Author Archives: Craig Bailey

Jul 23 2014
3 Comments
Business Success, Inspirational

Launching a Consulting Business – Introduction

It has been too long since my last post…I decided to wrap-up a client project and then spend some time in the Maine woods with my wife (the topic of another post 🙂 ).

Given the conversations I’m currently having with a good friend and neighbor, and in keeping with the spirit of this blog, I thought I’d share my experiences with launching a consulting business. This, being the introductory post on the overall topic. So, here we go…

Many have the dream (or at least have had a fleeting wish) of starting their own business. Of these individuals, only a few take the necessary action to actually launch. And, of those that do, the statistics tell us “most” fail within the first 3-5 years.

Well, I’m happy to say that I haven’t contributed to these “failure” statistics. My consulting business launched back in 2002 and is still going strong today!

While the areas to be covered, to help ensure success, relate to launching a consulting practice, many of the steps, concepts and approaches can apply to launching any type of business. And, like sports, it is 90% mental – so prepare accordingly! As such, it is appropriate to share the following quote:

There is no scarcity of opportunity to make a living at what you love; there’s only scarcity of resolve to make it happen. ~ Wayne Dyer

And, a highly recommended reading:

download (1)

To begin: Why do so many aspire to launch their own business? I can attest to the positive outcomes of doing so, which includes, but is certainly not limited to:

  • Absolutely incredible psychological rewards!
    • A sense of personal achievement resulting from fully and productively leveraging our God-given talents and abilities.
    • The realization that we were able to make it happen with and through other people we helped and were helped by along the way.
    • To a great extent we truly can choose when, if, for whom, where and for how long we’d like to work.
    • The flexibility that results as there is no longer a need to abide by “corporate policy” (related to vacation, compensation, work structure, etc.) designed for the masses which can often limit personal initiative and (more importantly) liberty.
  • Virtually unlimited financial rewards
    • To a great extent we can “set our income” based upon:
      • How much or little we (personally) wish to work.
      • How we structure our business with additional team-members to expand our reach and delivery capabilities.
    • Using tax law to our advantage. That is, many of our “current” expenses which are paid “after-tax” can be considered costs of doing business (paid on a “before-tax” basis, lowering our taxable income), including cell phone, Internet, computer, vehicle and related expenses, etc.

While the above outcomes are certainly exciting, please proceed with caution…The reality: this path is definitely NOT for everyone, given the previously shared statistics. And, early on “the business runs us” as we need to do whatever it takes to succeed. Over time, and with some measure of success, “we can run the business” (i.e., there will be much more flexibility). Finally, you are strongly encouraged to seek professional (legal and financial) advice to ensure you remain compliant with law and mitigate the potential risks involved.

In future posts I’ll share:

  • A litmus test – A few items to ponder before considering the launch of a business.
  • The steps and approaches to take in starting a business and my personal experience with each.

In summary, my goal is to minimize the risk of others contributing to the failure statistics. While there are no guarantees, if you have what it takes (which I’ll cover in future posts) you too have the potential to “Live YOUR Dream.”

If you wish to begin preparing for this journey NOW you are encouraged to scour this blog for other posts categorized as: Inspirational, Leadership and Personal Success.

Click here to review the next article in this series.

Jun 30 2014
2 Comments
Leadership

The Powerhouse PM – Knows When to Send Up a Flare!

The Project Manager’s (PMs) job is to ensure the project team works in harmony and stays on track with the overall plan.

That said, there are situations that WILL arise which cause deviation from the plan. Often these deviations can be absorbed resulting in no impact to the project outcome (i.e., cost, timeframe or quality). However, this must be closely monitored so that if/when slippages occur that do pose risk to the project outcome prompt and effective communications take place.

The Powerhouse PM does not manage to “hopeful” outcomes. S/he manages to concrete dates and deliverables. As such, when those outcomes are in jeopardy a flare must go up to ensure the project stakeholders are aware. This, instead of waiting until the next scheduled project review meeting.

A great quote:

Unlike cheese and wine, bad news does NOT get better with age!

While the resulting conversations may not be pleasant (potentially, even painful) they MUST be had in a timely manner to avoid (or at least minimize) impact to the business. From there we can strategize with the team on the course of action and realign everyone to the revised plan.

It is so easy for a project to “quietly” get significantly off plan to the point where multiple days or weeks go by without the project stakeholders acknowledging the reality of the situation. A task slips here, another there. On an individual basis these slippages may seem harmless. However, they have a compounding effect. And, there will be a reckoning…

The Powerhouse PM continuously “connects the dots” in terms of how all the moving parts are inter-related and impact the project’s critical path. And, when there is significant risk of deviation from plan (or deviation has occurred) — They call it like it is!

That said, the Powerhouse PM must maintain a careful balance so as not to declare “the sky is falling” when we simply have a mere bump in the road.

Another one of those dichotomies that a Powerhouse PM manages to.

Jun 23 2014
2 Comments
Leadership

The Powerhouse PM – Keeps the train rolling!

To ensure project success, in a timely and cost effective manner, the project manager (PM) must maintain momentum in each and every situation (meetings, conference calls, etc.). This is SO MUCH MORE than ensuring things are scheduled and discussions take place. The Powerhouse PM considers what the desired outcome is in each situation and then manages / drives the conversation accordingly, leaving nothing to chance.

As an example: Instead of arriving at a meeting and asking the team “How would you like to address X?” the Powerhouse PM will (at a minimum) frame-up options and considerations, with a recommendation based on what they’ve seen work (and not work) in other / similar situations.

And, being quite “directive and prescriptive” they don’t ask permission to proceed in the recommended way. Instead, they ask the team if the considerations, options and recommendations make sense and/or if are there any questions, concerns or ideas to consider. That is, they take more of an approach of putting up (at least) a skeleton model (with some meat on the bones) and working with the team to refine and complete the model. They do NOT put a team in the position of starting with a blank whiteboard, at ground zero.

While there are times when the blank whiteboard approach is appropriate, MOST project-related discussions can begin with a predefined framework to create and/or keep project momentum. Realize (as covered in a prior post) your team members are participating on your project as an “extra curricular activity” that is above and beyond their day job. When the Powerhouse PM pulls the team together they ENSURE FORWARD MOMENTUM OCCURS DURING EVERY MINUTE OF EVERY MEETING!

Click here to view the next article in the series.

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