How I Grew My Consulting Services Revenue by 50% Despite Lacking Time and People

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How I Grew My Consulting Services Revenue by 50% Despite Lacking Time and People

In business we must learn to deal with constraints

How I Grew My Consulting Services Revenue by 50% Despite Lacking Time and People
Photo by Surface on Unsplash

I understand the inhibition of starting a consulting arm in your business. My proposal to the Headquarters has been shot down at least 5 times.

But I pushed on. Why so? Because active user adoption is the lifeblood of a software business.

As a Technology Pre-Sales Senior Manager responsible for growing the revenue book of the regional office, doing the necessary trumps the current operating model. I work in the software product house, and consulting services accelerate software adoption.

Now, time for the million-dollar question. How do we start and grow a consulting arm in our business when we are short of people and time?

Conditions are analogous to the business landscape. We must understand where we are today and stay ahead of changes occurring in the marketplace. Daily.

Business partnerships do just that. You may consider the following types of business partnerships, depending on the stage you are at in your business.

Public-Private Partnership (PPP)

Starting from 0? The Public Sector will be of great help.

Every policymaker aims to grow its economy. The Public Sector agencies and boards inherit the policy mandate and work with the private sector to ensure that macroeconomic objectives are realized.

These objectives include a higher employment rate, income growth of the middle class, and entrepreneurship via funding to Small and Medium Enterprises (SMEs). These Public Sector arms need help.

I was in contact with an agency from Malaysia in recent weeks. They are looking to support and push local SMEs to incorporate digitalization and automation in their operations. We jumped into collaboration mode almost immediately because mutual benefits are obvious.

I get to penetrate new markets and consult businesses for digital transformation. Software license contracts will materialize along the way, given demands from customers and financial assistance from Government funding.

The local SMEs get to expand their business footprint from physical to digital, with Public Sector support. Of course, we will be along with them on this journey as partner consultants.

This is a Win-Win-Win situation.

I am currently working on a reseller agreement with the Public Sector agency. They help to pitch my company’s consulting services to the local SMEs. When there is enough demand for my consulting services, my team and I will fly to Malaysia to conduct digital transformation workshops.

The goal in the near term is to transit from consulting services to product license deals, which I can see it happening. That is not all.

This is a viable partnership model because the Public Sector agency is responsible for bringing the leads, and I work to convert them to sales. It is a brilliant arrangement when we do not have an army of consultants to scout for deals.

Distributor Agreements for Complementary Products

This is another strategy based on leverage. Trust me, you cannot do without.

There will always be complementary products and services, no matter what business you are in. The keyword is always. If you cannot find any, you are not looking hard enough.

I work to strike a distributor agreement with a hardware vendor that manufactures giant interactive screens. Think of these screens like iPads, 10 times bigger in size. They are commonly purchased by pharmaceuticals and heavy manufacturing companies for team meetings at the assembly lines.

The distributor agreement allows me to do the following.

  • Tap into the existing customer base of the hardware vendor.
  • Bundle my software product to their diamond product (the giant interactive screens).
  • Get access to their product and pricing catalog.
  • Offer my clients off-market discounts on the giant interactive screens when they sign a product license contract with me.
  • Offer consulting workshops to my clients, using my software with the giant interactive screens to provide a best-in-class user experience. Ultimately, it grows the user stickiness with our software.

I reduce the time required to source leads and convert them for consulting work and product license sales. I get to work on the leads my hardware business partner already has.

Best part? They get to work on the leads I share with them too.

Win-Win.

Engage Operational & Outsourcing Partners Who Can Take Care of the Low-Hanging Fruits for You

I guarantee there are pockets of business you do not want to touch.

My mandate for setting up the consulting services arm is simple. I will not engage in project delivery and user training. There are practical reasons for that.

This is the first point in consideration. Many customers who purchase software licenses are also looking for a comprehensive technology solution, such as connecting one application to another. It is not our business model, and Systems Integrators do it better.

Two, project delivery and user training take up too much time from a services standpoint. My consultants will be stuck with service delivery for 3 months and not be able to pursue new consulting contracts.

Next, I want to focus my consulting pipeline on high-value-add work. It includes advising the C-Suite on digital transformation. Or shaping the business strategy alongside our clients using our software products.

Thus, I engage operational and outsourcing partners to help us with work that we can secure and are unwilling to deliver. The overall project management contract will be signed between my company and the client. I will subcontract pockets of work to my service fulfillment partners.

I win a deal.

My partners win a deal.

Win-Win.

Go to Publisher:

Entrepreneur's Handbook – Medium


Author: Aldric Chen