Given your current business structure with a focus on NetSuite consulting for SMBs across Australia and New Zealand, effective project management practices are pivotal. Adopting a standardized approach such as PRINCE2 or PMI's PMBOK can offer a framework that ensures projects are delivered consistently, on time, and within budget.

Implementing agile methodologies could also be beneficial, considering the dynamic nature of software consulting and implementation projects. Agile practices will allow your teams to be more responsive to client needs, adapt to changes more swiftly, and enhance collaboration between your solution architects, functional consultants, and technical consultants. Emphasizing the importance of regular training and certification in these methodologies for your project managers and key team members can also uplift the overall project delivery capabilities of your organization.

As you restructure your business and introduce new project management standards, effective change management practices will be critical. It's essential to manage the human aspect of change to ensure buy-in from all levels of your organization.

Kotter’s 8-Step Change Model can be a valuable framework here, starting with creating a sense of urgency around the need for change, all the way through to embedding new approaches into your company culture. Given the size of your team, focusing on transparent communication, providing training and support, and involving key team members in the change process will help minimize resistance and foster a positive attitude towards the new structure and processes.

For your NetSuite consulting business, adopting best practices in financial management will help ensure profitability and sustainable growth. This includes implementing robust financial planning and analysis (FP&A) processes, which involve detailed revenue and cost forecasting, allowing for better strategic decisions.

Additionally, focusing on key financial metrics specific to consulting businesses, such as billable utilization rates, average project size and duration, and project margin, can help in identifying areas for improvement. Leveraging NetSuite’s own financial management solutions can provide real-time financial reporting and analytics, aiding in more agile and informed decision-making.

Establishing a culture of continuous improvement through the adoption of industry best practices is vital. This entails staying abreast of the latest trends and standards in both the NetSuite ecosystem and the broader field of project management.

Joining NetSuite user groups, attending industry conferences, and participating in relevant webinars can provide insights into how other successful consulting businesses optimize their processes. Additionally, certification in NetSuite solutions for all consultants, not just technical ones, can enhance your team's ability to offer comprehensive, informed advice to clients, thereby increasing the value delivered through your projects.

Engaging and retaining top talent is crucial in the consulting industry, where the knowledge and expertise of your team are your primary assets. Implementing structured career development plans for each role within your organization can significantly enhance employee satisfaction and retention.

This might include clear paths for progression from functional consultant to solution architect, opportunities for cross-training, or even specialized tracks for those more inclined towards technical consultancy or project management. Regular feedback mechanisms, recognition programs, and competitive compensation packages are also key strategies to maintain high levels of employee engagement and motivation.

As you restructure, consider an organizational design that fosters collaboration between your solution architects, functional consultants, and technical consultants. A matrix structure could be beneficial, allowing consultants to report to both project-based leaders as well as functional managers.

This dual reporting structure can enhance flexibility, improve resource allocation, and foster a more interdisciplinary approach to project delivery. It is also essential to ensure clear roles and responsibilities are defined to minimize overlaps and gaps. Building a central PMO (Project Management Office) can help standardize project management practices across the organization and provide strategic oversight on project portfolio management, ensuring alignment with business goals.