Multisourcing Creates More Opportunities
In the past, it was common for consultants to only take on one project at a time. And while that is still possible, refusing to choose just one option limits your success. Multisourcing has many advantages, including the ability to work on more than one project and better financial security.
The US Bureau of Labor Statistics projects that job openings in the management consulting field will increase 10 percent by 2022. The BLS doesn't predict the number of jobs for consultants who choose to be multisourcing and therefore take on more than one project at once, however, if you are willing to work on multiple projects at once, you could see it as a form of job security. Many times, it's likely that not all of your projects will be a success. But by completing multiple consulting engagements, you are less likely to lose money if one project doesn't pan out and more likely to land additional profitable opportunities down the road.
Multisourcing also provides you with different experiences. If one of your clients is in a different industry than the other, that could be beneficial. For example, you can use one client's expertise to help your other clients understand how to best manage their employees and meet the needs of their companies.
The first advantage of being multisourced is that you are able to get more work done. You may have less down time than if you were only taking on one project at a time. Next, having multiple projects gives you the opportunity to increasingly improve your skills and knowledge. Working on jobs under the same manager means that you will probably see exactly the same challenges over and over again. But, by working on multiple projects with help from different managers and team members, you get the chance to learn new skills. You can also use your past experiences with one client to benefit other clients.
The final advantage of multisourcing is that you have the opportunity to charge more money per hour. Rather than working on just one project at a time, you're likely charging each client separately and therefore billing more hours overall. You may not charge your clients the same rate per hour, but by taking on multiple projects at once you can sell your time for more money overall.
While things may be looking up overall for the consulting profession, before long, there will be fewer and fewer jobs available. And those that are open will require a different skill set and attribute than in the past. If you're looking to find a job, or manage your own career, consider working on multiple projects at once to help you grow and succeed in this new era of change.
About the author: Jennifer is an entrepreneur and freelance writer who loves exploring the latest trends in B2B technology and business. She is currently seeking a position in a successful consulting firm for extra income for writers who have-a stable home environment (kids grown), can write with accuracy that doesn't offend people... let's be honest, she has no idea how to write a resume, but can offer the best customer service in the industry.
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