I was reading Seth Godin’s recent post, “Profitable, Difficult, or Important?”, and it struck me: that’s a tension I’ve felt throughout my consulting career.
Although the tension was inside my head, it showed up in my business model,[*] which means it eventually showed up somewhere else. You guessed it: In my bank account!
For example, early in my second consulting practice (I’ve had three), we focused on what we thought was important: serving small nonprofits. That proved to be both difficult, and, as you might guess, not very profitable. Continue reading “Are you driving your consulting business (or is it driving you)?”
Many veteran consultants aim to secure retainers with their clients—and that is a valid goal. Or they’ve heard that “project fees” (charging a flat rate for projects) are the way to go. Retainers provide consistent income over time, whereas hourly rates clearly depend upon the number of hours you work. Similarly, charging project fees is another way of moving beyond time-for-dollars limitations, but this requires Continue reading “Why Hourly Rates?”
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In the lead-up to the holiday season each year, I keep the leftover Halloween candy close as fuel for my professional holiday tradition: planning. If there’s one thing I can attribute to the growth of my consulting practice over the years, it’s this regular practice of taking stock of where I’ve been and what’s to come.
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Some find the timing of this ritual odd. After all, if your business is like mine, many clients are blasting into the busiest weeks of the year. As their consultant, you are experiencing a similarly demanding period.
Oddly enough, I find this the perfect time to start brainstorming about my business’s next act. Why? Because it’s easy to lose some perspective once you’re away from crunch time. I used to take some planning time in early January, and somehow, the fall’s enhanced hustle and bustle feeds my desire to push my business to new heights. Continue reading “‘Tis the Season…to Tackle Business Planning”
If you browse through the consulting section at your local bookstore or search on Amazon, you’d think that #1 among the reasons people start consulting businesses is to “make millions.”
First off, I have absolutely nothing against making a good living. And, depending on your target clients, services, and appetite for business growth, consulting can be a financially rewarding career path. Plus, depending on your business savvy, it’s possible to build your business into an asset that can be sold one day.
But there are multiple good reasons people create a consulting business. I know and have worked with plenty of very successful consultants. Those I respect most have sustainable practices because they have a balance of motivations that keep them in this field. They seem to agree that consulting feeds the soul, the bank account, and the need for independence. Continue reading “The Top 3 Reasons Why People Start Consulting Businesses”
As a consultant, how many times have you wished you could have been a fly on the wall as a prospect reviewed your proposal and those from your competitors? We might be gratified. We might be mortified. But oh, what we could learn!
I recently helped a client prepare a request for proposals (RFP) for consulting services that are outside my core area of business. And, I thought the client’s comments would make for an interesting mini case study on proposals and the proposing process. Although it’s only one data point, I think a lot of my client’s observations had to do with human nature rather than the particulars of this client.
Background: The client sent an RFP to 10 firms, nine of whom responded. This was a “short list” of firms recommended by the senior executive team and board members. The fee for this project will be in the $150–200K range. There’s also an opportunity for repeat business with the client for projects in the high five-figure range. The RFP clarified that my client was reaching out to a “select list” of firms.
Here are some of the standout comments my client made in the review process: Continue reading “What Does Your Prospect (Really) Think of Your Proposal?”
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Susan Schaefer (my Going Solo, Going Big business partner) and I have hired, supervised, mentored, and trained literally hundreds of consultants through our own businesses, our professional networks, and our training programs for new consultants.
And the single biggest mistake that we’ve watched people make (or were about to make in the case of folks enrolled in our training) is thinking that they’re ready to start a consulting business just because they have strong technical skills or content knowledge.
They think that their years of experience in their field, their skills in some technical area, or their content knowledge is enough to start a successful consulting business.
And are they ever in for a rude surprise. In reality, it takes bringing together – harmonizing, actually – five sets of skills to have a successful consulting business. And new consultants typically have two of them at best. The five skill sets are: Continue reading “Don’t Make This HUGE Mistake When Starting Your Consulting Business!”
This post is a companion to our “Success Secrets for the Introverted Consultant” article.
Adam Grant, a professor at the Wharton Business School has studied some popular notions and misconceptions about introverts and compared them with what the research literature says. And he identified five myths that don’t hold up to the scrutiny of research.
Myth 1: Extroverts get energy from social interaction, whereas introverts get energy from privately reflecting on their thoughts and feelings. Grant says that research has found that introverts and extroverts spend about the same amount of time with people and enjoy it just as much. Extroverts and introverts both “experience greater energy when they talk more.” And, introverts and extroverts “report the most energy when they’re talkative and assertive.”
So, what was the difference he found between introverts and extroverts? Sensitivity to stimulation. Introverts are more prone to be overstimulated while extroverts are charged up by stimulating activities. Bottom line though, introverts can be social. Continue reading “Five Myths About Introverts and Extroverts”
Have you considered starting a consulting practice but wondered whether an introvert is cut out for this career? Who’s really an introvert, and can we build successful businesses? Let’s find out.
Who’s an introvert?
In the 1920s, the Swiss psychiatrist Carl Jung popularized the notions of introvert versus extrovert with the publication of Psychologische Typen (tr. “Psychological Types”). He described introversion as “inner-directed psychic energy” and launched a debate about what it means to be an introvert that the field of psychology – almost a century later – doesn’t seem to have settled yet. But here’s what we know. Continue reading “Success Secrets for the Introverted Consultant”
Here are five ways you can boost your confidence as a consultant.
As you start a business, it can be tempting to set up shop, secure a client or two, then expect that things will continue to pop. I was guilty of this myself at times.
I thought that my busy first year would translate into a busy second one. So, I enjoyed the newfound flexibility that came with the occasional slower day. I planted flowers in the garden and met friends somewhat regularly for lunch… until I realized that I was being premature in my comfort. Continue reading “Are You Confident about Your Confidence?”