Jim Crocker, CEO of Boardroom Metrics has posted another helpful video on YouTube about working with consultants.
Titled ‘How to Engage a Consultant’, Crocker provides some simple tips for finding and setting up a relationship with a consultant. They include:
- talking to multiple consultants to ensure that you have the right one before engaging
- clarifying with the consultant what the outputs of the engagement will be – ensuring that you are not disappointed down the road
- clarifying the terms of the engagement including outputs, fee and timing
- putting the terms in writing and getting the consultant to sign it
Again Crocker has kept it simple but there are a couple of things that could be added.
First, the terms should include the conditions for terminating the engagement with the consultant – usually some kind of ‘break up’ fee, or notice period.
Second, although Crocker says “you don’t need a lawyer” when putting the terms in writing, he’s not precluding the idea that you may want to engage a lawyer, particularly for significant engagements.
Finally, he fails to mention that the consultant should always sign a confidentiality agreement before beginning the engagement.