Thrive as an Independent Consultant: How to Conduct a Self Assessment and Evaluate Business Opportunities

As an independent consultant you are constantly faced with new business opportunities and the need to quickly decide which ones to pursue. A novice consulting business owner will say yes to everything, afraid that new business may not be around the corner. This is not a strategic or smart way to run a business.

 

Instead, the first step that an independent consultants needs to take is to conduct a self-inventory. This is an honest analysis of what they are doing that’s helping and what they are doing that’s hurting. When you conduct a self assessment, you become aware of your strengths, weaknesses, opportunities, and threats, which helps you improve your consultancy skills and your business positioning.

 

 The self assessment should include an important question:

 

What do I avoid doing because it makes me uncomfortable, but I know that doing it could make me a more exceptional consultant or bring in new business?

 

The answers to this question will illuminate the top things that you are doing that inadvertently hold you back. It is possible that you are avoiding saying no to new opportunities and that you are taking on projects that are not in line with your strategic objectives. Or perhaps you’re avoiding confrontations with difficult clients.

 

As you evaluate your strengths and weaknesses, remember that successful business owners do not possess every skill needed in an ideal world. Rather, they are aware of their shortcomings and find ways to address them by getting training or hiring or partnering with others.

 

In essence, your self inventory addresses two issues:

 

1)     Your consultancy skills: How excellent are you at your craft? What results do you get for clients? How can you continuously improve your skills (conferences, trainings, peer consultation, hiring a mentor, reading, etc.)?

 

2)     Business development skills: As a business owner, you cannot just be an excellent technician, or you will have no business. You also must be great at growing and managing the business.

 

Write down your strengths and weaknesses in marketing, operations and management, and finances. For every strength, create a plan to leverage your strength. For every weakness, create a plan to address it, such as hiring a book-keeper and marketing team. Then, follow the business opportunities that allow you to utilize your strengths.

Comments

[Anne Marie Smith, Ph.D.]

Excellent! I teach courses in becoming a consultant and expanding a consulting practice, and I agree wholeheartedly with the suggestions Dr. Kase offers here.

[Larina Kase]

Thanks Dr. Smith, I appreciate the comment!