Mongolia continues to attract foreign investment and record strong GDP growth, making the business landscape more complex for businesses, with both opportunities and challenges. In this type of business environment, partnering with the right consulting firm becomes a strategic decision with long-term impact.

This guide is designed to help business leaders make decisions with confidence. Use it alongside our Vendor Assessment Template to evaluate and compare consulting firms effectively. A well-chosen advisor doesn’t just solve problems; they become a trusted partner in driving your organization’s success.

Before you begin the search

Define the problem and the value of solving it

Most consulting work begins with a need that has been identified internally and discussed with the appropriate roles within the organization.  This clarity becomes your foundation. The more aligned your organization is around why the project matters, the better positioned you'll be to evaluate which consultant is best equipped to help.

If you haven’t already, compile what was discussed into a simple project brief document. It should include:

1. Problem or opportunity statement - what are you trying to fix, improve, or capture?

2. Business value - why does fixing this problem or pursuing the opportunity  matter to your organization?  

3. Budget range - know what you’re prepared to invest, even if it’s a rough estimate at this point. Define your assumptions around why investing this amount seems applicable to solving your problem. What are you assuming is involved in the work-to-be-done?  

4. Timeline - include desired start and end dates, along with any hard deadlines.

5. Dependencies - identify teams, functions, systems, or processes that could be affected by the changes.  
   

Assign key roles

Clearly define who will own and support the project internally:

• Project sponsor(s) - the executive(s) with decision-making authority and accountability for success. For example, the CMO may sponsor a marketing initiative.
  

• Project team members - those responsible for day-to-day coordination and delivery.
  

• Stakeholders - Anyone with a vested interest in the outcome or affected by the change.
  

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Optionally, add high-level requirements  

If possible, include high-level solution requirements to help guide discussions:

• Preferred systems or tools to be used in the solution

• Expected financial or operational impact, such as cost savings targets

These early requirements don’t need to be overly detailed. They simply help potential vendors tailor their proposals more accurately.  

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Project briefs are not just unnecessary paperwork

A strong project brief gets everyone on the same page. When your team agrees on the "why," you’re in a better position to:

• Evaluate vendors against clear success metrics
  

• Avoid scope creep
  

• Speed up internal decision-making
  

• Shorten the sales cycle with consultants
  

• Reduce costs and delays
  

Revisiting the brief as a team helps better align everyone on the intended business value and can help with vendor selection. However, be open to adjusting the contents of the brief if circumstances change, you get access to higher quality information, or new project members provide different perspectives. For example, it is common for the problem statement to be updated as the project progresses.  

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Evaluating consulting partners

To make an informed decision, speak with and evaluate at least 3 to 5 potential service consulting firms. Use consistent evaluation criteria to compare them objectively. The following describes 5 key criteria to consider when evaluating potential consultancies.  

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1. Expertise and know-how

Do they have the relevant experience, technical know-how, and a proven track record of solving similar problems? Ultimately, your consultant should be the best fit to solve your specific challenges. Consider the following when evaluating:  

• Feasibility and viability of the proposed solution

• Certifications, qualifications, or affiliations of their leaders and project team

• Proven success in solving similar business problems

• In-depth knowledge of your industry or unique circumstances (if applicable)

• Provides different perspectives for the best of your company, not just to yes-man your ideas and thoughts  

2. Service delivery

A firm with specialized expertise can be the wrong fit for solving your problems if their delivery quality is subpar. Missed deadlines, vague communication, and poor follow-through are all signs of a weak service approach. That’s why it’s essential to assess not just what a consultant promises to achieve, but how they plan to deliver it.

When evaluating their service delivery approach, look for signs that they:

• Use a clear methodology or framework to guide their work

• Demonstrate strong project management practices for both their team and yours

• Adapt effectively to changing priorities or unexpected roadblocks

• Prioritize quality assurance throughout the project

• Maintain transparency and accountability in progress tracking

• Ensure the delivery plan is feasible and viable within your operational constraints

You can observe and evaluate these qualities during the sales process and in the proposals.

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3. Pricing and value

Cost savings matter, but not if it comes at the expense of a successful project or the opportunity to build a long-term partnership with a trusted advisor. A more productive lens is “value”. Does the value they offer align with their price?

• Is their pricing transparent and flexible?

• Are they willing to align with your budget through honest conversation?

• Do they clearly articulate the ROI or value delivered?

• What justifies their proposed fee? What services justify the price tag?

• Are there any hidden costs or vague terms?

If a firm you’re excited about has priced themselves too high, ask to negotiate, but reasonably. A relationship-minded consultancy will be open to adjusting scope or value in good faith if it means a successful partnership.

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4. Client references

Ask for references from clients in similar industries or projects. What do past clients say about:

• The team’s communication and collaboration style

• Whether they delivered as promised

• How they handled challenges and setbacks

5. Relationship fit and management

Seeking a vendor that is focused on building long-lasting and mutually beneficial relationships can matter to your team’s work satisfaction and professional development. How?  

A common byproduct of a service-based project is knowledge and skill transfer, beyond just completing the deliverables. As part of carrying out the work scope, consultants inevitably transfer their skills, tools and methodologies to your internal team. Having a great working relationship with your service provider can amplify this knowledge transfer effect. Consultants who are great to work with also help progress the project and are often critical to its success.

Evaluate this criterion during the sales process. It’s your chance to preview how it is like to work with them.

• Are leaders and team members responsive and proactive?

• Do they tailor their approach to your needs and organization?

• Are they consultative, offering helpful guidance even during the sales process?

• Or are they simply pushing to close a deal without real understanding?

A strong relationship makes every step of the project smoother and more successful.

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Making the final selection

Once you've evaluated your shortlist, narrow it down to one or two top contenders based on your tailored scoring criteria using our Vendor Assessment Template. It can help you to:

• Compare and score each consultancy firm using a structured, side-by-side rubric
  

• Eliminate bias and gut-feeling-only decisions
  

• Facilitate alignment among stakeholders
  

A clear, evidence-based selection process increases your chances of success and sets the tone for a more productive partnership.  

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