Management Consulting Essentials: Self assessment

If you are more busy than you appreciate you should increase your prices
If you are more busy than you appreciate you should increase your prices

I meet and talk with a lot of independent management consultants.  99% of them are extremely busy.  They are so busy that they have little time to learn new approaches, keep up with the development in their area(s) and develop their business. Most of them even complain that they are too busy. They also use their busyness as an “excuse” for not being responsive and not meeting deadlines.

When I ask why they are so busy the unison answer is: “client projects”. My response is: “Fantastic, you must be making tons of money?” Answer: “Silence.”

The silence continues when I ask them: “When will you increase your prices and with how much?”

This series of posts will address the “many hours/low price” issue, explain the causes and provide recommendations for how you can remedy the situation.  Applying the ideas should enable you to work less hours, make more money and have more fun at the same time.

Assessing your own performance

Frank self-assessment is required to improve your performance and your corresponding value

In the previous post I described a first meeting you have had with a potential client.  On the way back to your office/home or to your next meeting you are assessing your own performance. When you get back to your office you write down your observations.

Increasing your value (and price) you must constantly improve your performance. You also need to match your specialty with the right clients and the right projects.

Here is the list of assessment questions you will ask yourself:

  1. Was my pre-meeting qualification adequate?
  2. Did I achieve my objectives with the meeting?
  3. Did I ask the right questions?
  4. Did I get the information I need for the next step?
  5. Is the the client qualified?
  6. Is the project qualified?
  7. Will successful completion of the project deliver substantial and tangible result to the client?
  8. Can I deliver the projects?
  9. Can I win the projects?
  10. Do I want this client as a reference?
  11. Will this client serve as my reference for future clients?
  12. Will my value increase when I deliver successfully on this assignment?
  13. What should I do different next time?
  14. Should/can I delegate the project or parts hereof to someone else?

Surprisingly few people are assessing their own performance and constantly challenging themselves to perform better next time. However, their is no way you can ask higher prices unless you constantly improve your performance.

The next post: Confirming the project objectives.

Other post in this series:

Post #1: Brand values and positioning
Post #2: Networking
Post #3: Pre-qualification
Post #4: The first meeting
Post #6: The objectives
Post #7: The deliverables
Post #8: Pricing
Post #9: The proposal
Post #10: Price and Payment terms
Post #11: Client references
Post #12: Delivery
Post #13: Quest for Certainty

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