Consultant Connections

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  • 1.  Soliciting bids from consultants

    Posted 02-21-2024 07:08 PM
      |   view attached

    Dear Community Members - Friedman Associates is a 16-year old CDFI Consulting Services firm. Please refer to our website for details on our products and services. I am eager to see how this discussion group evolves.

    By way of background, we have been an active participant of the General Forum and Small Business Forum. A review of the 90 plus posts we've made over the last few years confirms that our intent has been 'knowledge transfer' - relating information about best practices, trends, CDFI Fund 'issues', etc. With 25 years in this business, we have accumulated a body of knowledge and experience that we feel believe is worthy to pass along to the CDFI community, in general. We hope to continue that here, but not if it violates the stated guidelines for this group.

    Please note that our firm will not respond to general requests for consulting support that do not include a specific 'Call for Bids" or "Request for Proposal."  Best practice in soliciting expertise from consultants involves developing an internal organizational "SOP" that details the specific project requirements, experiences, and competencies required, and provides a level playing field to submit a bid.  Here is an excellent resource that describes a process to solicit and evaluate proposals. 

    In line with my initial comment, emerging CDFIs might find this "Start Up CDFI Checklist" useful. In fact, I welcome the contributions of other consultants to improve it!  Thanks!



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    Jason Friedman
    CEO
    Friedman Associates
    Iowa City IA
    319-321-5884
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  • 2.  RE: Soliciting bids from consultants

    Posted 02-22-2024 11:12 AM

    Jason, thank you for your post and years of service to the CDFI community.  I agree with your recommendation of CDFIs putting together an RFP as the most effective way to solicit a consultant who is the right fit.  Also, I commend you for emphasizing your intentional value of "transferring knowledge".  I wholeheartedly agree.  I think CDFIs need to do a gut check before hiring a consultant.  It can be challenging to measure but well worth the effort. 

    Jim 



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    James Carras
    Principal, Carras Community Investment, Inc.
    Lecturer, Harvard Kennedy School
    Cambridge MA
    9544152022
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  • 3.  RE: Soliciting bids from consultants

    Posted 02-22-2024 11:47 AM
    Edited by NOSA IYARE 02-22-2024 11:48 AM

    I support the reasoning behind this post. While creating an RFP may be challenging for some smaller organizations, it does help to have a structured approach to hiring a consultant. Being deliberate about the scope, timeline, pricing and project outcome goes a long way. Also, depending on an organization's needs, an employee may be a better fit than a consultant. Understanding how and when a consultant is needed and how to engage them would always produce the best results.



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    Nosa Iyare
    Managing Partner
    Overwrite


    Underwriting, TA & Consulting for CDFIs
    www.overwriteinc.com | nosa@overwriteinc.com
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  • 4.  RE: Soliciting bids from consultants

    Posted 02-26-2024 09:36 AM

    Thanks, James and Nosa - and let me embarrass you both by pointing our that I admire both of you and your commitment to an inclusive economy and equitable access to capital. James is one of those rare professionals that has deep skills in big picture strategic thinking, but is equally adept at getting into the weeds.  Nosa, a former underwriter for a CDFI in Colorado, has take the industry by storm with his super powers in loan underwriting and the mechanics of running an industry standard loan fund. 

    I hope this dialogue will encourage other consultants to weigh in on building relationships of trust between consultants and prospects. Dovetailing back to the original post on templates, there are a number of core investments an emerging or certified CDFI will make at strategic junctures in its organizational development - a business plan, loan fund policies and procedures, a loan operating system, accounting system and CRM, a capitalization plan, staff training, etc.  All of these investments are great examples of initiatives that could be funded by third parties under the general heading of "Institutional Capacity Building." I can imagine the folks out there who just submitted CDFI TA applications nodding their heads.  Whether you did or not, the TA application serves as a good 'template' for developing your 'case for support.' 

    Staff exercise: come up with a list of capacity building investments for the next three years. Summarize who you are, your mission, target market, products and services and top line outcome data. Summarize your Capacity Building Investments for 2024-2025 - what they are, why they are important to creating a best practice loan fund, state the cost, etc. Be as specific as possible in terms of the measurable and tangible results from these investments. Keep refining your 'pitch' until it sings, and gut-check it with an externa stakeholder you admire - a community foundation officer, business owner, donor, etc.  Get it down to no more than two pages and distribute it to staff and the board.  Ask everyone to take some time to memorize it and then have a mock competition to see who makes the most compelling argument.  Have fun and be creative. The comradery, and feeling of unity and shared purpose will literally blow the roof off the building. What does it say about an organization where everyone from the receptionist to Board members use the same 'script' when talking about the organization? Oh yeah, then send that brief call to action out to your stakeholders, welcome a conversation on how they could support your agenda, and update them at least twice a year on your progress.  Share your stories here! Thanks! 



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    Jason Friedman
    CEO
    Friedman Associates
    Iowa City IA
    319.341.3556
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