When you hire staff—be they full time employees, subcontractors or temporary partners—to work on your consulting projects, are they a cost or an investment? Your answer to this question affects many aspects of your consulting firm, including its growth trajectory.
A handful of piercing questions reveal your approach to life and business, and explain your character, success, and happiness.
For instance, do you look at the world through a lens of abundance or of scarcity? Are your yardsticks of achievement internal or external? Do you see pancakes as a fattening, low-nutrition meal or a welcome opportunity to add chocolate chips to breakfast?
Add to this list the question of whether you regard staff as a cost or an investment. The business coach Dan Sullivan poses this distinction, and it carries particular relevance for consulting firm leaders like you and me.
The seven topics below illustrate how your cost vs. investment mindset drives your consulting practice and your growth prospects.
You brag that you’re a less expensive alternative to achieve their outcome than, say, big-name consulting firms.
You tout your ability to deliver a better outcome than internal staff or any other firm.
They focus on costs and you talk about hours and rates.
They focus on value and you talk about upside possibility.
Your Clients and Role
Hence, you help your clients envision how to minimize the cost to achieve their end.
Hence, you educate your clients on the paths to different levels of success.
Fees and Pricing
Use of Staff and/or Subcontractors
Labor is viewed as an expense to be minimized.
Labor is an investment in your ability to wow clients, maximize value and, ultimately, enhance income.
Text and images are © 2023 David A. Fields, all rights reserved.