Hi! Managers: Starting a new chapter

Allow me to share with you some of the major successes and failures I experienced over the years as a CFO, while working with consultants.

=Setting clear objectives with support from the top
To kick-start any consulting assignment, it is extremely critical to define clear objectives and deliverables. This must also be accompanied by support from the top as both the company and the consulting team must work alongside one another to achieve a productive and worthwhile outcome that will be beneficial for both parties.
In some cases, I find scope of work to be unclear. So, I would incorporate my own words into the proposal or engagement letter rather than use the standard language which often times can be vague and ambiguous.
Consultant as a partnership
Another one of Steve Jobs’s remarks was, “great relationships get better and better as the years roll on”. This is the most challenging aspect of any consulting assignment and critical in realising success. Though companies typically comprise of executives with years of experience in their fields, but it is crucial that the knowledge and wisdom is shared with the consultants and not kept privately. Open flow of communication is needed in exchanging ideas and giving consultants the ability to challenge the way of thinking of the company and provide concrete assessments in ways to improve and better the company.
These characteristics are building blocks for developing a good and trusting partnership. Otherwise, both sides will be non-cooperative, non-transparent, there will be no flow of information between the two sides and they will be lacking in trust, resulting in minimal value added and waste of company’s time and money.

=Openness to ideas
“Tell us something that we don’t know,” says the company that seeks new ideas and wants added value to their business. However, the company should not be overly focused in obtaining only new ideas, as in many cases consultants may view things differently, analyse information differently and conclude on findings differently.
For instance, I have worked for companies which experienced challenges in achieving acquisition targets. At first, it was assumed that the rate of return threshold was too difficult to meet. But further analysis by consultants showed that the real challenge was actually driven purely from the other investment criteria such as size of the investments and required holding percentages.

=Demanding
Even by engaging the best consultants, the company must always demand top-quality results. This will always be a challenge for consultants as they often face companies with very experienced management team with high expectations.
So, best of luck as you engage your next consultant. And do not forget, I’m just a call away if you need any assistance.

Pratana Mongkolkul is chairwoman and founding partner of Boutique Consulting Group.

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