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8 Tips for building and Sustaining a thriving Consultancy Practice

At a time when normal consultancy services are finding it hard to flourish in the globalized world, the concept of independent consultancy has grown leaps and bounds in the last few years.

In addition to giving the client on the control of work, Independent consultancy gives the contract the freedom to work from a remote location. Thus, in a highly specialized world such as todays, the aforementioned reasons have given Independent Consultancy a head start over its counterparts.

While you may define a consultancy with the number of years under its belt, its specialization in a certain field and the stature of clients that it has served, there is one thing that is similar in any consultancy: the need to build a practice which could thrive in testing times.

Thus, in the below-mentioned paragraphs, you’ll be taking a deep insight on what is necessary to build an industry which would last for decades. And as we know that there is a huge difference between “lasting” and “thriving” – with the latter our main concern, the main focus of this piece would be to give you tips on how to build a thriving Consultancy Practice like www.nexusos.co.uk.

Consultancy Practice

[Image Credit – ShutterStock.com]

Here are 8 tips for building and sustaining a thriving consultancy practice.

How to Set Your Bill Rate?

Taking a look at the myriad of Consultancies that are entering into this market every day, the first task they face is setting their bill. While a too high budget would put off the potential customers, a too low budget might make your Company a non-profitable organization. While this step might seem mundane to you, it has significant importance in the real market. Thus, in order to set your bill rate, you need to take a few things into your consideration.

Calculate the value of your skills in the market and then compare it with the competition. Also, don’t forget to take a look at the economic climate.

However, if you feel that the aforementioned process is prone to errors – as it depends on your expertise rather than a pre-determined formula, I would suggest you use a rate calculator. The biggest advantage of rate calculators is that they’re independent of human error. As a result, by taking all the aforementioned things under their consideration, Bill Rate Calculators would help you in setting your bill rate more effectively.

Don’t try to do everything at once

Energy is good, however, it would fire back if you waste it in the wrong direction. A large number of new consultants make the mistake of trying to do everything at once. Needless to say, this step significantly reduces the accuracy of their business, a step that weighs very heavily on the revenues of the organization. Thus, focus on your target market and allocate resources accordingly to meet your targets.

Networking

While the aforementioned tips only relate to consultancy services, here is a tip that is equally proficient in all spheres of life. From our personal experiences, we have seen that the successful consultants are the ones who receive business from their trusted clients.

These trusted clients make a network – a network that never ceases to give work to the one sitting atop. However, don’t take this in a negative tone as Networking is a two-way road. Thus, you have to give something before expecting it back from your network.

Always negotiate these clauses

Below mentioned are the clauses that you should negotiate before starting any contract …

Non-Compete: This type of situation arises when the client includes a clause of “non-compete” in the contract. For example, if you’re working with an FMCG Company and it includes this clause, that would mean that you won’t be able to work for any other FMCG Company during the shelf life of that contract. Hence, before signing a contract, always negotiate the clause of “non-compete”.

Indemnity: This clause takes into account a specified event, after which both the parties would have to compensate the loss by paying upfront. Thus, needless to say, this clause might hamper your profit margin if not negotiated accordingly.

Warranty: In case your work revolves around making physical products, always inform the client about the warranty of your product.

Clarity before starting your Projects

Before you start any project, make sure you know the ins and outs of it. In addition to setting reasonable deadlines, issuing timely updates on milestones also concise your method statement before starting any project. This clarity would help you in the latter stages of the project.

Never work on Simultaneous projects at once

Unless your Consultancy boosts of services in many countries, avoid doing work on simultaneous projects. This won’t only prevent confusion from stopping your work, but would also increase the productivity of your work.

When doing one task, create an opportunity for the next one

If you want to obtain more work from a client, here is a step that would help you in your cause. While the client always focuses on the near future, it is your duty as a contractor to make a note of the tasks that still needs to be done. In this way, before the end of the contract, you could draw more work from the client by showing him your notes in an organized manner.

Build your Equity

Be it consultancy or any other business, reputation is one thing that is a matter of life and death for both. Thus, if you want to stay in the business for long, being honest should be as honest for you as getting profit for your consultancy. And if you believe in the former, the latter won’t be away from you for too long.

{ 2 comments… add one }
  • Josephine Stalin May 2, 2016, 9:32 am

    Bilal Ahmad ! you have just made it completely easy especially for me to developed and enhance my consultancy practices. That blog is really helpful for me to understand the benefits of getting the benefits of how an individual person could make a perfect adviser out of himself.

    Reply
  • Pranjal Borah May 4, 2016, 4:10 pm

    Well these are actually valid points. These days, more networking means more business resulting more revenue.

    Reply

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