C O N S U L T A N C Y S E R V I C E S
In a world where there is so much uncertainty, managing your business and change can be difficult…
In most organisations, project related activities can take up a big proportion of your time/day.
This is where engaging a consultant can help free up your time to concentrate on the strategy and direction of your business. Consultancy services should not be complicated, nor should they only be accessible to large corporations.
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True consultancy is around engaging specialist services in areas where your company has limited or no experience in particular circumstances or situations. Some of these situations might present an opportunity to upskill your existing staff, though long term this has benefits, it also presents immediate risks, as, without the right experience, you run the risk that things might be missed or overlooked. Adopting a hybrid approach means you can acquire the skill sets needed to complete the task at hand, but also, at the same time, develop and upskill your staff for any future circumstances or situations that might arise.
Our consultancy services are around working with you, collaboratively as the client, understanding what is important to you, your wants and needs. Not only that, but we also have the ethos that
With over 20 years commercial experience working across the financial services industry, Peter has access to some specialist skill sets that could enhance and add value to any business. Whether you wish to engage for three days or two years, for one or ten consultants, we can help. You will always get honest advice, so why not get it touch, and we can see how we can help your business today.
RELATED INFORMATION
Disclaimer: The information within this section does not constitute legal or financial advice. The information is for illustrative purposes only and you should always consult a legal or financial practitioner to discuss your personal circumstances.
Absolutely, if you know that your activity is going to take 3 or more years and there will likely be more activities like this going forward, you should look to employ a full-time permanent member of staff. Though you will likely have to pay additional benefits, overall, it will probably cost you less over the long term.
Consultants are best utilised when
- You have a short to medium term activity (3 years or less)
- You require specific skills that do not align with your business and/or your long term mission or goals
- You want an experienced individual or team that understands your wants and needs and delivers to your expectations
- You want to develop the skills within your permanent resource pool
- The activity/project is complex and requires specific knowledge or experience such as regulatory compliance
- You have a period of significant activity (multiple projects) that would likely not be sustained over the long term
When you hire a permanent employee, you will likely pay them a base salary and offer a number of direct and indirect benefits, such as a pension, life cover, bonus, etc. If your employee is ill or goes on holiday/vacation, then as long as it is within certain permitted parameters or within their allowance, you will continue to pay them. If after the statutory period, you could no longer afford that particular employee, you would likely have to offer a redundancy payment based on their length of service.
When engaging a consultant, you only pay them a fixed fee, likely a daily fee. Though it often might seem high, that is all you pay, there are no further benefits such as pensions, as the consultant is required to pay their own taxes, pension, insurances, etc. Also, the consultant only gets paid for the days that they work and if they are ill or go on holiday, you would not compensate them in any way. Once the engagement has ended, and you no longer have a need for their services (regardless of duration), you are able to advise them that the engagement is coming to an end. You would then no longer be required to make any further payments, only for the remaining days they work until they leave your organisation.
The most common type of arrangements will be for a given period (days, months or years). However, arrangements can also be made for more a subject matter expertise type of arrangement (hotline, support, etc.). Typically, the engagement parameters will be based on whether there is a requirement for the consultant to be onsite (of which expenses would need to be considered), meaning that the consultant would operate from your offices. Offsite, in which the consultant would work offsite and may come into your offices for occasional meetings or virtual, in which the consultant works offsite, however, for example, you like engage via video conferencing.
The engagement method comes down to your needs and the type of activity the consultant is engaged to carry out.
Regardless of size, most consultants offer some form of professional indemnity (PI) cover. The consultant typically holds professional indemnity insurance for up to a specific amount for the services they provide. Should the consultant make a mistake or an error that costs your business, then you will likely take the consultant to court to recover those losses. The PI cover is a policy that protects the consultant in such a scenario and provides reassurances to the client that should the worst case scenario occur; they too have some recourse.
This type of protection is standard across consultancies, regardless of size or brand. The only difference might be the cover amount that the consultant is protected for. A typical PI cover amount for a specific consultant is anything from £100k to £1m.
It is rare though for customers to have been subjected to any losses. If the requirements are understood, and the right consultant is employed, the outcome will likely be satisfactory.
Yes – we do accept retainers. Retainers are often paid for services that you know you will likely need in the long term. Typically a company will pay a retainer as a way of negotiating a better rate and/or for ensuring that specific consultants are available to them when they are needed.
The actual cost varies depending on a number of factors, of which include:
- Likely duration – typically the longer the period, the more flexibility there will be with regards to the daily rate
- Type of consultant – different consultants each has different skills and experiences. Very specialist skill sets will likely be higher than general/readily available skill sets.
- Fixed or variable cost – you may opt for a fixed price arrangement, in which a cost for the entire engagement is agreed on up front. In a fixed cost arrangement, should the project or activity take longer than anticipated, then you would not be subject to any further costs. Variable cost arrangements are typically a daily rate and are paid for the length in which the consultant is engaged.
- As a guide (averages), a typical project office type role could cost anything from £300-£500 per day, an analyst £400-£700 per day, a project/change manager £500-£800 per day and a programme manager £600-£1000 per day. These amounts will vary depending on the factors outlined above.
Expenses & VAT
There are also other considerations such as expenses and VAT to consider. If you engage with a consultant and your place of work is not close to their home base, it is likely that additional costs would have to be agreed in relation to expenses. Regarding VAT, most day rates are subject to VAT, so if your business is not VAT registered you will have to factor those costs into your calculations
We are open to global opportunities; firstly we would need to establish your needs and any visa requirements/restrictions. You would also need to consider expenses as part of the negotiations.
