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How To Build A Successful Consulting Business, Part 2

With layoffs and downsizing becoming more andbe paid. In slow economic times, payments
more frequent in today's job market antend to be delayed, so you may want to
increasing number of people are parlayingindicate an interest charge on payments
their experience and know-how into a smalldelayed over thirty days.* Scope of work. As
consulting practice. Consulting can be ain the proposal, be careful what you promise
wonderful and fulfilling field but to beto do for the client. If the limits of the
successful you have to be much more than aproject are too broad or fuzzy, you could be
well-paid business advisor.In part 1 weresponsible for years of follow-up work at no
covered how to set up, market, and qualifyfee.* Duration. Some projects, especially if
leads for your consulting business. In part 2you are dealing with the public sector, can
we will cover how to write proposals,be delayed suddenly, even in the midst of
contracts, and build better relations withyour assignment. By specifying a duration in
your clients.Once you've met with a prospect,the contract, you protect yourself from
identified problems, and convinced theunforeseen delays and stoppages of fees. But
prospect that you have something to offer,you are also reassuring clients that they
you will try to sell him or her specificwill see results in a reasonable time frame.*
solutions. Your solutions should be presentedGuarantees. Be careful about what you
in a proposal that, if the client accepts it,guarantee in terms of project results.
forms the basis of the contract. Knowing howGuarantee only that which you have control.
to write a good proposal is one of the mostDon't guarantee increases in productivity
important things a consultant must know toeven if you're working on a
succeed. Poorly written or poorly organizedproductivity-improvement assignment. There
proposals will destroy any chance for aare too many other factors over which you
contract.While every proposal is different,have no control.* Ownership. In the contract,
all proposals should contain certain keyeven more than in a proposal, it is important
things:* Background and definition of theto specify who owns materials you develop
problem. Review what caused the client toduring the assignment. For example, will
call on you, and what specific problems yourtraining materials you develop in conjunction
work will solve.* Scope of the assignment youwith a training project be owned exclusively
propose. Explain what you are going to do toby the client, or can they be used by you for
solve the problem. It's more important herefuture training assignments.* Nondisclosure.
to also pinpoint what you will not be doing.A nondisclosure clause is essential. It
Don't leave the boundaries of what you intendshould prohibit disclosure of both your own
to do fuzzy or the client will never beand the client's proprietary data,
satisfied with your work.* How will you betechnology, and strategies.The overriding
doing it. Give details on how you'll conductgoal of a consulting project is, of course,
the assignment. You should include specificto satisfy your client by doing the best job
information but still keep it general so thatpossible. However, this is not always as easy
the client understands it can't be doneas it sounds. Internal conflicts in the
without you. Also include how and how oftenclient organizations, or conflicts between
you will be reporting to the client on theyou and the client, can lead to a
progress of the project.* Deliverables. Listcontentious, and ultimately unsatisfying
what you will be producing during the courserelationship. Never underestimate the
of the assignment (plans, seminars, programs,importance, and potential difficulty, of
designs, etc.) Also specify who will retainmaintaining a good relationship with your
ownership of what you produce (for example,client.You should always treat your clients
whether the client can conduct seminars basedwith respect. Never talk down to a client or
on the program you conceived during themake him or her appear stupid or
project).* Fees and costs. Make an estimateunknowledgeable. And never get into personal
of how much the client can expect to pay,conflicts with clients or employees of client
broken down into fees and reimbursableorganizations. Otherwise, it is unlikely you
expenses. For example, "Fees are estimatedwill be considered for future projects.As a
not to exceed $25,000, and reimbursableconsultant, your will become privy to inside
expenses are estimated at $4,000."* Resourcesinformation about the organizations that hire
needed. These include on-site desk andyou. Your clients expect you to keep that
computer equipment, access to materials, andinformation to yourself. If clients hear you
specific personnel resources and the rolesgiving details about other clients, they'll
the people are to play.* Schedule. Pinpointassume that you will be as loose-lipped with
when the project starts and when you expecttheir own information.Sometimes, you are
the assignment to be completed if started ongoing to have to take sides as part of a
time.Use graphics and illustrations in yourproject. But, if possible avoid taking sides
proposal because they help to convey a lotin internal conflicts. To be effective and
more information. Don't stop your marketingrespected as a consultant, you must remain
efforts after you've submitted the proposal.objective at all times.As a consultant, you
Follow up with calls, letters, and e-mails towill often be considered by employees of
be sure the proposal has been received, andclient organizations as a hired hand brought
ask prospects if they need more information.in by management to do harm. For example,
Don't hesitate to check periodically on theemployees may think you were hired to help
progress of the proposal evaluation.One ofdownsize the organization. There will be
the most important questions a consultant cantimes when you might face outright hostility
ask is, "How much should I charge?" Feesand perhaps sabotage. Be prepared to deal
compensate your time, effort, and know how.with those problems by, for example,
But they must also cover your overhead,specifying in the contract that success is
expenses, benefits, and time spent oncontingent on employee cooperation.As a
marketing between assignments.The feeconsultant you will wear many hats, business
structure you choose depends on the project.advisor, salesman, administrator, and
If you can estimate accurately how much timeproduction manager. You will have to learn to
you are going to spend, then you can ask forwear all these hats with ease. But being an
a fixed price plus expenses. If the time youindependent consultant will allow you to have
will spend on the project is unpredictable ora career that gives you freedom, excitement,
variable, then bill by the hour to ensurefulfillment, and money. But most of all being
that you are paid for your time.Never start aan independent consultant allow you to use
project without getting a signed approvalyour expertise to reach out and help many
from the client. There is too much money, toopeople to succeed and fulfill their own
much time at stake, and too many details todreams.It is the ultimate win-win
cover. Never base the agreement on asituation.Copyright© 2005 by Joe Love and
handshake, no matter how friendly you areJLM & Associates, Inc. All rights reserved
with the client.A contract can take on one ofworldwide.Joe Love draws on his 25 years of
three forms. One option is to include aexperience helping both individuals and
letter of agreement in the proposal for thecompanies build their businesses, increase
client to sign. It should clearly indicateprofits, and achieve total success. He is the
that the signature signals approval for thefounder and CEO of JLM & Associates, a
contract. You can also have a separateconsulting and training organization,
contract, preapproved by your lawyer, for thespecializing in personal and business
client to sign. Or, in some cases, clientsdevelopment. Through his seminars and
will draw up their own contract. It's verylectures, Joe Love addresses thousands of men
important in this situation to let yourand women each year, including the executives
lawyer review the agreement.Here are someand staffs of many of America's largest
important points that should be included incorporations, on the subjects of leadership,
every contract:* Payment and billing terms.self-esteem, goals, achievement, and success
Specify how frequently and how much you willpsychology.



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