MC_ONE_ Consultancy Business MC1000.pptx

This presentation was prepared by Dr Emma Sitambuli on Consultancy as a Business

1. Presented by: EMMA SITAMBULI (Ph.D.) 3/24/2024 GREAT Consulting Services 1 Consultancy Business: Getting Started from Scratch

2. INTRODUCTION 3/24/2024 GREAT Consulting Services 2

3. Some Motivation 3/24/2024 GREAT Consulting Services 3

4. CONSULTANCY BUSINESS PROCESS 3/24/2024 GREAT Consulting Services 4

5. Outline of Presentation 3/24/2024 GREAT Consulting Services 5 What is a consultancy business Consultancy business models Who is a consultant Characteristics of a good consultant Key considerations when deciding to be a consultant Assessment before getting started Getting started with consultancy business

6. Why Consultancy 3/24/2024 GREAT Consulting Services 6 The work processes are increasingly becoming more complex hence the need for good consultants is ever greater. Every organisation across every industry, vocation, or development cause, is bound to run into problems. It is inevitable. It is a universal constant. Any outlet where people work together in the interest of making money or contributing to societal causes, is going to have to deal with issues they may or may not have been planned for. Hence consulting firms/ individuals are contracted to solve them.

7. What is a Consultancy Business 3/24/2024 GREAT Consulting Services 7 It is entity comprising industry specific-experts who offer professional advice, guidance and actionable solutions to businesses or development agencies experiencing issues that they can not deal with in-house or internally. This work is performed at a FEE.

8. What do Consultants/Firms Do? 3/24/2024 GREAT Consulting Services 8 Consultants observe, assess and analyze a company operations to offer SOLUTIONS . Good consultants make big differences Consultants offer guidance and ACTIONABLE SOLUTIONS to PROBLEMS the organisation may be having. Consulting firms tend to have specific focuses, and companies pay them to lend their EXPERTISE on problems that cant be handled internally. Consulting firms have presence in virtually every industry. Some firms are SINGLE PURPOSE while others bring together several different trades and practices in one place.

9. Types of Specialized Consulting firms 3/24/2024 GREAT Consulting Services 9 Engineering C onsulting Firms Financial Consulting Firms Healthcare Consulting Firms Human Resources Consulting Firms Political Consulting Firms Development Consulting Firms Environmental Consulting Firms Legal consulting firms Events management consulting firms

10. What are Some of Business M odels 3/24/2024 GREAT Consulting Services 10 Solo Consultant M odel ( independent) Consultancy Firm Model ( make sure you choose an appropriate name; officially Registered, bank account; address and contact details, health/travel insurance) Hybrid Model – (Mix of these two models)

11. Who is a Consultant 3/24/2024 GREAT Consulting Services 11 An individual or firm hired to solve problems that clients cant solve themselves. A consultant is one who gives professional advice or services. You work in a particular industry and offer expertise to help others with their problems in the field that you know best. It is almost like training a new employee to take over your job, you simply share your tips, tricks and techniques, that you have learnt over the years.

12. Who Can be a Consultant 3/24/2024 GREAT Consulting Services 12 Anyone can be a consultant – as long as they have the experience, skills and knowledge in the chosen field. You do not need to be recognized as an ultimate best in your field to be a consultant. T he first step is to take an honest look at your own training and experience.

13. Key Considerations Before B ecoming a Consultant 3/24/2024 GREAT Consulting Services 13 Its important that you have excellent time management skills to enable you to submit your deliverables on time , handle various clients simultaneously; and work on expanding your cadre of clients. You must have EXEMPLARY networking skills to help generate word of mouth for your consulting business.

14. How Do Y ou Become a Consultant 3/24/2024 GREAT Consulting Services 14 You need the ability to sell yourself and be up -to date. You need to understand the area in which you intend to be involved with. Examine your educational strengths, and combine them with any training and on the job –experience gained in the market place . To succeed, you must be an expert at recognizing problems and shaping solutions to those problems .

15. What Makes a Good C onsultant 3/24/2024 GREAT Consulting Services 15 Must be a skilled communicator; both orally and written. Must know how to communicate your expertise. Must be able to SELL what you are good at or able to provide. As a consultant you need to invests in the tools of your trade e.g. computer, internet, printers, projectors etc. Must be able to prepare bankable proposals

16. Important Skills of a Consultant 3/24/2024 GREAT Consulting Services 16 Creative Thinking . Thinking C onceptually and Practically . Problem-Solving . Communicating Clearly and Empathetically .

17. Important Skills of A C onsultant 3/24/2024 GREAT Consulting Services 17 Collaboration with all job levels. Organization and time management. Curiosity . Credibility .

18. Key Considerations W hen Y ou D eciding B e a Consultant (Individual) 3/24/2024 GREAT Consulting Services 18 Education (Do I have the right qualifications) Work Experience Passion must be your number one pull factor Expertise - has mastered their craft – field /industry enough to be DANGEROUSLY KNOWLEDGEABLE on a topic What value can he or she add to clients Figure out what your market needs

19. Some Motivation 3/24/2024 GREAT Consulting Services 19

20. SHORT GROUP WORK 3/24/2024 GREAT Consulting Services 20 Discuss with your neighbor the following questions: Think about your area of expertise, then identify some common skills that business often look for. What skills are you planning to sell ? (4 Minutes discussions with neighbor) (1 Minute sharing at plenary)

21. How to Start Y our Consultancy Business 3/24/2024 GREAT Consulting Services 21 Step One: Assess your Knowledge and Skill Set Remember consultants are hired to solve problems that business cannot solve. Therefore you need deep knowledge in a specific area so that you can offer value to your clients. Assess your strengths to figure out where you can be of help. You also need to take an objective reflection on your weaknesses or missing skills you may have so that you fill the gaps Also check if your area of expertise requires some certification and licenses e.g. engineering, ACCA and Lawyers often need some form of licenses.

22. How to Start Your Consultancy Business 3/24/2024 GREAT Consulting Services 22 Step Two: Find Out W hat Y our M arket Needs Find out what kind of questions, problems, and pain points businesses in your chosen field of expertise often have. You can ask experts within your field, check adverts and professional bodies. What are thought leaders talking about, what topics are hot on forums? You can also identify established consultants within your field and ask them topics of interest

23. How to Start Your Consulting Business 3/24/2024 GREAT Consulting Services 23 Step Three: Choose your legal Structure and Business model Choose your legal structure – its best to formalize your business right from the start for legal and taxation purposes. The three most common forms of businesses are sole proprietorship, Companies and hybrid model. Many independents consultant often prefer solo business model.

24. How to Start Your Consultancy Business 3/24/2024 GREAT Consulting Services 24 Step Four: Market yourself/ firm Prepare your business plan – to help you think about your marketing strategies, how do clients get to know you and your services. Marketing your Consulting business – networking, referrals, cold calling, public speaking, books, articles and newsletters and advertising

25. How to Start Your Consultancy Business 3/24/2024 GREAT Consulting Services 25 Step Five: Decide where you will operate from Create your office – ( at home or Public office sharing or rentals ) Decide as to whether you need personnel to help you depending on your workload. If you are recruiting permanent personnel then think about statutory obligations like pensions, health insurance and others

26. How to Start Your Consultancy Business 3/24/2024 GREAT Consulting Services 26 Step Six: Build Your Reputation through Delivering Results Stay organized and deliver results so that you can get repeat customers and referrals Stay organized so that you do not miss deadliness and meetings Delivering results is crucially important for the success of your consultancy business, hence be sure to stay on top of the industry trends, and check-in with clients to ensure you are delivering on results that they want and that you are helping your clients to succeed

27. Assessment before starting (! Of 3) 3/24/2024 GREAT Consulting Services 27 Get clear on your market niche that you want to fulfill. Understand what problems your potential clients are facing Ask yourself these questions: What value can I add to this client

28. Assessment before starting (2 of 3) 3/24/2024 GREAT Consulting Services 28 Do I have the EXPERTISE required by my industry of interest Do I have the EXPERIENCE RESULTS – can I deliver on results being asked? Can I form a team? What is my interest in this niche

29. How/Where to find Consultancy Jobs ( 1 of 2) 3/24/2024 GREAT Consulting Services 29 Search Newspaper adverts for RFP or EOI Search Company Websites for RFPs or EOI You can build your own web-page Send unsolicited proposals Pitch your profile on social media such as Go Zambia, LinkedIn among others Register on database/ rosters of big consultancy firms –they will contact when they have jobs that match your skills set.

30. Where/How to find Consultancy Jobs (2 of 2) 3/24/2024 GREAT Consulting Services 30 Distribute your CVs and or Company Profile to prospective clients Network with others – other consultants, Professional events held by the industry Friends and family can be source of information

31. How do you sustaining your business 3/24/2024 GREAT Consulting Services 31 Be on the look out for relevant trainings to continuously upgrade your knowledge and skills. Attend conferences and workshops Read current books, journals and publications around your field of expertise. Continuously Improve your skills – public speaking skills, presentation skills – join the toastmasters Continuously learn how to market your skills

32. WORK SCHEDULING TO SMOOTH CASHFLOW 3/24/2024 GREAT Consulting Services 32

33. Some words of wisdom 3/24/2024 GREAT Consulting Services 33

34. The End 3/24/2024 GREAT Consulting Services 34 Thank you for listening I invite your questions?