How to Build a Successful Consulting Practice

The failure rate of start-up consulting practices is very high. This book offers all the information that is needed to successfully open and maintain a consulting practice Combines textual explanations with checklists, sample forms, self-assessments, templates, and much more, covering every stage of the process, from considering a career in consulting to refining a practice The book focuses on results and accountability, and is capped off with a chapter on how to measure the success of consulting projects Great as a start-up guide for new consultants or a refresher course for the more seasoned Jack Phillips is chairman of the ROI Institute, a Fortune 500 consulting service whose clients include Accenture, PriceWaterhousecoopers, Deloitte & Touche, and IBM

Jack Phillips, Ph.D. is the chairman of the ROI Institute, which provides consulting services for Fortune 500 companies and workshops for major private and public organizations.

Preface

xi

Acknowledgments

xv

Is This the Right Path?

1

(22)

Self-Assessment

1

(1)

Concerns About Consulting

2

(5)

The Joy of Consulting

7

(1)

Myths About Consulting

8

(2)

The Consulting Field

10

(5)

How Consultants Add Value

15

(2)

Paradigm Shift in Consulting

17

(1)

Finding Your Niche

17

(2)

Realistic Preview

19

(1)

Managing the Transition

20

(1)

Final Thoughts

21

(1)

Notes

21

(2)

Success Factors for Consulting

23

(12)

Prepare for the Leap

23

(1)

Adjust to a Different Work Life

24

(1)

Develop a Strategy and Business Plan

24

(2)

Attract and Retain New Clients

26

(1)

Create the Right Structure

26

(1)

Address the Financial Issues

27

(1)

Manage the Business Effectively

27

(1)

Develop a Unique Approach

27

(1)

Develop Products and Support Tools

28

(1)

Create Effective Proposals and Reports

28

(1)

Use a Results-Based Process

29

(1)

Operate in an Ethical Way

30

(1)

Measure Success and Communicate Routinely

30

(1)

Check Your Skills

31

(1)

Create an Exit Strategy

32

(1)

Have Patience

32

(1)

Final Thoughts

33

(1)

Notes

34

(1)

Developing the Business Plan

35

(14)

Importance of the Business Plan

35

(3)

Purpose and Approach

38

(2)

Market Demand

40

(2)

Defining Your Niche

42

(1)

Client Development

43

(1)

Operations

43

(1)

Management

44

(1)

Financial Plan

44

(1)

Goals and Milestones

44

(1)

Risks and Opportunities

45

(1)

Exit Strategy

45

(1)

Evaluating the Business Plan

46

(2)

Living the Plan

48

(1)

Final Thoughts

48

(1)

Notes

48

(1)

Financial Issues

49

(22)

Financial Fundamentals

49

(2)

Income Statement

51

(4)

Balance Sheet

55

(3)

Cash Flow Statement

58

(1)

Accounts Receivables

58

(1)

Invoicing and Collections

59

(1)

Setting Fees and Pricing Strategies

60

(4)

Use of Independent Contractors

64

(1)

Financing the Business

65

(2)

Responsibilities for Finance and Accounting

67

(2)

Final Thoughts

69

(1)

Notes

69

(2)

Launching or Relaunching Your Business

71

(22)

Creating an Effective Web Site

71

(3)

Networking

74

(2)

Building Your Board

76

(3)

Creating the Proper Image

79

(2)

Legal Organizational Structure

81

(1)

Timing of the Launch

82

(1)

Financial Preparation

83

(1)

The Actual Launch

84

(4)

Find a Big Client

88

(2)

Be Remarkable

90

(1)

Final Thoughts

90

(1)

Notes

91

(2)

Building Blocks for Client Development

93

(30)

Client Development Opportunities

93

(2)

Creating a Client Development Process

95

(2)

Using the Internet

97

(1)

Using Direct Mail

98

(1)

Using Paid Advertising

99

(1)

Trade and Professional Publications

99

(1)

Building Related Tools and Products

100

(2)

Using Workshops to Develop Clients

102

(2)

Business Development Through Writing

104

(2)

Business Development Through Speaking

106

(2)

Using Clients in Client Development

108

(2)

Using Neutral Experts

110

(2)

Creating Alliances and Partnerships

112

(3)

Associations and Exhibits

115

(2)

Use Your Brand

117

(1)

The Personal Approach

118

(1)

Marketing Mistakes

119

(1)

Final Thoughts

119

(2)

Notes

121

(2)

Writing Proposals That Work

123

(24)

The Role of Proposals

123

(2)

Responding to a Request for a Proposal

125

(1)

Gathering Intelligence

126

(2)

Proposal Philosophy

128

(2)

Understanding the Stakeholders

130

(3)

Understanding the Situation

133

(1)

Simple Proposals

134

(1)

A Comprehensive Proposal Process

134

(4)

Presentation Strategies

138

(2)

Grant Proposals

140

(1)

Problems and Issues with Proposals

141

(3)

When You Lose

144

(1)

Final Thoughts

145

(1)

Notes

146

(1)

The Consulting Engagement: Analysis and Objectives Planning

147

(20)

Pinning Down the Details: Project Requirements

147

(3)

Objectives for Consulting Solutions

150

(4)

Return on Investment

154

(5)

Planning for Project Evaluation

159

(5)

Shortcut to Plan for the Evaluation

164

(1)

Final Thoughts

165

(2)

Measuring the Success of Consulting

167

(30)

Why Measure Consulting Success?

167

(2)

The Dilemma of ROI Accountability

169

(1)

Why This Concern for Accountability?

170

(2)

Finally, a Credible Approach

172

(2)

The Framework: Evaluation Levels

174

(2)

The Process: Consulting ROI

176

(5)

Operating Standards: Guiding Principles

181

(2)

Case Applications: The Progress

183

(1)

Implementation of the Process

183

(1)

Barriers to Consulting ROI

183

(2)

Benefits of Consulting ROI

185

(5)

Shortcuts to Develop Consulting ROI

190

(5)

Final Thoughts

195

(1)

Notes

196

(1)

Delivering the Service

197

(22)

Developing Your Methodology

197

(2)

Managing the Project

199

(2)

Communicating Results

201

(11)

Managing Tough Issues

212

(1)

Consulting Ethics

213

(5)

Final Thoughts

218

(1)

Notes

218

(1)

Appendix A DO YOUR CONSULTING PROJECTS FOCUS ON RESULTS?: A SELF-ASSESSMENT

219

(4)

A Survey for Clients

219

(4)

Appendix B PROPOSAL EXAMPLE: PROPOSAL FOR THE NATIONAL SOCIETY FOR PERFORMANCE AND DEVELOPMENT TO CONDUCT ROI STUDIES ON THE ANNUAL CONFERENCE AND EXPOSITION

223

(22)

Backgound Information

223

(1)

The Situation

223

(1)

The Scope

224

(1)

Project Objectives

224

(1)

Objectives of Participant ROI Study

225

(1)

Exhibit Impact Objectives

226

(1)

Metholology

227

(5)

The Approach

232

(9)

Biographies

241

(4)

Index

245

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How to Build a Successful Consulting Practice

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