Many leadership consulting and development practitioners experience similar things, and managing client demands while ensuring that business continues to grow, and often times, these two issues come to heads in terms of effective functioning of the organization. The most important thing for many leadership consultancies is to figure out how to manage their multiple responsibilities. From small consultancy firms that earn $100k- $2.5 million present in North America, here are the five best practices that a leadership consulting firm must engage in to succeed in their enterprise-
Program, Not Event– The representatives of leadership consultancies consult with their clients to ensure they’re promoting services that help employees develop their leadership capabilities. Leadership cannot be simply taught- it is not an event where knowledge is provided and one is equipped with the tools to go. It is a slow and gradual process, a series of learning activities and experience that makes leadership development possible. If a client calls and requests a one-day leadership workshop, this should be a red flag to any learning professional.
Right Price– It is a vital necessity that the individuals in charge of the financial resources of consulting firms to correctly price their services, no matter what the context because while passion is important and smaller tasks may come across as easier than the norm and thus, not worth full price is the wrong way to go about the tasks. Leadership development is considered a premium service, and if these prices are competitive in nature, great caution is advised, as it can often devalue firms at large. The better, more stable leadership consultancy firms understand the value of their services and they benchmark their services and pricing to understand the competitive landscape
Expansion of Services– There are firms that are particular about the range and type of consultancy services that they offer their clients. These decisions can vary from firm to firm as it is largely dependent on economic conditions and internal structure of the organization. Some participate in leadership strategy rather than providing training and development. Many prefer one-on-one interactions rather than a room of peers. The best consultancy firms have expertise in specific aspect of leadership management but do not neglect any opportunity to expand their avenues. This allows many firms to extend their own value by expanding upon the scope of their services. This makes room for more comprehensive, and even longer contracts. IT is said to be a good practice for expansion of client base and retention as well.
Partner Relationships– Every firm is subject to the phenomenon known as business cycles, with their highs and lows. Many firms rely on their network to increase or decrease staff as and when they require revision. A solid peer network allows any practitioner the opportunity to depend upon a trusted, vetted group of professionals to support them when they are in dire need of it, and have to deliver quality consulting/training/coaching to a particular client(s). Not only do networks remain easier to handle than large teams, it is a good idea to not be financially put down in times of strife.
Hunting & Farming– Most excellent firms lay great emphasis on talent acquisition, and expend considerable time, money, and resources into its endeavours. Hunting requires actively marketing services to new client prospects. Farming requires growing existing client accounts. it’s critical to develop hunting and farming tactics that align with your firm’s strategy and can be implemented on a routine basis. It plays a huge role in long term stability and promotion of new products and services.