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Are you a new consultant? Finding it overwhelming to figure out what are the little things that need to be kept in mind when it comes to consulting? Generally, we know the bigger important things that are to be kept in mind. Here are a few tips for the newbie consultants out there.
- In case you’re an internal consultant, you have to develop relationships with individuals you can depend on for information and support. Become more acquainted with your organization and the general population in it. If you’re external, stay in touch with your clients and with others in the training field. You need them to remember you and your great work as they shift among different organizations.
- Be aware of the basic financial details of your client. Its not like your boss or any higher official will be unimpressed if you didn’t know the company’s annual turnover. But, if clients ask or during board meetings it can be helpful if you are aware of such basic financial data of your company. It will not take very long to memorize some of these things.
- You must know the CEO and the senior management of your company. Most often especially with external consultants, they have a casual conversation with someone in the cafeteria and later on he or she learns that it was the Vice president. Go through the company’s website and familiarize yourself with the top management.
- Set up a google alert to gain information about clients and competitors. Google Alerts bolsters you the latest online information (gathered essentially from news sites and blogs) related to keywords that you specify. Set up these alerts for your client and its best 3 competitors. This will enable you to stay current on client and industry advancements, which will prove to be useful through the project. Numerous individuals are excessively occupied, making it impossible to do this regularly, and it’s a speedy win for new consultants to include value.
- Most consulting firms have internal knowledge libraries that store information about past projects and the company’s latest thinking. When you’re starting a project, you should dig up that library for information related to your client, its competitors, and even functionally comparative projects. Give careful consideration to the work that has been done before and this will enable your group to avoid re-creating the wheel (which can happen surprisingly frequently). You ought to likewise review the “sales documents” that prompted the project, including the project proposal and preliminary research.
Consulting can be a very rewarding and easy money-making job. However, that is the case only if you have the right contacts and avoid the common mistakes that are made in consulting. Here are a few common mistakes that consultant often make.
- Very often consultants stop networking once they get a contract. Remember you are a consultant and not a permanent employee. This contract is only for the time being and will not be as profitable as having two three contracts in hand. Always look for more contracts and keep networking even if you currently have a pretty good contract.
- Another common mistake is being uniformed about financial aspects. You must declare your income and assets like any other working citizen of the country. You need to responsibly pay up you taxes and be aware of tax write offs. You must also invoice regularly and ensure you are getting your deserving pay. You may also hire an accountant, if you like. It may help this process.
- Of course, a contract is just as good as to your capacity to uphold it. In any case, on the off chance that you in any event have the contract on paper, it’s a considerably less demanding to uphold than a verbal agreement, even in areas where verbal contracts are binding. Having a good paper trail can aid you if a client doesn’t pay, numerous clients will pay up when you remind them that they have signed a contract.
- A few clients will push and push, while others make modest, incremental changes. Yet, those changes add up and they detract from either your earning potential or your opportunity off. Utilize a contract, remind the client of the scope and make certain to offer to accommodate their needs and yet ensure that you realize what you’re trading away or else get more money. Set aside some opportunity to find out about overseeing consulting client behaviour.
- Instead of having multiple income streams. On numerous occasions, a few experts depend on one income stream. For some specialists, this implies having only one client or simply completing one sort of consulting. While there are gigantic advantages in being an expert and specialist in a specialty, you may be more content on the off chance that you have more than a single way to get money. A large number of the best experts I know additionally teach, coach and write, in addition to other things. It keeps them active, gives them more financial security and enhances their networking and expert status as well.
- Your consulting fees is a complex signal about the value you offer, your position in the marketplace and even that it is so natural to push you around. Pricing is one of the four P’s of promoting and setting your consulting fee is accordingly a vital piece of your business strategy. Ensure you set aside the opportunity to set and get a fee that reflects the value your solutions offer.
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