Million Dollar Consulting audiobook cover - The Professional’s Guide to Growing a Practice

Million Dollar Consulting

The Professional’s Guide to Growing a Practice

Alan Weiss

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Management & LeadershipEntrepreneurship

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Million Dollar Consulting
Consulting Fundamentals+
Marketing & Visibility+
Strategic Growth+
Branding & Relationships+
Negotiation & Pricing+
Business Resilience+
True Wealth+

Quiz — Test Your Understanding

Question 1 of 11
According to the book, why is 'process expertise' often more valuable than 'content expertise' for solo consultants?
  • A. It requires less formal education and certification to acquire.
  • B. It has a wider range of applications across diverse industries.
  • C. It allows the consultant to charge higher hourly rates.
  • D. It focuses exclusively on legal disputes and expert testimony.
Question 2 of 11
What does the author identify as the simplest and most effective way for organizations to find consultants?
  • A. Expensive, targeted advertising campaigns
  • B. Direct cold-calling to executives
  • C. Word-of-mouth marketing
  • D. Distributing hard-copy newsletters
Question 3 of 11
How should a successful consultant measure the quality of their work?
  • A. By the number of meetings held and reports written.
  • B. By the total hours billed to the client.
  • C. By the specific value added to the client's business.
  • D. By the speed at which all assigned tasks are completed.
Question 4 of 11
Which type of consultant offers the most value by simultaneously resolving critical issues and transferring highly effective skills to the organization?
  • A. The Interventionist
  • B. The Independent Expert
  • C. The Collaborator
  • D. The Gatekeeper
Question 5 of 11
What counterintuitive strategy does the author recommend for growing your consulting business?
  • A. Accept every job offered to build a massive portfolio.
  • B. Lower your fees to become the 'inexpensive alternative' during slow periods.
  • C. Fire the bottom 15 percent of your assignments every two years.
  • D. Focus on acquiring ten $5,000 projects rather than one $50,000 project.
Question 6 of 11
Why does the author insist that a consultant should never enter negotiations with a 'gatekeeper'?
  • A. Gatekeepers usually demand a percentage of the consultant's fee.
  • B. Gatekeepers are authorized to say 'no' but not 'yes.'
  • C. Gatekeepers lack the technical expertise to understand the consultant's methodology.
  • D. Gatekeepers are typically external contractors themselves.
Question 7 of 11
Why is charging a per diem (hourly or daily) fee considered counterproductive and potentially unethical?
  • A. It makes the consultant's services too expensive for small businesses.
  • B. It puts the consultant and client in opposition, as the consultant benefits from longer project times.
  • C. It violates standard corporate accounting practices.
  • D. It prevents the consultant from legally incorporating their business.
Question 8 of 11
What is a negative consequence of having projects 'clumped together' at one point in your project pipeline?
  • A. It forces you to hire contractors, which reduces your margins and growth opportunities.
  • B. It causes clients to lose trust in your ability to manage your schedule.
  • C. It requires you to negotiate with gatekeepers instead of decision-makers.
  • D. It eliminates the need for word-of-mouth marketing.
Question 9 of 11
How should a successful consultancy firm react during an economic crisis, according to the text?
  • A. Cut expenses drastically to survive the downturn.
  • B. Divest from less profitable services immediately.
  • C. Invest in the business and rely on diversified services.
  • D. Lower fees across the board to attract struggling companies.
Question 10 of 11
What is the primary purpose of 'roaming time' at the beginning of a consulting project?
  • A. To calculate the exact number of hours the project will take to complete.
  • B. To take personal time off to maintain work-life balance before the heavy work begins.
  • C. To get an overview of how the organization works and is perceived by different stakeholders.
  • D. To interview competitors in the local geographic market.
Question 11 of 11
According to the author, what is a consultant's 'true wealth'?
  • A. A fully booked 12-month project pipeline.
  • B. Discretionary free time.
  • C. A massive fortune amassed through high fees.
  • D. An extensive portfolio of intellectual property.

Million Dollar Consulting — Full Chapter Overview

Million Dollar Consulting Summary & Overview

This fully revised fourth edition of the 1992 classic, Million Dollar Consulting, walks you through everything you’ll need to compete – and win – in the highly lucrative and busy world of consulting. Million Dollar Consulting offers you the tools you need to attract clients, organize your pipeline, and grow your current consulting business into a million-dollar one.

Who Should Listen to Million Dollar Consulting?

  • Anyone who wants to succeed as an independent consultant
  • Anyone who works with or is considering hiring a consultant
  • Anyone who wants to do better in business

About the Author: Alan Weiss

Alan Weiss is the founder of Summit Consulting Group and has penned more than 50 books, such as Getting Started in Consulting and Million Dollar Referrals. In addition to being named among the National Speaker Association’s top one percent of speakers in the world, he has also consulted for a huge number of companies and has consistently made more than $1,000,000 per year.

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