{"id":4669,"date":"2019-01-30T08:15:00","date_gmt":"2019-01-30T08:15:00","guid":{"rendered":"https:\/\/www.method.me\/blog\/?p=4669"},"modified":"2025-12-06T13:26:37","modified_gmt":"2025-12-06T18:26:37","slug":"how-to-build-a-successful-consulting-practice","status":"publish","type":"post","link":"https:\/\/www.method.me\/blog\/how-to-build-a-successful-consulting-practice\/","title":{"rendered":"How to Build a Successful Consulting Practice"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">You\u2019ve done solid work building a successful career, holding positions in big organizations and growing from being an effective team member to leading projects. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, what\u2019s next? <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For many, the next step is striking out on your own: hanging out your&nbsp;shingle and launching your own consulting practice. It\u2019s a natural progression \u2014 selling that experience and expertise you\u2019ve built by helping companies tackle their pressing problems. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s a rewarding career path, but there are some things you must know to make your consulting practice work. Above all, the best way to build a successful consulting practice&nbsp;is to plan for it. Start with these important insights. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-balance-your-activities\"><strong>Balance your activities<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Understand from the beginning that consulting is multiple jobs. Sure, it\u2019s about the work and tackling the client\u2019s problems, but it\u2019s also about the responsibilities of running a business: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Budgeting and managing finances &nbsp;<\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/www.method.me\/crm-quickbooks\/customer-management-software\/\" target=\"_blank\" rel=\"noreferrer noopener\">Managing client relationships<\/a><\/li>\n\n\n\n<li class=\"\">Building your team<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">And while you\u2019re focused on today\u2019s project, you must also be planning tomorrow\u2019s project. It\u2019s something you probably didn\u2019t think about in your corporate career because the company always handed you your next assignment. Now <em>you<\/em> are the company. How is your consultancy going to continue working? It\u2019s up to you. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s a tip we can offer you right away: implement an effective <a href=\"https:\/\/www.method.me\/blog\/factors-to-consider-when-choosing-accounting-software\/\" target=\"_blank\" rel=\"noreferrer noopener\">accounting solution<\/a> like QuickBooks to take care of your financial management responsibilities. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-relationships-are-everything\"><strong>Relationships are everything<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ve probably always sensed this, and if you\u2019re serious about growing a successful consulting practice, then you know it already. Your project calendar and your day-to-day work rest on maintaining positive relationships with clients, partners, freelancers, and other consultants. Plus, all those contacts you made during your corporate career are potential projects. Keep them positive and fresh with coffee meetings, lunch dates, and phone calls. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-keep-stakeholders-informed\"><strong>Keep stakeholders informed<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Don\u2019t just keep the project plans on your desk. Take the extra effort to communicate clearly and make sure everyone hears you describe the way forward. It\u2019s the key to making sure everyone is on the same page. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Clear communication applies to both your client and team relationships. On the client side, be upfront about expectations and deliverables, and give clear updates on progress. Don\u2019t leave anyone wondering what you\u2019re up to. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to your team, you will often be relying on remote freelancers (especially in the beginning), so it\u2019s essential to use reliable communications practices. A sophisticated communication platform like Slack will go a long way towards keeping those channels open and productive. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-know-your-niche\"><strong>Know your niche<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Companies hire consultants to solve problems. More specifically, they hire consultants to tackle problems they cannot solve themselves. If they just wanted another pair of hands, they would have hired an employee. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That expertise, energy, and experience is your value. Put it first and foremost. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the initial stages of your consulting business, your clients may come from a range of industries and business models. As you grow, however, you\u2019ll find the area you excel in and want to specialize in. &nbsp;Embrace that opportunity. You may be surprised by the area of specialization you eventually land in \u2014 sometimes your expertise finds you! <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-never-stop-learning\"><strong>Never stop learning<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Real experts are continuous learners. They study their craft. They instinctively integrate research, career experience, and best practices into frameworks for analyzing problems. Build the positive habits of: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Staying abreast of the latest trends <\/li>\n\n\n\n<li class=\"\">Drilling deep on your area of expertise<\/li>\n\n\n\n<li class=\"\">Subscribing to discussion groups in your sector <\/li>\n\n\n\n<li class=\"\">Reading trade publications and industry research <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">And here\u2019s the most important trick: ask questions. It sounds obvious, but when you get in the habit, you\u2019ll notice how much you gain from constantly learning. Be curious about everything. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-track-everything-and-show-results\"><strong>Track everything and show results<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Too many consulting practices race out of the gate and use all their frantic energy just doing anything and everything. But what have they accomplished? Where are their efforts going? <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Track your progress on everything, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Timesheets <\/li>\n\n\n\n<li class=\"\">Employee activities <\/li>\n\n\n\n<li class=\"\">Milestones reached <\/li>\n\n\n\n<li class=\"\">Budgets <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Tracking your progress helps on a couple of important fronts. It shows clients the progress you\u2019ve made on their projects. At the same time, it shows <em>you <\/em>the progress you&#8217;ve made, because with all the activity and chaos, even you will lose track of how much you\u2019ve done.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the same time, your value isn\u2019t just your hours worked on a project. It\u2019s much more than that. A good consultant shows its clients how processes were improved, problems were overcome, and the stage was set for future performance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A good <a href=\"https:\/\/www.method.me\/blog\/benefits-of-crm-software-for-independent-consultants\/\" target=\"_blank\" rel=\"noreferrer noopener\">digital solution<\/a> will help you turn all of that activity into a clear picture of how far you\u2019ve come and what you&#8217;ve accomplished. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-optimize-billing-and-forecasting\"><strong>Optimize billing and forecasting<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The key to efficiency and successful growth is <em>optimization<\/em>. What is optimization? Let\u2019s put it this way: if you have too much work, then you can\u2019t meet your deliverables. If you have too little, you can\u2019t pay your employees. Finding that sweet spot is optimization. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How do you get there? You get the right data from tracking your activities, and you forecast your workload appropriately. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-automate-your-tasks\"><strong>Automate your tasks<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many administrative tasks can take away from your day-to-day focus. These include: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Tracking expenses <\/li>\n\n\n\n<li class=\"\">Organizing receipts <\/li>\n\n\n\n<li class=\"\">Creating invoices <\/li>\n\n\n\n<li class=\"\">Turning timesheets into reports <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Once again, investing in a reliable accounting solution like QuickBooks makes it much simpler to handle your accounting and invoicing. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-implement-a-crm-for-consulting-practices\"><strong>Implement a <a href=\"https:\/\/www.method.me\/blog\/crm-for-consultants\/\">CRM for consulting practices<\/a> <\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;ve already discussed how relationships are at the center of every successful consulting practice. To ensure those relationships receive the attention they deserve, you&#8217;ll want to implement a client relationship management (CRM) system right from the get-go. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Method CRM&nbsp;gives new consulting practices the extra push they need to overcome growing pains and emerge as smoothly operating businesses. CRM features can help in several key areas, including: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Integrated project and transaction management:<\/strong> <a href=\"https:\/\/www.method.me\/\">Method <\/a><a href=\"https:\/\/www.method.me\/crm-quickbooks\/\">integrates seamlessly with QuickBooks<\/a>, giving you one powerful view of projects and transactions in the CRM.<\/li>\n\n\n\n<li class=\"\"><strong>Administrative efficiencies:<\/strong> Method CRM removes the hidden costs of manual processing and double data entry.<\/li>\n\n\n\n<li class=\"\"><strong>Client management:<\/strong> Users can add unlimited contacts and <a href=\"https:\/\/www.method.me\/crm-quickbooks\/customer-management-software\/\" target=\"_blank\" rel=\"noreferrer noopener\">track all client relationships<\/a>. Team members can see previous interactions, schedule follow-ups, and make sure client calls are personal, informed and helpful.<\/li>\n\n\n\n<li class=\"\"><strong>Team collaboration:<\/strong>&nbsp;The CRM platform gives team members access to centralized client data and a shared calendar.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Method CRM is a valuable addition to any consultancy\u2019s toolkit. To learn more about how<a href=\"https:\/\/www.method.me\/\"> Method<\/a> can help your business succeed, <a href=\"https:\/\/www.method.me\/contact-us\/\" target=\"_blank\" rel=\"noreferrer noopener\">contact us today<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Moving from corporate life to consulting requires careful planning and stellar relationship management. Learn how a CRM can help new consultants succeed.<\/p>\n","protected":false},"author":24,"featured_media":5028,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[224],"tags":[31,32],"class_list":["post-4669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consulting","tag-consulting","tag-consulting-crm"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to Build a Successful Consulting Practice &#8212; Method<\/title>\n<meta name=\"description\" content=\"Moving from corporate life to consulting requires careful planning and stellar relationship management. 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