to paper and figuring out how profitable your projects are for the company once your salary, materials, AND overhead are included. Then add in any unprofitable or break even projects that are done (you can't just cherry pick the good ones).
Out of what is left, I see no reason why a portion of that could not go to a finder's fee or incentive. Considering you take no inherent risk on the project, that portion may be lower than you think.
ZCP
www.phoenix-engineer.com
RE: Bringing Business to the Company?
Now if I could have got a % of the amount we came in under budget on some of my programs at my last place I wouldn't have been unhappy! Just so long as I didn't have to subsidize the couple that went over budget (of the 2 I recal neither were my fault, on one I can blame production and on the over I have the choice of blaming management or job shoppers).
RE: Bringing Business to the Company?
RE: Bringing Business to the Company?
Here is work walking in the door without advertizing, markettimng, presentation, and so on and most are thinking a diner at best for the guy that brings in work.
The boss meets 10 potential custumers to score on one contract, using so many comapny ressources and time to get that contract.
Not counting, that kind of work fills in a few gaps for times when the place is slow, and have people do something instead of laying them off.
You deserve better, and if you are good at bringing in work, strike it on your own, man. Don't listen to these guys telling you 7% is too much. They tell you that they have only 10% profit (after pulling a $500,000/year salary), yeah, right.
RE: Bringing Business to the Company?
RE: Bringing Business to the Company?
There is no magic as to how the 7% came about. I just stated my best guess as to what a fair number might be.
RE: Bringing Business to the Company?
-b
RE: Bringing Business to the Company?
RE: Bringing Business to the Company?
The employer is in business to make money, not to employ people, any employer with 10 plus employees pulls that kind of salary, they are also good at fooling employees (I don't mean to be rude, but you are one of the fooled ones).
As for CEO's (large firms), they are compensated with stock options (which goes in millions of dollars).
EE2002:
I had the impression that you were an Electrical Engineer bringing work with your OWN connections. From what you describe, you actually use your employer's reputation to get work, and that you are paid to bring in work.
In that case, I'd say, you not entitled to anything.
No heart feelings folks, this is only a discussion, so no need to ask me which planet I come from (USA of course).
Thank you
RE: Bringing Business to the Company?
If you live in DC, CA, Phoenix, Seattle, NYC, or some other high cost of living area, that statement might be true. But there is a reason mfg. plants locate themselves in backwater towns, and it isn't because of accessibility to transportation.
RE: Bringing Business to the Company?
RE: Bringing Business to the Company?
However, I speak with authority that the group I work in has a budget goal of approximately 12% net profit. We are very happy to beat that by 1 or 2 percent in any given year. Granted, the CEO certainly makes more than $500,000, however my boss who manages nearly 30 employees makes WAY LESS.
The salary for the CEO (and other corporate officers) is taken out of our gross revenues along with other corporate and G&A expenses PRIOR to figuring the net profit. However, our CEO and stockholders would never dream of giving over half the net profit to the guy that wrote the proposal. I don't know of any other similar firms that do this either.