How To Stay Open To All Possibilities When In Consulting
Consulting is an act to put your expertise to good use and create a thriving business. If you have a passionate entrepreneurial streak with demonstrable experience that exceeds others’ in your industry, then you may be a key candidate to start a consultancy business. The job market outlook looks promising for consultants and is expected to increase by 14% through 2028, which means there is plenty of opportunity in this growing field.
What Is Consulting?
Consulting is the business of offering expert advice to other professionals. A seasoned consultant has an appetite and a drive for excellence, which allows him to stand out above others. A successful consultant not only has demonstrable expertise in the industry but also a natural ability to solve problems and make sound decisions. Before we delve down further, consulting can be categorised into two prime sectors:
Strategy Consulting
Strategy consultants focus their efforts on being ahead of the competition and elevating business profit; for example, when a client struggles with a specific business direction, a strategy consultant can address this by how to go about it and bring in the necessary changes or amendments. If you’d like to know more about the proven hiring practices, here are three questions you must ask when hiring a consultant.
Management Consulting
Management consultants on the other hand are responsible for the process of developing or improving business strategies. They often specialise in a particular industry, some of which include Human resources, IT, Health care, Facilities Management etc.
Consultant's Classic Act:
Consultants are hired for various reasons that range from implementing simple changes to completely overhauling current business systems. While there are increasing opportunities for consultants, it is important to understand what consultants specialise in so that it can help define what your objectives and clear expectations are.
We understand the need for a steady stream of clients that are required to sustain a consulting business. Let's walk through some fast tips to look at all possibilities that can help elevate your work and will help to land more clients.
For a quick overview of how to stay open to all possibilities when in consulting, watch our video below or alternatively carry on reading for more in depth insight…
1. Marketing Plan
Your Marketing Plan should include identifying and analysing your potential client base. Once you skim your target audience, you can assess where they hang out, how and when they are most likely to receive your message. Once you have laid a business plan, this step comes in handy for you to know what you're going to be telling your prospects, i.e., what you can do for their business and why you're the best person for the job.
Marketing covers every avenue of presenting your offer to potential clients.
2. It's all about the Clients
Each client has a unique story to tell, and you need to invest in the entire landscape and to demonstrate and communicate your worth, you need to be customer-centric.
Amazon's success can be attributed to many factors but, Jeff Bezos gives the top spot to Customer Obsession. Amazon's mission is to be the Earth's most customer-centric company.
You can begin your customer obsession by following these techniques.
Listen carefully - what’s your client's biggest challenges blocking them from the results they desire?
Ask the right questions - have you got a clear idea of the key outcomes/clear expectations and obstacles? How will solving this challenge help your client achieve stronger business growth?
Think & speak value - is your pricing strategy in alignment with your client’s expectations?
Understand how your clients consume information - do you have a good grasp of your client's preferred information-consuming channels?
3. Formulate your Value
It's vital to focus on the client outcomes you deliver to highlight your value as a consultant. Legendary economist Adam Smith quotes,
"No one ever buys a product or service, but rather the outcome that product or service delivers."
Behavioural economist Dan Ariely helps us understand this by an example. Imagine the utility we derive from a locksmith when we find ourselves locked out of our house. Consider the average hourly rate for a locksmith is £ 100, will you;
Pay £ 100 to a talented locksmith who gains access to your home in two minutes?
Pay £ 200 to a less talented locksmith who worked 2 hours to produce the same result?
In the first case, the total price you pay is £100 for an hour of the locksmith's work. In the second case, you pay £200 for 2 hours of the less talented locksmith's work. This example highlights we’re not purchasing the locksmith's time but the access to the comfort of our home. In the same way, focussing on the client outcomes that you deliver will elevate your valuable work. To be able to charge more, you need to demonstrate greater client value.
4. Keep innovating
Consultants can focus on the value and ROI they provide to their clients rather than the work they do for their clients. This can be accomplished by adopting a value-based approach. Always ask yourself - what value-added consulting services can I offer that will provide clients with greater value and return on investment.
This may unlock many possibilities for you to explore and to continue innovating - such as coaching, training, speaking, workshops, or done-for-you services. By bringing these strategies into action, you'll be able to communicate your value more effectively, increase your billings and enjoy follow-on engagements.
Here's the Kicker:
A consulting business offers plenty of possibilities if one is ready to embrace and experiment with an open outlook. This spectrum will open dynamic opportunities for a consultant to elevate his work and be more billable.
Networking (via online channels, such as LinkedIn and Twitter, will ensure you connect with people who already know about your skills)
Post articles that establish you as a thought leader in your industry
Join LinkedIn groups related to your ideal client's interests
Building a business blog will help demonstrate your credentials and benefit you with organic search traffic to your website and can uncover new clients
Attend meet-ups and networking events related to your ideal client's industry
Partner with other consultants or firms
With a value-based model, you'll increase your revenue and profitability faster. By bringing these above strategies into action, you'll be able to communicate your value more effectively and increase your billings. Your clients will love you and you’ll have a flourishing consulting business. Everyone’s a winner!
