A number of business professionals choose independent consulting over corporate employment each year. For them, a career in independent consulting means a flexible schedule, the opportunity to be their own boss, and the fulfillment of their complete potential. For some people, independent consulting involves utilizing their genuine skills.
Independent consultants provide consulting services independent of a consulting firm. They utilize their own experience to assist an individual or organization in solving problems or achieving objectives more efficiently and effectively.
There are a number of additional reasons why an individual may decide to engage in independent consulting:
• Lack of confidence in one's ability to influence the business world.
• A desire to increase earnings.
• The feeling of having no influence over one's existence.
• Absence of opportunities for personal growth and skill improvement.
• A sense of insignificance as a member of the team.
• Dismissal or unemployment.
• An ambition to launch personal business or become an entrepreneur.
However, the majority of newcomers to independent consulting lack the essential knowledge and skill sets for success; as a result, the 5-year failure rate for independent consultants is approximately 85%. Such high failure rates among independent consulting industry newcomers necessitate a reevaluation of the industry's success factors.
To be successful as a freelance consultant, one must master the three essential skills comprising the Success Triangle:
1. Consulting Skills: These competencies qualify a professional for entrepreneurship. Interpersonal abilities, Project Management, Data Analysis, Structured & Technical Writing, and Innovation are fundamental consulting skills.
2. Business Skills: These skills, such as Strategic Development, Financial Planning, Management, and Talent Management, are essential for commencing a career as an independent consultant.
3. Technical Skills: These skills are just as important for an independent consultant as Business Strategies, Market Research, Competitor Analysis, Strategic Planning, Diagnosis, and Risk Analysis and Mitigation.
Prior to beginning autonomous consulting, rarely will a person possess equal proportions of all three competencies. Some professionals are competent in two of these skills, which compensates for their lack of proficiency in the third. For long-term success, each of these three competencies must be carefully considered and thoroughly mastered.
The three essential competencies form the basis of the Success and Consulting Triangles.
• The Success Triangle implies that the three essential competencies of Technical, Consulting, and Business must be given equal weight.
• The Consulting Triangle, however, pronounces consulting as a profession, a process, and a business. Independent consultants must therefore possess or rapidly acquire technical, consulting, and business skills.
Combining the Success and Consulting Triangles facilitates the mapping of a consultant's expertise in three crucial areas. Enclosing the triangles within a circle facilitates the proficiency evaluation of each competency. This configuration is known as the Consulting Competency Circle.
The Consulting Competencies Circle framework aids in determining a business professional's readiness for independent consulting. A scale for each skill set included in the Consulting Competency Circle facilitates the evaluation of a consultant's strengths and weaknesses and helps to approximate his or her proficiency and level of expertise in the three competency domains.
Interested in learning more about the Consulting and Success Triangles? You can download an editable PowerPoint presentation on Consulting Competencies Circle (CCC) here on the Flevy documents marketplace.
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