The Why and How of Independent Consulting, Key Insights from Paul Perseke

*Financial and Business Consulting Expert*

Professional Background

- Started at Arthur Young (now Ernst & Young) in audit and tax

- Held multiple CFO positions at various companies

- Experience in turnaround management and business transformation

- Currently runs PHP Consulting and serves as CFO of Puretein Bioscience

- Over 20 years of diverse business experience

Why Companies Hire Consultants

Cost and Flexibility Benefits

1. Variable Cost Structure

- Avoid fixed overhead costs

- More nimble workforce management

- No long-term commitments

2. Specialized Expertise

- Access to specific skill sets

- Quick deployment

- Minimal training time

- Broader industry experience

3. Utilization Efficiency

- 100% billable time

- No administrative overhead

- Focused project work

- Faster results

Keys to Success as an Independent Consultant

Personal Characteristics

1. Entrepreneurial Spirit

- Enjoys variety

- Self-motivated

- Adaptable

2. Risk Tolerance

- Financial preparation

- Comfort with uncertainty

- Lifestyle flexibility

3. Intrinsic Motivation

- Desire to help others

- Values work-life balance

- Seeks meaningful work

Business Practices

1. Building Reputation

- Deliver quality work

- Focus on results

- Build relationships

- Maintain professional network

2. Project Selection

- Understand client needs

- Be honest about capabilities

- Know when to say no

- Focus on areas of expertise

3. Rate Setting

- Consider complexity of work

- Factor in efficiency

- Don't undervalue services

- Be prepared to justify rates

Getting Started

First Steps

1. Preparation

- Business infrastructure

- Marketing materials

- Professional network

- Clear service offering

2. Financial Planning

- Tax considerations

- Retirement planning

- Buffer for gaps between projects

- Understanding variable income

Common Challenges

1. Finding First Client

- Leverage network

- Prepare marketing materials

- Be ready for opportunities

- Build portfolio

2. Setting Rates

- Research market rates

- Consider value provided

- Factor in expertise

- Be confident in pricing

Future Outlook

- Growing acceptance of independent consultants

- Increased opportunities post-COVID

- Expansion of gig economy

- Flexibility in work arrangements

Contact: paul@phpconsults.com

*Key Quote: "Never split the difference - focus on creating true win-win situations where everyone feels good about the outcome."*

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