vii
Contents
Welcome from the Authors ..................................................................... xv
Acknowledgments .................................................................................. xix
Introduction .......................................................................................... xxiii
1 The Consultant’s Growth Path .....................................................1
Four Levels of Consulting ...........................................................................1
The Good Soldier ....................................................................................2
The Competent Warrior ..........................................................................3
The Trusted Advisor ................................................................................3
The Master Practitioner ...........................................................................3
The Learning Continuum ............................................................................3
The Learning Lenses ...............................................................................4
The Business Lenses ...............................................................................4
Communication and Team/Organization Dynamics ..............................6
The Consulting Levels in Detail .................................................................8
Life as a Good Soldier ............................................................................8
Kicking It Up a Level ............................................................................10
Thinking Like Business People ............................................................11
Leaving a Legacy ...................................................................................13
Odyssey in Action I ..................................................................................13
WHIT MITCHELL, WORKING IN SYNC, HANOVER, NEW HAMPSHIRE
The Trusted Advisor Breakthrough ......................................................13
Odyssey in Action II .................................................................................15
DR. SHAYNE TRACY, CEO, EXECUTIVE STRONG, ONTARIO, CANADA
The Veterinarian That Never Was ........................................................15
Chapter Summary .....................................................................................18
Calls to Action ...........................................................................................18
Appendix I ................................................................................................21
Bibliography ..............................................................................................21
viii ◾ Contents
2 The Odyssey Arrow Value Engagement Process: Bringing
Clarity to Client Needs ............................................................... 23
Extrinsic and Intrinsic Factors ..................................................................24
The Arrow Legend Explained ..................................................................24
The Value Engagement Practices ..........................................................24
The Value Integration Practices ............................................................25
The Ideal Client Profile: Who, What, When, Where, Why, How ............25
Who Is My Ideal Client Number 1 Category (IC1)? .............................. 25
What Is My Ideal Client Looking for? ...................................................26
When Is My Ideal Client in the Market? ...............................................26
Where Do My Ideal Clients Find Me? ...................................................26
Why Will My Ideal Clients Engage Me? ................................................ 26
How Will We Work Together? ..............................................................26
Executive Briefing .....................................................................................27
Our Story ...............................................................................................28
Meeting One ..............................................................................................28
The M1 Questions—Step 1: Situation Analysis—Past, Present,
Future ....................................................................................................30
The M1 Questions—Step 2: Clarifying Assignment Objectives ..........31
The M1 Questions—Step 3: Establishing the Measures (Metrics)
of Success and Value .............................................................................31
Add Questions Appropriately to Dig Deeper ................................... 31
The Discovery Audit .............................................................................32
Diagnostic Methods ........................................................................... 32
The Problems Associated with Discovery ........................................34
The Benefits of Good Discovery ......................................................35
Meeting One Response Letter ..................................................................35
Sample M1r Letter .................................................................................36
Meeting Two .............................................................................................. 38
Business Management Review..................................................................39
Sample BMR Setup E-mail ....................................................................40
The BMR in Action................................................................................42
Our Story ...............................................................................................42
ACP Engineering—BMR Report ............................................................43
Odyssey in Action I ..................................................................................45
SERGIO MOTLES, SUMMIT CONSULTING, SANTIAGO, CHILE
The Power of the BMR .........................................................................45
Contents ◾ ix
Odyssey in Action II .................................................................................47
DAN GROBARCHIK, EXSELL INC., GREEN BAY, WISCONSIN
It Starts with Finding Ideal Clients .......................................................47
A Note on Technology Support ................................................................ 49
Chapter Summary .....................................................................................49
Calls to Action ...........................................................................................50
Bibliography ..............................................................................................54
3 The Odyssey Arrow Integration Phases: Delivering Strategic
Imperatives ................................................................................55
Recommendation ......................................................................................55
Laying the Groundwork for REC ..........................................................55
The Century Management Case Study .................................................56
Macro Objectives ...............................................................................57
Micro Objectives ................................................................................ 58
The Recommendation ...........................................................................58
Phase 1: APC Competency—Communications and Teambuilding ..... 59
Phase 2: APC Business—The Business of the Professional
Practice ..............................................................................................60
Phase 3: APC Strategy—Strategic Thinking and Planning ..............60
Phase 4: APC Integration—Follow Up and Follow Through ..........62
Organizational Development Intervention ............................................... 62
Summary Evaluation Report .....................................................................63
Odyssey in Action I ..................................................................................64
RON PRICE, PRICE ASSOCIATES, BOISE, IDAHO
It’s Not a Product, It’s a Partnership .....................................................64
Odyssey in Action II .................................................................................65
TIM MALONEY, NEWPORT GROUP, ONTARIO, CANADA
The Smartest Person in the Room ........................................................ 65
Odyssey in Action III ................................................................................69
PADRAIG BERRY, STRATEGIC ONEFOCUS, DUBLIN, IRELAND
Slowing Down to Speed Up .................................................................69
Chapter Summary .....................................................................................70
Calls to Action ...........................................................................................71
Bibliography ..............................................................................................72
4 Applying a Client-Centered Value Strategy ................................73
Thoughts on Selling ..................................................................................73
Consultative Selling ................................................................................... 74
x ◾ Contents
Traditional Consulting Model versus Value Creation Model....................74
Our Story ................................................................................................... 76
Eight Ways to Increase Your Consulting Revenues .................................78
Expand Your Client Base and Attract New Clients .............................. 79
Develop Longer-Term Retainer-Type Contracts ....................................79
Capitalize on Your Original Cost of Acquisition by Creating
Passive or Parallel Product Income Streams ........................................79
Broaden Your Strategic Positioning: Sell Larger Assignments .............80
Justify Higher Fees by Creating Higher Perceived Value .....................80
Improve Assignment Profit Margins: Focus on Ideal Clients and
Solutions ................................................................................................80
Reduce the Cost of Client Acquisition ..................................................81
Develop Strategic Partnering Relationships .......................................... 81
The Professional Service Firm ..................................................................81
Distinctiveness of Professional Service Firms ......................................82
The Life and Times of 400 Consultants ...................................................83
Six Consulting Perspectives ......................................................................84
Perspective 1: The Generalist and the Specialist .................................85
Perspective 2: Business or Profession? .................................................85
Perspective 3: The Nature of Consulting ..............................................86
Perspective 4: Consulting Is Always Temporary ..................................88
Perspective 5: The Purpose of Consulting ...........................................88
Perspective 6: How Do Consultants Intervene? ...................................89
Odyssey in Action I ..................................................................................91
MEL NELSON, PRESIDENT & CEO, EXECUTIVE
MANAGEMENT SYSTEMS, FARGO, NORTH DAKOTA
Letting the Client Lead the Way ...........................................................91
Odyssey in Action II .................................................................................92
JEAN ANN LARSON, MANAGING PARTNER,
JEANANNLARSON & ASSOCIATES, DALLAS, TEXAS
Building a New Consulting Business ...................................................92
Chapter Summary .....................................................................................94
Calls to Action ...........................................................................................95
Bibliography ..............................................................................................96
5 The Business Behind Consulting...............................................97
Financial Intelligence ................................................................................97
The Odyssey Profit Drivers .......................................................................98
Staff Profitability ....................................................................................99
A Consultant Danger Zone .............................................................100
Contents ◾ xi
Personal Profitability ...........................................................................100
Value Basics .....................................................................................100
Client Profitability ................................................................................101
Sales and Marketing Profitability ........................................................102
Portfolio of Solutions Profitability .......................................................102
Niche Market Profitability ...................................................................103
Setting Client Fees and Value Billing .....................................................104
Four Basic Categories of Fee Setting ......................................................106
Time ..................................................................................................... 106
Fixed Fee .............................................................................................106
Retainer ................................................................................................106
Contingency Fees ................................................................................106
Results-Based Consulting ........................................................................107
The Economic Buyer ...........................................................................107
The Consultative Relationship ............................................................108
The Value/Fees Proposition ................................................................ 108
Making Your Talent Work for You .........................................................109
Making the Client a Hero ....................................................................... 110
Opportunities Abound ............................................................................112
The Art and Science of Setting Fees in a Consulting Practice ..............113
The Client/Consultant Value Match ........................................................ 115
Presence Creates Value ........................................................................... 116
The Consultant as an Investor ................................................................ 117
The Value of the Generalist and the Specialist ...................................... 118
Specialize ............................................................................................. 118
Be Clear about Your Difference.......................................................... 118
Define Your Ideal Clients .................................................................... 119
Focus, Focus, Focus ............................................................................ 119
Odyssey in Action I ................................................................................120
MARK DEBINSKI, BLUEWATER ADVISORY &
BLUEWATER SEARCH, SYKESVILLE, MARYLAND
Before You Do the Business, You’ve Got to Find It ..........................120
Odyssey in Action II ...............................................................................121
VICKI LAUTER, MANAGING PARTNER, STRATEGIC
HUMAN INSIGHTS, ATLANTA, GEORGIA
The Test Comes When You Quote Your Price ...................................121
Chapter Summary ...................................................................................123
Calls to Action .........................................................................................123
Bibliography ............................................................................................125
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