Are you driving your consulting business (or is it driving you)?

Business Model

I was reading Seth Godin’s recent post, “Profitable, Difficult, or Important?”, and it struck me: that’s a tension I’ve felt throughout my consulting career.

Although the tension was inside my head, it showed up in my business model,[*] which means it eventually showed up somewhere else. You guessed it: In my bank account!

For example, early in my second consulting practice (I’ve had three), we focused on what we thought was important: serving small nonprofits. That proved to be both difficult, and, as you might guess, not very profitable. Continue reading “Are you driving your consulting business (or is it driving you)?”

What Does Your Prospect (Really) Think of Your Proposal?

What do prospect really think of your proposal

As a consultant, how many times have you wished you could have been a fly on the wall as a prospect reviewed your proposal and those from your competitors? We might be gratified. We might be mortified. But oh, what we could learn!

I recently helped a client prepare a request for proposals (RFP) for consulting services that are outside my core area of business. And, I thought the client’s comments would make for an interesting mini case study on proposals and the proposing process. Although it’s only one data point, I think a lot of my client’s observations had to do with human nature rather than the particulars of this client.

Background: The client sent an RFP to 10 firms, nine of whom responded. This was a “short list” of firms recommended by the senior executive team and board members. The fee for this project will be in the $150–200K range. There’s also an opportunity for repeat business with the client for projects in the high five-figure range. The RFP clarified that my client was reaching out to a “select list” of firms.

Here are some of the standout comments my client made in the review process: Continue reading “What Does Your Prospect (Really) Think of Your Proposal?”

Don’t Make This HUGE Mistake When Starting Your Consulting Business!

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Susan Schaefer (my Going Solo, Going Big business partner) and I have hired, supervised, mentored, and trained literally hundreds of consultants through our own businesses, our professional networks, and our training programs for new consultants.

And the single biggest mistake that we’ve watched people make (or were about to make in the case of folks enrolled in our training) is thinking that they’re ready to start a consulting business just because they have strong technical skills or content knowledge.

They think that their years of experience in their field, their skills in some technical area, or their content knowledge is enough to start a successful consulting business.

And are they ever in for a rude surprise. In reality, it takes bringing together – harmonizing, actually – five sets of skills to have a successful consulting business. And new consultants typically have two of them at best. The five skill sets are: Continue reading “Don’t Make This HUGE Mistake When Starting Your Consulting Business!”

Five Myths About Introverts and Extroverts

This post is a companion to our “Success Secrets for the Introverted Consultant” article.

Adam Grant, a professor at the Wharton Business School has studied some popular notions and misconceptions about introverts and compared them with what the research literature says. And he identified five myths that don’t hold up to the scrutiny of research.

Myth 1: Extroverts get energy from social interaction, whereas introverts get energy from privately reflecting on their thoughts and feelings. Grant says that research has found that introverts and extroverts spend about the same amount of time with people and enjoy it just as much. Extroverts and introverts both “experience greater energy when they talk more.” And, introverts and extroverts “report the most energy when they’re talkative and assertive.”

So, what was the difference he found between introverts and extroverts? Sensitivity to stimulation. Introverts are more prone to be overstimulated while extroverts are charged up by stimulating activities. Bottom line though, introverts can be social. Continue reading “Five Myths About Introverts and Extroverts”

Success Secrets for the Introverted Consultant

Have you considered starting a consulting practice but wondered whether an introvert is cut out for this career? Who’s really an introvert, and can we build successful businesses? Let’s find out.

Who’s an introvert?

In the 1920s, the Swiss psychiatrist Carl Jung popularized the notions of introvert versus extrovert with the publication of Psychologische Typen (tr. “Psychological Types”). He described introversion as “inner-directed psychic energy” and launched a debate about what it means to be an introvert that the field of psychology – almost a century later – doesn’t seem to have settled yet. But here’s what we know. Continue reading “Success Secrets for the Introverted Consultant”