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| Just Say No |
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Sometimes, a client dangles an opportunity in front of you that you know you shouldn't take, but you go ahead anyway. Maybe the project is just a bit out of your reach from a skills perspective, or perhaps it creates a potential scheduling bind with another engagement.
In either case, you can probably find a way to convince yourself that everything will work out fine. Besides, it seems unnatural to walk away from a potential sale--especially in this market.
Of course, some consultants take the risk, finish the work successfully, and earn a tidy profit. But I hear just as many stories about such projects that morphed from challenging assignment to full-blown nightmare.
Often, it pays to just walk away, even if it's painful in the short term. Focus on the benefits of saying no. For one thing, you signal to clients that you put their interests ahead of your financial objectives, which contributes to building a long-term, trusting relationship. And, you'll free up time to pursue other, more appropriate opportunities.
I'm not suggesting that you shy away from risk. Nor am I saying that you should shrug off new opportunities that don't fit precisely into a narrow skill set. But most of us know exactly when we should and shouldn't take on a new opportunity. So, rather than diving straight into that next project, think hard, consider your options very carefully and, if appropriate, just say no.
P.S. Thanks to all of you who wrote and called with your suppport for my new book, Winning the Professional Services Sale. The book is available earlier than expected--for anyone who wants to grab a copy.
Enjoy this month's issue.
And send me an email if you have comments.
Mike
McLaughlin
Editor
Management Consulting News is a publication of MindShare Consulting.
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| MCNews 12 Index of Professional Services |
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With the first half of the year behind us, the outlook is largely positive for the MCNews 12 Index firms, though substantial challenges--and opportunities--remain ahead.
The YTD return on the MCNews 12 Index stocks pushed into positive territory for the first time since August 2008. By comparison, the S+P 500 Index has also taken back some losses from earlier in the year, but its -3.8 percent YTD return is disappointing.
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MCNews 12 Index |
YTD
Change |
| June 2009 |
738 |
+1.8% |
| May 2009 |
718 |
-0.98% |
| April 2009 |
722 |
-0.3% |
In spite of the good news, the professional services industry faces substantial disruption in several key markets. For starters, last week, Watson Wyatt and Towers Perrin, the global HR consultancies, agreed to an all-stock merger of the two firms.
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| Interview: Aubrey Daniels |
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"The current systems, processes, and management behaviors are the same as they were ten years ago. And they are just as ineffective as ever."
Aubrey Daniels is the author of Bringing out the Best in People, Performance Management, Other People's Habits, and, Measure of a Leader. His latest book is OOPS! 13 Management Practices That Waste Time & Money (and what to do instead).
Daniels thinks many management practices do more harm than good. We asked him how we can help clients rethink their existing practices.
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| What One Thing? |
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Question: If you could give consultants just one piece of advice to improve their presentation skills, what would it be?
"Practice, practice, practice. That's the way to find the weak spots and make your presentation as compelling as possible."
- Gene Zelazny, Director of Visual Communications for McKinsey & Company
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| The Global Consultant: Omar Khan |
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Omar Khan is arguably one of the most global consultants and speakers in the world. Born in Egypt, the son of Pakistani diplomats, Khan has lived in Germany, the US, Kuwait, Saudi Arabia, the Netherlands, England, Japan, Pakistan, Sri Lanka, Dubai, and Singapore. His latest book, The Global Consultant, offers essential advice for any consultant who works globally or who wants to.
McLaughlin: You've traveled extensively throughout your career. What's your best-kept secret for thriving while traveling?
Khan: The way to thrive in this lifestyle is to remember that travel is a significant (time-wise) part of your life, and so it becomes a quality-of-life issue.
You have to set it up like any other important aspect of your life to make it as enjoyable as possible. This means using travel agents that can customize itineraries that suit your preferred times and biorhythms (or learning to use OAG online to do that for yourself).
It means investing in a better class of travel when you can, or ensuring you provide enough value that your clients will invest in you arriving rested and refreshed, rather than harried and depleted.
Also, use time in the air to unplug, unwind, and/or catch up on busy-work, so your prime time is kept clear. Pick airlines astutely (globally, everything from departure lounges to bag delivery varies enormously). Try to build in some "down time" (work-wise) or "up time" (life-wise) to explore the places you go to or to revisit beloved old haunts.
If you really travel a lot, leave a bag with one or more hotels (so you can travel lighter), have a preferred room, get to know the bartender, the concierge, and the doorman. This reduces the feeling of anonymity and will often get you customized support and service.
Cultivate friendships on the road if you travel to the same places on a regular basis. You'll then have people you look forward to spending time with. And use travel to expand your perspectives by opening up to experiences outside your normal range of interests.
Learn more about Omar Khan. And read his advice for coaching success.
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| Quick Takes: Thriving in Volatile Times |
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By Lisa Nirell
In today's challenging market, you have an opportunity to become even more valuable to your clients. Here are three tips for thriving in a volatile market.
1. Make Client Focused Mastery (CFM) a habit.
Listen closely to your clients. To get candid feedback, consider using a "strengths" survey to assess the effectiveness of your practice--from your client's point of view. Click here for a checklist to get you started.
Tighten up your professionalism. When you mess up, fess up. Develop clear response systems (e.g., that you respond to voicemails in three hours or less). Answer ALL emails within one day. People are instant-response junkies these days. Show them you are on top of your game.
Spend more marketing dollars on face-to-face networking, social media, and referral systems, and less on "passive" advertising, such as brochures, banner ads, and event sponsorships.
Make it very easy for people to buy from you. Create an introductory service, low-cost booklet, CD kit, or DVD for sale. Also consider creating programs that provide prospective clients with a sample of what you offer, whether that's seminars, consultations, or short term assessments.
2. Be conscious of the company you keep and the language you use.
Surround yourself with positive people and clients. Invest time to identify high potential, successful prospects. Slim down your operation. Get rid of deadbeat clients, low return projects, and uninspiring, non- profit commitments.
Use and think in language such as "thrive," not "survive."
Steer away from coffee room conversations about how bad things are. Some clients want to commiserate and complain. Don't linger on these negative topics. You are only pouring gasoline on the fire.
3. Recognize that time and money are not resource issues.
If clients tell you that they are too busy, or they do not have the budget, it is not a resource issue but a matter of their priorities. You have simply not proven that you offer enough value for them to move ahead.
Resist the temptation to drop your fees to get clients! Your brand erosion will be difficult to reverse later. Instead, create some low cost introductory products and sell them on your web site.
Lisa Nirell is Chief Energy Officer of EnergizeGrowth® LLC. Her firm helps services leaders maximize performance and increase their valuation by improving the quality of their clientele. She is also the author of EnergizeGrowth NOW: The Marketing Guide to a Wealthy Company.
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| Complimentary Webcast: Never Stand Still |
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"The marketplace has been shifting dramatically since 2001, in everything from manufacturing to financial services to commodities. Yet, far too few companies are adjusting to the new competitive requirements." - Adam Hartung
You are invited to join Adam Hartung for the complimentary webcast, Never Stand Still, on Thursday, July 16 at 1:00 PM Eastern Time.
Hartung is the Managing Partner of Spark Partners, a strategy and transformation consultancy. Previously, he spent eight years as a Partner in the consulting arm of Computer Sciences Corporation (CSC). He has also been a strategist with The Boston Consulting Group, and an executive with PepsiCo and DuPont in the areas of strategic planning and business development.
This webcast is sponsored by J. Sanders Associates, an executive search firm specializing in the placement of consulting executives.
Register for this complimentary webcast.
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| Coming
Attractions |
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"Sorry to rain on the billable hour death parade, but reports of the demise of the billable hour have been greatly exaggerated."
Next month, we'll talk with Mike Schultz, co-president of Wellesley Hills Group and co-author of the new book, Professional Services Marketing. Based on extensive research, Schultz's book offers an experience-tested approach to marketing any professional service.
We'll ask Schultz how current trends in buyer behavior should shape our marketing strategies and tactics.
Look for the next issue of Management Consulting News on August 4, 2009.
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