PICA Member Spotlights

Q&A with independent consultants who successfully “made the leap” and created the consulting career of their dreams

 

Q: Please introduce yourself and your business, and tell us about your area of expertise.

A: I'm Teri Nagel. I'm the principal and founder of Nagel Strategies, LLC, an independent consulting firm that focuses on procurement and supply chain for medium and large size health care companies. That can range from biotech, to life sciences, to medical devices, and pharmaceuticals. My favorite projects have elements of supplier relationship management and public-private interactions.

Q: There must be a lot of demand for your expertise in supply chain and health care. Can you tell us more about the type of work you do and the companies you work with?

A: Sure. Before Covid it was quite different. I was focused primarily on business with indirect supplier spend which is things like marketing, IT, and HR consulting. The goal is to make sure they have the right partner at the right price, whether that be through market scanning, RFP (request for proposal) or supplier negotiations. Procurement is kind of an obscure function, but I focus on medium to large sized companies because they really have the budget and care enough to rein in spend or find the most innovative supplier that can impact their financial results. For smaller companies it doesn't make sense to bring in an independent consultant just to save a thousand dollars here or there. Post Covid, an example of an indirect spend would be that healthcare services during the pandemic became important, especially for the large healthcare manufacturing companies who needed to have employees on site. But, you’re right, now more than ever, supply reliability has become a top priority for most health care companies and my recent work has been in sourcing raw materials (direct spend).

Q: How do you find your clients?

A: The first was through a Facebook group. Everything else has been referrals and opportunities from formal colleagues.

Q: You're the only person I know that's ever won consulting work through a Facebook group. Can you tell us a little bit more about that? Was it a Facebook group specific to healthcare?

A: My very first client was a nonprofit that posted in a small, private group of like-minded professionals local to Pittsburgh, loosely themed around social justice issues. They were looking for a particular skill set. I reached out and got the job. The leaders at nonprofits wear a lot of hats and they have to be resourceful and bootstrap things sometimes. The director of communications and development posted in this group that they were looking for someone who could do writing for their technology platforms for teen mental health and social services for aging. Even though that’s not procurement, it was kind of in my wheelhouse since I “grew up” in marketing and government affairs, and it was in the health care space. It gave me a chance to get my business rolling.

Q: Tell us about how you've been getting business referrals

A: I actually got one from another PICA member, Jodie! Just like you always suggest that we network, she and I were chatting about our LinkedIn pages and brainstorming what my next post should be. During that brainstorming I mentioned that I had recently read the latest Bloomberg report and how much the word supply chain was used earnings calls. Pre-Covid, I always felt like procurement and supply chain never got as much love as other functions like Marketing or Finance, so I ended up spotlighting that and saying how happy that made me on my LinkedIn post. A person I had previously worked with saw my post, reached out, and I had a statement of work to help remediate a supply chain crisis within two weeks.

Q: It wasn't a long article, was it? Just like an update on your feed?

A: It was a post on my feed with a link to the Bloomberg article. Jodie’s suggestion was to make sure my post was personal, then to tell how I’m an expert and why it excites me, and then to link the article to show that I’m keyed in.

Q: Tell us a little bit about how you made the leap to independent consulting. It was about two years ago, right?

A: It was. I had a bunch of personal life changes, I guess I proudly call myself a trailing spouse. It has taken me two years to ‘own that’ and make my own thing that works and is fulfilling. I guess you could say I’m leaning out, instead of leaning in. My husband has this niche career that has moved us around and the big corporate that I was working for wasn’t ok with me working remotely. (This was pre-Covid.) I had been thinking about going out on my own for a while. Honestly, in the beginning independent consulting was going to be the side gig that sustained me while I worked in a different, more novel medical device idea in humanitarian aid space. But Covid wrecked that plan and I got more and more into the independent consulting and decided that would be good for 100% of my time. I’m enjoying myself and I can always go back to the other idea later. 

Q: I think it's inspiring that you found a way to do what you love and not have to quit and find another job every time your husband gets transferred or moved.

A: Thank you for saying that. I think it’s inspiring, too, but I never know how it will come across to people.

Q:  What do you know now that you wish you had known back then?

A: That it will work and I can make a real career out of this. I’ve had a paycheck since I was 16 and when I left the big corporation I didn’t have a client. I started my business in 2019 and I didn’t get my first client until November 2020 and I was starting to worry and even interviewed with BCG and Deloitte because I figured if I couldn’t do it on my own, I needed to add to my experience. I turned down an offer to join Deloitte in DC because relocation was a requirement. But shortly after I ended up landing that first client!

Q: What has been your biggest challenge?

A: Running my own business has definitely been a challenge. But overall I would say taxes and a retirement saving strategy is something I’m still wrapping my head around. I decided to just pay someone who is great with that so that I know I have the right strategies in place, which puts my mind at ease.

Q: How or why did you decide to name your business Nagel Strategies?

A: Honestly, I wanted it to be very simple. I didn’t want to spend a lot of time ruminating over the name because I thought I could always do a fictitious business name once I got everything started. But I did look at other people’s LinkedIn profiles that I thought looked good, or made the person look confident, or that I thought I would hire. I found one example of someone who used her last name and ‘Strategies’ and that resonated with me. I looked at it like I would bring the strategy and that would be evident in my business name. I also kept my logo pretty simple. I thought as long as there was something there, I could always go back and tweak or add to it.

Q: What’s next for Nagel Strategies?

A: Definitely honing my niche. I have a passion for B2B communications and strategic sourcing for procurement. Those two lines of service are so separate in terms of the target audience—budget owners in supply chain and operations vs. budget owners in marketing or communications. I need to decide if I’m just going to drop the communications altogether and maybe just do that on the side or keep it because I want enjoy the work. I’d like to get to a point where writing is only about 25% of my time. The second thing I plan to work on is my pipeline. I have built my business with only three clients and organic growth with multiple engagements, but now it’s really important for me to diversify with more clients in the healthcare industry.

Q: How can people learn more about you or Nagel Strategies?

A: I love a good Zoom sesh, especially with fellow PICA members. Reach out to me at teri@nagelstrategies.com to set up some time. To learn about my services, visit my website or connect with me on LinkedIn.


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