Skills need for a Principal Consultant?

N2IT

Just curious if anyone could provide some insight into the world of consulting and a principal level?

I've tried to build my career to eventually head into this direction and I am moving this way. It seems BA is the best way to align yourself with this role.

I went out received some service and project certifications and possess a MBA and BSc in management.

Now I am trying to find the next move. I am thinking just time in service is what I need now. There are a few certifications that help like the CBAP for Principals.

My understanding for skills in no particular order.

Communications
Solutions / Troubleshooting
Project Management
Relationship Management
Basic Accounting
Resource Utilization
Proposal writing skills
Presentation Skills
Sales


Thoughts?

philz1982

Hands on Principal or Hands off?
Sole ownership or split?
Focus on Architecting, Execution, or Services or all 3?
Government or Private Customers?
What Vertical? Critical Infra (HC, Power, Transportation) have different laws and reqs?
Will you handle financials? If so understand AP/AR, DSO, ect.
Technology, SI, or Service focus?

N2IT

Good questions for sure

Absolutely will handle the financials and SOW/RFP's. Any of the engagement pieces I want to have control over, of course if there is a finance department they can post and allocate accordingly, I don't want that much detail into the financials!.

I would like to go across verticals if possible, right now I am in Big Pharma, but have worked in health care, biotech, manufacturing, government, agriculture.

The biggest piece would be relationship management. That's the piece I want to focus in on the most.

Thanks for the follow up.

philz1982

N2IT wrote: »

Good questions for sure

Absolutely will handle the financials and SOW/RFP's. Any of the engagement pieces I want to have control over, of course if there is a finance department they can post and allocate accordingly, I don't want that much detail into the financials!.

I would like to go across verticals if possible, right now I am in Big Pharma, but have worked in health care, biotech, manufacturing, government, agriculture.

The biggest piece would be relationship management. That's the piece I want to focus in on the most.

Thanks for the follow up.

No worries, I ran a 50M P&L and I will tell you AR/AP calls will eat you alive. Really understand T&C, Legal contracts, and AP/AR. The difference between NET 30 and NET 90 is 3 months of interest hitting your cashflow vs 1 month. Plus associated burden (SG&A) hitting you for a negative income for that unpaid period. The trick is either to get 50% up front for a Volume Discount. 5% off for 50% 10% for 100% upfront cash or build your Working Capital Interest fee into your rate.

As for verticals spread. There is a debate between NICHE or NET. Niche you focus on 10,000 sqft, Single Practioner owned facility. Net you focus on anything that has the word health in it.

Depending on your services you will have to choose. Those are the first two things I would figure out.

NightShade03

Usually Principals are also responsible for training others to some degree. Knowing how to build a practice or sales org means managing others or at least knowing how to help others develop/grow in their career. Obviously this is different for every role, but just something else to add to the list of things.