What are the secrets of successful business management consultants?
- Exploit specific knowledge gaps
- Focus on building relationships, not just revenues
- Don’t sell a service, sell results
- Make use of a flexible structure
- Always close potential clients
If you are really serious about becoming a successful business management consultant in the Philippines, there are some things you can do that can have an impact almost immediately. Businesses have spent just over $12 billion alone on consulting during 1997, so it is indeed a growing industry.
A business consultant is an expert in a specific field that works as an adviser, either to another individual or a company. The job of a consultant is to consult; nothing more, nothing less. Because of this, almost anyone can be a consultant in this day and age through the use of resources that are readily available.
But what separates a bad consultant from a good one is a drive and passion for excellence. A good consultant should also be informed about the subject that he or she is consulting in. Discover what your particular gift is and start your journey with this list of the secrets of successful business consultants:
Exploit Specific Knowledge Gaps
Your clients are most likely not lacking opinionated or smart talent. If they were, they would have hired a full-time employee and not a consultant. They seek outside expertise, rather, because they are starting to explore markets, methodologies, or problems that might be unfamiliar to them.
Your clients probably need objective insight that their in-house staff can’t give. This is where you come in because consultants that fill pressing knowledge gaps tend to be more successful. As a business consultant, you should help your customers create value and cultivate a competitive advantage.
Your client generally does not need raw data; they already have plenty of that. Rather, they need your help as a consultant to translate this data into actionable strategies, adapt their business and brand into new spaces, and create cutting-edge products and services.
Focus on Building Relationships, not just Revenues
Consulting is a business that is based on relationships. A wise and successful consultant always listens before he or she speaks. Avoid talking about costs without first discussing the specific objectives and needs of your clients.
Few businesses actually look to hire consultants on a recurring or regular basis for many different reasons, both practical and political. Knock on a lot of doors and make it a point to keep in running contact with your connections. Above all else, maintain good rapport with your clients through your work. Your reputation as a business consultant is everything which is why it is important to stay on the radars of your clients.
Remember that opportunities usually come in the wake of sudden, pressing issues or new ventures. This is when you want to spring into the minds of potential clients as the perfect person to help them. You must strive for face-to-face interactions and cultivate personal networks at all costs.
Don’t Sell a Service, Sell Results!
If you price your service as a business consultant in the Philippines, you will be viewed as a commodity. What you should do instead is to keep your clients laser-focused on the lasting value you bring them and bill based on the scope of work and end results.
Avoid discussing whether your service will be used, but rather how your services will be used. Start with your most basic requirements and provide a range of possible value-adds and cost scenarios.
Make Use of a Flexible Structure
Some business consultants can earn millions from ongoing monthly retainers. When a business consultant is providing ongoing services such as marketing or PR support, recurring retainers can make sense. However, if you have done your job right as a business consultant, you have already solved their problem so always be ready to move on.
Businesses ebb and flow; you must remain flexible by developing a freelance support network because no two projects are the same. Take advantage of contractors from different disciplines and industries who can introduce additional perspective and expertise. You can reduce overhead, better staff projects, minimize risks, and meet the needs of your clients if you approach it this way.
Always Close Potential Clients
You must devote as much time to gaining new business as doing the tasks that are assigned in order for you to succeed as a consultant. Studies have shown that the average time between initial contact of a client to engagement can sit between six to 36 weeks. The close rates for these clients can also hover between 10 percent and 20 percent, so any downtime should be reinvested into developing your business.
Ultimately, your potential partners are buying into you and your vision as much as the actual services you provide because there are thousands of independent, established, and home-based businesses now looking for visibility. Present a mix of testimonials, case studies, and client showcases to your prospective employers. These are powerful business drivers that show them what you have done and what you are capable of doing.
Business consulting probable sounds like one of the easiest business you can get into. While there may be some truth to that, the reality is that it is never easy.
You have to possess a certain level of expertise, the right contacts in the industry, the ability to line up some work, and of course, a drive to succeed.