fintech industry

The larger your business is, the more experience you’ll need from a business consultant. If you have a smaller business, you can work with someone that has less experience because it’ll be easier for them to manage things. You’ll also save money because they won’t have much demand. There are many benefits of consulting that’ll help your business grow, but only if the consultant is experienced. Unfortunately, many owners neglect looking into a consultant’s history.

The following is a list of questions you need to ask to know if the consultant is the right fit for you and your company. If this is the first time you have considered hiring for this role, it is important to be clear about your standards and requirements, as well as what questions to ask a consultant. Ideally you’ll be sounding out a few people before making a call. Don’t be tempted to go for the lowest rate – instead, pick the person with the right experience, who’ll help you reach your target. If you’re looking to work with someone for a long time, you may want to find someone that offers a flat rate.

Imagine you are at a conference and a prospect asks you what you do. I bet that 98% of all would give a poor and foggy answer. If you can’t, you will dramatically dilute your reputation. You want to be sure that the consultant you’re hiring has experience in your industry and knows what they’re doing. The best way to gauge this is to ask for case studies of other businesses in your industry that they have helped. This will give you a good idea of their success rate and what results they can deliver.


Aside from salary requirements, you should also ask about their payment schedule and structure. For example, it’s standard practice for consultants to request a percentage before they begin their work and the rest once the assignment has been completed. If you need a consultant to work full-time hours on a lengthy project, then you can request they only work with you.

Because if you’re a professional you’ve already taken the time to research and understand your prospect’s marketplace. Listening intently to what clients are saying is the starting point for making any consulting project a success. Sign up for Tom’s FREE Monthly Newsletter and receive timely news, articles, tips and strategies to grow your business. Peshev was born in Bulgaria and gained diverse management experience through his training work across Europe, North America, and the Arab world.

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Following the interview questions highlighted above will hopefully guide you to choose the most qualified consultant for the needs of your business. Every successful business model follows a well-defined set of processes to produce repeatable results. A quality consulting business should be no exception. Don’t be afraid to inquire about the specific steps a consultant plans to take to help you meet your goals – and for evidence of their success with other satisfied clients. Consultants can add real value to your organization by bringing industry or functional knowledge, problem solving or implementation methodologies and experience.

Industrial Hearables Market Analysis– Industry Insights, Drivers, Top … – Digital Journal

Industrial Hearables Market Analysis– Industry Insights, Drivers, Top ….

Posted: Thu, 16 Mar 2023 13:48:09 GMT [source]

Taking this approach can expedite the onboarding period, helping you accelerate speed to market. Generally, each management and strategy consultant will have areas of specialization or comparative strengths. The key is only to write a proposal once the buyer and you are in agreement on exploring what it looks like to move forward and you’ve confirmed that doing so is a priority for them. This day/time should be scheduled before you send the proposal and best case is always to do it before your meeting/call ends. I struggle with charging clients and approaching clients.

Can you provide examples of business management software you are familiar with?

Establish a schedule within which the consultant can accomplish his or her goals. Assign a staff person to work closely in this process-and learn everything he or she can. Thanks to the growing number of strategy consultants working independently these days, you may find yourself choosing between multiple candidates with strong qualifications. Asking them to describe their unique qualities, qualifications or capabilities can help you differentiate between candidates and make an otherwise tough decision.

Describe your experience working with small businesses in your area of expertise. Provide an example of a time when you provided valuable advice to a client that helped their business succeed. Obtain at least three references from the company and check them.

Asking the right questions can leave the interviewer with a positive and memorable impression of you. Asking the wrong questions can leave the interviewer with a negative impression. Answering the “why consulting” question achieves the second goal.

Accomplishments and Skills

I already talked about focus earlier in this post, but more from a marketing perspective. I see many ‘indicators’ in consulting, but these hardly ever appear on lists, which I always find very strange. What would be the ideal status as a visible authority I could strive for?

period of time

An evidence-based evaluation of the current standing of your business will only be possible with a thorough assessment. It is great to get “good” feedback from clients where they thank you for helping them out. It would be nice to know they’re willing to make themselves known as one of your clients. However, it is way better to hear them say how you specifically helped them. Most importantly, how long one has been in the industry implies that a consultant has learned several lessons and has been refined over the years. Has your consultant ever shopped for and negotiated an appropriate liability and damage insurance policy for a golf course.

Discovering valuable information about your client

Request a fee break down up front, including travelling expenses, performance bonuses and any other miscellaneous charges. Have it made clear whether these will be part of the overall fee or be billed separately and how these expenses will be recorded. If your business has never dealt with expenses records before it will be good to know how the expenses will be presented.

Eventually, you won’t need to rely on a consultant to get things done. Another factor that many businesses don’t consider is whether the consultant will have time to get things done. This is another reason why it’s important to figure out how large their team is. When a consultant works solo, they may not have much time to handle everything you need.

Prior to hiring a business consultant – make sure they have some kind of specialisation. If they are offering their services to everyone, from every industry, every kind of business (ex. B2B, B2C) it will often end with going all over the place with no tangible results. I’m sure you don’t want anyone to learn how to do business in your business. Hiring a business consultant can help you overcome many business challenges, drive in more sales and dominate your niche. However, you must take time to choose the right one with the most suitable experience and credentials.

The business forecasting working for the fintech industry has to be an expert to understand the relationship between financial services and its transition due to the latest technology. As we added above, multiple teams are involved in a single project. So, it is the consultant’s responsibility to make sure that the innovative ideas and their implementation are clear to every member involved.

Therefore, a consultant that does not have a formal system in place that can measure the successes, will definitely not be a good fit for you or your business. Hiring a consultant can be a tedious and difficult task if done without an idea of what you are looking for. Every website you visit can promise everything you believe you need, or just provide jargon filled data that does not make sense. When looking to hire a consultant you should go in with an idea of what you need help with and have already done some research on what type of information you need to know. We have all heard about companies with stressful work environments. Sometimes, companies have to make tough decisions to cut costs.


It’s therefore a good idea to understand what the internal narrative about opportunities and challenges is. For instance, you could try to find out what new areas / practices the office you are joining is investing in at the moment. Unfortunately, IT security consultants sometimes have a tendency to shroud their work in secrecy. If there’s a lack of communication, you will almost certainly be disappointed with the results.