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There’s an often-expressed belief that successful women in business have at least seven streams of income. If up until now you’ve primarily been working with clients one-on-one, you won’t need to be told there’s a ceiling on that business model. No matter how hard you work, there are only so many hours in a day you can put in, and so much per client that you can charge! If you’re unprepared for the year or stressed out...

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Owners of PR firms learn quickly that if they want to get paid fairly for their professional work, they must establish and account for hourly rates per staff at all levels. To get to the right place, they must manage salaries, overhead, benefits, out-of-pocket expenses, utilization rates and – most important – profitability. In many ways, this is the easy part even though it is essential. The hard part is ensuring that you give clients what...

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If only there was a tidy formula to help companies decide how much to spend on public relations. “Unfortunately, there is no such algorithm,” said Terry Flynn, assistant professor of communications management at McMaster University, Department of Communication Studies and Multimedia. Determining a budget for PR is more about risk analysis and managing expectations than it is about financial modeling. Executive teams processing PR budget requests need to think carefully through their organization’s need for the...