The consulting market : Realities, myths and analysis (V)
This write-up is a continuation of an earlier publication on realities, myths and analysis of the consulting market. Discussions in the previous feature ended on fees and rates charged by firms in the consulting industry.
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Keys to success
Generally, the path to success in consulting is predefined: working diligently and in concert with others enhance the consultant’s chances of quickly climbing up the success ladder in the consulting profession.
The following are some essential qualities that could ensure the success of the consultant, and ensure his or her possible emergence as the “best” in the consulting profession.
- The consultant must adhere strictly to his or her promises to clients; must ensure projects are completed on schedule to help build the requisite credibility and trust among his or her team and clients. The consultant must have strong knowledge in the discipline to help team members in the areas of PowerPoint, organisation of projects and taking notes.
Meeting project deadlines enhances the consultant’s chances of securing new contracts or projects. This means the consultant must be the firm’s “pair of hands” with the “magic wand.”
- Presentation of final projects devoid of error(s) is indicative of the consultant’s attention to details; it enhances trust reposed in the consultant by his or her clients. Usually, clients’ trust in a consulting firm increases when final projects handed to them are free from grammatical errors and spelling mistakes; when computations in the project are thorough, error-free and carefully presented. In essence, it is imperative for the consultant to pay close attention to project details.
- The consultant may have multiple talents to fit into several specialised areas. However, it is important to assess the market to identify a specialised area that is in “hot” demand, but has limited or no expertise to effectively execute clients’ projects. These notable areas may include advanced financial modelling, novel marketing strategy and communication skills.
Such an initiative would make the consultant the “hottest commodity” in the consulting industry. Knowledge of PowerPoint, Excel and Microsoft Word is paramount.
- It is imperative for the consultant to subject a given project to critical thinking before commencing. Consultants who consider problems carefully are able to develop better insights and proffer meaningful solutions to those problems. Consultants who embark on a critical thinking “journey” are often distinguished from their peers; they provide qualitative meaning to quantitative data presented in reports to clients with relative ease. Such a stride is likely to propel the consulting firm to another level – from good to great and from great to exceptional.
- The consultant is likely to be saddled or presented with a project that is completely new to him or her, or new to the consulting industry.
This problem may not only be new, but very challenging. Here, the success of the consultant would hinge on his or her resourcefulness.
The consultant’s creativity and quick resolution of difficult problems would be his or her trump card. Resourcefulness, here, refers to the consultant’s ability to mobilise the requisite skill, acumen and expertise to address a given problem. As a rule of thumb, the consultant is expected to approach his or her team and manager for solutions.
If the problem persists, the consultant would approach peers and other internal experts; and extend to external experts when necessary.
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Although an emphasis is placed on the word “new,” there may be an expert who has ever addressed similar problem(s) and may be in a very good position to offer cogent suggestions. Brainstorming ideas with such an expert would help complete the project earlier than expected.
Consultants saddled with very challenging projects should desist from throwing in “early towel.” They must embrace the challenge to serve as strong and positive model to their team members. They must believe there is light at the end of the tunnel.
- Providing meaningful solutions to clients’ problems is predicated on strong understanding of the problems on hand. To this end, it behoves the consultant to ask all the relevant questions and demand answers from the client. Through this approach, the consultant would appreciate and understand the client’s problems. This would effectively inform the strategy to be adapted to resolve the client’s problems.
Asking all the relevant questions to emerge with productive and economically useful project is better than keeping mute and delivering a poor work. The term, relevant, is relative. However, the consultant must carefully consider the psychological state of the client to ensure questions are posed in ways that are subtle, helpful and non-irritating.
Questions related to formulae and acronyms may be answered using Google rather than approaching the client.
Multiple questions could be structured and presented to the client at a given time to respond and return to the consultant. This is better than the repeated approach. The consultant may wait to collect the questionnaire, depending on the volume of questions and the corresponding responses expected from the client. A mutual agreement between the consultant and client would ensure all questions are asked and responses provided in a peaceful manner.
Conclusion
Consultants who wish to achieve remarkable success in their chosen profession must be committed to listening, and building meaningful and healthy relationship with their clients. Consultants who adhere to the foregoing principle are likely to transform their consulting firms from good to great, and from great to exceptional. Success in the consulting industry comes at a price. Success in the consulting world thrives on a lot of skill and intellectual ingenuity.
Strong knowledge about a client’s changing needs and desires helps the consultant to address the client’s problems with relative ease. This is likely to increase referrals from existing clients to enhance the revenue generation efforts of the implied consulting firm. A consultant who remains focused and resolute is likely to soar above his or her peers in the consulting industry.
In spite of the recurring economic challenges across the globe, the role of consultants in the effective development of contemporary and future businesses and national economies cannot be overemphasised.
This makes it imperative for experts and trainees in the consultancy industry to equip themselves with the requisite knowledge, skill and dexterity to ease their identification of challenging problems and proffer effective solutions that would inure to the economic benefit of all parties.
Ebenezer M. Ashley (PhD)
Lead Consultant/CEO
Eben Consultancy
Fellow & Council Member, ICEG
Email: ebenezer.ashley@gmail.com
Website: www.ebenezerashley.com