How the Right Management Consultant Can Increase the Likelihood of Your Startup Success (Part 2)
Part 2: Now that I know I need help, how the heck does a management consultant solve my issues?
So now that you’ve reviewed all the questions in Part 1 and have determined that you overwhelmingly answered “yes” to many of the questions, you’re likely asking yourself, “What exactly would a management consultant do to help pave the way for my concept launch?”
That is a great question but should be modified slightly in that it’s not about what “a management consultant” can do, but rather, what can “the right management consultant” do for your concept? Finding a management consultant and their corresponding organization is as easy as a Google search. It’s finding the right consultant and consulting organization that is the challenge! We will continue to explore the topic in “chunks” and in this particular blog, I will focus on the skills that a good management consultant should have in order to mitigate your startup risk.
- The consultant should be able to give you insight into the health of the overall industry and sector that you plan to enter. He or she is like a physician that can look at the vital statistics around an industry in order to assess its overall health and likely receptiveness to your concept.
- The consultant should have the ability to help you see the competitive landscape for your concept or product. In this case, the consultant should be like Picasso except with data, charts, and graphs. He or she should be able to visualize for you where your product fits into the market as it relates to your competition. It’s critical that you gain a vision of your final destination.
- Assuming conditions 1 and 2 above prove favorable for your business concept, the consultant then throws on their “engineering” hat. The consultant would go to work constructing a plan (or roadmap) for your business that will give it the greatest chance for success. This roadmap should be customized to the specific realities of your particular circumstance (e.g. access to capital, schedule, your expertise, etc.).
- The final and perhaps most important role that the right management consultant would play is that of a symphony orchestra conductor. He or she should work tirelessly to organize and coordinate the necessary components (lawyers, accountants, PR, etc.) to function in a timely and harmonious manner in bringing the concept to life. This is where your typical management consultant falls short, so be very careful!
I hope you now have a practical view of how the right management consultant can make your concept transition operate more smoothly. Through years of study, practice and exposure to business transactions of all types, a good management consultant can help you shorten the launch cycle of your product while reducing your risk of failure.
Now, exactly how do you choose one consultant or firm over the other? What questions should you ask? What attributes should you look for? Stay tuned for Part 3 of this blog series to find out! ?
Did you miss Part I? Find it here: Why should I use a management consultant for a business that doesn’t exist yet?
If you’re ready for more…check out Part 3: So, how do I choose the right consultant(s)?