THE IMPORTANCE OF BUSINESS SKILLS FOR A GEOLOGIST ENTERING THE PROFESSION AS A CONSULTANT

As a consultant, in addition to technical competence, basic business skills are often called upon early in the new graduate’s career. Consulting firms are usually owned and managed by professionals that are entrepreneurial and who have a desire to hire and work with others of like mindset. For a successful career in consulting it will be good for the new graduate to quickly develop basic familiarity in three areas of business: 1) Financial; 2) Legal and 3) Communications. This presentation reviews a few basic business concepts in each of these areas in an effort to alert the new graduate to what kind of business acumen is needed for a successful career as a consultant. In the financial area, familiarity with income statements and balance sheets will help the young professional understand how companies are managed within established budgets and financial models. A general knowledge of where the money comes from and how it is spent will help the new professional understand how an employer must pay for salaries, rent, insurance, supplies, continuing education, taxes and other miscellaneous expenses while establishing appropriate, often competitive, fees for services and producing some margin of profit for growth and a financial return to investors. In the area of legalities, a new professional should quickly get familiar with basics of contract language, professional liability and professional licensing laws. Overriding most other elements of business skill is the ability to clearly communicate verbally and in writing. Excellent communication skill is one of the most desired qualities of a consultant. The new graduate should work hard to constantly improve and refine communication skills. Through communication, which involves more listening than talking, a consultant is expected to build relationships with clients, co-workers, peer professionals, regulators, service vendors and others. These relationships, some beginning from the first day of employment, will eventually become one of the most valuable assets of a professional. With any career choice, knowledge of basic business concerns will serve well to those seeking greater responsibility and advancement, but in a consulting business a greater emphasis is placed on learning business skills earlier in a professional career.