Issue link: https://htpgraphics.uberflip.com/i/392122
Consultancy activities based in research institutions are undertaken because they provide benefits to three parties – the client, the institution and the researcher (i.e. you). All three must benefit if the process is to continue successfully. The client benefits through gaining access to resources e.g. skills, expertise, equipment that are needed but are not available in-house. This is often because the client encounters an unexpected problem that cannot be resolved with internal resources. This is why clients' requests are often expressed as being urgent. Although the client is accessing the institution's skills, expertise and equipment, the real benefit comes from the solving of the problem. To succeed in consultancy, it is essential to understand exactly what the client thinks is valuable. This in turn can be reflected in the fees charged. A research institution engages in these services to fulfil its wide public- interest role, to make available its know-how and facilities outside its own sector, to broaden and develop its contact with business, to generate income for the institution and for the individuals involved and to support government policy. Engaging in consultancy enables staff to become involved in current issues and familiarises them with the challenges faced by diverse organisations of all sizes and to gain practical applied experience. Of course any income that is generated can be used to enhance the institution's services and facilities. The value of consultancy to you is in many ways similar to the benefits to the institution, such as familiarity with commercial issues and a wider professional network. Many consultants from research institutions enjoy the process of solving 'real' industry problems and of establishing themselves as experts in particular commercial issues. In addition, of course, there are personal financial rewards on top of your basic salary. Fees The fee that you can charge will vary from case to case and will depend on many factors. A point of comparison is the commercial rate charged by professional firms (e.g. lawyers and accountants) and independent consulting firms (e.g. consulting engineers and management consultants). Remember, however, that these firms have higher cost bases (the full-time costs of premises and staff, for example, which they must pay for even in the unavoidable periods of low client income). They also have 7 Benefits Section 2