The six things every great business consultant needs
When it comes to running a consulting business, there’s no shortage of things to get together. People run out and get laptops, business cards, printers, chamber of commerce memberships, social media accounts, websites and more. And there’s no shortage of computer stores, graphic design firms, marketing agencies and sales reps lining up to take their money. But that’s not really what it takes to be a great business consultant.
In fact, strong business consultants know their success depends on more than just checking off boxes or showing a little glitz. They know it comes from a finely honed strategy and a willingness to pull it off. If you check in with business consultants who really make it, you’ll most likely find a pattern….
Confidence
To make it as a business consultant, you need confidence. Otherwise, you’ll spend your time fretting over every decision, from setting your fees to picking colours for your website and from negotiating a contract to setting the line spacing on a report. While a confident personality would come in handy, that’s thankfully not the only solution. Not everyone is born with a high degree of self confidence and even those who are sometimes can fall into a rut. You can build your confidence by using solid plans, methodologies and tools – and by choosing work and clients in which you really believe. When your heart’s in it, your confidence will soar.
Credibility
By building your credibility, you can help foster your career as a business consultant. Some ways to build credibility in the hearts and minds of your clients and prospective clients include publishing articles, speaking at events, appearing in the media, getting testimonials and leveraging referrals. In many ways, those techniques involve being vetted by another party, whether it’s a newspaper, website, trade association, event or past client. By putting your ideas out in front of others, you also gain credibility, because they can see the work you do and the confidence you have in those ideas. Moreover, when others endorse your work – even if it’s by allowing you to speak at a meeting – your credibility grows. You can start small, of course. Even a few blog posts can help you get started.
Business consultant marketing system
When you have a strong marketing process, your business will do better. A good marketing system helps you identify, prospect and qualify clients, then acquire and retain them – in a non-pushy but profitable way. By planning out your marketing, mapping it to your sales and marketing pipeline and putting in place tools to support and nurture clients at every step, you’ll be on your way to a stronger business consultant practice.
Organized invoicing
Successful consultants have a process in place for getting deposits, invoicing and following up on delinquent accounts. If you feel nervous about this, consider outsourcing your accounts to a bookkeeping or accounting service. In the end, if you’re running a business but not actually bringing in money, all you have is an expensive hobby. So put a process in place to keep your earnings flowing.
Contracts
Too many business consultants rely on handshakes and verbal agreements or vague and poorly written contracts. Get a firm contract in plain language and be sure to build in fees, scope of work, deadlines, terms of payment and other key details. Even if you’re doing work with a friend, a contract can help keep things clear and protect you if your contact moves on to another position or falls ill.
A solution-oriented approach
Business consultants do better when they understand their clients’ needs and develop solutions that provide real value to their clients. Business consulting, like other services, is a pretty intangible thing. If you try to sell an intangible, such as a plan or a methodology, clients are likely to be unsure of what they’re getting. In comparison, if you take time to understand your clients’ problems and pains, then propose a solution that will help them get away from that pain so they can focus on the things that matter to them, you’ll be selling something clients can understand. By shifting client focus to the value your solution offers, you can also move to Solution-Based Fee™ pricing, which will get you out of the hourly rate trap too.
So, there you have it: confidence, credibility, a marketing system, organized invoicing, contracts and a solution-oriented approach. Taken together, those six key points can help you in your career as an independent business consultant. But keep in mind that there’s no need to be perfect. Every step you take toward putting these points in place will help. People have said, “Rome wasn’t built in a day” more than you’d ever think necessary, but the saying has stuck for a reason. It’s important to work toward your goals, rather than seeing them as big obstacles. Take one step at a time and you’ll be on your way to success as a business consultant.
For more information on consulting, including setting consulting fees, visit ConsultantJournal.com.