Indrajith (JIth) Wijesiriwardana, Director UVADES is a consultant in development finance specializing in microfinance and other related field including Microfinance in post-conflict and post-disaster situations. Jith is a certified CGAP trainer and was a member of the CGAP resource teams for capacity building initiative in Asia. His previous work experience includes commercial banking and development banking and managing the local arm of an international consultancy firm in Sri Lanka. He has worked in over 25 countries in Asia, Africa, Americas and Europe. He is a Chartered Management Accountant and a Chartered Manager and holds MBA and MA (Econ) degrees. Presently he is based in Colchester, England and heads Uvades Consulting Ltd, a development management consultancy.
Many would-be microfinance consultants providing training services fail, not because they have no skills but because they don’t know how to manage those skills or to present them effectively. As strong as someone might be in technical expertise and training, they may not have developed skills to run a consultancy business. The ability to make it in microfinance training as a consultant (and to generate ongoing income) requires business management skills, which often only come with experience and the “school of hard knocks”.
On basic skills
FSTRC: In your opinion, what are the 3 most important skills needed for building a successful consultancy business providing microfinance training?
Jith:
- A core specialized skill and willingness to learn and update knowledge regularly
- Ability to build trusted relationships based on interpersonal skills
- Skill to lead, endurance during slack periods, and a passion for what we do
On interpersonal skills
FSTRC: Interpersonal skills are the least tangible of consultant success skills, but often the most important. How do you, establish credibility and create a sense of trust and confidence so your clients are comfortable hiring you for key training events?
Jith:
- At early stages, technical skills, knowledge and qualifications help but later what your clients know about you matter
- Make clear that you are there to help them not to find fault (a partner not an outsider)
- Be frank in your opinion but be sensitive to how you share it.
- Establish contact prior to assignment and maintain contact even after the assignment (there are former clients who contact me even now at a personal level to share an idea, opinion and for help etc)
- Develop a relationship beyond work- talk about the industry, share experiences, politics, sports, music and other interests etc.
On marketing
FSTRC: To prosper, do you need to have a specialized knowledge base, or a market niche that distinguishes you from your competition? What goes into marketing a consulting company?
Jith:
- Its important to have a specialized knowledge base but its also important to be flexible to build upon it and move between related fields (and niche markets) – this helps to develop a range of skills, which are complimentary and in demand.
- Understand what you can do and what is beyond your company capabilities. Develop alliances with stronger (and larger) firms with marketing links and access to markets.
- Develop different marketing channels as clients have different practices in recruiting clients. (eg. some agencies prefer individual consultants but others established companies)
On networking
FSTRC: How do you find, cultivate and maintain relationships with new prospects as well as existing clients to ensure you have a steady stream of business?
Jith:
- With today’s technology new prospects can be spotted and contacted early. Plan ahead and line up for them.
- Have a portfolio of businesses and clients that consists of regular cash flow as well as work that brings in diversity. Maintain relationship with clients even after assignments. Register online if this facility is available and update them with company profiles from time to time.
On administering a consultancy business (i.e. billing, writing reports, keeping records, tracking expenses, paying taxes, etc…)
FSTRC: What goes into administering a successful consultancy business?
Jith:
- Administration should be kept simple. Make it paperless as much as possible
- IT helps but advance sophisticated software is not a must. Outsource some administrative services as this is more cost effective.
- Learn about tax matters and seek professional help to get the best deals.
- Financial statements, audits and credit history are important.