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Consulting
- 1. CONSULTING OVERVIEW Sayed Ahmed President/CEO/Chief Architect/Lead Developer Justetc (Just et cetera) Technologies http://www.justetc.net http://sayed.justetc.net
- 2. WHAT IS CONSULTING ο Just providing services or advices to other businesses ο Not as an employee ο But as an independent person or as an independent company ο All industries can have consultants ο IT, Management, Engineering
- 3. WHY CONSULTANTS ANYWAY? ο The need for personnel ο The need for fresh ideas ο Government regulations ο The need for maximum efficiency ο The need to diagnose problems and find solutions ο The need to train employees ο The need for a complete turnaround
- 4. WHY CONSULTANTS ANYWAY? ο Company politics ο The need for increased sales ο The need for capital
- 5. HOW CONSULTANTS ARE ANALYZED ο Can he add something to the output ο Can he save time and money for the company? ο Does he have the skills, can he do the job ο With the budget, can he accomplish the goal
- 6. WHAT MAKES AN OUTSTANDING CONSULTANT ο Beside manner ο The ability to diagnose problems ο The ability to find solutions ο Technical expertise and knowledge ο Communication skills ο Marketing and selling ability ο Management skills
- 7. HOW TO GET CLIENTS ο Direct mail ο Cold calls ο Direct response space advertising ο Directory listings ο Yellow pages listings ο Former employers ο Online marketing ο Networking with other professionals in the same or different field
- 8. HOW TO GET CLIENTS ο Indirect methods of marketing ο Speaking before groups ο Sending out newsletters ο Joining and being active in professional organizations ο Joining and being active in social organizations ο Writing articles ο Writing a book ο Writing letters to the editor ο Teaching a course
- 9. INDIRECT METHODS OF MARKETING ο Giving seminars ο Distributing publicity releases ο Exchanging information leads and referrals with noncompeting consultants
- 10. MARKETING SEQUENCE ο Marketing to the government ο Locate potential clients ο Screen ο Visit and make presentations ο Maintain contact and gather intelligence ο Prepare the proposal ο Negotiate the contract
- 11. MAKE THE INITIAL INTERVIEW SUCCESSFUL ο Looking and acting like a professional ο Essential questions ο What problem needs solving ο Exactly what the client wants you to do ο How will you know if the objectives have been met? ο Are there any particular sensitive issues that you should watch out for? ο Main point of contact ο Any backup contacts
- 12. MAKE THE INITIAL INTERVIEW SUCCESSFUL ο What authority does each player have? ο Taking notes ο Holding off on giving advice ο Interpreting body language ο Making use of listening techniques ο Identifying emotions from facial expressions
- 13. WHAT TO DO WHEN THE INTERVIEW IS OVER ο If positive and offered the position ο Negotiate ο Rate ο Time ο Duration ο Vacation ο Health ο Leave business card ο Pay thanks ο Decide on request for proposal
- 14. PRICING YOUR SERVICES ο Low price strategy ο High price strategy ο Meet the competition price strategy
- 15. PRICING ο Other considerations ο Industry pricing ο Client price adjustment
- 16. CONSULTING RATE CALCULATION ο Yearly salary: $47,000, hourly $23.50 for 2000 hours ο Consulting overhead ο Clerical support - $5000 ο Office rent -8000 ο Telephone β 3400 ο Automobile β 8000 ο Insurance β 6000 ο Marketing expense β 20,000 ο Entertainment β 2000 ο Professional dues and subscriptions β 1000 ο Accounting and legal fees β 3000 ο Miscellaneous β 2600 ο Total Overhead: $59,000 ο So you need to charge = $47,000 + $59,000 = $106,000 ο $53.00 per hour
- 18. METHODS OF BILLING ο Daily or hourly ο Working on retainer ο Performance billing ο Fixed price billing ο Consider the details ο Overestimate a bit ο Control costs closely ο Specify the requirements in detail ο Put the changes in writing
- 19. DISCLOSING THE FEE ο The client may like one particular method of billing over others ο So determine your price in all possible ways ο Government wants full disclosure
- 20. CONSULTING CONTRACTS ο Why a contract is necessary ο To understand the terms clearly ο It will help you get paid ο You can develop your own contract ο Using the standard client contract ο Incurring a contractual agreement ο Formal contract ο The letter contract ο Order agreements ο Purchase orders ο Verbal contracts
- 21. TYPES OF CONTRACTS ο Fixed contracts ο Cost contracts ο Performance contracts ο Incentive contracts ο Elements of a contract ο Who: the consultant and client ο What: services? ο Where? Addresses of both parties. Where the services will be provided ο When? When services to be performed and when paid ο How much: how much pay
- 22. ELEMENTS OF A CONTRACT ο Elements of a contract ο Competitive restrictions ο Patent rights ο Insurance coverage ο Confidentiality
- 23. PLANNING AND SCHEDULING THE PROJECT ο PERT Model ο Agile methodology ο Waterfall methodology
- 24. NEGOTIATING WITH YOUR CLIENT ο Six steps by government ο Evaluate and rank ο Identify offers within competitive range ο Eliminate unacceptable offers ο Written and oral discussions ο Notification of a cut off date ο Award the project
- 25. FOR SUCCESS ο Preparation: the key to all contract negotiations ο Being wary of telephone negotiations ο The negotiation plan
- 26. NEGOTIATION GAMESMANSHIP ο Making the other party unreasonable ο Placing the other party on the defensive ο Blaming a third party ο The good guy and bad guy technique ο Straw issues ο The walkout ο The recess ο The time squeeze
- 27. HINTS FOR NEGOTIATION ο Use humor in tensed situations ο Do not insult anyone ο Do not try to make anyone bad ο Be reasonable ο Try to find the best for both parties ο Talk and listen ο Never assume that the other party is 100% accurate
- 28. HINTS FOR NEGOTIATION ο Explain all the advantages that you are offering ο If you are not prepared for a topic, defer it ο Accept a good offer ο You probably is in a very good situation and the client may be in a very bad situation. So work on getting what you deserve in the market
- 29. HINTS FOR NEGOTIATION ο Fight for what are important to you; may give up small advantages
- 30. SOLVING CLIENT PROBLEM ο Step by step ο Central problem ο Relevant factors ο Alternative courses of action ο Discussion and analysis of alternatives ο Conclusions ο recommendations
- 31. PSYCHOLOGICAL TECHNIQUES FOR PROBLEM SOLVING ο Psychological techniques for problem solving. ο Why absent mind decides better sometimes ο No pressure ο Distractions ο False knowledge ο Use your subconscious to solve problems
- 32. IMPORTANCE OF ETIHCS IN CONSULTING ο Business ethics: not clear cut ο Typical ethical problems in consulting ο Client already knows the solution ο Client wants you to omit information from your reports ο Client wants the proprietary information that you learned in another place as employed ο Client wants you to lie to his boss ο Client wants you to bill for more or less hours
- 33. REFERENCES ο How to Make it Big as a Consultant: William A. Cohen