Kevin Modany Details Executive Consultants' Best Practices That Can Drive Success
In today’s highly competitive business landscape, an executive consultant delivers client service at the highest level. With a multifaceted skillset and proven success in their business career, this talented executive brings all their capabilities to each assignment.
Executive consultants, such as Kevin Modany, have also developed a suite of "Best Practices" that guide their business operations. These "go-to" guidelines and standards help the consultants operate smoothly and meet each client’s objectives.
What Are a Company’s Best Practices?
A company’s "best practices" are collectively the ethics, guidelines, and work standards that together comprise the most efficient strategy for each business situation. A company’s operations executives, governmental agencies, regulators, and/or other entities may establish these best practices.
An executive consultant would likely bring their best practices into each client interaction. While researching the client’s industry and competitive environment, and designing a solution for the client’s problem, the consultant would keep these best practices in mind. Before implementing the solution, the consultant would set relevant metrics for evaluating and fine-tuning the operation.
8 Best Practices Applicable to Any Industry and Client
Executive consultant Kevin Modany provides consulting services for a well-known private equity firm. He uses these eight best practices while serving the company’s portfolio business clients. Other firms’ executive consultants can also apply these practices in their operations.
Executive consultants should ensure that their practice reflects their personal and professional values. In structuring client interactions, the consultant should be transparent about what they want to accomplish and the client’s role in the process. Finally, Kevin Modany says executive consultants should follow a three-step template for their client interactions. This framework applies to clients in all businesses and industries.
An executive consultant should define their business from the ground up. First, they should list the personal and professional values that drive everything they do. They should also describe their ideal business model and state why it’s important. Next, Kevin Modany recommends that executive consultants craft a powerful mission statement for their business. The consultant’s values and mission statement will serve as decision-making guidelines. Over time, the values and mission statement will help to attract clients who align with these principles.
A highly skilled executive consultant clearly grasps the objectives they want to achieve for their client. However, they should ensure that the client understands exactly what the consultant wants to accomplish along with the factors that are driving the mission. Equally importantly, the executive consultant should discuss the scope of the client’s involvement. If the client must attend meetings and/or provide certain information to the consultant, these guidelines should be presented at the engagement’s outset. For perspective, executive consultant Kevin Modany advocates for transparency in every aspect of client interactions.
Executive consultants who operate with a universal template have built-in guidelines applicable to every client assignment. The consultant can modify this evergreen structure as needed, but the consulting process remains the same.
To begin, the executive consultant analyzes the client’s situation and the factors that may drive (or impact) a solution. If the consultant doesn’t allocate time for this task, the solution will not achieve the desired results. To illustrate, Kevin Modany serves as an executive consultant for a private equity firm. He visits portfolio companies faced with operations, financial, competitive, or other problems. Before developing a plan to resolve the issue, he determines the problem’s cause and contributing factors.
Next, Kevin Modany designs a workable plan that should resolve the problem. He includes a series of action items that, taken together, should produce the desired result. If other associates are involved, the solution should address their roles as well.
Next, Kevin Modany puts the wheels in motion. He begins to complete the action items, typically managing a company team responsible for tracking and resolving the issues of concern. As might be expected, some problems are easier to resolve than others. When the team encounters an issue that threatens to derail the plan, Kevin Modany steps in to assess the situation and revamp the plan accordingly.
In a well-run executive consulting practice, the consultant maintains a clear line of communication with their clients. To resolve each problem, the consultant executes a detailed competitive analysis and designs a data-driven solution.
Clear, concise two-way communication sets the stage for positive outcomes. Ideally, the executive consultant and their client agree on the company’s problem(s) and proposed solutions. Throughout the process, they should maintain close contact and work to resolve issues that emerge. Executive consultant Kevin Modany has long been a proponent of straightforward communication. “If you ask me a question, you’ve got to be careful because I will give you an answer... And I don’t believe in anything other than being honest and forthright. And sometimes it’s painful, but you’ve got to be truthful. And that’s the way I am, and that’s the way I’ve always been,” he remarked.
By understanding the client’s competitive landscape, the executive consultant can formulate a strategy that takes this variable into account. To gain this information, the consultant should perform a detailed competitive analysis of the client’s local, regional, and/or national market. The executive consultant should state how each competitor’s products or services compare to the client’s offerings. The consultant should also note competitors’ investments in new technologies and/or facilities that may indicate expansion plans. Equipped with this information, the consultant can more effectively position their client to accomplish the company’s stated goals.
Today, "soft" skills figure into multiple aspects of a firm’s operations. When it comes to decision-making, however, reliably sourced data should be the foundation of the decision process. Here, the executive consultant should obtain the relevant data, often with the client’s input. The consultant will use powerful analytics software to help determine their course of action.
Kevin Modany Brings Data to the Forefront
Kevin Modany has long maintained an affinity for data-driven decisions. Highly skilled in data analysis, he interprets the results to identify trends and other factors that could impact his client’s operations. Finally, he delivers these insights to his client, formulating the basis for tailored strategies that aim to solve one or more company problems. He also emphasizes that identifying relevant data is key to formulating an effective solution. "There’s a plethora of data. People are collecting more and more of it. I think it requires that we prioritize and we make sure that we’re focused on the right set of data, and we don’t get overwhelmed by it. But I think it’s super exciting," Kevin Modany stated. Concurrently, he recognized the value of qualitative factors in making business decisions. "[The data is] not the end all be all, right? There are still qualitative considerations, and you always have to have that as part of the equation," Kevin Modany summarized.
Marketing the Consulting Practice
Executive consultants, along with other service providers, should ensure that they stay abreast of industry developments. Building their knowledge base through courses and engaging with a mentor or coach are key steps in this ongoing process. Finally, placing thought leadership articles on targeted platforms helps to build credibility with potential clients and industry colleagues.
Many executive consultants regularly invest in professional development that includes taking online courses and/or attending industry events. When consultants invest time and money in their careers, they ensure that they stay current with industry practices and innovations. Equally importantly, many executive consultants maintain an ongoing relationship with a mentor or coach. This highly accomplished individual has reached the pinnacle of success in their field. By receiving guidance from this acknowledged expert, the executive consultant can more quickly gain information on industry best practices. Equipped with this knowledge, the consultant is well-positioned to move up to the next level.
Executive consultant Kevin Modany has proven expertise in one (or more) specific disciplines. Thought leadership marketing enables him to share this expertise by writing articles for respected online platforms. When Kevin Modany provides potential clients with actionable insights and real-world value, that client is more likely to regard him as an expert. In a real-world example, many CEOs and senior executives post thought leadership articles on a Forbes Council platform related to their industry. The publication prohibits promotional articles but welcomes pieces that offer value to readers. The Forbes Council articles typically highlight new economic trends, technologies, markets, or other topics of interest to the specific audience.
Kevin Modany Offers "Best Practices" Advice
By following industry best practices, an executive consultant is well-positioned to deliver exemplary client service. However, even carefully crafted strategies do not always produce the expected outcome. If that occurs, the consultant must be prepared to fine-tune the original solution or pivot to one that better serves their client.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes
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