It is time to launch a new venture, and you are set to choose a consulting firm to help you along. Working with a consulting firm is a no brainer for you as it keeps you from spending massively on new technology, new staff and the learning curve they will need. This way you get experienced hands from the get go, who will keep you from being on the list of failed ventures.
So, to choose the right consulting firm, you make a beeline for Google, and there are literally hundreds of options. This is getting exasperating, a classic case of being spoilt for choice, and now you are no better than when you first started. How are you meant to pick the right consulting firm for you??
What is a Consulting Firm?
Let us backtrack a bit. Consulting firms are firms that provide professional advisory services for a fee. Consulting firms are made up of experts in various fields of business, who offer their expert advice to organizations for a fee. The experience they bring to the table can save organizations loads of resources, help them avoid business or project failures as well as help them actualize their goals and business objectives.
With management consultants in charge of the strategic aspect of your business, you can focus more on other areas of need of the business and simply deploy solutions created by the management consultants. You cannot miss it as they help you take the best business decisions which are often times bespoke to your organization’s needs and indeed, this is how they grow as well.
Steps in selecting the right consultants
Now, selecting the right consultants for your venture can be a tedious task, especially if you have not worked with one before. Here are a few suggestions to help make the process easier:
- Set your goals
This is integral to everything. Unfortunately, this is a mistake that happens often where businesses just expect the consultants to figure out what needs to be done. To get the most out of your consulting firm, you need to be crystal clear on your expectations, so you can measure the results objectively.
Having clear goals will also help you decide the type of consulting firm you will need. For example, if you are having issues with management, you should be looking for a consulting firm with expertise in management consulting, not financial consulting.
Still, not having clear cut goals should not be deal breaker. Some top consulting firms like Euniola consulting have experts that can guide you in clarifying your organizations goals, and providing the best results.
- Look at experience
Once you have set your goals and narrowed down the list of consulting firms, you want to examine the experience each firm will bring to the table. It should be noted that the deciding factor here should not be just the total years of experience, but the quality of the projects handled.
To put this in perspective, Cambridge Analytica was a British political consulting firm that is widely regarded as the major force in putting President Donald Trump in the White House. Similarly, Red Media helped to put President Muhammadu Buhari in Aso Rock. Both firms were less than 5 years old at the time, but those projects are beyond what most firms will undertake in their lifetimes.
- Understand their approach to work
Some consulting firms have rigid methodologies in their approach to work. This is usually more common in really large firms, or those that are franchises. There are long chains of command, and sometimes bureacratic bottlenecks. As such, they are not very flexible. However, they generally have a large pool of experienced consultants in various fields.
Whereas, smaller firms generally have less of these bottlenecks, and are more flexible. This makes them easier to adapt to the working conditions of their client organizations, and provide more personalized services.
- Get references
Good consulting firms and happy past clients generally go hand in hand. You should feel free to ask for a few references where applicable. Other times, a portfolio of previous projects might suffice. What is important is that you have some proof of their expertise beyond online reviews.
- Analyze the costs
One of the reasons of engaging a consulting firms is usually to save on cost, such as the cost of setting up new infrastructure, staffing, trainings, etcetera. It will be counter productive if the services of the consulting firm you decide to engage now costs more than your budget allows.
The aim should not be to choose the cheapest firm though, but the most cost-efficient firm for your project. A firm that costs less and gets the job done is three years, is a worse deal than one that costs double, but gets the job done in a year. The second firm is more cost-efficient and a better option.
- Ensure you connect
A lot of times, the partnership with the consulting firms can span months, or even years. If you are going to work for a long period of time with another organization that closely, it is very important that the teams on both sides get along very well.
More than helping you with just a specific venture, a good culture fit between your organization and the consulting firm can lead to long term collaborations.
- Read the fine print
Scrutinize the contracts, thoroughly. This can not be overemphasized. It has to be done to avoid any unpleasantness down the line. Some things that you should look out for include the turnaround time, communication channels, hidden costs, and the terms of payment.
How Eunoia Consulting can help
Much more than simply helping your project succeed, a good consulting firm should be your partner for your long term business growth Eunoia consulting has helped numerous organizations get off to a running start, while helping them grow strategically into the future.
That is why we are regularly ranked as one of the top consulting firms in Nigeria. Some of our strongest suits lies in our flexibility in working with both large scale organizations and small family sized businesses, and the way we handle each project like it is personal, with a view on the long term.
At Euniola, we only win when you win. That is precisely why we can guarantee that with our team of experts handling your project, your new venture will exceed your wildest expectations.
Get in touch with us today, and let us set your next venture off to a flying start.
Culled from Eunoia Consulting Limited (Top consulting firm in Nigeria)