Building a Thriving Consulting Practice

Study Notes

Developing MAS Practice:

A consultant must assess their talents, communication skills (oral and written), sales ability, project focus, and business and professional judgment.
The scope of a consulting practice depends on the consultant's expertise and experience in technical areas such as engineering, industrial management, marketing, business management, or finance.
It is important not to "over-sell" the firm's abilities or accept work outside of its capabilities.
Prospective consultants should conduct market research to identify opportunities and new services that may provide a competitive edge.
A consultant gets started when clients indicate that they would like to use their talents.
Market research is important for both new and established consulting practices.
Goals and objectives should include a desired income level, potential clients, and strategies to obtain those clients.
The practitioner can identify staffing requirements and financing needs based on the services they propose to provide.
Building a successful network requires quality contacts and educating the network about the type of services offered.
A consulting firm should periodically assess its needs with respect to in-house knowledge and skills.
A consulting firm can employ additional consultants or undertake staff development activities to endow currently employed consultants with needed knowledge and skills.
A simple approach to staffing a consulting practice is to break the practice into pyramids of from five to fifteen people.

Staff Pyramid and Fee Structures:

The most experienced and highly paid professionals (partners, principals, directors) are responsible for completing engagements, dealing with clients, and selling work.
Partners perform practice planning, administer and develop practice, consult with top-client managers, approve engagement reports, and manage client crises.
A consulting firm may determine that its practice requires additional strength at the partner level and recruit new partners based on their external reputation as highly competent consultants.

Description

Test your knowledge on developing a successful management consulting practice with this informative quiz! From assessing your talents to identifying staffing requirements, this quiz covers the key aspects of building a thriving consulting practice. You'll also explore staff pyramid and fee structures, and learn about the roles of partners, principals, and directors in completing engagements and managing clients. Take this quiz to discover the essential skills and strategies for developing a successful MAS (Management Advisory Services) practice!