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Critical Sucess factors
The document discusses the critical success factors for consulting firms. It identifies key assets as the consultants themselves, internal processes and knowledge, and connections. Critical success factors include professionalism, creativity, impact, business problem awareness, thought leadership, networking, and a diverse team. Ultimately, reputation, customer relationship management, challenging clients' realities, trust, performance measurement, and a learning culture are cited as ultimate success factors. The document also examines how firms can differentiate through values, industry specialization, expertise, processes, and long-term client relationships.
Critical Sucess factors
- 1. What makes a consultingfirm succeed ? CRITICAL SUCCESS FACTORS
- 2. The structure ofa consulting firm Note: Other administrative and support staff have not been included. Upper management handling client portfolios & processes Associates/Analysts Principals/Managers Directors Partners Consultants Sales, Operations support, Business development & Ideas Seniors with well developed skills and client relations Equity holders/owners and executive leadership Fresh analysts developing analytical & consulting skills
- 3. How are consultingfirms different ? Lack of functional segregation by departments No sales department (senior consultant is also a sales man) Not selling a product that can be sold on a large scale Value produced internally relates to value to clients Mix of solutions orientation & client orientation
- 4. What are themain assets ? The consultants The processes The in-house knowledge Connections in academia & the industry Idea generators
- 5. What are thecritical success factors ? Professionalism Creativity Impact Awareness of business problems Thought leadership or Specialisation Networking and integrated marketing A team of different backgrounds
- 6. The ultimate successfactors Reputation Customer relationship management (also a vital resource) Assertiveness & challenging reality Leveraging trust of people Steering away from short comings in management consulting Ability to measure and develop firm’s own performance Maintain a learning culture
- 7. How does aconsulting firm differentiate? Values & Culture Industry or functional specialisation Specialist knowledge Consulting process Long term sales vs one off sales
- 8. Knowledge of internalcapabilities To understand the current position the firm is at To find and exploit opportunities that relate to the capabilities To know where to compete against other firms To appropriately allocate resources To find the resources that need to be acquired
- 9. Review Consulting isdifferent to other services Every consultant has to generate sales Internal value reflects the value transferred to clients Knowledge, thought leadership and awareness are crucial Processes and ideas need a path to be developed and executed
- 10. Thank you forlistening Any questions ?