PICA Member Spotlights

Q&A with independent consultants who successfully “made the leap” and created the consulting career of their dreams

Q: Please introduce yourself!

A: My name is Vik Lal and my business is Stratum Consulting. My consulting specialty is organization effectiveness for M&A and restructuring initiatives. Specifically, that includes providing change management and org design services for clients undergoing M&A integrations, divestitures, and other transformations.

Q: That sounds complicated. Have you been doing this work for a long time?

A: Yes, I've been a management consultant for most of my career and now I've been independent for about one year.

Q: So you're fairly new to the independent path. What are your initial impressions?

A: I really enjoy it. I've been able to take my experiences and what I've learned at larger firms and deliver similar types of services to my clients, but also with the added flexibility and control of my schedule.

Q: Are you making the money that you wanted to make or are you still building momentum?

A: Luckily it's been a really hot market and fortunately this has worked out great financially for me. Since I’m not a W-2 employee, I’m also able to save a lot more for retirement, which in turn lowers my tax rate. One of the many added benefits of having your own business.

Q: Why did you decide to go independent?

A: I've been a management consultant for most of my career at larger firms including Deloitte Consulting and PwC, where I developed my core consulting skills and built my expertise. I had a great experience at both firms. About three years ago when I had a baby on the way I realized I wanted to have more flexibility and control of my schedule. I wanted to be able to spend more time at home instead of being on the road four days a week, which is what I did for about 10 years. I took a very common transition path for people in my situation and stepped into an internal role in industry. I did that for about two years and I realized I really missed consulting and partnering with my clients. I missed being an advisor and leveraging my previous experience. I missed the variety of work across different industries on different types of projects and playing different roles. I came across this alternative path of independent consulting and so far it's provided me with the benefit of doing what I love doing in a consulting capacity, and also having more flexibility and control of my schedule.

Q: So your child is still pretty young, right? Were you stressed or scared about providing for your new family?

A: I think what helped me feel comfortable were the channels of work I established through my network. It really comes down to that. Once I felt like I had a good runway of potential work, I had the confidence to go full speed ahead and jump in with two feet.

Q: Tell us a little bit more about that. When you said building channels or getting a running start before you actually went independent, what did you do?

A: There are different types of channels out there. There are resources online that identify potential candidates for projects. There are live networks where the referral path is through individuals who have relationships with different companies. For me, there were firms I had previously worked with, and I’ve stayed connected with them. There are a lot of creative ways that can help you identify your next potential project. I worked long and hard to put my name out there and make sure everyone was aware of my new career path decision, my availability, and the services I could provide.

Q: Did you end up doing any subcontracting for any of the larger firms? If so, what was that like, since you used to be an employee?

A: Yes, I have and it was really interesting. As a subcontractor, I've actually worked with some of the same people I used to work with when I was an employee. So to some extent it's seamless and I'm just part of the same project team like before. But then in other aspects, there is a little bit more independence. Overall it's been a good experience.

Q: Is there anything you miss about being part of a bigger firm?

A: Some of what I miss is being part of a broader team and culture. To some extent, I think everyone is experiencing that right now with COVID. Everyone is working from home which naturally makes you feel more independent compared to being in the office with your team.

Being independent aside from COVID, you are your own independent consultant, running your own business, and you may be part of the project team, as well as the larger organization you typically interact with. I think I do miss being part of a bigger team, but I still have some of those aspects. Anytime you're in consulting doing the type of work that I do, you're going to be working with other people and collaborating, so you still get that benefit.

Q: You've mentioned about running your own business. Why did you decide to set up your own business and not just subcontract?

A: I think there are a lot of different types of projects that I could have the opportunity to work on through my own business or in a subcontracting role. I want to keep all different types of channels open to increase opportunities of finding work. In addition to that, there are a lot of other benefits of having your own business that I've learned about in terms of income, taxes and retirement. Those are all perks that are worthwhile in starting your own business.

Q: How did your partner feel about you setting up your own business or stepping out on your own, and how did you handle that?

A: My partner also has her own business, so I think she went through some of the same hurdles of establishing her own business. I actually learned a lot from her on that. I think it comes back to your network and having already established certain channels of work. That helped us feel comfortable financially.

Q: Since you’re both self-employed how do you handle health insurance?

A: That’s the most common question I get from people when they hear that I started my own business. It definitely is a big expense compared to previously when I was a W2 employee. But at the end of the day you have to look at your total income versus total expenses, not just how much more health insurance is independently. And through that lens this option has definitely been more lucrative. To find health insurance I got quotes, shopped around and found a plan that works for our family.

Q: What's been your biggest challenge since you went independent?

A: My biggest challenge has been just balancing my time between building my business in the background and also delivering client service. Both are really important. Sometimes the most likely next project is with your current client, either through an extension or an adjacent project, given that you just worked with them, and they know what you can do. But at the same time, once that project and that client is done, having a healthy runway and pipeline is really important as well. Admittedly, I probably have spent a lot more time delivering client service than I have building up my business in the background. So that's just something I'm trying to focus more time on because I think in the end they're equally important.

Q: Do you block time on your calendar or do you have a to do list? How do you keep that front and center?

A: Every month I have a different goal of what I want to accomplish, whether it's branding, building my website or networking. Networking is really something that just needs to happen all the time, but aside from that, there's other little things I just haven't had a chance to do, so every month I try to focus on spending more time getting those things done. Typically, Fridays are a little more available and that's when I do most of my work on building my business.

Q: If you could go back and talk to Vik from two years ago and give him a piece of advice, what would it be?

A: Don’t be afraid of the unknowns and really do your diligence and homework to understand the benefits of being an independent consultant, what it can bring you, and the challenges. If you really are receptive to all the possibilities, I think more people would feel comfortable and go into this type of profession. I think there's a lot of fear when you've always been a W-2 employee where you can have predictable income, benefits, and other aspects you're just used to, but when you really dig into it, look at it from a detailed perspective, and think about what independent consulting can offer you, I feel like a lot more people would be interested.

Q: Have you had to step out of your comfort zone at all, or push yourself in new ways?

A: Yes, because I was a W-2 employee for about 12 years, and this was the first time I didn’t have predictable income. So I definitely pushed myself out of my comfort zone. But, I'm still doing very similar work. I'm leveraging my experience from throughout my whole career and the network I've built over time. So those all helped me, even though I was stepping outside of my comfort zone.

Q: If somebody wants to learn more about Stratum Consulting and/or you, how would they do that?

A: They can reach out to me directly at viklal@stratumconsult.com or find me on LinkedIn. Speaking of finding time to build my business, I'm still building my website and that will also be another channel in the future.

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Know the benefits and challenges before making the leap: