63 percent of the consulting invoices I reviewed this quarter had no defined deliverable anywhere in the scope
I am on the capital side so I read these things looking for the thing that tells me what I actually paid for when it is over, and most of the time it is not in the document. A retainer is not a deliverable. Weekly calls are not a deliverable. "Strategic guidance throughout the hold period" is not a deliverable. I went back through 11 engagements I had seen cross my desk between January and March, and 7 of them could not answer the question: when this engagement ends, what exists that did not exist before? A model, a memo, a go or no-go with the reasoning attached, anything. Two of the 11 had a clear answer. Two more had something you could argue either way. The other seven were just billing for proximity to a decision. I am not saying proximity has no value, sometimes the person in the room matters more than the paper they produce. But I cannot fund proximity, and I cannot show it to my partners, and I cannot tell six months later whether I got it.