WORKING WITH CONSULTANTS:
A PRIMER

Ever been duped by a consultant? Didn't quite get the help you expected? Well, you're not alone. Many executives have tales of poor work done by consultants for their companies.
Here are eight rules to follow when hiring and working with consultants to ensure that those relationships pay off.
CLEARLY IDENTITY YOUR PROBLEMS FIRST. Too many companies, especially with technology projects, rush to use consultants without figuring out exactly what they want.
GET REFERENCES. Don't be fooled by an incredible presentation and a host of promises. Do your homework.
MAP OUT A PLAN. Consultants are infamous for creating ways to stick around - and get more money in the process. Eliminate this by setting up a definitive plan with the consultant at the beginning of a program and putting it in writing.
GET EMPLOYEE BUY-IN. Consultants are often resented by employees because they don't like being told what to do by an outsider. Speak to your staff prior to bringing in a consultant, so they know why he's coming, what he's planning to accomplish, and how it will help them.
ENSURE FRONT-END WORK. A good consultant will take the time to analyze a client's business before jumping into any new programs. Make sure the consultant meets with all the layers of your organization before implementing anything.
CREATE AN ROI MODEL. Consultants should be held accountable for the work they do. Gaining revenues from the use of a consultant is vital, so map out a return-on-investment model that betters the chances of increasing your bottom line.
COMMUNICATE THROUGHOUT. For a consultant to succeed, top management needs to be involved from beginning to end. Don't just do up-front work and then allow the consultant to roam free in the organization.
FOLLOW-UP. A consultant's job also consists of following up to ensure a new program is being well implemented. If they're not willing to do follow-up, somebody else will be.

SUMMER AND THE HEAT IS ON
Finally, as promised, summer is here in all its glory. Heat, humidity and rain. We, too, have had our share of interesting activities. Several presentations are scheduled for the summer on "High Impact Marketing on a Shoestring Budget" and a new book is in process. As a Certified Professional Consultant to Management (CPCM), we are working with several local universities and colleges regarding the establishment of programs in consulting. We will be co-chairing the Marketing SIG of the Chicagoland Chamber with Hal Bergen. Our Access USA Division is working closely with the Italian American Chamber of Commerce on several projects. Stay tuned for further developments.

There are 3 kinds of people in the business world:
Those who can make things happen.
Those who watch things happen.
And those who turn around and ask,
"What happened?"

Forget Crooked-line Worries

Focus only on actions that have direct consequences.
Suppose that the following is a list of circumstances that concern you today:
1. Your annual budget is due in three days and you're behind in getting some of the figures together.
2. Employees need to be trained on a new computer program that will go into operation next week.
3. You have three openings that must be filled soon.
4. A letter from an angry customer has reflected badly on your department.
5. One of your subordinates has been overheard making derogatory comments about your management style.
6. You inadvertently snubbed the CEO's spouse at a social gathering last week.
If you had to rank the above issues in terms of their importance, chances are that you would give the first three top priority. If, however, you were to rank them according to the amount of time you spend worrying about them, the last three probably would come out on top.
The top three items are straight-line concerns. You can do something about them and your actions will have a direct, straight-line relationship to whether or not they get accomplished. You can get the information for the budget and submit it on time. You can schedule the computer training. You can begin the recruitment process in earnest.
The bottom three items are crooked-line concerns. The reason they can cause you sleepless nights is that you can't see a direct relationship between your actions and their resolution. That's why you worry about them. Maybe you can call the customer again, or maybe you can talk to the official who received the complaint. You could talk to the grumbling subordinate, even though it might look like you've been eavesdropping. The boss' spouse? Maybe what? An apology might call too much attention to the incident. You just don't know.
Recognize the difference between concern and worry. Concern is a natural component of responsibility. It keeps your mind focused and it brings about action. Worry, on the other hand, merely anticipates consequences. Seldom leading to productive action, worry blocks positive thinking. In addition, it's a monumental waste of time.
Be concerned about straight-line issues. They are the essence of the manager's job. They are legitimate. Managers are paid to be concerned about areas wherein their actions have direct impacts.
Focus your job on straight-line actions. Set objectives. Establish priorities. Act. Assess results and act again.
With crooked-line concerns, take immediate action and forget them. Call the customer. Talk with the subordinate. Apologize to the boss. Decide to do something, even if that something is a decision to do nothing. Do whatever you feel is necessary and do it right away. Then eliminate the issues from your mind. You've done all you can for now. Go back to your straight-liners. If the crooked ones re-emerge, take immediate action again and then forget them once more. Every time they arise, concentrate on getting them out of the way quickly so that you can devote your energies to straight line concerns again.
The final word: The degree to which you manage straight-line versus crooked-line concerns will be a major component of your success as a manager. If you understand the difference between them and get out of the way any issues that have a crooked or vague line between what you do and the results you achieve, you'll be more productive - and you'll sleep better.

...By Carter Johnson:
Buying Time Seminars
630-910-1927

DID YOU KNOW

A full 70% of U.S. electricity comes from burning coal and other fossil fuels.

Half of Hawaii's 140 native bird species are now extinct. Hawaii has been steadily losing its birds since the arrival of humans 1,200 years ago.

By the middle of the 19th century, 75% to 80% of New England has been cleared of trees to make way for livestock.

More than 52% of American national forests are logged, mined and crisscrossed with 373,000 miles of roads. Only 18% of national forest land is permanently protected wilderness, and much of that is thin soil over rock where trees rarely grow.

Ted Turner is the largest private landowner in America. He owns more than 1 million acres on 13 different ranches and plantations in North and South America

Three things never
return: the past,
the neglected
opportunity, and
the spoken word

TIPS FOR ENTREPRENEURS:
How to Interest a Venture Capitalist

So you have a business plan and
you are ready to go. All you need
is money. You decide to go out for Venture Capital. But how do you find the right VC (Venture Capitalist)?

Is there a good fit? Look for a VC that's focused on your industry and look for a personality match. Find out if they do early-stage ventures or are more likely to invest in something after there are revenues and customers. Every firm has different criteria for investing.

Do they offer more than cash? Don't just look for money. Seek a VC with principals who have operating experience and who can help recruit management talent. Can you live with them over the long term?

Do your homework. Do extensive due diligence on the VC firm and the principals. Has the VC invested in companies in your geographic location? VCs like concentration among their portfolio companies so they can make better use of their time when they come for board meetings or visits. Don't ask questions that you could have found on the VC's Web site.

Does the shoe fit? Make sure the VC fund's investment-size requirements match the amount of funding you seek. Consider whether you should fund with angel investors on early rounds and then go to a VC on a later round when more capital is required.

Do a reality check. Be realistic with your numbers, and get feed-back from people you trust and respect. Don't look at public company valuations and then extrapolate your valuation based on what your projections will be in a year or two.
Put yourself in their shoes. VCs might see hundreds of business plans a month, so don't send an 80-page business plan unless they specifically ask for one. If they ask for some information prior to the meeting, an executive summary should be sufficient.

Know your strengths and weaknesses. Take the time to identify and disclose your weaknesses as well as emphasize your strengths. No company has all of the answers, and typically the issues revolve around completing a management team, marketing dollars, building a board of directors, etc. VCs want to know that entrepreneurs have a realistic view of themselves and their competition.

Be a proficient presenter. Be able to present your entire concept and company in 30 minutes or less, and make sure you have practiced several times in front of people that can give you honest feed-back. Have a financial person in the meeting with you, particularly if they had a hand in the financial projections that a VC may be evaluating. Make certain there are no flaws in the technology you are using to present your company.

Plan an Exit. It's hard to have a perfectly planned exit strategy in the real world. No VC wants to have its money tied up indefinitely. The VC will want to know that you are approaching this venture as a money-making opportunity and is likely to consider the thought process you've applied to an exit strategy.

Attitude is everything. Have fun and be excited about your prospects and your company. You have to sell an idea to someone who sees many people, like yourself, daily. Be professional. Don't take yourself too seriously.

7 DEADLY SINS TO AVOID AS A MEETING LEADER

1. Resenting questions. Questions signal interest in the topic. If you don't have the answer, agree to find it.

2. Monopolizing the meeting. A meeting leader's job is to guide the group, not dominate it.

3. Being a comic. A little humor is welcome, but be careful not to have your attitude imply the subject isn't important.

4. Publicly chastising participants. If you have issues with individuals, take it up in a one on one setting. Criticizing people in a group setting will stifle the entire group.

5. Allowing outside interruptions. Create agreements about cell phones, pagers, phone messages, and people who stick their head into the meeting to ask someone a question.

6. Losing focus. Don't stray from the agenda, allow side conversations or allow disagreements to derail the meeting.

7. Being unprepared. Don't "wing it" when it comes to meeting leadership. Being prepared is a key to having focused, effective and productive meetings

e.business

e.business2business

e.commerce

embainc.com

everything for marketing your
product or services

e has always been our first name.

elliott m. black & associates, inc.
e-mail: eblack@embainc.com
website: www.embainc.com

From the Editor's Desk

If you need business assistance for your high-tech, low-tech or no-tech business, contact EMBA and we'll put you on the road to success. The bottom line with any business is increased profits. If this is your bottom line, give us a call and find out how we can help you achieve business growth!

MAXINE, Newsletter Editor c/o EMBA
2511 Windsor Lane
Northbrook, IL 60062
Tel. No. 847-272-2884
Fax No. 847-272-3551
E-mail: eblack@embainc.com
www.embainc.com

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