I have been losing a lot of prospective engagements lately. Even when the clients specifically call me to see what I can do for them, the ratio of wins to losses is way down.
There is certainly a lot of competition in the market today and, as the economy starts to recover, the consulting market has not yet hit bottom. Although various consulting markets are on their own schedules relative to the economy, generally consulting lags the business cycle by one or two quarters. When the economy started down, the consulting market was still relatively good. Now that the economy is picking up, clients are still cautious about engaging consultants. This is especially true in markets where management salaries are being cut and staff laid off. It is hard to justify to staff why a company is paying consultants when staff is being cut back (even if this is a logical investment from a business standpoint).
At a minimum, don't get upset by your win/loss ratio. Remember that George Washington only won three of the nine major US Revolutionary War battles he commanded. He knew that some losses were acceptable against unfavorable conditions. He was positioning himself for battles he knew he could win, even though he knew he needed to at least partially engage in battles he would probably lose. Tip:
Focus on the types of engagements that play to your strength but more so to the emerging needs of clients. Instead of thinking about what consulting services you prefer to provide, consider what services your clients need most to emerge from the recession in a stronger position. Pay attention to their reasons for why they can't use your traditional services right now. Turn a rejection of your services into a learning opportunity.© 2009 Institute of Management Consultants USA