1. What are Your Values?
Any oil and gas consultancy should have strong values that they stay loyal to. Make sure their overall goals and philosophy align with yours, or you could face unnecessary personnel challenges in the future.
2. Have You Consulted for Clients with Circumstances Similar to Ours?
Just because a consultancy is experienced or decorated with awards doesn’t mean they are the best fit for your business. Make sure they have worked with similar clients. If not, ask them how they plan to alter their approach to best serve your needs.
3. With What Size of Company Do You Have the Most Experience?
Does the consultancy in question work primarily with small startups, medium-sized business, or large internationals? It’s important that their firm is set up appropriately to serve your business model.
4. Who Are Your Partnerships and Affiliations?
It is vital to avoid a conflict of interests by confirming that the consultants are not working closely with competitors or companies whose efforts work against yours. If they are aligned with a large, reputable industry name, however, that could be a good credibility indicator.
5. What Do Your Other Clients Say About You?
Any reputable consultancy will readily offer quality testimonials and references from previous clients and partners. Do your due diligence, and make sure others are praising them before you hire them.
6. Will We Be in Contact with a Veteran Consultant, or a Less Experienced One?
It isn’t enough to work with a well-known firm: you need to be reassured that the individuals you will be in contact with are experienced and high up in the firm. Every new consultant needs a chance to demonstrate their skills, but your venture doesn’t need to be their guinea pig.
7. How Do Your Clients Perform Compared With the Market?
Are the consultancy’s past clients perming at 2, 3, or 4 times the market rate? Or are they performing less than the market rate? Ask to see hard data and statistics that demonstrate their competency in results, not rhetoric.
When exploring opportunities, the potential for vast gains can be exciting. But it is important to maintain patience and conduct in-depth research before hiring a consultancy firm. By asking the 7 questions above, you can make sure that you receive nothing but the best service in helping you capitalize on the incredible opportunities in the oil and gas markets.