If you’re starting a service business, you may have concluded that it makes sense for you to charge a retainer up-front. When dealing with small business or individuals, charging a retainer can help you make sure you don’t get stuck with invoices you have trouble getting paid. Maybe your clients ran out of cash unexpectedly or maybe they decided the agreed upon work wasn’t actually what they wanted and refused to pay. In any case, work you perform has a cost associated with it so covering yourself to prevent losing money on deals is a top priority. If you can’t collect more cash than you spend, your business will face certain death, no matter how popular your offering. [Read more…]
Tonight my family and I decided to go out to dinner to one of those hibachi style restaurants. We don’t go there often but when I do, I like to make the most of it. By that, I mean the lobster tail and filet mignon combo is usually my go to.
A little after the onion volcano – easily the fan favorite – my wife asks if I saw her text. I hadn’t so I checked to see why she was texting me from 3 feet away. [Read more…]
I was in this restaurant, home of some of the best pulled pork I’ve had in some time, and a noticed a sign on the wall that resonated with me.
It said “asking dumb questions is easier than correcting dumb mistakes”.
How many times have you been in a training or workshop or speech and had a question you wanted to ask but you held back because you didn’t want to be the person asking the stupid question?
Instead, you hold your tongue and try to quiet your curiosity until the urge to clarify your understanding passes. You can do better than that. [Read more…]
Have you ever needed to know how many characters were in a cell?
It sounds a little ridiculous but I found myself in that exact position a couple of weeks ago. [Read more…]
I can’t remember a time when I’ve seen so many colleagues leaving the firm. Some people are jumping because of a unique opportunity not available within the firm. Others quit go to a competitor (ouch!). I remember when I made a change to a competitor and there were a whole lot of questions about the why. Part of me just needed a change but I also knew that the firm’s timing wasn’t going to work for me, so I acted accordingly. [Read more…]
One of the many things you learn in the management consulting business is there is no one path to success, so it’s interesting to hear what people remember as the most useful information or advice they’ve picked up so far. What better way to highlight this than to ask consultants from different firms what’s the best advice they’ve gotten. [Read more…]
Last week, I had lunch with a friend who just left the firm to join his brother’s fast growing start-up. I’m sad to see him go but also respect the courage he has to go all in on the family business. The move comes with some risk and sacrifice, one of the bigger ones being he will spend a significant amount of time away from his wife.
A lot of people would say this could end badly for their relationship and/or their financial future. Those people would be mistaken and clearly missing a key piece of info that my friend and his wife fundamentally understand. [Read more…]
In case you don’t like sports or somehow manage to interact with zero people who like sports (or maybe you live in a place where American football isn’t so popular), something pretty interesting happened this past Sunday. The worldwide leader had a “not top 10” moment of its own that I bet they won’t be replaying for the entertainment of its millions of viewers. [Read more…]
Most people will tell you that college is the time in your life when you learn the most, but I have to disagree with those people. While I agree that college is an amazing time for learning (and a heck of a lot of fun, too), both in the educational sense and the social, interpersonal sense, the real learning comes after you walk across that stage.
While you may know how to calculate EPS or how to use Lagrange multipliers in macroeconomics, there’s so much more you need to know to be successful in your career. Being only one year into my management consulting career, I’m well aware that I have many miles to go before I can claim any real knowledge on how to attain career success. That being said, I’ve learned a thing or two in the past 12 months that I’d like to share for those of you who may be on the first few steps of your career paths as well. [Read more…]
You know what the worst thing is that can happen to a consultant trying to get promoted?
You telling them exactly what they need to do to lock in that bump to the next level.
Here’s why. [Read more…]