Having the word “Member” on your business card brings a level of respect and professional status. In a way, it's also a validation of your worth and professional merit. With that professional respect and recognition, often come the rewards of owning a part of the company. The firm's highest-level talent is promoted to this position after more than a decade of dedication. Other times, some of these coveted positions are filled by experienced industry experts or by outsourced contracts from other consulting firms.
Partners are trusted allies for customers and are respected as experts in their fields. Partners are the revenue generators in consulting firms, as their most important responsibility is to win projects and maintain relationships with customers. The position requires strong leadership skills and creativity to create innovative and personalized solutions for customers and to grow the company. Generating leads through a partnership can help you acquire new customers without having to make direct contact, such as making cold calls or sending unannounced emails. This means that not only will your project receive more attention, but it's also likely to be more tailored to your specific outcome.
With fewer employees, everyone seeks and supports customer relationships and their success. Whether you have just started a consulting company or if you have been running a consulting company for a decade, it is always worth reviewing your ideal client profile and delving into its characteristics and psychographic aspects (wants and needs). Developing consulting partnerships is one of the business development activities with the highest return on investment for founders, CEOs, and managing partners. Of course, the specific benefits and opportunities of joining a consulting firm will depend on the company itself, as well as the individual's own skills and interests. By building consulting partnerships, you can achieve much more than if you tried to do it on your own. Management consulting firms often have a “good or low” culture, meaning you get promoted or asked to leave. Take a sports field consultant who specializes in helping clients design, build and manage sports fields as an example.
So, before you start developing consulting partnerships, it's worth clarifying which is your ideal consulting client. As CEO, part of my role is to develop partnerships with other companies that also provide services to business consultants, such as a software company that creates software for consultants. Of course, the flip side is that there's a reason why there's such a strong desire to continue moving up the management consulting career ladder. Boutique consulting firms are often founded and staffed by consultants who once worked at a large company, but who found a better way to provide incredible services to their clients. When you have no resources to waste, look for a partnership with a boutique consulting firm that considers you more than just a number and treats your time and money as if they were your own. Some management consulting firms prefer to have their analysts attend business school rather than promote them internally. By joining a consulting firm as a partner, you can gain access to many benefits that will help you grow professionally and personally.