I think of Clients, Firm’s Intellectual Property and People as the three key assets of the consulting firm that its leaders need to manage to.
- How consulting firms position themselves to clients, and deliver on promises made.
- How the firm harnesses the IP both from selling and delivering.
- How the firm attracts, retains and grows its people to align with the client work it does today and hopes to, in the future.
As a consulting leader, be mindful of the time you are allocating to each of the above aspects. In coaching your staff, point out the strengths and weaknesses along each of these three dimensions. Set performance expectations along these 3 aspects for each rung in your consulting pyramid.
In your strategy sessions, assess where you stand along each of the above dimensions and where you aspire to be in future.
- What clients do you want to serve, what mix by segment ?
- What unique IP can you harness that advantages you ? What services can you productize ? What sales process can you codify ? What is the revenue mix you aim from IP over time ?
- What is the appropriate leverage model given who you serve, the kind of services you render .. today and in future ? What is the talent you need to nurture, that is consistent with your message to clients ?