McKinsey Health Institute – McKinsey

In this short video, we dive into the crucial balance between cost and value when selecting a consulting firm. It’s not just about the lowest bid; it’s about maximizing the return on your investment. We explore how to assess both quantitative and qualitative benefits, factoring in cost avoidance and intangible value to determine whether a consulting project is truly worth the expense.

Discover how to calculate the expected return on investment (ROI), evaluate different project scenarios, and make informed trade-offs. Plus, learn strategies to mitigate risks through flexible pricing models like performance-based fees.

If you’re a business leader looking to optimize your consulting investments, this video is a must-watch. Tune in to master the art of balancing cost and value in consulting!

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In this video, we discuss the key factors to consider when evaluating a consulting firm’s track record. We highlight why past performance alone isn't enough – you need to dig deeper into client testimonials, case studies, and the sustainability of results. We also explore the importance of relevance, ensuring that the firm has successfully delivered projects similar to your current challenges.

Another crucial aspect is fit – can you see yourself and your team collaborating effectively with these consultants? We explain how to assess the relationship dynamic by talking to the consultants and their references.

If you’re looking to choose the right consulting partner, this video provides the insights you need to make a well-rounded decision. Watch now to learn what matters most when evaluating a consulting firm’s experience!

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In this short video, we delve into the first critical step in selecting the right consulting firm for your project: defining your needs. Before choosing a consulting partner, it's essential to clearly understand the scope of your project, the problems you're aiming to solve, and the outcomes you expect. We discuss how these factors guide you in identifying the right capabilities needed—whether it's strategy, process optimization, or IT transformation—and help narrow down the types of consulting firms that best fit your requirements.

We also explore the importance of industry expertise and cultural fit, and why finding consultants who resonate with your organization's values can be as crucial as their technical skills. Tune in to discover what it takes to make an informed and strategic choice when selecting a consulting partner!

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When it comes to optimizing consulting spend, you're not just fine-tuning a few processes—you’re fundamentally shifting how your organization selects and manages consulting services. And let’s be honest, that kind of change often faces resistance, especially from the top. To succeed, you need everyone on board, from procurement to senior leadership.

At Consulting Quest, we rely on John Kotter’s 8 Steps for Leading Change, a proven framework to ensure smooth transitions and lasting success. Optimizing consulting spend touches every part of your organization, so getting buy-in, communicating clearly, and embedding new practices is essential. In this episode of Smart Consulting Sourcing Podcast, your host Helene will take you through how we use Kotter’s model to help organizations like yours get the most out of their consulting spend. Tune in!

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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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In our latest video, we discuss the common pitfalls in negotiating a contract with a consultant and how to avoid them. Unlike traditional negotiations, consulting deals hinge heavily on trust and collaboration. We cover why negotiating too much or too hard can be detrimental to your long-term relationship with the consultant and why it’s crucial to strike the right balance.

Discover how a well-balanced negotiation can set the tone for a successful project, without compromising on the quality of work or trust. If you're navigating a consulting agreement, this video will provide practical insights to ensure you secure a fair deal without jeopardizing the project’s success. Watch now to learn how to negotiate smarter, not harder!

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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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In this video, we tackle a common challenge in consulting negotiations—what to do when the perfect approach from a consulting firm exceeds your budget. We’ll walk you through a strategic solution: "design to cost."

Instead of starting with scope and then adjusting the price, we explore how you can reverse the process by starting with your budget and shaping the project accordingly. This method can streamline negotiations, avoid back-and-forth delays, and ultimately lead to a more collaborative and effective relationship with your consultants. Watch now for actionable insights!

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In this video, we explore how you can leverage competitive bidding as a powerful tool in negotiating with consultants. Building a healthy competition among relevant competitors is crucial, and it’s not just about driving prices down—it’s about encouraging innovation in how consulting firms structure their proposals. We discuss the importance of giving all contenders a fair chance, focusing on scope, expertise, and the ability to deliver real value.

Learn key strategies for fostering competitive bids and securing the best outcomes in your consulting projects. Watch now for insights on optimizing your consulting negotiations!

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In this short video, we unpack how much you can negotiate with consulting firms and why it's not as straightforward as it seems. Discover why a 5% discount is almost always built into the price and how pushing beyond that can lead to trade-offs in scope or staffing quality.

We delve into the concept of asymmetric information and explore how consultants control the levers of the proposal, making it crucial to understand what’s truly negotiable. Learn how to approach negotiations more strategically by prioritizing the parts of the project you can be flexible on and using the "design-to-cost" method to match your budget.

If you're negotiating with consulting firms, this video will help you strike a balance between value and price. Watch now to gain actionable insights!

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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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In this video, we discuss the importance of assessing expected value before entering negotiations in consulting. Understanding the potential value of your project is crucial; without it, you may find yourself negotiating ineffectively, either overpaying or undervaluing the consultant's expertise.

We explore the risks of prolonged negotiations, including the potential for lost time and opportunities, particularly in competitive markets. You'll learn how to determine your negotiation limits based on expected value and why sometimes a straightforward approach is more beneficial.

Discover effective strategies, such as performance-based fees, that can align consultant compensation with project outcomes. Join us as we navigate these essential elements of consulting negotiations to secure the best deals that deliver long-term value. Watch now!

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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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