Thinking about a Partnership?
David A. Fields shares a post that is a must-read if you are considering partnering with another consulting firm to increase business.
There you are, polishing the sign in front of your catamaran and trying to attract consulting projects from the throngs of prospects meandering along the oceanfront. A boat-owner on the adjacent pier hails you: “Would you like to join forces? I’m sure we could catch more consulting clients together.” What do you think? Will adding more boats to your armada result in more clients?
Take a moment to look at the reality and rules of partnering.
(Note: This article was published in slightly different form in 2015. In the intervening years, I’ve obtained no new nautical knowledge, nor any greater misgivings about grossly overextending a metaphor.)
Reality: Prospects who want berths on ocean liners won’t choose
your skiff, even if it’s tied to a handful of others.
Many boutique consulting firms consider partnering to make themselves more attractive to buyers who lean toward big-name consultancies. “Companies don’t want a small shop like mine,” they reason. “Adding a confederate or two will make me a viable option for more projects.”
But heading in this direction misjudges the currents. Most prospects who will seriously consider a 50-person consulting firm will also hire a 15-person consulting firm, a five-person shop or even a solo practitioner.
In contrast, decision-makers who dismiss single-shingle consultants out of hand typically express equal disinterest in boutiques and loose networks of small players.
Don’t fool yourself into thinking a partner or two will convince a prospect to jump ship from his Crystal Cruises mega-steamer. You’re a different type of vessel, period. Take on the clients who appreciate your sleek lines.
Key points include:
- Reaching prospects
- Company values
- Sharing opportunities
Read the full article, Partnering with another Consulting Firm, on DavidAFields.com.