To be an independent consultant/contractor or not! A 3 Year review and lessons!

Over the past few years, I have had the privilege of working as an interim executive and independent management consultant after an extensive career including the Army, KPMG, Tech Companies and even owning a few hair salons on the side. This experience has provided me with a unique perspective on the industry, especially when conversing with senior executives and management consultants from large firms who are considering this path.

Organisation's engage me to provide strategic transformation expertise and/or as an interim executive as part of their organisation - both providing leadership and transformation.

Here are the key lessons I've learned along the way:

1. Let Go of Titles

When you're engaged to perform a task within an organisation, the internal title you hold doesn't define your worth. Your value lies in your skills and expertise, not in a fancy title. Sometimes, you might even be asked to leave the room for confidential discussions. It's crucial to separate your self-worth from your title and focus on the value you're delivering. You're there to help others succeed, not to boost your ego.

Takeaway: Don't tie your self-worth to a title. Concentrate on the value you bring and the help you provide to others.

2. Understand Your "Why" and Align with Your Values

Why did you choose to become an interim executive or independent consultant? Select projects that align with your values and purpose. This alignment not only sustains your passion but also enhances your growth and prevents the erosion of your brand and experience.

3. Learn to build brand and promote yourself

Embrace the reality that you need to brand and promote yourself. Whether through networking, a website, LinkedIn, books, webinars, or other channels, marketing is now a crucial part of your business. As an independent consultant, you are your business.

Choose the product or service you provide and craft a compelling story about how you solve problems for your clients. This could range from offering project services to presenting a full niche value proposition. Be authentic in your communication and consistently provide value.

3. Keep Your Leadership Skills Relevant with Varied Engagements

Balancing consulting and interim executive roles is beneficial. Consulting involves providing advice, while embedding as an interim executive means taking ownership of business functions and leading teams. A mix of both keeps your skills sharp and your leadership relevant, offering both freedom and the satisfaction of supporting others.

4. There Is No Safety Net

The world of independent consulting can be unpredictable. Economic conditions, budgets, and even school holidays can impact your workload. You might face periods with numerous opportunities or times when it's quite barren. Always consider the various factors affecting both you and your clients, including their performance processes.

5. Decide: Firm or Independent/Micro Boutique?

Determine early on whether you want to grow into a larger firm or remain an independent or micro-boutique. Growing into a larger firm may require taking on a variety of projects to build quickly, but this can be risky if the market dries up. If you choose to stay independent, focus on mastering your trade and staying true to your purpose.

6. Build a Network of Fellow Independents

You'll encounter other independent consultants and small firms. Many of them will align with your values and become friends, confidants, and even business partners. They form a valuable support network. However, you'll also meet others who may not impress you. Remember, it's not a competition—stay professional and courteous, always focusing on helping your client.

7. Prepare for Setbacks

Budget cuts or changing conditions can suddenly leave you without work. It’s important to be mentally and financially prepared for these scenarios. Even large firms like McKinsey face cuts. If you’re let go, remain professional and move forward. The key is not how you fall but how you get back up.

8. Keep Learning and Share Your Knowledge

Continuous learning and growth are essential. Whether through education, varied experiences, or side projects, keep expanding your knowledge. This curiosity and willingness to help others distinguish excellent executives, consultants, and business owners from the average. Share your wisdom with others and help them. Whether they are interested in becoming and Interim Executive/Consultant or they are growing within their role at their company. It's without doubt, the most rewarding part of what you do, helping people and seeing them grow. That's why I chose it!

Some of the items above took me a few years to consider and learn. I am happy to answer any questions people might have about this! Also feel free to check out my website, hopefully it can help give you some insights into how you might approach it. Like any human, I will continue to learn, grow and adapt as life goes on!

Cheers Dan