The other day I was having lunch with an Internal Audit Director and was asked about my process when it comes to finding consultants I provide to my clients. My company is only as good as the consultants I can utilize. With my name attached to every project, clients rely on my ability to sort through the numerous resumes, IMs, and e-mails I receive so that only the best are left. To truly “add value” one must first find the wise among the fools.

After over two years of being in business, the number of friends and former associates left that I can utilize on projects has dwindled. Most have found full-time positions elsewhere which means I spend almost as much time networking with consultants as I do with Internal Audit Directors, CFOs, and the like. So how do I sort through them?

First Contact

First, they send a simple request for information. “Hey Thomas love what I see of you on LinkedIn, check out my profile, have any projects I could help you with?” A simple IM on LinkedIn. Harmless. I applaud them for reaching out.

Honestly, if I receive this I might just ignore it. They immediately start with an ask “check out my profile” instead of offering information “I have 8 years of experience with SOX”. But let’s say they get my attention, then I respond (after pleasantries) with “E-mail me your resume and…” I always try to include two asks in my response.

Now one of four things will happen. 1) They say OK and never e-mail me 2) They send some or all of the information via IM 3) I get an e-mail but without what I asked for or 4) They e-mail me and either provide all of the information or address what is missing “I’d rather chat first before providing my resume”.

I don’t do anything about the first scenario and the second I repeat my insistence for e-mail communications but send no other comments or reminders without my instructions being followed first. Otherwise, my thoughts are “If you can’t follow simple directions from someone you want to earn money from, why would I trust you with my clients?” Again, to truly “add value” one must first find the wise among the fools.

They survive the first “test”

If they get through these first steps and their resume is relevant to the services my company provides, then I interact via e-mail to get a feel for what they are looking for to ensure future projects are a good fit. I also go ahead and bring up their desired hourly rate. Nothing binding, just an idea of what they want. It’s simple, I’ve announced it on LinkedIn more than once. The highest, the maximum rate I’m currently willing to bill is $125 per hour in 2022. So if the consultant is looking for $115, $125 per hour? Well, I’m honest with them and wish them luck. Some walk away, some backtrack and lower theirs a bit. While I make note of it, they are already losing my interest. Either they were trying to take advantage of me or they might take a lower rate offer on a project then leave in the middle when a better offer comes up. Neither scenario is appealing to me.

SO. Now I know their background better and desired projects and rates. Not to mention I’ve combed all over their LinkedIn profile, their social media, Googled them plus contacted mutual connections to get other opinions.

Putting a voice to the text

If they’ve made it that far it’s time for a personal meeting. Depending on locations and schedules, we’ll grab coffee, lunch, or have a phone call. What am I looking for? If they talk about themselves the entire time, not interested. I’m an easy-going guy, if I’m dying to run away 5 minutes into the conversation what will my clients want to do? I get an understanding of my clients by asking my clients about themselves. Yes, I want to know what my consultant’s interests are, absolutely. But that should be a natural part of the process, not the central focus of the meeting/call. What was that I said earlier? Right. To truly “add value” one must first find the wise among the fools.

Decisions made quickly

Before I’m back in my car or hang up the phone I now know their professional experience, their personality, and what types of projects I’d trust them on that they would also enjoy being part of. I know what rates they are looking for and typically understand the drivers behind those rates.

This is why, whenever a client asks for a proposal they receive the proposal as well as specific consultant profiles. Asking for a SOX tester is easy. But receiving one who not only matches your request but also can match your preferred work style is very different.

What about “emergency” calls for help?

And those posts on LinkedIn and other company sites looking for various experts? No, I don’t just reformat their resume and send it to a potential client. Even with short windows to fill a project, I still go through this same process. I’d rather turn down the work than utilize a consultant I don’t feel comfortable with.

This ended up a little longer than I meant for it to be. I move fast, but quality must always exist. Otherwise, my company won’t. And I love what I’m doing too much to let that happen.

You notice them, sometimes envy them.

They seem happy, smiling even on Monday mornings. They come in, stir things up, then vanish when your boss starts reviewing the budget.

Consultants. Sometimes they work for a consulting firm, other times they are solo. You wonder how they got so lucky…and if you should join their ranks.

What you don’t see, however, is everything that transpired leading up to that happy Monday morning.

To be an independent consultant, or even start your own consulting practice, you must have the ability to completely disconnect your feelings from situations. No, I’m not exaggerating. This isn’t to complain or scare you away, this is just the hard truth about consulting that isn’t talked about.

Client first communication to first payment time…not exactly a bi-weekly paycheck.

The first headache is the timing of projects. You get a call or e-mail about some potential work. Normally it takes two weeks or more from initial communication to project start. You’re told to send your invoice/hours every two weeks. The client pays net-30 days (could be 15…could be 45+). That’s 8 weeks, two months, from initial contact to first payment. If you’ve had a gap between projects, you’re watching that savings account drop quickly.

Project length? You mean “oh no we lost our budget”.

You start a 3 month project, happy to have the income again and the ability to breathe a bit financially. 6 weeks into the project the client comes to you “we just had our budget cut, we have to wrap up this week”. You had 6 weeks left of work, now it’s 6 hours. You take an extended lunch and start contacting every contact you have in your network, hoping someone needs you to start soon.

Referrals…promises rarely kept

You’re hoping to find a new project soon. A friend/former colleague, new LinkedIn connection or family member sincerely wants to help you out. “I know someone at ______ I’ll introduce you”. Typically one of the following will happen:
1) They forget about it and never make the introduction
2) They e-mail or LinkedIn IM the person and you at the same time, the contact doesn’t respond
3) The respond, but with a “no thanks”
4) You find out that person has nothing to do with what you do and can’t help you
5) Somewhere around the 5% range the introduction will lead somewhere. Promise of future discussions is the norm, but occasionaly you’ll get lucky and a project will come of it.

Working with other firms…the silence echoes.

You network with other firms, hoping to help each other out as projects come up. Sometimes this can work beautifully. Other times… well here’s what can happen from our own experiences.

1) “I don’t provide the same service you do but I have so many clients that ask about it, I’ll send them to you.” They don’t.
2) They constantly contact you to see if you have work for them, but ignore your e-mails when you are looking.
3) They contact you about a project need then fail to communcate things like…
a) Oh the client requires local talent in Boise only
b) They don’t actually have the project signed
c) They just stop responding to e-mails or phone calls
d) “They pay net 90 days”
e) They want a 30 year expert at rookie rates

Honestly the communication part is the biggest, most painful part of the experience. Sudden silence. Project details that could have been brought up in the first contact. Unreasonable rate expectations, etc.

Parterning with “complementary” firms”

They provide difference services than you. Easy to refer work to each other. You have lunch, talk in broad terms, have a good idea of how to help each other, then a week later they ask for a profile for a project. You’re excited, it looks promising, then nothing. A month later that firm is offering the same service you provide, they figured out the profit margin they could get with sub-par consultants and greed takes over.

Pounding the pavement…over and over and over…

A consultant has to balance their time between networking for projects, doing the actual work, invoicing clients, keeping up with their professional education, and also the normal soccer practice, school plays, date night with the spouse, etc. You are always networking, you never know when a project might be canceled a week before the start date (happened to me last year) or ended early. Even if it goes the full length, you see that end date rapidly coming and that delayed first project payment looms.

Why is that consultant smiling on a Monday? Perhaps they are working for the first time in a month. Or maybe they just lined up another project later in the year. Maybe the start date worked out where they know they finally don’t have to touch their savings between projects.

Still thinking about going into consulting? Is it rewarding? Absolutely. Can you get experience and opportunities others don’t get? Yep. Will you have to work harder than you ever realized to get there? Without a doubt.

But you know what?

I wouldn’t change a thing.

Interested in doing consulting/project work in internal audit, SOX, accounting or IT? Looking for consultants that actually communicate and aren’t constantly selling you other services? thomas@r-vmc.com is the best way to reach us.