THE PROBLEM:

Many consultants constantly leave money on the table because they have no leverage in their business.

Leveraging means increasing the return on your investment of time and energy. This principle is the foundation of any financially successful business.

SOLUTIONS:

Here are 7 ways to get more leverage in your consulting business.

1. SELL PRODUCTS

   Turn your creative content into products you can sell. Video and audiotapes of your speeches as well as books and booklets containing your key messages can provide a continuous source of revenue.

2. SELL OTHER PEOPLE'S TIME

   Hire others to provide services to your clients. Make certain you mark up their time to leave yourself with a hefty profit. Unless you have a continuous, non-stop need for such assistance, use contract help rather than hire full time employees.

3. SELL REPEATABLE SERVICES

   Don't re-invent the wheel each time you start a new project. This is no way to run a business. You should package your services in a way that it is easy for you to reproduce for each new client. Create templates for each major step in the consulting process. By selling repeatable services you will save significant time and energy preparing proposals, agendas, and reports.

4. FOCUS ON SELLING ANNUITY RATHER THAN PROJECT BUSINESS

   Annuity business is business that is continuous. For example, actuaries and accountants provide ongoing services to their clients because there is a constant need. Advertising firms also leverage their time by developing retainer relationships with their clients. You gain leverage from these types of businesses because you avoid the high cost and energy of having to make a new sale after each project is completed. Think about how you can re-configure your services so that you provide annuity rather than project work.

5. CROSS-SELL YOUR SERVICES

   It takes much less time and energy to sell additional services to existing clients than it does to find new ones. Therefore, think about follow-on services that you can sell.

6. USE YOUR CONTENT IN MULTIPLE WAYS

   Leverage your creative work. I re-use the content of my monthly ezine in speeches, on my website, in press releases, and to provide advice to my clients. Whenever you develop written or oral content think about how you can use it in at least two or three other ways.

7. CHARGE REFERRAL FEES

   Two of your most valuable assets are your network of satisfied clients and your network of competent consulting colleagues. By establishing a referral fee arrangement with fellow consultants, you can leverage your time by receiving money for the good work of your colleagues.

IN CONCLUSION:

Take stock of your consulting practice and think about how you can gain more leverage from your time and energy.