Less Marketing, More Consulting — How To Win Projects Within Your Network with Stuart Friedman: Podcast #19

The greatest marketing tool you have is your network — here’s how to make it work for you.

Description:

Today I’m excited to be joined by Stuart Friedman from Global Context. This Silicon Valley-based previous electrical engineer with a passion for theater studied at Carnegie Mellon, then started his career in product marketing and sales before becoming a VP General Manager. He had climbed his way to the top of the corporate ladder when a piece of luggage knocked a profound truth into him — literally. After months of stuttering and having speech and cognitive therapy, Stuart realized that the ability to communicate and the ability to process information and his talent for both was not to be taken for granted. Global Context was born, and 12 years later he has been working in all aspects of cultural communications — from the challenges within one organization to the cultural differences that are always apparent, and often the killer, of any acquisition or merger.

On this episode, Stuart shares the number one consulting success truth — your network is your biggest marketing tool. We explore how you can make your network work for you so that you don’t have to spend your time chasing after your next client. By using Stuart’s advice, your next client will come to you. He shares lessons he has learned, mistakes he commonly sees consultants make, and some of the ways that he has scaled his business for growth without hiring unnecessarily. If you’ve been looking for ways to spend less time marketing and more time consulting, you won’t want to miss this episode of The Consulting Success Podcast with Stuart Friedman.

Building A Business on Cross-Cultural Communications

A background of engineering, marketing sales, and theater may not seem like one that would logically add up to forming a cross-cultural communications consultancy, but that was the perfect recipe for Stuart. It all came together during a conversation with a previous competitor. Stuart was approached to do some consulting work, and the former competitor specifically wanted to know how Stuart had managed to take away all of their business in Asia. It was obvious that Stuart knew something that his competitor didn’t, and at that point, he realized that the work he had been doing in studying different cultures and business practices could benefit more than just him. This former competitor became his first client, and the rest is history.

Stuart has consulted many high-profile companies, but he prefers to maintain a mix of large and small clients in his business. Bigger clients mean more time and higher client acquisition costs, and as someone who has worked with big-name companies including Apple, Sony, Oracle, Microsoft, and Nissan, Stuart has discovered something else. He has found that the bigger the company and the more accomplished people he works with, there also tends to be a greater amount of blind spots that can limit the executive’s willingness to learn and change. Higher up people are often convinced that they’re in their role because they already understand how everything works, and Stuart calls working with larger companies with people such as that a laborious effort. Changing an executive’s mind can be a difficult task to take on, but Stuart knows exactly how it can be done.

Winning Business Within Your Network

By taking on projects with smaller companies, Stuart has been given the opportunity for greater success with larger companies. Much of the work that he has procured in his business has come from smaller companies that have since moved onto larger companies, and those people have remembered his work and reached out to him again and again. Referrals in his network haven’t entirely eliminated the need for marketing, but by maintaining and expanding his network, he has been able to shift his focus from chasing clients to getting consulting work done. Over the last 12 years, Stuart says that the majority of his work has come from personal contacts and referrals and that is significant proof that your network can give you more business than your marketing efforts might.

Rather than focusing on marketing and business development, Stuart shares the efforts that have given him the greatest success in acquiring new clients. His success has been accelerated with writing and speaking opportunities. As has been the case for many of my guests here on The Consulting Success Podcast, Stuart has found that by taking advantage of these opportunities, he has increased his credibility and that companies are more trusting of his ability to deliver the kind of change they are seeking.

Additionally, Stuart has maintained a good bandwidth of communication with the clients he has worked with and is currently working with. By following the news he stays informed on how business moves are impacting cultures, and he can stay connected with those in his network. Just like Stuart, you will find that your network is invaluable in accelerating client acquisition. Never neglect your network! The payback for the time that you put into maintaining your contacts will be worth more than any amount of money that you could possibly put into marketing.

Convincing Clients That They Need Your Help

Your job as a consultant is to convey the value in your work to buyers so that you can help them become a better company than ever. Unfortunately, many clients don’t recognize their problems or even care about getting those problems fixed, especially when choosing between making such changes or focusing their efforts on the “hard skills” of growing sales and revenue or decreasing costs. Although the “soft skill” of improving the culture of a business may not be as high on the priority list for an executive, it is just as essential for the success and health of a business. As a consultant who works in the heart of Silicon Valley, Stuart has had plenty of experience with this same problem.

It’s the great paradox of successful companies. In the same conversation, Stuart has heard executives boast about their advanced technology, experienced and talented employees, and operational excellence, and then go on to share the less-impressive facts that they have missed revenue goals, have too-high expenses and are facing disappointing and surprising forecasts coming in again.

If these companies have such excellent resources, why are they still struggling? Simply put, the human issues are the ones that will bog down any company. Once Stuart is able to help executives recognize this overarching flaw, his work becomes easier. You’ll want to listen to the approach he uses and the tips he shares for helping stubborn executives recognize that they do have big problems and that those problems can be solved with the help of a successful consultant.

One of the greatest points that Stuart shares in our conversation is this — your job as a consultant is not to persuade the market into thinking that you have a good opportunity to share with them. Instead, your job is to figure out where you can add value. Stuart says, “You can wake up every day and try to convince somebody that they need something that they don’t think they need, but wouldn’t it be a lot more fun to figure out what keeps them up at night and talk to them about how you can help solve that problem?”

Simply put, you have to focus on your area of expertise and help your clients see where and how you can add value to their company. If you can do that successfully, you can then position yourself in such a way that you can have deeper and more meaningful conversations with potential clients. And, just like Stuart, the insurmountable task of helping executives recognize that they actually do have a problem that you can solve will get much easier.

Turning Mistakes Into Learning Experiences

Every consultant has made mistakes. It’s part of the process on the road to success, but there are always lessons to be learned from our mistakes. Stuart shares three major mistakes in our conversations, and the lessons he’s learned from each one are invaluable. You’ll want to hear him explain each of them himself, but here is a glimpse into the stories he tells.

First, Stuart learned the hard way that the companies he has worked for didn’t necessarily have his best interest at heart. Secretly, he says, he may have been hoping that someone would take him under their wing and point him in the direction of entrepreneurial consulting, but that advice never came. Rather, he had to forge his path on his own and find his own place in the systems he was working through.

Second, Stuart regrets not taking better advantage of the time and training he had while he was still working as “a cog in the corporate system.” He reflects on the number of business trips he took and the time that he wasted just by watching the in-flight movies. Instead, he could have spent that time in more valuable ways by researching the insights that would have given him stronger and quicker legs when he finally did begin to pursue consulting. Of course, we all know hindsight is 20/20, but the lesson Stuart learned should be taken to heart by anyone that is considering moving away from the safety net of the corporate world — take advantage of any time you have to learn more about the field in which you see yourself as a successful consultant.

Third, Stuart reflects on the most common mistakes that he sees repeated all too often in the consulting world. Earlier in our conversation, Stuart shared his perspective on marketing and client acquisition costs. Now, he gives more insight into the consulting secrets that really work for him, and it’s not spending big bucks on marketing. Listen to him tell the facts and you’ll understand exactly what he means when he says that his higher fees and business growth have come more surely by not pursuing an account than ever before.

Business Growth Starts Here

Global Context was formed back in 2008, just prior to the stock market crash. It was a disappointing day for Stuart when he had to let go some of the long-time colleagues turned employees that had joined him in his new business venture, but it also gave him some perspective on how he really wanted to grow and scale his business. The second time around, Stuart decided to create a network of affiliates who were also consultants in other specialized areas that were synergistic with his work. From Brazil to Finland, he was able to join forces with other consultants and create a network of people that he can now use to help him complete various projects.

Additionally, because Stuart is fully booked, he has had to figure out ways to scale his business if he’s not willing to hire on employees. He shares a number of ways that he has made this work for him, including aggressively building product. He has developed his own e-seminars and blog posts, developed seminars for other people, and even developed an app for people to practice a presentation in front of an audience and receive real-time feedback. Each of these efforts has allowed Stuart to maintain control over his business size and scale it right to where he feels most comfortable.

As someone who has enjoyed a dozen years as a successful consultant, someone who can now turn work away, and someone who has found the key to smarter marketing and business sizing, Stuart is a guest that you are sure to gain valuable insights from, all on this episode of The Consulting Success Podcast with Stuart Friedman.

Key Takeaways:

[:10] From the theater to Silicon Valley — meeting Stuart Friedman.

[4:05] Building a consultancy around cross-cultural communications.

[7:12] Working with big brands starts with small projects.

[9:15] Maintaining your network is worth more than marketing.

[12:34] Helping clients recognize that they really do have a problem that you can fix.

[17:55] Challenges and mistakes on Stuart’s path to consulting success.

[24:03] Follow-up with potential clients is an essential part of the process.

[26:12] Scaling business growth means working smarter.

[30:30] Connecting with Stuart Friedman.

Mentioned in This Episode:

Global Context
Stuart Friedman at Business Insider
Stuart Friedman at Fortune.com

Tweetables:

“Most of my marketing efforts have been to continue to embrace people who … know me. They serve as my best champions.” — Stuart Friedman

 

“Human issues impact the bottom line.” — Stuart Friedman

 

“Client acquisition costs are just way too high, and time is too short.” — Stuart Friedman

 

Less Marketing, More Consulting — How To Win Projects Within Your Network with Stuart Friedman: Podcast #19 is a post from: Consulting Success

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Getting More Referrals and Creating Relationships That Lead to Greater Success with Liz Kislik: Podcast #18

When you insist on hard work and high standards, you will see your consulting luck transform into substantial consulting success.

Description:

If your consulting business has more than one employee, chances are you have run into conflict with your partners or coworkers. On this episode of the Consulting Success Podcast, I’m joined by Liz Kislik, the owner of Liz Kislik Associates, with nearly 30 years of nationally acclaimed consulting management experience. Liz is an expert on conflict management, handling everything from operating issues to communication problems and inter-departmental conflicts.

Liz started out as a college student looking for a summer job. She landed her first job as a salesperson for TV Guide, where she learned the entire business and eventually was promoted to executive vice president before leaving the company. Within a week of quitting, Liz was being contacted by companies looking for a consultant, and she has been working hard at her successful consulting business ever since.

When they are presented to you, take advantage of writing or speaking engagements. These opportunities will help you to gain a reputation as an expert in your field.

On this episode, we dive into the difference between luck and hard work. Every consultant hopes to get lucky, but there are many ways that you can actually affect your luck. Liz shares several tactics that have resulted in her luck improving, and it is all because of the hard work she has been willing to put into her business. From expanding her referral pool to fine-tuning her branding, she shares solid tips for the hard work that will increase your luck, and your consulting success. You won’t want to miss out on her wisdom and expertise on this episode of The Consulting Success Podcast with Liz Kislik.

Luck or Hard Work — Which One Equals Success?

Too many consultants are looking for luck — whether it be some new technology or a big breakthrough that will catapult their business into an unbelievable success. Liz starts out by explaining that that kind of luck, while possible, is unlikely to be sustainable for an extended period of time. She calls it “lottery luck,” and warns that it can lead to trouble. Finding yourself lucky in your business without the preparation that needs to take place to sustain long-term success is not really lucky at all. Real success comes with 20 years of preparation. There is no quick and easy substitute for real preparation and hard work, and Liz explains why.

It is essential that you know what you are talking about in your consulting business. There is no substitute for really knowing the ins and outs of the work you are hired to do. Lucky breaks will never make that happen. Understanding the work and doing what it takes to make it successful, not only gives you increased knowledge, it also gives you more credibility in your field. Hard work will give you the edge you need when potential clients are considering hiring you to get their jobs done, and that’s when you will see your luck start to grow.

The Relationships that Lead to Success

When Liz started out in her consulting business, she didn’t have a business plan in place, although she wishes she would have had one. In its place, she had to work to find other ways to find clients and projects. I talk often on The Consulting Success Podcast about the importance of a solid network, and Liz’s story is further proof that your network is the number one key to gaining the success that you are seeking.

When building out your network, you need to foster and maintain referral relationships. These relationships include the people who think highly of you and the work that you are capable of doing. When they hear of an opportunity, they think of you and are willing to recommend your name as someone who can get the job done. Liz calls these relationships the lucky ones. For her, these relationships have created many quality opportunities for her to expand both her business and her credibility. She recognizes that it takes hard work to make and keep these types of relationships, but that the work produces exceptional rewards.

There are several ways that you can establish referral relationships, and Liz shares the details of one highly effective method. By actively serving in volunteer positions on nonprofit boards, you can spend a lot of time with a lot of different types of people who see you at work without your demanding anything from them. In this light, people can see your abilities to work, collaborate, and act as a good colleague. In a volunteer position, you can build a sense of trust and confidence in your abilities, as well as a confidence that you will bring value to any project that you are involved in.

It is definitely a long sales cycle, but it’s one that yields high returns in the long run. You’ll want to listen to the opportunities that have presented themselves for Liz because she was willing to put in the hard work of nurturing referral relationships — some of them 20 years in the making.

Keep the Referrals Coming by Doing These Two Things

In addition to volunteering, Liz worked hard to increase her luck in two other areas early in her consulting career. By dedicating time to becoming a writer and a speaker, she increased both her visibility and her credibility. When they are presented to you, take advantage of writing or speaking engagements. These opportunities will help you to gain a reputation as an expert in your field.

To help in her efforts, Liz continues to maintain her lengthy list of contacts. A weekly blog post and a monthly emailed newsletter allow Liz to reach out to her readers and to connect with them regularly. She also has started writing for Harvard Business Review. She proves that by regularly putting yourself out there as an expert in your field, you are increasing your credibility for people who don’t know much about you or the work you do.

However, you have to recognize that the impact of writing and speaking may not be instantaneous. The effect that these efforts can have on your business is a long-term one. In her experience, Liz found that it was often years later that she was approached by a client that was finally ready to make the kind of changes and improvements that she implements in companies. Consulting work, and especially conflict management, can be long and hard work with a major commitment to change required on the part of the business. A company may not be ready to make changes as soon as you meet them, but by maintaining consistent and helpful contact with them, they will remember you and come to you when they are ready.

Speeding Up The Sales Cycle Won’t Increase Your Luck

If you’re looking for ways to quickly speed up the sales cycle, you may not be able to take advice from Liz. She shares the story of a recent encounter she had with a company in which she quickly realized that she would not be able to help them because their beliefs and morals were inherently different. She doesn’t believe in quick fixes to solve company problems, she believes in doing the work necessary to effect change over the long view. You’ll want to listen to our conversation to hear her explain why the hard work of real change is worth more than the lucky break of a quick fix.

Every client may not be the ideal one, but your business success and revenue will benefit more greatly in the long run if you are willing to hold out for the best fit for you.

However, if you are insistent on finding ways to speed up your sales pipeline, Liz’s number one tip is to read Stand Out, by Dorie Clark. Dorie was a previous guest of mine on The Consulting Success Podcast and you can hear more about her story and success on Episode 11. In Dorie’s book, she shares a three-pronged approach to setting yourself apart in your field. Liz has found success by following two of Dorie’s ideas. First, create a public presence and demonstrate social proof. This is done by proving you have good content to share and by exhibiting your expertise. And second, building your network so that there are people who are willing to refer you more frequently.

Finding the Confidence to Be Selective About Your Clients

Every successful consultant wants to grow their business to the point that they can turn away potential clients. But if you are trying to generate more business, you may be tempted to compromise who you are willing to work with. Don’t do it! Early in her career, Liz was not as discerning as she could have been and found herself occasionally taking on clients that weren’t the best fit. She tells of an experience in which she resigned from a project as early as legitimately possible, simply because the project was not a good fit for her. That kind of project is the kind that you probably shouldn’t take on in the first place.

It does require a level of confidence to be selective about the work you take on, but it’s worth it to make sure that you are only taking on the work that will best suit you and your area of greatest expertise. Every client may not be the ideal one, but your business success and revenue will benefit more greatly in the long run if you are willing to hold out for the best fit for you. You will be happier and you will be more creative when you are working on a project that fits with your morals. Chances are you became an independent consultant so that you can call the shots and enjoy the freedom of making your own choices. Don’t settle for working with people who don’t respect you or that you don’t have respect for. As you draw the lines of what kind of work you are willing to take on, you will gain the confidence that is necessary for turning work away.

High-Quality Branding And Just-Right Sizing Will Increase Your Luck

Liz has made a very conscious decision to focus on her branding. When you visit her website you immediately get a sense of the kind and quality of work that she does. She has deliberately designed her website to show that she has concepts about how things ought to be and a track record to show that she knows how to get those concepts realized. She also recognizes that being a “coach” is a dime-a-dozen position in today’s marketplace, and has made a concerted effort to show that her focus is on building and serving the business of each client she takes on. Too many coaches that are brought in to serve an individual fail to recognize the overall importance of affecting long-lasting change within an organization. By honing in on her high-quality branding, Liz has proven that she’s out to accomplish something bigger and better than simply coaching, from the start.

Scaling back or growing the business to just the right size, for Liz, has always been secondary to ensuring that she is doing the right kind of work. The perfect business size is a struggle that every consultant faces, and Liz has continued to work to find the right size business for her so that she is not overwhelmed but is also able to affect the best change she possibly can with the companies she consults.

With nearly 30 years of experience, Liz has seen plenty of mistakes that consultants over the years, and it all leads back to luck. As we discussed at the beginning of our conversation, Liz truly doesn’t believe that lucky breaks will create the lasting success that you are seeking with your consulting business. Instead, you have to commit to finding the best fit, ideal clients that share the same ideals as you, and from there, hard work and helping to affect long-term change are the only way that you can get the results that you want, and that your clients need. You’ll want to hear the experiences she shares of various mistakes that other consultants made that she had to clean up, and the lessons she learned from it. You may also be interested in the resources available on her website, including a field guide and checklist about dealing with conflict at work. You can learn all about it, as well as all the details on how to change your consulting luck for good, on this episode of The Consulting Success Podcast with Liz Kislik.

Key Takeaways:

[:10] Liz Kislik on the path that led to 30 years of consulting success.

[4:20] Should you aim for good luck or hard work?

[5:43] Referral relationships help increase business opportunities.

[8:19] The benefits of writing and speaking regularly.

[12:12] A quick fix project isn’t really a fix at all.

[16:18] Have the confidence to choose the best-fit projects.

[21:02] The role branding plays in Liz’s success.

[26:25] Finding the right-size business for you.

[29:20] Common mistakes in the consulting world.

[33:28] Connecting with Liz Kislik.

Mentioned in This Episode:

Liz Kislik
Stand Out — How to Find Your Breakthrough Idea and Build a Following Around It, by Dorie Clark

Tweetables:

“Putting yourself out there … increases your credibility for people who don’t know you.” — Liz Kislik

 

“The work I do is not quick-fix kind of work.” — Liz Kislik

 

“My intention is to be building and serving a business.” — Liz Kislik

 

“Understanding the client is the most important thing.” — Liz Kislik

 

Getting More Referrals and Creating Relationships That Lead to Greater Success with Liz Kislik: Podcast #18 is a post from: Consulting Success

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BCG blue team = Bain & Company

If you are consulting geek, or like to read business history, The Lords of Strategy (affiliate link) is a fascinating and easy read. Helps you understand the economic, regulatory, and business trends that gave rise to the Big 3 consulting firms (McKinsey, BCG, Bain).  Also, great trivia story about how the BCG “blue team” became Bain… Read More »

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Most Important Metrics to Track for a Consulting Business: Video

Video Transcript:

Let’s talk about metrics. Specific metrics that you can use to get more clients, win more business, and actually grow your consulting business.

I’ve just abbreviate here, but conversations. It’s really important that you track the number of conversations that you have, because there’s very few people out there who will just win business without having a conversation.

Here’s what’s important to keep in mind here. These metrics are not the only metrics, but I’m going to share with you four that we always recommend to our consultant coaching clients, that we work with, because they’re foundational and they really will help you to improve your marketing, strengthen your business development and marketing efforts and grow your consultant firm.

Here are the four that you want to think about. I’ve started actually just writing this down, I though I’ll just turn this on and walk you though instead. The first one is leads, right? The number of leads you have … You want to track the number of leads that are coming to your business.

So this is either outbound, meaning that you’ve got out to someone, you had some kind of effort to reach out to them. Or inbound, if you let them come into your environment, your website or business, that is a lead. You want to track the number of leads that you have, because this is the starting point for your pipeline. These are really important that you track, right?

Essentially, what we’re looking at here is, this is your pipeline and you’re going to be moving people through this pipeline, right? There’s four metrics in one track. The second one is conversations, right?

I’ve just abbreviate here, but conversations. It’s really important that you track the number of conversations that you have, because there’s very few people out there who will just win business without having a conversation. In fact, the vast, vast majorly of consultants have a conversation before winning business. It just doesn’t really happen any other way, right?

The more follow-up that you do, the better process that you have to work people through and to ensure that you actually setting up appointments, the more conversations that you’ll have.

Especially if we’re talking about a large consulting engagement, there’s always going to be a conversation. The more conversations that you have, the more opportunities that are going to come your way to interact with real buyers, the more opportunity you have to actually make offers. You want to be tracking the number of conversations that you have.

Metric number three that you want to track is proposals. Okay? This is really important because the more proposals that you put out potentially, right, or should be, the more business that you’re going to win.

Sometimes that’s not the case. I’m going to come back and explain why that’s the case in some situations. And then what you want to track is your win-loss. This is simply, “Did you win? How many products did you win and how many products did you lose, that you put a proposal up for?” You want to track this on a regular basis, you don’t need to be doing every single day, but I would suggest that you update this at least once a week, if not more often.

But don’t get obsessed about it like every single, every single day that you’re worrying about it. But you do want to keep this updated, because this essentially is the health of your business. These four metrics give you a lot of information. There’s a lot of value in them if you know how to read them, and that’s what I want to share with you here today, is how to do that.

Your number of leads will tell you the health of your overall marketing efforts. If your marketing is working well for you, you’re going to have a lot of leads coming into your business.

Now, there’s good quality needs, there’s poorer quality leads, so you want to ensure that you’re getting the right kinds of leads, of real decision making type of buyers as leads. If you’re not getting enough leads, then you want to spend more time improving your marketing efforts.

There’s a lot of things that we can talk about there, but that’s what you want to do. That number, right, number of leads will tell you is your marketing doing well or is it not doing well right now, so that you can then work on fixing it.

Conversations. Now, conversation is important because if you have a lot of leads coming in, but you not having a lot of conversations, it means that you’re probably not doing a lot of follow-up, right? Follow-up is the key to bridge the gap between leads and conversations.

The more follow-up that you do, the better process that you have to work people through and to ensure that you actually setting up appointments, the more conversations that you’ll have. Let’s just say you had 10 leads but you only have one conversation, you know there’s something going on here, right?

You’re not doing a very good job of following up or moving people from leads to conversation. We want to spend more time improving on this follow up process or the process that you’re using to actually get appointments.

Now, the next is proposals, right? Proposals tracking, this is really important, because if let’s say you’re having 10 conversations … Remember the process of.

You’re having 10 conversations, but you’re only having let’s say two proposals, then we might say, “Okay, well, why is that happening? Is it because the people that you’re talking with aren’t really buyers? Is it because you don’t have a good offer?

Is it because there’s some fear, some mindset issues going on, just that you’re feeling confident to make an offer? What’s happening?” Then we know, “Okay, we need to work more on the conversation, how you transition the conversation to a proposal.”

Now if, let’s just say, you had 20 proposals out and you only had two wins … Right, so let’s say two wins. Then we know that the issue is most likely that you are either not doing a very good job writing proposals or you’re not doing a good job communicating real value in the conversation that you’re having with the buyer.

So when you’re giving the proposal, they’re not really getting it, there’s no connection between the two, you’re introducing whole bunch of new information, maybe you’re trying to use proposal to win business and that’s not the purpose of it.

The other thing that often happens, that I’ve seen, is that many consultants will rush from lead to conversation to proposal. They’ll go rushing very quickly from this conversation, the first conversation, to giving a proposal. Maybe the buyer says, “Yeah, I’d love a proposal.” And the consultant’s says, “Oh sure, I’ll give that to you right away.”

But the buyer’s not really committed to the process. They haven’t actually had a really meaningful consulting sales conversation. The consultant feels, “Oh, I’m going to win more business, I’m doing well, I’m getting all these proposals up.”

But if the numbers don’t show that, if they don’t support, than we know that there’s something going on with the proposal process or how you’re approaching the conversation before the proposal or the follow up that you’re doing or you’re your pricing. Right? We can start to see.

That’s why being able to look at these numbers and understanding these four metrics, really allows for going in and making adjustments. Instead of just saying, “Oh yeah, there’s problems with your business,” we can then start to figure out where are the problems.

Then we can start to actually not only, once you’ve identified them, but then we can actually start to attack them.

We can start to improve upon them, right, to fix them, to put in place new tactics or strategies or new approaches or work on the mindsets that might be holding you back from moving people through the pipeline.

If you’re not currently using these metrics in your business, to track the health of your marketing and your conversations, and your proposals and how much business you’re winning, then you’re leaving a lot of money on the table and a lot of opportunity.

So, highly recommend that you put this in place into your business, I think you’ll be very glad that you did.

Most Important Metrics to Track for a Consulting Business: Video is a post from: Consulting Success

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Syllabus: What is management consulting?

Teaching management consulting this semester to a select group of 40 students. I imagine 1/2 of them will have consulting internship or full-time offers already. This is an elective, and they are elite. That said, I wanted to describe management consulting succinctly in the syllabus. Two weeks ago I described it by sharing 30+ links to… Read More »

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The Secret to Landing Six-Figure Consulting Projects with Dauwn Parker: Podcast #17

A little patience and a lot of value are all it takes to prove your high-dollar consulting worth.

Description:

On this episode of the Consulting Success Podcast, I’m joined by Dauwn Parker. She founded Precision Partners in 2013 with a focus on helping healthcare and higher education organizations take their fundraising to the next level by streamlining, optimizing, and using the right technology for their operations. Prior to her work at Precision Partners, Dauwn worked for various consulting firms in customer relationship management software. From her work with the financial industry and high tech companies, Dauwn saw that non-profit companies were missing out on some of the benefits of building relationships and using information to strengthen relationships with constituents. At the turn of the century, she made the transition from the private sector to UCLA, where she began to implement the structure and methods into the university space. After her successful time at UCLA, she made an impact with City of Hope, a cancer research center. From there, she realized that she had tools for success that many companies and organizations could benefit from, and Precision Partners was born.

On this episode, we talk about ways to find an underserved market, the benefits of a healthy work-life balance, and the question everyone wants answered — how to land a six-figure deal with your dream client. You’ll hear the answers to it all in my conversation with Dauwn Parker.

Identify an Underserved Market in Need

An underserved market is undoubtedly the best market to direct your expertise toward. Dauwn recognized that there was an underserved market in the healthcare and higher education sector, and she wasn’t afraid to take on the challenge of fulfilling that need in a way that others hadn’t done before. She shares how she first recognized the gap and then capitalized on the true catalyst, which was the pull from the industry to share her expertise.

Dauwn had already put herself out into the industry and in early 2013 she was contacted by what would become her first client. Having recognized the work she had already done with UCLA and City of Hope, they were requesting her help to best utilize a hard-earned budget. That phone call confirmed what she already suspected — that there was a gap in the industry and that an ideal client would benefit from the skills she had to offer.

Taking the Leap into the Consulting World

I’ve heard it too many times to count — taking the leap into the unknown of the consulting world is a very scary idea. It can be paralyzing to even think about leaving the security of your position with a successful corporate business to venture out and start your own consulting firm. Dauwn describes herself as a conservative person by nature. She’s willing to take risks, but the risks are always calculated ones. The decision to venture out away from the corporate world to start her own business was a very difficult one for her to make. Although it wasn’t an easy decision, Dauwn did her research and found materials that helped her gain confidence in her choice and overcome her fears.

Like many consultants, Dauwn found that pricing was one of the most difficult aspects of business to pin down. But it doesn’t have to be that way. The materials you will find at Consulting Success such as the Accelerator Coaching Program and the

Consulting Success System 2.0 are available to consultants like Dauwn — and you — to help you learn all about better pricing, what can be charged in the market, and how you can increase your fees.

By taking advantage of the programs and materials at Consulting Success, Dauwn also found herself surrounded by a network of people who could teach her lessons they had already learned. In those conversations, Dauwn recognized that there were consultants who were successfully running consulting businesses. When she combined that fact with her skills and market expertise, she found the courage to take the leap.

Staying Focused on Success

Precision Partners has now enjoyed nearly five years of success. In our conversation, Dauwn shares ways that she remains focused on success. First, she is staying committed to having conversations with existing clients about the value that they are receiving from the work that they are doing. By doing this, she continues to understand the value that they are bringing to businesses, their story continues to build out, and they have more opportunities to connect with their ideal clients.

In addition to having conversations with existing clients, they are taking the time to connect with new clients whenever possible. By picking up the phone and contacting businesses that have never heard of Precision Partners, their network grows even more. Partner organizations and other consulting firms in the industry are ideal connections to make for growth, brainstorming and sharing best practices. Your name and your expertise will continue to become more well known within your industry when you make these connections.

The Secret to Your Consulting Success

You’ve seen it all over the Internet — promises of the one single secret that will guarantee your company’s success. Some ideas are helpful, and some are unbelieveable but there is just one secret that will truly help your business grow —  and we talk about it on this episode of the Consulting Success Podcast.

It’s all about conversations.

Whatever else you may be focused on, all of your effort and all of your success come back to the conversations that you are having with your clients, with your peers, and with your competition. The conversations you have with other people in every aspect of your network are the single most important key to growing your business. I’ve said it before and I said it again on this podcast — as long as you are taking the time to have those conversations, your business will continue to be a successful one.

Dauwn’s Lessons Learned

When I asked Dauwn to share some of the lessons she has learned along the way, she was quick to answer, “I wish I would have started sooner!” That’s not the first time I’ve heard that response. Successful consulting brings with it a level of freedom that can’t be experienced when you are working for someone else. Dauwn explains that the level of freedom and creativity that she now enjoys as a successful consultant is so much greater than what she had in the corporate world, and she didn’t even realize how much she missed it before.

In addition to wishing she had started sooner, Dauwn has learned to let go of things in order to let her business continue to grow. In the beginning of the company, she called herself a one-person show with an attachment to the services she delivered. That process worked for a little while, but as the company continued to grow, she had to be more diligent about strategically bringing others into the company’s processes. By letting go of some of the aspects of business and bringing other employees in, she has been able to remain focused on the most important work that only she can do.

Six Figure Consulting Projects Can Be Yours

What goes into landing a six-figure project? From both a mindset perspective and a tactical approach, Dauwn shares the key factors that go into securing a dream project.

The key tip to landing high-value projects is patience.

Her first project was $250,000 and the second one was nearly double that amount, but it didn’t happen overnight. It required persistence in continuing to have valuable conversations with her clients. Truly listening to the challenges each client was facing and offering immediate and valuable advice helped her to gain trust and secure future business. She put herself in a valuable position as a resource to potential clients. By connecting them with other companies that were having similar struggles, Dauwn became a trusted advisor even before any contracts were laid out.

That single point validates the point that I have said over and over again — consulting is not about transactions, it’s about relationships. Successful consultants have a patience, focus, and commitment to serving their clients. As you maintain those three key components, you provide more value. This places you in a position of trust. Everyone prefers to do business with someone that they trust, and your clients are no exception. By proving your value to your clients, you are securing future success for your consulting business.

You Don’t Have to Face Consulting Challenges Alone

Every consultant faces challenging days. You may lose a project, or be dealing with a difficult project. It’s important to remember that you’re not alone. In our conversation, Dauwn shares her coping mechanisms for overcoming the challenges of difficult days. She shares the benefits she has gained by expanding her business to include her husband, Mario Houston, both with business operations and as a sounding board to help her through the difficulties the company is facing.

Dauwn has also found support through her challenges as a member of the Consulting Success community and by attending and connecting with people at Mastermind events. Even though people rarely want to share their failures, Dauwn says she has benefitted by sharing her difficulties with other successful consultants in her network. She shares a recent example in which she reached out to gain perspective and support from her network, and you’ll want to listen to the specific ways that her network helped her get through a trying time in her business.  Any consultant may feel lonely when challenges arise, but just as Dauwn’s experience proves, you don’t have to face it alone. By relying on your network, you can work through challenges and find greater success along the way.

The Benefits of a Healthy Work-Life Balance

Chances are you became a consultant so that you could enjoy a greater work-life balance than the corporate world ever offered you. As your business grows, it can be a real challenge to keep your priorities straight and not commit too much time to your company. Dauwn shares the ways that she and her husband and business partner Mario have achieved a work-life balance that works for them. In addition to their non-negotiable commitment to tennis, they have also decided to share their business challenges and triumphs with their two teenage daughters. By integrating their work with their family, they have both taught their children about the non-traditional career paths that entrepreneurs enjoy, as well as shared the pride that comes with being part of a successful consulting firm.

The lessons that Dauwn shares in our conversation can be applied to anyone. If you want to get more done, you simply have to prioritize what is most important to you. The non-negotiables in your life will take priority and help you achieve the work-life balance that is necessary for real consulting success. I know you’ll be inspired by her message, and you can hear all of the details of the keys to success that really work on this episode of The Consulting Success Podcast.

Key Takeaways:

[:28] Introducing Dauwn of Precision Partners.
[3:55] How to identify an underserved market.
[6:53] Surround yourself with a network that will give you the courage to take the leap.
[9:07] What is the secret to successfully growing your business?
[11:33] Lessons Dauwn has learned, including regrets.
[13:58] Landing a six-figure project starts with patience and trust.
[17:28] Facing challenges with a support system.
[21:58] Work life balance for Dauwn and Mario.
[27:32] Staying committed to non-negotiables will protect your priorities.
[30:07] Connecting with Dauwn.

Mentioned in This Episode:

Precision Partners
Accelerator Coaching Program
Consulting Success System 2.0
Mastermind

Tweetables:

“What helped me make the leap was to know that there are other people out there doing this successfully.”  — Dauwn Parker

 

“It’s all about conversations.” — Michael Zipursky

 

“I knew I would enjoy it, but I had no idea I would enjoy it this much.”  — Dauwn Parker

 

“In the consulting business, it’s not about a transaction.  It’s about a relationship.” — Michael Zipursky

 

“If you want to get more done, prioritize what is really important to you.”  — Michael Zipursky

The Secret to Landing Six-Figure Consulting Projects with Dauwn Parker: Podcast #17 is a post from: Consulting Success

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Online market for consulting?

A few ex-consultant friends and I mused over this concept several times in Marriott hotel bars across the country. “Why not set up a two-sided platform (think: VRBO, UBER) where companies can hire consultants for 1/3 of the price? Cut out the middle man.”  Yep – an online market for consulting. Uh, already exists. With a… Read More »

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