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Best Practices for Boutique Firms From the Million Dollar Consulting® Million Dollar Club

Best Practices for Boutique Firms From the Million Dollar Consulting® Million Dollar Club

• Review your hiring and development processes and procedures for clarity, especially if others are routinely involved.

• Compensation must be appropriate for the firm and for performance. Most people can easily be evaluated by whether they meet, fail to meet, or exceed expectations.

• You should have clear metrics for ALL client engagements, so that progress and quality can be assessed very quickly even if you personally are not involved.

• Separate yourself from the business. You have goals, legal issues, financial issues, relationships, and so forth which may or may not coincide with those of the business.

• You need rainmakers for the acquisition of business. Very few people have the capacity and ability to be expert in both business acquisition and delivery. The former are far more valuable.

• Qualify prospects as early as possible against an ideal profile so that you waste minimum time.

• Consistently coach your team, especially your best people.

• Make your own policies (e.g., payment, cancellation, reimbursements, access, etc.) crystal clear to employees and clients.

• Attack small problems early, don’t ignore them and allow them to roll into huge snowballs or an avalanche.

• Always remember that we’re in pursuit of success, not perfection.

Written by

Alan Weiss is a consultant, speaker, and author of over 60 books. His consulting firm, Summit Consulting Group, Inc., has attracted clients from over 500 leading organizations around the world.

Comments: 5

  • Jeffrey Summers

    October 6, 2011

    So should boutique firms, or 1-2 person teams hire a rainmaker? or someone whose function is to obtain business?

  • Alan Weiss

    October 6, 2011

    No, assuming one of the founders is a rainmaker. But if you want to grow into seven figures, and if you want to ease the burden, you’ll need another rainmaker. As a rule, one rainmaker can support at least 5 delivery people. Don’t make the mistake of having too many—or paying too much to—delivery people, who are relatively plentiful.

  • Rene' Vidal

    October 7, 2011

    “Imperfect or incomplete improvement is far better than none at all.” (Telushkin)
    Problem is, “victims” never put themselves in position for even imperfect improvement.

    • Alan Weiss

      October 7, 2011

      Being a victim is a full-time occupation, as it is for those who convince people they are victims.

      • Rene' Vidal

        October 7, 2011

        Now those people, the ones who convince, are truly pathetic. Luckily, I don’t know any of them personally.
        Best.

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