How to Start and Maintain a Consulting Practice*

Transcription

1 How to Start and Maintain a Consulting Practice* Colonel Michael H. Caldwell, Retired President/ Founding Partner The Strategic Partnership Group, LLC

2 This workshop is dedicated to the late Dr. Chris Frings, PhD * Chris was a renown laboratory and toxicology consultant/mentor of consultants who s book of the same name as this workshop is the guide for many consultants. I could format this workshop in a 100 ways but his book (now out of print) was a definitive guide for the beginning consultant.

3 The Strategic Partnership Group, LLC SPG, LLC was incorporated in 1998 as a consortium of biotech, laboratory, and contracting consultants who are recognized in various specialties that team to accomplish projects and represent clients

4 What You can Expect for the Next Two Hours This workshop is designed for those individuals that are considering consulting either part-time or fulltime. This workshop will serve as a primer and guide to establish a successful consulting firm Each and every slide could be converted into a separate two hour workshop but one has to start with the essential basics that are included.

5 You ll Learn How to: Access your consulting interest Identify consulting opportunities Avoid giving your expertise away for free Establish fees for your services Network for success When to turn down assignments Develop effective marketing strategies

6 Why Consult Freedom, Flexibility, and Independence Opportunity for self expression Personal satisfaction Professional recognition

7 The Consultant s Role Filling gap in the knowledge of staff Special projects Teaching new skills to staff Catalyst to direct special projects Objective perspective Trouble-shooter Chores that managers don t want to face

8 What it Takes to Consult Expertise in something Have a defined niche (don t try to do it all) Discipline to be a self starter Experience in whatever expertise Business skills Be able to ride out the ups and downs Be adaptive to change

9 Identifying Niche Opportunities Advisory Panels Compliance Information Technology Biotechnology Product Design Expert Testimony Product Evaluation Product Sales Public Speaking Temporary Management Government Contracts Bio Terrorism Technical Writing Specialty Expertise Cost Analysis Reimbursement analysis

10 Managing a Consulting Practice Targeting your market (find that niche) Develop a business plan Do you need start-up financing Getting professional help (CPA, Attorney, PR) Choosing a business structure (Inc., LLC, SP) The business details of consulting Tax/ Legal management ( tax, retirement, etc.)

11 Big and little dogs gotta eat Mike Caldwell

12 Fees and Getting Paid Establishing your fees Hourly or retainer Commission The tax factor Collecting your fees

13 If you do not blow your horn you will get run over in traffic Mike Caldwell

14 Creating Your Image Capability statement, mission, credo Business cards, stationary, brochures Positive appearance dress for success Association memberships and certifications Community relations Ethics, ethics, ethics

15 Consulting DO s Be professional Fullfil the needs of the client Be up-to-date Be different, but not indifferent Be yourself Be gracious Be totally ethical and honest

16 Consulting Don ts Don t be pushy or over anxious to get the job Don t be a comedian No name-dropping Don t be a bragger about what your have done Never discuss politics or religion Never tell off color, ethnic, or religious jokes Don t be a militant, chauvinist, or women s libber or express any prejudice

17 Set up Marketing Goals How to convince the clients to retain you? How are you going to advertise? Knowing what clients need in your niche! Doing business on your own terms!

18 To be successful, you gotta love the game and surround yourself with those that love the game Paul Bear Bryant

19 Define your Market Plan Pinpoint and refine what the client needs Identify niche and stay within it How will you market? Have a strategy to close the sale

20 Develop a Marketing Strategy Build your image and reputation for results Be comfortable in your role as a consultant Determine your marketing frequency Develop a marketing style that fits you

21 SWOT Analysis of your Business Strengths: What are you good at doing? Weaknesses: What are your limitations? Opportunities: Potential $ within your niche Threats: Competition, Market, or Fad

22 Avoid Giving away Consulting Stick to the script ; Do not talk to much To protect yourself, ask the following? 1. When do you plan to start the project? 2. Has this project received funding 3. Who would I report to? 4. Who would define the project requirements? 5. Ask what they hope to accomplish 6. If they want you to work on commission RUN

23 When to Turn the Project Down Lack of qualifications (time to refer) Personality conflict Unrealistic expectations Illegal or unethical action Lack of Appreciation Overbooking Conflict of client products or services

24 Enhancing Your Reputation Do a great job every time Get an Academic Appointment Write magazine and journal articles Write a book Name listed in various specialty directives Attend and present at your professional mtg. Press releases/internet/social media

25 Why Publish Builds your reputation as an expert Establishes you credentials Creates a favorable impression Gives you up-to-date marketing Generates inquires from potential clients Generates inquires from past clients Gets you invited to speak or consult in your area of expertise Keeps you up to date

26 Know Your Competitors Unless you know your competitor, you won t know which tactics works best to reach potential clients Know who your competitors are Know competitor s strategies Know the competitor s SWOT

27 Networking for Success The subtle art of communication Networking means building relationships Networking is the exchange of information Getting involved with your profession Serve on committees in your profession Networking means mentoring Get involved in your community Networking means keeping in touch

28 Networking Tips Start and end any conversation with a handshake Be the first to say hello Introduce yourself to others Be able to tell people what you do in ten words Show genuine interest in other s conversations Be enthusiastic and excited about what you do Listen more than you speak Maintain good eye contact Look for the positive in everyone you meet Ask others for their opinion Smile, think positively

29 How Do You Find Clients? Personal references from past clients Networking Advertising Participation in professional organizations People do business with those they trust so Do a great job and do it with ethics

30 Managing Yourself for Success STEP ONE: Written goals to balance life STEP TWO: Plan for reaching your goals STEP THREE: Expect the unexpected STEP FOUR: Learn from your mistakes STEP FIVE: Time management STEP SIX: Control tress STEP SEVEN: Get better all the time

31 Effective Time Management Set Goals and have a plan to reach them Prioritize daily, weekly, and monthly plans Avoid the tyranny of the ergent Learn to delegate Pay attention to the important not the routine Learn to say NO diplomatically Control interruptions Make maximum use of technology Don t be a perfectionist Don t procrastinate

32 Miscellaneous Tips Organizer Project files Meetings Desk and office Paperwork (TRAF) Planning and prioritizing Seminars and meetings Technology Travel Work smarter not harder Solutions not problems Results not activity Associate with success Unlearn bad habits Be decisive Time is money Be loyal to the loyal Get advice from professionals

33 Five Phases of Analysis* 1. Is there synergy between consultant/client 2. Do market survey Is there a market? 3. Conduct SWOT analysis of client s product 4. Develop strategic plan 5. Strategic plan implementation *Details copyrighted by SPG, LLC

34 QUESTION???? Cell: