Covid-19 Survival Tactics For Consultants

Opportunities for consultants: Where there's chaos new opportunities emerge

The current situation has not only affected the consulting industry but also the consultants. Remote working for consultants is not new. Consulting is the first industry to pioneer remote working, as consultants need to work from different parts of the world for their projects. The current digitization trend and adoption of technologies has become key in helping businesses survive during these challenging times.

At the same time these technologies have made the job of consultants easier by bringing their clients and work closer to them. Companies around the world are looking for answers on how to deal with this situation, and they are looking for consultants to get these answers. Firms must restructure and cut their costs to reduce losses, which is something consulting firms have been doing for a long time. Covid-19 has also created immense strains in the SME, and hospitality sector. Consultants are in high demand to tackle these economic consequences.

E-commerce is booming (food related), and firms are looking for supply chain consultants to help them reorganize their supply chain. Also, a large majority of consultants are working from home to serve their client’s needs. This, in turn, creates a lot of work opportunities for consultants to tackle this pandemic situation.

The Covid-19 pandemic has disrupted the global economy like never before. From the travel industry to small enterprises all businesses are losing revenue as days of confinement increase. It is difficult to tell how much of a dent the Covid-19 has created for the consulting industry. According to a research done by Consultancy.org, the global consulting industry could lose up to $30 billion in revenue in 2020.

Since the 2008 financial crisis, the consulting industry has seen exponential growth. The market value of consulting is estimated at $ 160 billion. The coronavirus has pushed clients to delay their projects and in some cases cancelling future plans.

7 tactics to master the crisis

The COVID-19 pandemic is an opportunity for consultants to earn clients’ trust. To master this and other crises, Patrick suggested tactics he’s following himself at Asian Franchise Academy Consultancy

1. Use updated information only. The situation is evolving rapidly. Information that is updated and relevant, such as information about government stimulus and relief packages from industry bodies, is critical for making decisions in-house and for clients. They give hope not just to clients but all stakeholders, including employees and their families.

2. Manage cash flow. Client payments might be delayed significantly and may not come at all, if the entity were to declare bankruptcy. To protect your brand among future potential employees, it is critical to sort out cash flow early by talking to your finance providers and continuously updating them.

3. Focus on what you can control. Employees and clients can feel powerless, which can cause anxiety. Focus on what is possible for the firm and its clients to control, such as working arrangements and internal processes, and plan for what’s outside the control of the firm and its clients, such as the length of lockdowns imposed by authorities.

Patrick Mauser, Founder and CEO said he’s working on firm . projects, such as product development and marketing, work that is easy to get to when you are not very busy and that you can do remotely. We've not only survived but thrived after the last economic down-turn back in 2008. The secret Patrick believes lies on focusing on the SME market, early brand development and franchising, since naturally this is afa's core business.

4. Empathise, but don't sugar-coat. Say what you truly believe in, however outrageous or unlikely it is, and say it as early as you can. Share your internal analysis to foster the trust of clients.

5. Show clients and staff the light at the end of the tunnel. This is not the time for conservative thinking and hesitancy. Your staff and clients will sniff this out, and you will lose credibility. Help clients trust you to imagine how the future will unfold in terms of the products and processes. This is a huge responsibility, and you need to use it not only to increase billable hours but also to deliver a once-in-a-generation, transformative experience, using every fibre of your innovativeness and transformational thinking. Consider Fixed-Price-Project. Clients want to know exactly project costs in advance. - Forget ''milking'', artificially prolonging consultancy assigments.

6. Create value beyond the current engagement. Share advice from third parties and even the direct competition with your clients. For example, Patrick said, “we have been sharing advice from other consulting firms, content from professional bodies on how to survive COVID-19.” Clients have come to appreciate this, he said, even if they have paused projects or payments.

7. Add capacity to grow. This decade will be volatile and transformative. Hence consulting firms must look at adding capacity to services offered. The crisis will provide an unprecedented opportunity to recruit some of the most talented new consultants and partners out there, but only if the consulting firm maintains a growth mindset rather a survival mindset.

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