Aside from working out your costs to deliver the project, common questions are how do I know how much to charge? Will it be competitive? Am I pricing my project too high or too low? Should I include indirect costs or overhead… and the list goes on.
There are many factors to consider when you are developing a budget!
It’s crucial to understand what your drivers are to undertake this work. Are you seeking to build a relationship with the funder? What impacts will your work have on informing policy, improving process efficiency, and building capability? Is this a strategic move?
Other important considerations in pricing include whether you will get access to intellectual property, data, facilities or other items that you would not ordinarily.
Sometimes your motivation may simply be to generate another stream of revenue for your research activities.
The type of work you are doing and the organisation funding the work are also important considerations. Does the organisation have specific rules about what it will fund? What category is your project, e.g., a research project, a consulting project, a training course or the provision of professional learning?
Pricing can differ based on the type of funder; for instance, a multi-national company may have allocated a larger amount of funds to a project versus a non-profit organisation.
Finally, understanding the unique qualities of your methodology and expertise will also influence how you budget.
Most importantly – pricing your project should be customised to each specific opportunity.
For more information about getting your pricing right, speak to our Business Development Team at (02) 6125 6101.