A good consulting firm is not going to have to sell themselves. The key to choosing the right corporate advisory firm to help guide the endeavours of your company is allowing the information proposed to you in a pitch to be filtered through the proper assessment of your needs. The three main things to be on the look-out for when contemplating proposals from various companies are: the relevance to your particular circumstances and how knowledgeable the company is of your issues, what your needs will entail, the firm’s prior history and success stories in helping other companies like your own, and the approach to your company’s unique project needs that will catapult real change.
During the Pitch
The elements required for making a good sales pitch are not enough to be the criteria of your decision. It is important to pay attention to the firm’s attention to the following issues:
> Understanding how other companies like yours have been affected in the past when faced with similar problems
> A solid analysis of the factors that either helped or hindered the companies ability to resolve their financial issues
> An insightful interpretation of how such factors may be able to apply to your company or organization
> An ability to communicate all of these things in such a way that your company builds a trustworthiness with their competency and knowledge
A Track Record
It is not only acceptable to ask about a firm’s previous track record, but essential in providing you with the information you need to make an informed decision about their abilities to fit your needs. Ask corporate advisory firm for previous case studies that can give validation to their previous work and how successful/unsuccessful they have been in the past. They may not be able to mention names for confidentiality purposes, but they should be able to verify their previous work.
Inciting Change
Do not forget that the entire point of hiring a consulting firm is to produce real and lasting change for your organization. If you sit through a proposal and you do not hear any new information, this may not be the right firm to meet your organization’s needs. However, it might be the right firm if the material presented causes you to think about the way your organization functions in a way you have not thought of before. They may cause you to see the issues you are facing in a different light, and perhaps the research they have presented and their approaches to solving similar problems in the past will provide you with a structural view of your problems that you may not have thought of before. If the proposal portion of the process already has you thinking about approaching issues differently, it is a good sign that the firm will be a good fit in helping you move forward toward success, trouble shooting old problems in new and different ways.
Choosing a corporate advisory firm can be intimidating, and it is important to invest your company’s funds wisely. If you succeed in filtering proposals through the model shown above, you will gain a partnership with a firm that earns your quick respect, your growing trust as you experience success and your lasting partnership for the future. For more information, you may visit: Transocean securities.