Reasons Why Consulting Business Fail
Consulting business, due to its high pay, may act as a magnate to many of the young entrepreneurs who have knowledge of the industry. One thing that they fail to foresight is that consulting business needs relationship building that does not only come with a product design or a lucrative service pack. There has to be steps and initiatives taken in building up a relationship with clients and network yourself so that clients approach you with their problems. Let us look at why business consultants fail:
Lack of Interaction, Networking and Relationship Building
Having deep industry knowledge is not all you need. In my university days we had two professors in our department. One was a post doctorate who has authored two books and many journals and another was a post graduate and pursuing a doctorate program. We all would be exciting to attend the one who was pursuing PhD rather than the one who was an author.
The knowledge and research contribution was of course larger of the one who had more degrees but she lacked the capability to connect to the students. While the other one was an orator and leader, interacting with student on different levels. This same thing I have observed in terms of consulting business. You need to have industry knowledge and interactive power of same capacity.
Negligence towards Preparation and Learning
Often the consulting experts think that once they have set up the firm or successfully delivered result to the first client, they are good to go. That is not the truth. If you want to have a reliable network then stay prepared to receive new clients even before they have arrived. Preparation and learning are important and one cannot run a business without these two components.
Problem of networking can be dealt with, if you get the correct idea of using LinkedIn. Initiating relationship with the clients and cultivating the relationship are the two major steps that must be taken by consulting firms in order to have a better market grip. LinkedIn is one of the best social networks to have a large network.
- In LinkedIn you can find the reach of your network.
- If the reach of your network is falling short say less than 15 million then start sending our connection requests.
- Do not miss out on anybody. Make sure all are there in your network reach.
- Add those who you send out emails to.
- Do the same with the people who are there on your social interaction platforms, for example, Twitter and Facebook.
As business consultants you need to adapt every means that is going to connect you to your future clients.
We do not Use Social Gatherings
The problem with us is that we do not use the social gatherings to talk about our business. We just mention in brief that too on being asked. We think that work and social gatherings are two different things. Indeed they are. But no one is stopping you from talking.
When you visit a party or call people at your home they are all yours to listen to you. Do not over do it, but you can, in a subtle way, tell people of the work you do and how it can help other business owners. The response may not be immediate but in time definitely they are going to approach you when they get stuck.