Thinking to be a consulting firm

Confused with the multiple business IDEAS

When we set out to be entrepreneurs, the first thing that we look for are advises. Ideas are, sometimes, amalgamation of advises that we have gathered over a period of time. The need for suggestions and advises don’t end even after you have started operating in the industry. This is where the concept of business consultants as proper businesses started to form. At present, there are numerous organizations that are successful business consultants. Let me tell you how to become a successful, and more importantly a reliable, consulting agency:

Find out the loophole

This is too common to say yet the most important thing to watch out for.  Detecting loophole is possible when you have gone through the market scenario and have carefully studied the issues that are faced by companies. Here, we must note that organizations are not naïve and we cannot provide help in fields that they themselves are capable in. The product and services creation must be based on this thought in mind of every consultant. For example, if a foreign company wants to invest in India then it may not want the general policies to be followed in international trade. What they could need is a local survey, a report that they cannot gather from write ups present online.

Talk about service before price

If you are functioning as an advisory body then there has to be a price which you are going to charge in return. Make sure you quote the price after you have explained how you are going to work through clients’ problem. This will create a good impression and the client will be willing to invest in you. Building trust before delivering the services can be done when you are establishing an appreciative relation with the client. As you are consultants, definitely, you cannot be in touch with the firm throughout. There shall be project based communications. After the project is over, it is important that you stay in touch officially by updating them about your services.

Get over hour based charging system

When the consulting business industry was in its formative stages, the usual pricing strategy was hour based. This, however now, has become obsolete method. The new way to have a long term client is to focus on results or project accomplishments.

Flexible Organizational Structure

Flexibility is an essential characteristic of successful business consultants. Here flexibility would also be needed in organizational structure. Clients brief will differ. From one client to client other, there will be different problem areas that you are going to tackle. Not every need can be catered by you and you as a consultant too will be feeling the requirement to outsource. This will, in turn, call for contractors on as-per -need basis.

Divide effort between searching for new clients and completing assigned work equally

When you are working business consultants it is important that there is a balance between the two. Often the greed for new clients overtakes the genuineness towards the present client. That is the biggest mistake. There must be equal distribution of efforts. In fact, in some cases, your present clients are more of an asset than the ones you are trying to rope in.

In order to become a successful consulting firm, these tricks and tips could be helpful. Having said that let me tell you it is sheer diligence and honesty that goes long way in very business.


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