It’s easy to imagine your consulting firm’s worst nemesis is a competitive consulting firm, a procurement department, your prospects’ internal staff, or gingivitis. However, the biggest threat to your consulting firm’s growth is much closer to home and much more personal. (Well, not closer and more personal than gingivitis.)
There’s a problem you confront over and over as you try to grow your consulting firm. It’s the issue you butt up against, wrestle with, and consistently struggle to surmount.
Pause for a moment and consider that one growth problem your consulting firm faces most often.
Now, what causes that problem?
You can’t help but crash into your doubts over and over again, because, by definition, your current fears define your current limits.
That’s why your consulting firm’s greatest threat isn’t outside the firm. You, your consulting firm’s leader, tether your firm to your concerns, uncertainties and worries.
I quickly cataloged a dozen common fears that hold consulting firms back. Below are five from that list.
Consulting is a leverage game and to exercise leverage, you need to hand over the reins of some tasks to other people. Whether your consulting firm’s full-time staff is one person or 100, you need to let go of more to break through your growth barriers.
The impostor syndrome is particularly prevalent in consulting, where the line blurs between who you are and the value your consulting firm provides. This leads to a fear of success, which, understandably, undermines further growth.
Disappointing a Client
Your consulting clients’ satisfaction is paramount. However, too many consulting firms turn down engagements they could fulfill with high quality, out of concern that they won’t delight every client.
If you have evidence that demand for your services has outstripped your capacity, then bulk up your delivery engine. Otherwise, your trepidation is hurting your consulting firm and your clients.
Rejection’s never fun. But unless you can embrace it, your consulting firm will tiptoe toward higher fees rather than jumping in full throttle, and you’ll promise anything to prospective consulting clients rather than holding your ground with a firm, “No.”
Boosting your consulting firm’s reputation and renown requires you to visibly stake out a controversial position or broach a provocative topic. When you take that step, you’re bound to attract naysayers, doubters, skeptics and nincompoops.
Said otherwise, if you never hear from killjoys then your consulting firm isn’t taking a leadership stance that will attract a raft of new prospective clients.
How to face down these fears is the subject of next week’s article: 5 Steps to Overcome Fears That Hold Back Your Consulting Firm.
Until we get there though, recall that I drew lightly from the list of consulting firm worries. What other fears do you think hold back consulting firms? (Other than the obvious: running out of chocolate.)
Text and images are © 2023 David A. Fields, all rights reserved.