Building A Management Consulting Firm

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Building A Management Consulting Firm

  1. 1. Copyright  2008 Allen H. Kupetz Building Your Own Management Consulting Firm
  2. 2. Copyright  2008 Allen H. Kupetz It’s never too late to be who you might have been. - George Elliot
  3. 3. What is a Consultant? Copyright  2008 Allen H. Kupetz “ A consultant is a person in a position to have some influence over an individual, a group, or an organization, but who has no direct power to make changes or implement programs.”
  4. 4. What is Management Consulting? <ul><ul><li>Process Consulting </li></ul></ul><ul><ul><ul><li>General knowledge of business </li></ul></ul></ul><ul><ul><ul><li>Strategic (e.g., OB, business strategy) </li></ul></ul></ul><ul><ul><ul><li>“ The forest” / define the vision </li></ul></ul></ul><ul><ul><li>Expert Consulting </li></ul></ul><ul><ul><ul><li>Specific skill set </li></ul></ul></ul><ul><ul><ul><li>Tactical (e.g., IT, accounting, legal, biz-dev) </li></ul></ul></ul><ul><ul><ul><li>“ The trees” / solve a problem </li></ul></ul></ul>Copyright  2008 Allen H. Kupetz
  5. 5. Copyright  2008 Allen H. Kupetz
  6. 6. What Kind of Consulting is for You? <ul><ul><li>Process Consulting or Expert Consulting </li></ul></ul><ul><ul><li>What is your brand? </li></ul></ul><ul><ul><li>What are your core skill sets? </li></ul></ul><ul><ul><li>What would make sense for a company to outsource rather than hire? </li></ul></ul>Copyright  2008 Allen H. Kupetz
  7. 7. Copyright  2008 Allen H. Kupetz The indispensable first step to getting the things you want out of life is this: decide what you want. - Ben Stein
  8. 8. The Business of Consulting <ul><li>Client Acquisition </li></ul><ul><li>How Much Do I Charge? </li></ul><ul><li>The Contract </li></ul><ul><li>Building a Team </li></ul><ul><li>Milestones </li></ul><ul><li>Deliverables </li></ul><ul><li>Follow-on Business </li></ul>Copyright  2008 Allen H. Kupetz
  9. 9. 1. The Challenge of Client Acquisition Copyright  2008 Allen H. Kupetz I don’t know who you are. I don’t know your company. I don’t know your company’s product. I don’t know what your company stands for. I don’t know your company’s customers. I don’t know your company’s reputation. Now, what was it you wanted to sell me? McGraw-Hill Publications
  10. 10. Hints for Client Acquisition Copyright  2008 Allen H. Kupetz <ul><li>Don’t quit your day job </li></ul><ul><li>(i.e., use your salary to fund your business) </li></ul><ul><li>Make your boss your first customer </li></ul><ul><li>Focus on an “anchor tenant” </li></ul><ul><li>Snow White and the Seven Dwarfs </li></ul>
  11. 11. 2. How Much Do I Charge? <ul><li>Calculate your costs HOURLY, </li></ul><ul><li>but don’t bill HOURLY </li></ul><ul><li>What would it cost them to do it themselves? </li></ul><ul><li>Exact terms must be in the contract </li></ul><ul><li>T&E is not a profit center </li></ul><ul><li>The “BMW effect” </li></ul>Copyright  2008 Allen H. Kupetz
  12. 12. 3. The Contract <ul><li>Negotiations </li></ul><ul><li>Language </li></ul><ul><li>Expenses </li></ul><ul><li>Payment Terms </li></ul><ul><li>Venue for Resolution </li></ul>Copyright  2008 Allen H. Kupetz
  13. 13. 4. The Challenge of Building a Team Copyright  2008 Allen H. Kupetz
  14. 14. Copyright  2008 Allen H. Kupetz Your Client is on Your Team
  15. 15. 5. Milestones Copyright  2008 Allen H. Kupetz <ul><li>Don’t forget the steps </li></ul><ul><li>between Start and Finish: </li></ul><ul><ul><li>Are we on the right track? </li></ul></ul><ul><ul><li>Can you help us with ... ? </li></ul></ul><ul><ul><li>Have your needs changed? </li></ul></ul><ul><ul><li>Interim payments? </li></ul></ul><ul><ul><li>Expenses? </li></ul></ul><ul><ul><li>Format of the deliverable? </li></ul></ul>
  16. 16. 6. Deliverables Copyright  2008 Allen H. Kupetz Not just when you get paid, but a chance to start the process of winning your next contract.
  17. 17. Copyright  2008 Allen H. Kupetz Don’t give others what they don’t want. - Japanese proverb
  18. 18. 7. Follow-on Business Copyright  2008 Allen H. Kupetz <ul><li>Continuing last time or something new? </li></ul><ul><li>Don’t work for free </li></ul><ul><li>Don’t assume all terms will be the same </li></ul><ul><li>New contract </li></ul>
  19. 19. Copyright  2008 Allen H. Kupetz The reverse side also has its reverse side. - Japanese proverb
  20. 20. Copyright  2008 Allen H. Kupetz
  21. 21. Copyright  2008 Allen H. Kupetz “ Each consulting project, whether it lasts 10 minutes or 10 months, goes through five phases. The steps in each phase are sequential ; if you skip one or assume it has been taken care of, you are headed for trouble.”
  22. 22. Flawless Consulting : Five Phases Copyright  2008 Allen H. Kupetz 1. Entry and Contracting “ When consultants talk about their disasters, their conclusion is usually that the project was faulty in the initial contracting stage.”
  23. 23. Flawless Consulting : Five Phases Copyright  2008 Allen H. Kupetz 2. Discovery and Dialogue “ Consultants need to come up with their own sense of the problem.”
  24. 24. Flawless Consulting : Five Phases Copyright  2008 Allen H. Kupetz 3. Feedback and Decision to Act “ The consultant is always in the position of reducing a large amount of data to a manageable number of issues.”
  25. 25. Flawless Consulting : Five Phases Copyright  2008 Allen H. Kupetz 4. Engagement and Implementation “ For larger change efforts, the consultant may be deeply involved. Some projects start implementation with an education event.”
  26. 26. Flawless Consulting : Five Phases Copyright  2008 Allen H. Kupetz 5. Extension, Recycle, or Termination “ If the implementation was either a huge success or a failure, termination on this project may be in the offing.”
  27. 27. Copyright  2008 Allen H. Kupetz Of all the strategies, to know when to quit may be the best. - Chinese proverb
  28. 28. Questions? Copyright  2008 Allen H. Kupetz
  29. 29. “ The Mayans lost to the Aztecs, the Romans lost to the Barbarians, and the French lost to the Vietnamese. In each case the losers had superior technology, but the victors had more troops.” Copyright  2008 Allen H. Kupetz [email_address]
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