Have you ever wondered what some of those Consulting Key Phrases like RFP, MSA, or SOW really mean? Well here is a quick break down.
50-thousand-foot view
The 50-thousand-foot view of an item or process is when you take a step back and only look at the high-level aspects of it. Many people will get lost in the minutia of an item or begin to jump down rabbit holes when trying to explain something, so it is good to bring the conversation back up to a higher level when that is all that is needed.
Low Hanging Fruit
Low hanging fruit describes tasks or project items that are very simple and quick to accomplish. These tasks can be started and completed from beginning to end. A good consulting strategy will stack a series of low hanging fruit at the beginning of phases of work so that the client can see the immediate benefits of the work.
Let’s cycle back around to that
This phrase will occur in two instances. The first is when the conversation has spiraled out of control or taken a tangent and what is being discussed is not immediately valuable to the original conversation. Noting down this tangent and coming back to it at a later time is sometimes the best course of action to ensure you don’t go too far off track. The second scenario this will occur in is when the audience member is lost in the conversation or does not have an immediate answer. This is a good way to get a break in the conversation on a topic you may not be familiar with and give yourself some time to get familiar with the topic so you do not discredit yourself.
Boiling the ocean
The metaphor of boiling the ocean represents trying to do too much at once. Taking on more than you can chew adds risk and creates a larger amount of work that may be too much to handle with results that take too long to surface.
Peeling the onion
Peeling the onion describes the process of breaking down a business process one layer at a time, starting from the top.
Sticker Shock
Sticker shock is when you present the client with the statement of work you have been working on for a few weeks and they freak out due to the high price tag. This can be caused by either not initially realizing what average consulting rates are these days or being shocked by the amount of work or the duration of work. Before presenting a statement of work, it is best to review and discuss with your internal team. There may be room for negotiation if you are trying to get a foothold at the client for an eventual land and expand strategy.
SOW (Statement of Work)
The SOW is the detailed document that defines the project purpose, requirements, effort, hours and cost that the client would incur if the project is initiated. A signed SOW by both sides (the firm and the client) is when a project is considered “Inked” and official.
RFP (Request for proposal)
This is a document that requests clients to submit their bid or statement of work for a set of initial requirements.
Non-Disclosure Agreement (NDA)
A non-disclosure agreement is a legal contract between at least two parties that list confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to or by third parties. An NDA is usually created and signed between the client and consulting organization early in the sales process so that both parties may discuss the problem area the client is having as well as the solutions the consulting firm can offer.
Master Services Agreement (MSA)
A Master Services Agreement is a contract reached between parties, in which the parties agree to most of the terms that will govern future transactions or future agreements.
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