article options:      send feedback    

Use the Daily News: How to Identify Great Consulting Opportunities

by Jill Konrath

Jill Konrath is founder of SellingtoBigCompanies.com, a web resource that helps small businesses win big contracts in the corporate market. As a sales consultant, she's been successfully selling her services to large corporate accounts for over fifteen years.

Jill shows us some creative ways to uncover new opportunities. You can sign up for her FREE newsletter, Quantum Leaps Selling, by sending an email to mailto:jill@sellingtobigcompanies.com with subscribe in the subject line.

* * * * *

Several years ago, while scouring the business section of my local newspaper, I came to a screeching halt when I noticed a small headline. It read, "Local Firm Acquires eBusiness."

"Very interesting," I thought. The company, an international manufacturer, was not in my targeted market segment, but this high tech acquisition certainly was.

I committed to staying abreast of what was happening at this firm. I sent for their annual report, periodically checked their website and kept up on any press releases. After eighteen months, the manufacturer announced it was spinning off several divisions--the eBusiness was one of them.

Bingo! That was the day I knew I had a new client. As a product launch consultant specializing in the hand-off from Marketing to Sales, it was clear that my services were desperately needed.

The lackluster financial performance of the eBusiness could no longer be hidden in the profits of the manufacturing giant. Wall Street would demand results soon. Short-term results. Immediate results. And I knew I could make a difference.

After several unsuccessful attempts, I reached the president. This is basically what I said:

"I've been following your business. I know it's imperative for your company to have strong financial results immediately. You're counting on your new products to achieve your objectives … and I can help shorten time-to-profitability."

Following a five-minute conversation, the president told me to call a key marketer on Monday, giving him a chance to talk to her first. Essentially, it was a done deal. The outcome was a highly profitable six-month engagement with the firm.

Why am I telling you this? To make the point that business opportunities for consultants are everywhere. In fact, they're staring you right in the face every time you pick up a newspaper or turn on the radio or television.

But most consultants don't use the news because they've never connected these events with the potential for business. Once you know what to look for, opportunities for consulting are readily apparent. They just need to be acted on.

Opportunity Triggers

Anytime two organizations collide due to a merger or acquisition, outside consulting services are generally needed. Here are just a few of the areas where your expertise could be required:

-Sales: Training on new product lines, channel conflict, compensation discrepancies, SFA/CRM systems integration

-Marketing: Rebranding of products, new collateral required, revision of go-to-market strategies, new product launches, PR support, new advertising campaign

-Information Technology: Planning, prioritization of projects, massive system integration issues in just about every conceivable area, new technology acquisition

-Human Resources: Teambuilding, compensation issues, legal problems, downsizing/outplacement assistance, evaluating personnel, employee benefits coordination

-Leadership: Alignment around shared vision, strategic planning and teambuilding at executive, business unit and department level

-Systems consulting: Eliminating redundancies, duplications across the organization.

Sometimes poor financial performance creates opportunities for consulting services, especially if it's the second quarter in a row. While some companies put an all-out ban on consultants when their numbers are down, others search for outside expertise to get them out of their slump.

Marketing needs new ideas. Sales people need training. Productivity improvements increase in importance. Consultants who can increase operational efficiency and drive costs out of the system will always find work. HR may need help with lay-offs.

Personally I've always found struggling companies to be excellent prospects. After failing to turn things around, leadership desperately needs new ideas. They're extremely receptive to consultants approaching them at this time--especially if your expertise helps them achieve a critical business objective.

Companies experiencing rapid growth need consulting help too. Extra bodies are needed to handle a wide range of projects; they can't hire fast enough to keep up with demands. Processes are haphazard, labor-intensive and costly. Systems are being outgrown virtually overnight.

Companies stuck at the status quo also need consulting help. Wall Street demands growth. Leadership teams are under extensive pressure to deliver results or face replacement.

Finally when companies bring in new executives there are always opportunities for consultants. New leaders need to make changes, and they often need outside assistance and ideas to accomplish their goals.

Capitalizing on the News

Follow the news about companies in your targeted market segment closely. Watch for changes--because changes create business for you. Once a change hits your radar screen, extend your research immediately, collecting as much information as you can. Sometimes you might have to wait awhile before your services are needed. Other times it's immediate.

The key to success in selling your consulting services is to align what you do with your understanding of their key business needs. And when you talk to customers, always speak in business terms. Customers could care less if you're an OD consultant or an IS consultant. They could give a rip about the processes you use and your state-of-the-art techniques.

But they care desperately about business results and outcomes. So that's what you talk about when you contact them and meet with them.

Frame your initial call by stating that you've conducted research on their company. Share your understanding of their critical business issues. Tell them the results you deliver--as specifically as you can. Or state that you have some ideas to help them achieve their stated objectives. Finally, after a brief conversation, suggest a logical next step. That's all it takes to get your foot-in-the-door.

So pay attention to the news. Right now some companies desperately need your knowledge and expertise because of what's happening in their business. Use the news as a trigger to identify who they might be, research them and then make that phone call.

That's how you create opportunities and grow your business.

Read the Management Consulting News interview with Jill Konrath.

See our other article by Jill Konrath, Is Your Value Proposition Strong Enough?