In a marine engineering project, I encountered challenges when external consultants began expanding their work beyond the original scope, which led to unnecessary costs & delays. In a private equity setting, I would draft a detailed Scope of Work (SOW) before engaging consultants, clearly outlining deliverables, timelines, & costs. For example, if consultants are hired to optimise the manufacturing process, the SOW would specify exact areas of improvement—like reducing cycle time by 15%—& the methodologies they should use. This ensures that both parties remain focused on achieving specific results without straying into unplanned areas that do not add value.

Remove ambiguity from the processes of interaction. Give clarity on expectations, Delegate supervisory responsibilities when not able to give feedback on time. Provide guidance and support to the consultants if optimal performance is threatened. Identify milestones and litter the path to it with indicators for deviations from and proximity to the milestones, Identify assessment measures for each milestones achieved and missed with lessons learnt. Remain close enough to monitor progress but far enough to allow independence of thought and task execution. Provide encouragement to the team. Be open to different ideas. Watch your tone in giving feedback.

Consultores têm muito a agregar em seu portfólio, para isso recomendo: Tenha claro em que podem contribuir e quais seus objetivos em rela??o a estes consultores. Crie rotinas para as contribui??es dos consultores. Disponibilize as informa??es necessárias para receber contribui??es de qualidade. Ofere?a suporte e mantenha disponível ao consultor (lembre que é uma troca). Dê feedbacks aos consultores sobre as contribui??es recebidas (importante para elevar o nível das entregas) Deixe claro até onde as contribui??es ir?o, e finalize quando os objetivos forem atingidos.

Optimizing external advisory work in Private Equity requires a strategic approach. First, be clear about the task: advisors should understand specific KPIs, expectations, and deadlines. Second, structure the interaction: use agile methods to regularly evaluate interim results to avoid deviations from the course. Third, create conditions for knowledge transfer: advisors often solve short-term problems, but their experience should be integrated into the team. And finally, monitor profitability: evaluate not only the quality of decisions, but also their long-term impact on EBITDA and other key financial metrics.