How to set up and sustain your new consulting business as a single practitioner or as a freelancer?
Many always ask and want to know what makes for a good consultant? If you can answer these questions, you are more than likely a good consultant with whom people would be wise to meet to consult for any issues.
When we choose a consultant, we must take note of their previous roles and responsibilities, their industry reputation, and their knowledge compared to other consultants. Companies can find their position in the market by comparing, or benchmarking. Benchmarking is the process of comparing a company’s metrics to the metrics of industry competitors or to those of innovative companies outside the industry.
Some of the following tips may be helpful when conducting this analysis:
Secondly, an industry analysis used as an input to a strategic plan is Porter’s five forces. Porter’s five forces is a frame work for the five competitive forces that influences profitability in any industry. These are outlined in Porter’s model as competitor rivalry, the bargaining power of buyers, the bargaining power of suppliers, the threat of new entrants and the threat of substitute offerings. Porter’s five forces was developed by Michael E. Porter, Bishop William Lawrence (University Professor at Harvard Business School).
