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So You Want To Be A Consultant July 2009 Published

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Presentation for CMC/Endeavour in July 2009 at Ted Rogers School (Ryerson)

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So You Want To Be A Consultant July 2009 Published

  1. 1. Exploring the Second Oldest Profession So – You Want To Be A Consultant?
  2. 2. Agenda <ul><li>Introductions </li></ul><ul><li>Your Expectations for Today </li></ul><ul><li>Intro To Consulting </li></ul><ul><ul><li>What Is Consulting? </li></ul></ul><ul><ul><li>Is it right for you? </li></ul></ul><ul><li>Basic Consulting Skills </li></ul><ul><li>Taking care of business </li></ul><ul><ul><li>Designing your product </li></ul></ul><ul><ul><li>Crafting your value proposition </li></ul></ul><ul><ul><li>Business metrics </li></ul></ul><ul><ul><li>Tools for your business </li></ul></ul><ul><li>Corporate Structures </li></ul><ul><ul><li>Sole practitioner to big firm </li></ul></ul><ul><li>Staying in business </li></ul><ul><ul><li>Business Issues </li></ul></ul><ul><ul><li>Tax, Legal and Insurance </li></ul></ul><ul><li>Professional Associations and Designations </li></ul><ul><ul><li>CMC Canada </li></ul></ul><ul><li>Q&A </li></ul>
  3. 3. The Context <ul><li>Management consulting is estimated to be a $10.3 billion industry in Canada </li></ul><ul><li>Expected growth: 5.5% annual growth rate in Canadian consulting market through 2010, reaching 11.49 billion by 2010 </li></ul><ul><li>The smallest sector, HR, is still $852 million </li></ul><ul><li>Nature of work is diversified, ranging from strategic planning, corporate development, marketing, business process to HR and IT; functions within the private and public sectors </li></ul><ul><li> so how does one get one’s fair share of the action? </li></ul>www.cmc-canada.ca The Kennedy Information Study – 2007
  4. 4. Three Level Approach <ul><li>Presentation of the topic </li></ul><ul><li>Interaction (during and with a networking session) </li></ul><ul><li>Demonstrations of consulting techniques and approaches </li></ul>Because consulting is learned by watching and working with consultants..
  5. 5. To Get The Most Out Of Today <ul><li>Take a piece of paper. Divide it up into five sections: </li></ul><ul><li>My challenges – list the things that you feel are your obstacles and challenges </li></ul><ul><li>My Learning – things I learned and want to remember </li></ul><ul><li>I’m interested – things that you found most interesting. Did we spend enough time? </li></ul><ul><li>Not interesting – we could have skipped this. Did we spend too much time? </li></ul><ul><li>Questions? </li></ul><ul><li>Name and email (optional) </li></ul>
  6. 6. Please allow me to introduce myself… <ul><li>A consulting veteran with over 30 years of experience in both senior business and IT roles </li></ul><ul><li>His consulting career has included roles as Global Vice President for DMR Consulting and Principal at Ernst & Young. </li></ul><ul><li>Expert in a number of consulting disciplines including Strategy, CRM, Performance Metrics, Lean & Six Sigma, Portfolio Management, Program Planning </li></ul><ul><li>Passionate about leveraging people, processes and technology to enable high performance teams – pioneer in virtual teams </li></ul><ul><li>Clients include Fortune 500 and some of Canada’s most successful entrepreneurs </li></ul><ul><li>Lectured at universities – private and public – around the world. Currently at University of Waterloo </li></ul><ul><li>President of the largest consulting group in North America – Toronto chapter of CMC Canada </li></ul><ul><li>Jim Love, FCMC </li></ul>
  7. 7. Our Expertise
  8. 8. Chelsea Consulting Outsourcing and Managed Services Management and IT Consulting Software as a Service
  9. 9. What do you want to get out of this? What would you like to take away from this session? ??? Objectives
  10. 10. And your expectations? Turn to the person next to you – or another person and ask them the question – “ What do you want to get out of this session?” Write down what they say… ??? Excercise
  11. 11. And your expectations? Now – play it back to them… (Take turns) ??? Excercise
  12. 12. Observations <ul><li>Did you feel the other person captured the your objective as you had said it? </li></ul><ul><li>Did you feel they really understood you? </li></ul><ul><li>Were they more eager to talk about their objective or your objective? </li></ul>
  13. 13. What I Want To Get Out Of This.. <ul><li>I want to help people who want to have a career in consulting – payback for what I’ve received </li></ul><ul><li>Share my pride in this unique and rewarding profession </li></ul><ul><li>Recognition as a leader in this industry </li></ul><ul><li>Learn – from preparing and from your input </li></ul><ul><li>Make networking contacts that can lead to clients or to discover new talent for our organization </li></ul><ul><li>Test the potential for a longer course on Management Consulting Essentials </li></ul>
  14. 14. What did we just learn? <ul><li>You never have a meeting without surfacing what EVERYONE wants to get out of it </li></ul><ul><li>I open and close each meeting with this </li></ul><ul><li>There is a risk – but its better than not knowing that you aren’t reaching people </li></ul><ul><li>At each meeting you must aim for a mutual exchange of value </li></ul>
  15. 15. Learning… Turn back to your neighbour Regardless of how well you did – ask them… What is one thing I could have done better? Courtesy: Dave Howlett ??? Excercise
  16. 16. Consulting Is About Relationships Relationships are based on a mutual exchange of value. Whether the exchange of value is mutual is a matter of perception There are learned behaviours, skills and techniques to affect that perception It starts with the realization that it’s not about you You get better at it by asking and applying one thing at a time
  17. 17. What Is Consulting?
  18. 18. The Second Oldest Profession? Torn from the comic pages…
  19. 19. An Honourable Profession Consulting is a collaboration between the consultant and the client which solves one or more challenges faced by the client to the mutual benefit of both parties.
  20. 20. An Honourable Profession Consulting is a collaboration between the consultant and the client which solves one or more challenges faced by the client to the mutual benefit of both parties.
  21. 21. An Honourable Profession Consulting is a collaboration between the consultant and the client which solves one or more challenges faced by the client to the mutual benefit of both parties.
  22. 22. An Honourable Profession Consulting is a collaboration between the consultant and the client which solves one or more challenges faced by the client to the mutual benefit of both parties.
  23. 23. An Honourable Profession Consulting is a collaboration between the consultant and the client which solves one or more challenges faced by the client to the mutual benefit of both parties.
  24. 24. Is it right for you ?
  25. 25. IF <ul><li>You feel insecure about finances and need something steady and reliable </li></ul><ul><li>You need structure, supervision and a clear process </li></ul><ul><li>You can’t take it when you lose </li></ul><ul><li>You don’t understand why people are so stupid </li></ul><ul><li>You have brilliant ideas but just can’t sell them to anyone… </li></ul><ul><li>You could take it or leave it.. </li></ul>Consulting might not be right for you…
  26. 26. IF <ul><li>You get a real charge out of helping people solve problems </li></ul><ul><li>People confide in you because you can keep your mouth shut </li></ul><ul><li>You are a self-starter </li></ul><ul><li>When you lose you just want to learn why </li></ul><ul><li>You can deal with financial uncertainty </li></ul><ul><li>Whenever you are around, people get great ideas </li></ul><ul><li>People consider you a great mediator, facilitator </li></ul><ul><li>You like to hear other people’s story </li></ul><ul><li>You think it’s normal to eat in a fine restaurant and from a vending machine in the same day … </li></ul>Consulting might be your thing…
  27. 27. Why Are You Interested? What do you want to get out of consulting? Turn over that piece of paper – write down three goals ??? Consulting
  28. 28. What Is A Consultant? Give us a term which is synonymous with Consultant or is a characteristic of a consultant. See how many words you can come up with in one minute. ??? Consulting
  29. 29. Many different meanings… <ul><li>Advisor </li></ul><ul><li>Confessor </li></ul><ul><li>Confidant </li></ul><ul><li>Expert </li></ul><ul><li>Negotiator </li></ul><ul><li>Mediator </li></ul><ul><li>Change agent </li></ul><ul><li>Project manager </li></ul><ul><li>Solution architect </li></ul><ul><li>Problem solver </li></ul><ul><li>Assistant </li></ul><ul><li>Jack of all trades </li></ul><ul><li>Cheerleader </li></ul><ul><li>Resource </li></ul><ul><li>Facilitator </li></ul><ul><li>Visionary </li></ul>
  30. 30. Making sense of the many roles Expertise Efficiency Experience Client Problem Source: David Maister, Managing the Professional Services Firm
  31. 31. <ul><li>Expertise </li></ul><ul><li>Frontier </li></ul><ul><li>New solutions </li></ul><ul><li>One off </li></ul><ul><li>High degree of expertise </li></ul><ul><li>Rates: </li></ul><ul><li>Premium Price </li></ul><ul><li>Security </li></ul><ul><li>Easy to sell </li></ul><ul><li>Negative </li></ul><ul><li>Barriers to entry </li></ul><ul><li>Liability issues </li></ul><ul><li>Substitutes </li></ul>
  32. 32. <ul><li>Experience </li></ul><ul><li>Clients who have a problem but don’t want to start with a blank sheet of paper </li></ul><ul><li>Skills and experience </li></ul><ul><li>Pro: </li></ul><ul><li>Fewer entry barriers </li></ul><ul><li>Leverage can help rates </li></ul><ul><li>Negative </li></ul><ul><li>Little security </li></ul><ul><li>Commoditization and rate pressure </li></ul><ul><li>Expertise </li></ul><ul><li>Frontier </li></ul><ul><li>New solutions </li></ul><ul><li>One off </li></ul><ul><li>High degree of expertise </li></ul><ul><li>Pro: </li></ul><ul><li>Premium Price </li></ul><ul><li>Security </li></ul><ul><li>Easy to sell </li></ul><ul><li>Negative </li></ul><ul><li>Barriers to entry </li></ul><ul><li>Liability issues </li></ul><ul><li>Substitutes </li></ul>
  33. 33. <ul><li>Efficiency </li></ul><ul><li>Low risk, familiar problems </li></ul><ul><li>Cost effective solution </li></ul><ul><li>Requires: </li></ul><ul><li>Productivity, process </li></ul><ul><li>Automation and tools </li></ul><ul><li>Pro: </li></ul><ul><li>Flexibility </li></ul><ul><li>Most leverage </li></ul><ul><li>Negative </li></ul><ul><li>Difficulty in differentiation </li></ul><ul><li>Lowest rate </li></ul><ul><li>Experience </li></ul><ul><li>Don’t want to start with a blank sheet of paper </li></ul><ul><li>Repeatable </li></ul><ul><li>Requires: </li></ul><ul><li>Skills and experience </li></ul><ul><li>Pro: </li></ul><ul><li>Fewer entry barriers </li></ul><ul><li>Leverage can help rates </li></ul><ul><li>Negative </li></ul><ul><li>Little security </li></ul><ul><li>Commoditization and rate pressure </li></ul><ul><li>Expertise </li></ul><ul><li>Frontier </li></ul><ul><li>New solutions </li></ul><ul><li>One off </li></ul><ul><li>Requires: </li></ul><ul><li>High degree of expertise </li></ul><ul><li>Pro: </li></ul><ul><li>Premium Price </li></ul><ul><li>Security </li></ul><ul><li>Easy to sell </li></ul><ul><li>Negative </li></ul><ul><li>Barriers to entry </li></ul><ul><li>Liability issues </li></ul><ul><li>Substitutes </li></ul>
  34. 34. Product Leadership Customer Intimacy Operational Excellence Known for: “Best total cost” Known for: “Best total solution” Known for: “best product” Skills: Product Differentiation Skills: Customer Response Skills: Operational Competence Disciplines of market leaders – Treacy, Wiersma
  35. 35. There’s no life like it! <ul><li>The second oldest profession </li></ul><ul><li>A most honourable and satisfying calling: </li></ul><ul><ul><li>Help </li></ul></ul><ul><ul><li>Objective advice </li></ul></ul><ul><ul><li>Problem solving </li></ul></ul><ul><ul><li>Synthesis </li></ul></ul><ul><li>Consulting versus other disciplines (expert, contract work, etc.) </li></ul><ul><li>Not for everyone – but how do you know if it’s right for you? </li></ul>
  36. 36. Quick Review
  37. 37. A Personal Strategy <ul><li>What am I passionate about? </li></ul><ul><li>What can I beat the world at? </li></ul><ul><li>What are the metrics that drive that business? </li></ul>Jim Collins, “Good To Great”
  38. 38. What do you want to be famous for? David Maister – Managing the Professional Services Firm
  39. 39. <ul><li>Efficiency </li></ul><ul><li>Low risk, familiar problems </li></ul><ul><li>Cost effective solution </li></ul><ul><li>Requires: </li></ul><ul><li>Productivity, process </li></ul><ul><li>Automation and tools </li></ul><ul><li>Pro: </li></ul><ul><li>Flexibility </li></ul><ul><li>Most leverage </li></ul><ul><li>Negative </li></ul><ul><li>Difficulty in differentiation </li></ul><ul><li>Lowest rate </li></ul><ul><li>Experience </li></ul><ul><li>Don’t want to start with a blank sheet of paper </li></ul><ul><li>Repeatable </li></ul><ul><li>Requires: </li></ul><ul><li>Skills and experience </li></ul><ul><li>Pro: </li></ul><ul><li>Fewer entry barriers </li></ul><ul><li>Leverage can help rates </li></ul><ul><li>Negative </li></ul><ul><li>Little security </li></ul><ul><li>Commoditization and rate pressure </li></ul><ul><li>Expertise </li></ul><ul><li>Frontier </li></ul><ul><li>New solutions </li></ul><ul><li>One off </li></ul><ul><li>Requires: </li></ul><ul><li>High degree of expertise </li></ul><ul><li>Pro: </li></ul><ul><li>Premium Price </li></ul><ul><li>Security </li></ul><ul><li>Easy to sell </li></ul><ul><li>Negative </li></ul><ul><li>Barriers to entry </li></ul><ul><li>Liability issues </li></ul><ul><li>Substitutes </li></ul>
  40. 40. <ul><li>Efficiency </li></ul><ul><li>Low risk, familiar problems </li></ul><ul><li>Cost effective solution </li></ul><ul><li>Requires: </li></ul><ul><li>Productivity, process </li></ul><ul><li>Automation and tools </li></ul><ul><li>Pro: </li></ul><ul><li>Flexibility </li></ul><ul><li>Most leverage </li></ul><ul><li>Negative </li></ul><ul><li>Difficulty in differentiation </li></ul><ul><li>Lowest rate </li></ul><ul><li>Experience </li></ul><ul><li>Don’t want to start with a blank sheet of paper </li></ul><ul><li>Repeatable </li></ul><ul><li>Requires: </li></ul><ul><li>Skills and experience </li></ul><ul><li>Pro: </li></ul><ul><li>Fewer entry barriers </li></ul><ul><li>Leverage can help rates </li></ul><ul><li>Negative </li></ul><ul><li>Little security </li></ul><ul><li>Commoditization and rate pressure </li></ul><ul><li>Expertise </li></ul><ul><li>Frontier </li></ul><ul><li>New solutions </li></ul><ul><li>One off </li></ul><ul><li>Requires: </li></ul><ul><li>High degree of expertise </li></ul><ul><li>Pro: </li></ul><ul><li>Premium Price </li></ul><ul><li>Security </li></ul><ul><li>Easy to sell </li></ul><ul><li>Negative </li></ul><ul><li>Barriers to entry </li></ul><ul><li>Liability issues </li></ul><ul><li>Substitutes </li></ul>Can you see this as the most interesting thing you could do for the next 3 to 5 years?
  41. 41. What do you want to be famous for? David Maister – Managing the Professional Services Firm
  42. 42. Do You Have The Desire What do you want to be famous for? Turn to your neighbour and tell them… David Maister – Managing the Professional Services Firm ??? Me
  43. 43. What’s Your Asset – Your Balance Sheet <ul><li>Assets </li></ul><ul><li>________________ </li></ul><ul><li>________________ </li></ul><ul><li>________________ </li></ul><ul><li>________________ </li></ul><ul><li>________________ </li></ul><ul><li>________________ </li></ul><ul><li>Liabilities </li></ul><ul><li>________________ </li></ul><ul><li>________________ </li></ul><ul><li>________________ </li></ul><ul><li>________________ </li></ul><ul><li>________________ </li></ul><ul><li>________________ </li></ul>
  44. 44. And your goals… <ul><li>Go ahead – reveal something about yourself! </li></ul><ul><li>But more importantly, find out about someone else! </li></ul>
  45. 45. Can you SELL it? They wouldn’t listen to the fact that I was a genius, The man said they had all that they could use. Now I got the steadily depressing No count mind messin’ Workin’ in the car wash blues….. Jim Croce
  46. 46. Taking Care Of Business “ I’m doing a great job of Selling – my customers are doing a lousy job of Buying !”
  47. 47. People Don’t Buy Drills (Mark Langlois) Name one of your key products/services: Five Problems That It Solves: Problem 1: Problem 2: Problem 3: Problem 4: Problem 5: Source: The Spin Selling Fieldbook
  48. 48. Taken from the point of view of a real potential customer (segment) – what is the real view they would have of The attributes of your service? Be honest! It’s their perception that counts! Try to do one of these for your competitors…
  49. 49. <ul><li>Try it out on friends and acquaintances </li></ul><ul><li>Make it a sincere no selling consultation </li></ul><ul><li>Take careful notes </li></ul><ul><li>Ask for tough comments </li></ul><ul><li>No defensiveness </li></ul><ul><li>Make careful notes </li></ul>
  50. 50. Help them by pushing the point… Is there one thing I could have done better?
  51. 51. Sit down. Shut up. And Sell! Sales is a process that anyone can learn. It involves connecting, listening and learning… People who follow a process have the greatest overall improvement in success rates.
  52. 52. Adding Your Own SPIN <ul><li>A brief introduction where you state your credentials is a good idea. But after that you want to be in question mode. The best sales people use a process. I prefer SPIN: </li></ul><ul><li>Situation </li></ul><ul><li>Problem </li></ul><ul><li>Implications </li></ul><ul><li>Need Satisfaction </li></ul>Spin Selling - Huthwaite
  53. 53. The Buying Process Unaware Contemplating Planning Action Sold and Serving Advocacy Cal Harrison – BEYOND Referrals
  54. 54. Finding Leads <ul><li>The good leads… </li></ul><ul><li>Gaining profile </li></ul><ul><li>Networking </li></ul><ul><li>Research </li></ul><ul><li>Qualification </li></ul><ul><li>MAD (Money, Authority and Desire) </li></ul><ul><li>The 3% factor </li></ul>Whether it’s networking or marketing, those who give away something of value attract interest.
  55. 55. Building Awareness <ul><li>Speaking </li></ul><ul><li>Coaching </li></ul><ul><li>Volunteering </li></ul><ul><li>Networking </li></ul><ul><li>Newsletters </li></ul><ul><li>Forums </li></ul><ul><li>Webcasts </li></ul>Remember that awareness building is not selling! You need to deliver real value. That takes work, planning and tenacity! therealjimlove.wordpress.com
  56. 56. Internet and Social Networking <ul><li>Those who pursue an internet based customer acquisition strategy should be prepared to invest in that strategy and relentlessly pursue it: </li></ul><ul><li>Websites </li></ul><ul><li>Social networks (Linked In, Plaxo) </li></ul><ul><li>Blogs </li></ul><ul><li>Newsletters </li></ul><ul><li>Webcasts </li></ul><ul><li>Twitter </li></ul><ul><li>Forums </li></ul>Anyone who is interested can see me after this or give me your contact info and we’ll invite you to our webinar. This presentation can be found on my Linked In Page.
  57. 57. Virtual Networking A copy of this presentation will be available on my Linked In page.
  58. 58. Summary <ul><li>Find a way to solve a problem better than anyone else </li></ul><ul><li>Validate the size and importance of the problem – and the resonance of your solution </li></ul><ul><li>Build awareness – give to get </li></ul><ul><li>Manage opportunities – find the 3% </li></ul><ul><li>Learn from failure, leverage success </li></ul><ul><li>Never lose a lead </li></ul>
  59. 59. You Inc.? <ul><li>There are many different ways to work as a consultant: </li></ul><ul><ul><li>Sole practitioner </li></ul></ul><ul><ul><li>Entrepreneurial firms </li></ul></ul><ul><ul><li>Agencies </li></ul></ul><ul><ul><li>Employee in small, medium or large firm </li></ul></ul><ul><li>Each has pluses, minuses and pitfalls </li></ul>
  60. 60. Where to from here? <ul><li>Check out CMC Canada – a great networking organization for consultants. Representatives are here today. Get involved. </li></ul><ul><li>A course on “ Essentials of Management Consulting ” will be offered later this year. Currently negotiating with the University of Waterloo </li></ul><ul><li>Contact me separately for personal coaching </li></ul><ul><li>[email_address] </li></ul>
  61. 61. What have we done?
  62. 62. Questions & Discussion
  63. 63. [email_address]

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