Consulting is, in my opinion, one of the most noble professions that exists. Sadly, too many freelancers, subcontractors and outsourced laborers have diluted the meaning of the word “consultant.” For the purposes of this article, let’s agree that the true definition of a consultant is a professional who leverages many years of experience, knowledge, and training, often applying their own unique intellectual property, in order to improve their client’s outcome in a given situation.
So without clients, a consultant is actually just a pundit.
One of the biggest challenges when it comes to being successful as a consultant, therefore, is attracting clients and winning assignments.
Merilee Kern, writing for the Innovation Enterprise Strategy blog, observed the following:
But, even in a trade that’s rife with profit potential, actually earning that pot of gold can be extraordinarily difficult given there are two-plus million consultants, coaches, trainers, and similar professionals all fighting to find clients, win projects and make a living. Roughly half of these consultants are solo practitioners or in boutique firms—and the sad reality is most boutique consulting firms are perpetually six months away from bankruptcy. Their ‘new business procurement’ engine sputters along resulting in a persistent struggle to grow larger, while solo consultants capture average annual revenue under $70,000 (compared to $250,000 per consultant across the entire industry). To explore this disconnect, I connected with David A. Fields, author of ‘The Executive’s Guide to Consultants,’ and the soon-to-be-released follow-up title, ‘ The Irresistible Consultant’s Guide to Winning Clients .’ Himself a multi-million-dollar-earning independent consultant, this ‘expert’s expert’ has some sage advice on how people can realize success in the consulting trade—a profession, he concedes, that can be ‘as problematic as it is profitable.’ Since Fields has coached hundreds of successful consultants and other independent practitioners around the world on how to ‘make it rain,’ I asked him the obvious question: ‘Why do so many struggle in this field?’ Quite unequivocally, he asserted that too many consultants—the majority, in fact—are completely missing the mark with respect to their baseline approach and overarching mindset. To help give independent consultants a clearer path to that coveted yet elusive goal of financial freedom through what ‘could’ be a lifestyle-friendly career, here are six of Fields’ pragmatic, eye-opening tips:
- Think Right-Side Up
- Maximize Impact
- Build Visibility
- Connect, Connect, Connect
- Become the Obvious Choice
- Propose, Negotiate & Close
Make sure to read the full article for detailed explanations of Fields’ tips for closing more business as a consultant.