Consulting Math: When 1 > 1
- April 26, 2010
- Posted by: Rochelle
- Category: Fees + Revenue
When times are tough, consultants—big-firm senior practitioners to soloists—tend to hold on tightly to every billable hour. You stop delegating because your instinct is to hunker down and protect what you have. It’s perfectly understandable (lizard brain anyone?) but counter-productive in the long run.
Since the economy is perking up a bit, it’s a good time to think about some consulting math. For example:
1 x 1 = 4 Choose high potential junior consultants in your firm (or trusted outside contractors) who will do a knock out job. Give them some challenging work to do with your clients. Stretch them, excite them and mentor them. Who knows? You’ll free up some time and you could create new synergies with your clients and for your practice.
1 + 1 = 3 Create a dynamic partnership with your administrative guru. Let them do what they do best—get you organized and free to focus on developing new relationships, thought leadership and revenue. Don’t have one? Investigate virtual options to help you grow.
1 – 1 = 2 Invest in yourself with the time you’ve freed up. Try something new or dig deeper into an idea that inspires you. Start building some new relationships. Take a risk. In the short run, you might take a revenue or bonus hit. But in the long run? Master territory.
Consulting math: where 1 can be greater than 1.