The Trusted Firm: How Consulting Firms Build Successful Client...

Features

• Cover Type: Hard Cover with 260 pages
• Published by: Wiley January 16, 2007
• Written in: English
• ISBN 10 Number: 0470027177
• ISBN 13 Number: 978-0470027172
• Book Dimensions: 9.1 x 5.8 x 1 inches
• Weighs: 1.2 pounds

Reader Reviews
The word `Trust' really caught my attention. We are in a knowledge economy and that itself is based on Trust. The WKID pyramid indicates how we go from Data to Information to Knowledge and finally to Wisdom. Knowledge is transmuted into Wisdom only when it is applied and yields sustainable results. Consulting as a successful business model is based on this single premise. Where trust comes in is to trust individuals enough to invest in them, coach them, and allow them to make smarter decisions to create value. Personal and corporate lives are being more interwoven. Consulting projects are more multi-disciplinary and the changes that are being affected are more widespread in scope and scale. All of these require that there is trust between clients and consultants. The book however, points out the irony that the process of hiring consultants is becoming more mechanical in nature by methods such as, electronic auctions and blind bids. The book introduces the concept of a Delivery Triangle: People, Process and Values and how consulting firms can build trustworthy relationships. Having empathy for the client and being able to demonstrate is key to a successful client relationship and smart consultants know this. A joint client-consulting team is an effective way of making the client feel like they are being respected and in contrast to solutions just being imposed on them. The book emphasized that consulting is people oriented, the recruitment and retention policies have to be carefully evaluated to bring the right kind of people in. The employees have to feel engaged with the consulting firm. Next, the process part of the equation is discussed. The consulting firm has to decide how it wants to be perceived in the market place: as a brand or a specialized firm. A strategic intent to specialize can be at the peril of foregoing short term revenues. The relationship building aspect cannot happen where procurement departments rely on electronic or standardized selection processes for awarding the work contracts. The danger here is of bringing in the wrong firm and making the consulting firm feel like a commodity. This might have ramifications on the client-firm relationship and the industry on the whole. This further highlights the issue of corporate trust. The sales structures that might work for one client or consulting firm might be very different from what would work for another one. Leading from this, account management has become a discipline unto itself. The six incremental degrees of management thought leadership is a good way to look at how knowledge becomes wisdom and yields results. The six degrees as covered in the book are internal knowledge-sharing, recognition among colleagues, increased presence on short-lists, lead generation, differentiation, and agenda setting. It also gives people a clear structure and path to navigate in building trust and continuously focusing on the business aspects of consulting. Thought leadership is integrally linked to the culture of a consulting firm. This book makes a fine point of a consulting project being successful when it is not just a consulting project. The treatment and engagement is of acute concern at both ends and success often hinges on this very soft moving target of a skill set. A good example is when consulting firms come together and work on a complex project as a consortium. It is potential toxic situation but if managed well, it also can offer the highest rewards. Teamwork and an understanding of how the services can be offered as a bundle as opposed to standalone components greatly enhances the value proposition play for the consulting firms. There were good examples of consulting engagements that required innovative thinking. One of them was the London Eye's revenue generation. On the whole, I would recommend this book to understand some real concerns that mire the image of consulting as a profession and possible ways to overcome these biases. It reinforced the idea that along with thought leadership, management consultants would do well to develop their social and human sides as well. It should definitely be given a reading by someone entering the consulting industry. Comment | | (Report this)