If you’re searching for a consulting firm to hire, it’s because you need an important problem solved. And you need your consulting firm to present high-quality corporate advisory solutions to you the first time. You don’t need additional problems from choosing a low-quality firm.
So, how do you choose? A great consulting firm will win your trust with some or all of the five behaviors below. Steer away from desperate beginners and stick with firms that have successfully served clients similar to your organization, and you should have a good experience.
1. Quality Two-Way Communication
No other company has the exact mix of circumstances yours has, which makes your problem unique. That’s why a great consulting firm will listen to you extremely well in your initial meeting and thereafter. They’ll ask excellent standard questions and questions customized for you.
Next, they’ll be world-class at communicating possible solutions to you, offering you a small number to choose from, backed by hard data, analysis, and the benefits to you. If they first propose creating a detailed report on your organization, it’s only so they’ll be better equipped to present better solutions to you.
2. Showing a Track Record
Successful providers of corporate advisory services have a large track record of solved business problems. A beginning consultant might be brilliant, true, but an established firm inspires trust through case studies of their real assignments.
Prosperous consultants also can list major clients they’ve helped. Interview a firm about their major clients, looking for clients that are similar to your organization, or check their website for their client list and past successes. When possible, interview one of their clients or read reviews about the consulting firm.
3. Giving Away Expertise for Free
When you visit a consulting firm’s website, is it just a sales pitch, or does it give away useful information for free? If you want corporate advisory solutions on valuation analysis, corporate strategy, mergers, tax compliance, and so on, check if their website explains the issues you’re interested in.
They may also provide special reports, longer articles, or downloadable guides. If a consulting firm’s website gives you tips you can use right away, that implies the firm could do much for you if hired and that they’re not afraid of losing business by giving away free advice.
4. Being Open and Comfortable about Pricing
Established, trustworthy corporate advisors are confident about their fees, because they routinely work with satisfied clients. They’re not desperate. They provide great value to their clients, so they’re comfortable receiving fair pay in return.
Professional consultants tell you their prices without blinking, because there’s nothing wrong or embarrassing about them. If you try to get them to work for a below-market price, they might agree to it and just cut down the scope of the project to match your offer.
5. Saying “No” to Current or Potential Clients
The customer is not always right in the world of corporate advisory services. You need a good advisor to tell the truth and present you with the best solutions.
So, if a consulting firm you’re considering says, “No, that’s not actually something we do,” that could be a good sign. It shows they have integrity. They’d rather lose business than distort the truth. Also, they might just want to focus on the kinds of problems in which they can do their very best work. Perhaps they only want to deliver extraordinary value, and are used to doing that.
Great consulting firms don’t have to fake confidence like beginning consultants sometimes do. They simply know for a fact that they offer valuable corporate advisory services (as Teknos does). They give away information, are open about their past and their prices, are honest, and are great communicators. Work with a consulting firm like that, and you should get a good solution to your problem.