Monday, April 20, 2015

How to Create Growth in a Consulting Business?



I work with consultants on a daily basis. One of the constant themes that I hear is that the nature of the work is far too cyclical. When you are busy working, you are not marketing. When you are not busy working, you are marketing. A business cannot function like this on a long term basis. You need to have processes in place that help you create recurring revenue, a margin of safety, and cash flow in retirement. Here is the initial questionnaire that I use with consultants to help them see the growth opportunities in their business.

Sales and Marketing Support

1.       Would access to a world class, tested, and proven sales and marketing program help you drive your sales in 2015?
2.       Would having a compelling elevator pitch that speaks to your narrowly defined target market help you develop more interest in your business?
3.       Would establishing a niche market help you focus your marketing efforts on the clients that you want to work with?
4.       Would having a well-defined marketing plan with specific strategies and daily action items help you focus your activities and drive sales in 2015?
5.       Would evaluating metrics and consistently evaluating your marketing tactics result in a more beneficial marketing mix and increased sales?

Recurring Revenue Streams

1.       Would your business have more consistent cash flow and a margin of safety if you were able to create recurring revenue streams on a monthly basis?

2.       Would it be more profitable to create a leveraged business model that is not dependent upon your time and limited by the hours in a day?

3.       Would group coaching, which provides you with access to more clients, and your clients with a more affordable consulting model be appealing to you?

4.       Would monthly coaching be a compelling enhancement to your business and help you provide strategic and execution assistance to your clients?

5.       Would quarterly reviews, which help you develop client strategies on a quarterly basis, create more revenue for your practice, solidify your client relationships, and enhance client performance?

6.       Would broadening your zones of expertise to include consulting, coaching, and business advisory activities make you a more useful resource for your clients?

Peer Advisory Boards

1.       Would using peer advisory boards and monthly coaching to create recurring income, a  leveraged business model, and more project based revenues be appealing to you?

2.       Would having your clients share their goals, opportunities, and challenges on a monthly basis help you develop tailored consulting and coaching opportunities for each client?

3.       Would moving from impersonal content marketing toward monthly working interactions with your clients strengthen your client relationships?

4.       Would using peer advisory boards to remain connected with dormant project clients be appealing to you?

5.       Would being viewed as the most trusted business advisor for your clients, which enhances your reputation with your clients and your referral based business, be appealing to you?



Consulting/Coaching Education

1.       Would access to cutting edge consulting and coaching methodologies enhance your service delivery model?

2.       Would the opportunity to learn and work along-side some of the top consultants and coaches in the industry enhance your ability to serve your clients?

3.       Would broadening your subject matter knowledge base, which helps create new opportunities for clients, be appealing to you?

4.       Would you benefit from gaining more perspective on the unique needs of small business owners?