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Million Dollar Consulting® Mindset
From Alan Weiss

Volume 1 Number 7
July 2011

A monthly newsletter with the objective of quickly and pragmatically helping consultants to improve their craft, results, and lives.

The Nature of Adverse Consequences

There are three aspects in decision making. There are the objectives to be met, which typically seek to maximize output while minimizing input (resources); there are the alternatives to be considered, or options that are available; and there are risks, or adverse consequences.

Every single alternative in every single decision has adverse consequences. The may be minor or mild, but they’re there. And they may be major and fatal, but unseen or underappreciated. That’s why every good consultant need to develop a healthy respect for them, and help clients identify and deal with them.

People tend to “hop on the bandwagon” of popular alternatives, which seem highly favorable in terms of meeting the objectives of the decision. But if that zeal is too strong, it tends to overlook the risks. We become blinded by the light of the benefits. Adverse consequences lurk in the shadows of the decision, and we have to cast light on them in terms of the probability of their occurrence and the seriousness of their impact if they do occur.

Case Study

I ask people frequently, as an exercise, “What would you do if concerned about fire when you’re building an important new facility?” I encourage them to shout out their first responses, and they tend to be sprinkler systems, evacuation routes, fire extinguishers, fire alarms, fireproof doors, insurance, and even on-site fire apparatus.

The problem is that all of these are contingent actions, designed to reduce the effects of fire if it occurs, mitigating loss of property, money, and life.

However, to prevent fires, one needs a fire marshal, “no smoking” signs, adhered to standards for electrical equipment, isolated combustibles, and so forth. The fire fighters earn deserved respect for racing into burning buildings, but fire marshals are the ones who can prevent the fire.

No matter how excellent the sprinklers, insurance, or escape routes, the fire has already begun. Look to seriousness in risk to develop contingent actions to mitigate effects,  but look to probability to develop preventive actions which can eliminate the problem from ever occurring.

Frequently Asked Question

Q. Is there a case to be made for simply accepting risk, sort of rolling the dice, because trying to prevent it or contain it is simply too expensive?

A. It depends what your investment is in terms of money, time, energy, and repute. If the worse thing that walling on ice can do is create a fall that skins my knee, then that may be worth the risk of walking. But if the streets are coated and the risks of driving include death or severe financial loss, then perhaps I don’t want to take the car that day. For example, any consultant who doesn’t carry errors and omissions (malpractice) insurance in this litigious age is accepting far too much risk just to save a few bucks.

Upcoming

THE ART OF THE REFERRAL: SPECIAL TELECONFERENCE

August 15, 2011, One Hour, Noon Eastern US Time

Includes a free download within 48 hours AND a free copy of my new, highly acclaimed book, Million Dollar Referrals, if you register before August 15! (Book shipped upon publication in the fall.)

Learn practical techniques to turn every sale into multiple sales through intelligent pursuit of referrals, and stop leaving hundreds of thousands of dollar on the table each year. This is one of the fastest routes to short-term business and revenue. I’ll share the latest, greatest techniques and language in this unique, new teleconference.

ALAN WEISS IN SYDNEY

November 16-17
Sydney, Australia

A “mini-Consulting College, with a quarter century of consulting success presented in terms of thought leadership, Million Dollar Referrals, exploiting the two sales you make with a proposal, remote coaching and consulting, setting the highest fees of your life and getting them before the project begins, and much more. First 25 people get a free, third morning with a personal debrief by Alan. Dinner for 12 available with Alan on November 15 (two seats remain!). The one-time opportunity of a lifetime.


For readers of this newsletter: 10 percent discount on the Million Dollar Consulting® Colleges in Newport in October. Click the month for details and registration. Use the email link below to alert me you’re taking advantage of the offer.

© Alan Weiss 2018. All rights reserved.
You may reprint and excerpt this newsletter provided that you include our copyright, the source, the author, and “reprinted with permission.”
ISSN: 2159-306X

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http://www.summitconsulting.com
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Twitter: @BentleyGTCSpeed

Million Dollar Consulting® Mindset

Volume 1 Number 7

For more issues of Million Dollar Consulting® Mindset, click the link below.

Alan Weiss's Friday Wrap™

In response to people who have asked me for a regular and consistent "shot in the arm booster" for their growth, I've created this new relationship for 2011. You'll be able to submit questions, and I'll take the most controversial and/or popular and answer them each week. You'll hear and see my newest intellectual property first. Everything will be archived and downloadable solely for members of the community.

Mentor Program

The mentor program is conducted on two levels, with three identical programs offered on each level. The two dimensions are Trusted Advisor  and Mastery. Click here for the profiles of the current Mentor Masters.

The Consulting Bible

Everything you need to know to create and expand a seven-figure consulting practice

  • By Alan Weiss, PhD

  • John Wiley & Sons 2011 (Soft Cover)

  • Release date April 2011

The Writing on the Wall

A monthly video series hosted by Alan Weiss and featuring Koufax the Wonder Dog, addressing topics of global importance, professional importance, or whatever has distracted or irritated Alan at the moment.

Million Dollar Consulting® College

Oct. 31- Nov. 4, 2011
Castle Hill Inn
Newport, RI

Participate in the finest development anywhere for consultants and related professionals.