Take your revenue stream up a notch
Wouldn’t you be more comfortable if you had an ongoing revenue stream that let you:
- Serve the kinds of clients you enjoy working with
- Do the kinds of engagements that are satisfying
- Have time to enjoy life a little more.
Over about 50 years consulting and coaching I’ve learned to improve your stats you need to do some sort of mundane stuff to make the shift. Here’s what you need to do:
- Track your current engagement data (time, revenue and costs)You’ll find more at https://www.bebee.com/producer/@jerry-fletcher/consultant-marketing-eye-on-the-money
- Target prospects similar to your preferred clients
- Take action to be seen, heard, remembered and perceived as a trusted expert.
Yes, it is about the money
Periodically you need to review the time spent and the revenue generated by your activity. That means plotting your actual revenue against what it took to earn it. If you don’t track both, how are you going to know?
Look hard at the clients you like working with that pay their bills on time, provide referrals and you’d like to clone. Before you go charging off after new business be sure you have a complete profile of both the individual prospect and his/her company with a complete comparison to your preferred client/company profile.
The people assessment
This is a process that works for me and has proven to be effective with the elite consultants I work with on three continents. You’ll need a sheet of paper you can work on in landscape orientation. At the top write MY PROSPECT PICK’R. To set up your worksheet drop down a line or two and put in these column headings:
Client Company Primary Contact Repeat?
Step 1. Jot down your clients for the last 5 years, or if you are new to this, as long as you’ve been in business. Note the client company and the individual you worked with.
Step 2. To the right of the names, if you’d like to work with them again (regardless of the reasons) write Yes. If not, just line them out but keep your record as we may need to analyze your reasons why and what it would take to put them in the “Yes” column.
Step 3. Add some facts about your engagement(s) with the “Yes” clients. Specifically under these column headings: Engagement Length Time Revenue Cost Outcome. The length is the number of weeks/months. Time is the actual time you’ve spent working on the project.
Revenue is the revenue generated by that engagement. Cost is your non-reimbursed expenses associated with that assignment. Outcome is a measurement of the shift in client performance.
Now your worksheet should look like this (with examples):
Step 4. I have not included the extended data on those I marked “No” even though one was on retainer for $1000 a month in excess of 13 months and the other generated over $50,000 in six months as well as a stock position in the company.
The first was because the client just wouldn’t pull the trigger. The latter was because the venture capitalists proved to be pain where a pill won’t reach.
Now comes the hard part Even if you said “Yes” you need to look at time versus revenue less costs and calculate actual income. Sometimes you like a client so much you don’t charge them for all the time you’re spending. Sometimes the challenge is so fascinating that helping them resolve it is a huge psychological boost.
At the bottom of the worksheet you need to prepare three assessments:
Assessment 1. Client company
Look at size (employees, sales, revenue), industry (size and direction), longevity, management (strengths, weaknesses and intent), ownership. Be clear on where this company is in terms of its development. Is it a start up? Is it struggling to grow? Has the pace of growth caused problems?
Assessment 2. Client Contact
This is the person who hired you and you report to. The higher the level the better. Owner, President and CEO or COO are the titles that have the most clout. Note that in larger organizations Division Managers might be able to hire you. For each of the client contacts look at demographics and psychographics. Look for similarities. Underline them.
Assessment 3. The Ideal Prospect
What is it about those you designated with a “Yes” that caused that gut reaction? Write it down. Now look back at the revenue. Is there cause for you to reject or not chase a similar organization and contact because the income isn’t there? Should you look at your rates or how you charge clients to find a better way?
Can you define the prospect that could become your next ideal client now?
Here’s a word portrait of my ideal client (more at www.JerryFletcher.com):
Entrepreneurs and Singular Consultants
You’re one of the best at what you do but not enough people know that.
You know you need Consultant Marketing and a Brand but are not sure how to take yours up a notch. You know that to be successful you must be remembered. You’re looking for a way to build referrals and operating on a tight budget without a lot of time to put into your marketing. You’re tired of being told what to do and want help with the how.
And so it goes.
Jerry Fletcher is a sought-after International Speaker, a beBee ambassador, founder and Grand Poobah of www.BrandBrainTrust.com
His consulting practice, founded in 1990, is known for on and off-line Trust-based Consultant Marketing and Brand development advice that builds businesses, careers and lives of joy.