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Odyssey: The Business of Consulting

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Odyssey: The Business of Consulting

  1. 1. EXECUTIVE BRIEFING Odyssey :The Business of Consulting™ How to Build, Grow and Transform Your Consulting Business www.odysseyconsultinginstitute.com
  2. 2. Your Presenters Imelda K Butler Chairperson Odyssey Transformational Strategies Dr Shayne Tracy Director Odyssey Transformational Strategies
  3. 3. What We Will Achieve Today 1. You will receive “golden nuggets” that will give your consulting business a kick-start 2. You will change your “paradigm” on how you view your consulting business 3. You will see the opportunity to build, grow and transform your consulting business 4. You will have the opportunity to assess the value Odyssey: The Business of Consulting will add to YOU and your consulting business. © 2012 Odyssey Consulting Institute™ 3
  4. 4. The “Business of Consulting” © 2012 Odyssey Consulting Institute™ 4 Consulting has grown at 16.1% per annum over the last 10 years It is a $120 billion industry and more than 1,000,000 consultants The big players take $60 billion almost automatically and $60 billion is divided up between small firms and independent consultants That averages out at $120,000 charge out fees per consultant but, the 80-20 rule rules!
  5. 5. Odyssey: The Metaphor Greek term: a long and adventurous journey the journey to join the top 10% of Consultants worldwide in terms of : best practices client quality, income, professionalism, personal fulfilment. © 2012 Odyssey Consulting Institute™ 5
  6. 6. Our History Founded in 2005 by John and Imelda Butler in Dublin, Ireland with a vision to transform and inform “The Business of Consulting” Over 100 graduates from US, Europe and Canada Surveys demonstrate significant results for graduates‟ personal lives and consulting businesses © 2012 Odyssey Consulting Institute™ 6
  7. 7. Mission Statement We partner with our consultants to create corporate strategic advantage by embedding innovative thought work, strategies and systems to help transform cultural, strategic and human capital. © 2012 Odyssey Consulting Institute™ 7
  8. 8. Movement Leadership Team Odyssey: The Business of Consulting 2 Phase Business Process
  9. 9. Three Aspects Of Professional Service Firms Applicable To Consulting © 2012 Odyssey Consulting Institute™ 9 Resource Base Organization Form Professional Identity
  10. 10. Professional Service Firms Resource Base Relatively limited physical resources and their value derives primarily from their professional staff, specifically the technical knowledge, expertise and experience which they possess The management of knowledge and “the knowledge worker” is, therefore, fundamentally important to them. The asset is knowledge and expertise © 2012 Odyssey Consulting Institute™ 10
  11. 11. Professional Service Firms Through the partnership form of governance, professionals in professional service firms experience a higher degree of autonomy than they would typically enjoy in conventional bureaucratic structures Those professional service firms which have adopted the corporate structure may still attempt to imitate elements of the partnership form © 2012 Odyssey Consulting Institute™ 11 Organization Form
  12. 12. Professional Service Firms Firm members identify themselves as professionals and are united by a shared understanding of the concept of professionalism. This professional identity is often associated with the rhetoric of independence and exemplary ethics but may be redefined within professional service firms to focus on exceptional commitment to clients and quality of service © 2012 Odyssey Consulting Institute™ 12 Professional Identity
  13. 13. $$$$ and Cash Flow Investor Business Owner Self-Employed Employee Business Perspective Fixed $ Limited Cash Flow Flexibility Time Purpose
  14. 14. Vs. The Professional Consulting Firm Sell Standard Products (with services) Transactional Volume Approach (via retail or sales staff) Highly Customised Service Delivery (portfolio of solutions) Personalized Delivery through Talented Professionals (via professional consultations) The Normal Business Enterprise Distinctiveness of Professional Service Firms Revenue? Profit? © 2012 Odyssey Consulting Institute™ 14
  15. 15. Physical Hand Doing Unconscious Incompetence Good Soldier LEARNING RESPONSE CONSULTANT APPROACH HUMAN Intellectual Thinking Conscious Incompetence Competent Warrior Emotional Feeling Conscious Competence Trusted Advisor Spiritual Being Unconscious Competence Master Practitioner Head Soul Heart Parallel Process Levels in the Odyssey Journey
  16. 16. Consulting Strategies 2 Strategies to: Increase fees Attract better clients Have more free time, quality of life S1 Business focus S2 System‟s View © 2012 Odyssey Consulting Institute™ 16
  17. 17. “You are only as strong as your weakest link” John Butler The “Business Chain of Consulting” © 2012 Odyssey Consulting Institute™ 17 YOU Wisdom, Skill, Talent, Competencies, Expertise, IC, SC, Thoughtware Finance Product and Services Physical Resources People Time Human Capital
  18. 18. What do you need to learn/change to put more money in your pocket this year? 1. Value Appreciation 2. Monetizing Metrics 3. Positioning Yourself 4. Value-Fees Strategy 5. Commitment to Change © 2012 Odyssey Consulting Institute™ 18
  19. 19. Value Appreciation vs. Commodities Thinking Could you have bought it cheaper………..? © 2012 Odyssey Consulting Institute™ 19
  20. 20. Lessons from Classic Mistakes © 2012 Odyssey Consulting Institute™
  21. 21. Mistakes and Lessons 1. Mistake: Working with the “wrong client” Lesson: Identify the “ideal” client-fire the wrong ones! 2. Mistake: Selling products/services and undercharging Lesson: Learn “value appreciation” for self and client 3. Mistake: Poor attraction mechanisms Lesson: Learn methods and processes and make time 4. Mistake: Underselling yourself-The “Imposter Syndrome” Lesson: Learn to develop, appreciate and promote your talent and wisdom with confidence and trust © 2012 Odyssey Consulting Institute™ 21
  22. 22. Critical Factors of Transformation © 2012 Odyssey Consulting Institute™ 22
  23. 23. The Two Critical Factors than can Transform your Consulting Practice? 1.What is your point of preeminence? 2. What is your unique factor? C O N F I D E N C E COMPETENCE © 2012 Odyssey Consulting Institute™ 23
  24. 24. Why Say „Yes‟ to the Odyssey Process? Invest in yourself and the „Business of Consulting” Learn the Odyssey system, proven methodologies and processes “Learn more, earn more!”* Work less, make more money and have more flexible, free time It‟s your time to learn a system and to change your consulting paradigm and your life……..and To achieve your Purpose! *Brian Tracy © 2012 Odyssey Consulting Institute™ 24
  25. 25. Case Studies 1. Two weeks after Odyssey we signed up a $50,000 per month deal for 15 months. We were charging a lot less to the same client before Odyssey. Before taking Odyssey we could be characterized as an “everything to everyone” type business. In fact, Odyssey has fundamentally changed the way we do business 2. The relentless application of the Odyssey methodologies has resulted in me quadrupling my consulting revenue in two years, from about $250K to over $1 Million per year and having greater impact on the success of my ideal clients. Odyssey was the critical missing factor. 3. When I signed up for Odyssey my consulting business was in a rut at $100-150K per year. Before I was a third of the way through Module 3, I had recouped my investment and doubled the contract revenue for the same client using what I learned. The client didn‟t blink! Should have done this program 3 years earlier! © 2012 Odyssey Consulting Institute™ 25 “ ” “ ” “ ”
  26. 26. What You Must Do For Success Leadership not competitorship! Learn the model and methods for attaining and retaining quality clients © 2012 Odyssey Consulting Institute™ 26
  27. 27. Key Attributes of the World’s Top 15% Realism: What is the “truth” about your “Business” of Consulting? Responsibility: Do you have the courage and conviction to respond to the “business at hand” Boldness: Are you prepared to act despite the “fear” Purpose : What is your life/work purpose © 2012 Odyssey Consulting Institute™ 27
  28. 28. Odyssey Turbo Strategies TurboStrategy 1 TurboStrategy 2 TurboStrategy 3 TurboStrategy 4 TurboStrategy 5 Leverage Your Expertise and Experience Do Executive Briefings Value Appreciation Value Delivered Then Fees What is the Picture In Your Head? Your Client‟s Head? © 2012 Odyssey Consulting Institute™ 28 What Business Are You In?
  29. 29. Reflection and Action Steps 1. Most important emerging point ? 2. Second most important emerging point? 3. Third most important emerging point? “All true learning comes from Behavioral Change” © 2012 Odyssey Consulting Institute™ 29
  30. 30. Movement Leadership Team Odyssey: The Business of Consulting 2 Phase Business Process
  31. 31. Odyssey Competent Consultant™ Outline © 2012 Odyssey Consulting Institute™ 31
  32. 32. Odyssey Trusted Advisor™ Outline © 2012 Odyssey Consulting Institute™ 32
  33. 33. Odyssey Transformational MasterClass™ (OTM) © 2012 Odyssey Consulting Institute™ 33
  34. 34. Odyssey Graduates Speak I want you to know that even though my billings do not reflect $1M, I am grateful every day that I now have a better way to run my consulting business, I am not the fastest - I am the most consistent. I learn by doing and I will continue to practice what I have learned on a daily basis and continue to sharpen my saw. I am moving forward because of YOU and this program. Thank you Odyssey has paid for itself and only now is germinating into the sizeable ROI that it can deliver. The biggest result, thus far, is the shift in my mindset and business model. It is starting to pay dividends and I believe I will really see results in 2013 Odyssey showed me how to monetize my solutions w/a client/potential client, how to think BIGGER about fees and solutions offering, how to pen sell, the difference between level 1 and level 4 consulting and where I was operating…. and where I wanted to operate…..and how to be better at the "business of consulting" BMR process and getting out of my own way! © 2012 Odyssey Consulting Institute™ 34 “ “ “ ” ” ”
  35. 35. Odyssey Alumni Benefits © 2012 Odyssey Consulting Institute™ 35 Odyssey Follow-up Certification (OCC) Membership in the Odyssey Movement™ Alumni Part of the Odyssey Consulting Network
  36. 36. Odyssey: The Business of Consulting™ Teaches You ... © 2012 Odyssey Consulting Institute™ 36 How to advance from a Competent Consultant to „Respected Level 4 Master Practitioner’ in your chosen profession Business, marketing and financial strategies for consulting business you can apply immediately Maximize your ROI and fulfill your true purpose and potential while serving your clients to achieve strategic results How to develop a consulting business model that works for you and your clients The comrade-ship of being part of a non-competitive community of like-minded professionals.
  37. 37. Global Corporate Transformation™
  38. 38. © 2012 Odyssey Consulting Institute™ 38 THANK YOU! Odyssey :The Business of Consulting™ How to Build, Grow and Transform Your Consulting Business
  39. 39. International: Imelda K Butler Chairperson Phone: 353 1 4595950 email: imeldabutler@OdysseyTransform.com imeldabutler@OdysseyConsultingInstitute.com LinkedIn: www.linkedin.com/in/imeldabutler Skype: imeldabutler CONTACT DETAILS North America: Dr Shayne Tracy Director Phone: 001 416 7370407 email: Drtracy@rogers.com Drtracy@OdysseyTransform.com drtracy@OdysseyConsultingInstitute.c om LinkedIn: www.linkedin.com/in/drshaynetracy Skype: Shayne.Tracy www.OdysseyTransform.com