YOUR SUBSCRIPTION - To ensure that you continue to receive "The Consultant's Corner," please use "BKatcher@centerforindependentconsulting.com" when configuring e-mail or spam filter rules, if you use them.
To make changes to your email address, please click the "update profile" button at the bottom of the newsletter.
The Center for Independent Consulting The Consultant's Corner

The Center for Independent Consulting is devoted to helping aspiring
and experienced consultants launch and grow their businesses.

About Us | Membership | Events | Services | CIC Store | Contact

In this issue…

Dr. Bruce Katcher
Dr. Katcher is the Founder and Executive Director of
The Center For Independent Consultants.

 

Listen to Mike Carruthers'radio interview with Bruce Katcher, "Working For Yourself" on the "Something You Should Know" radio show.

Click fo the Somthing You Should Know radio show interview with Bruce Katcher

Mike Carruthers:
High unemployment and an iffy job market cause a lot of people to think about starting their own business as a consultant.

Click here to go to the audio page

 

AN INSIDER'S GUIDE TO BUILDING A SUCCESSFUL CONSULTING PRACTICE

Our new book is now available. Read more
about the book

Hello,

Tired of making too little money for all of your hard work. The article below on "leveraging" may help. I hope you it useful. Need help launching or accelerating your consulting business? Start the new year right by contacting me at 781-784-4367 or BKatcher@CenterForIndependentConsulting.com.

Sincerely,
Bruce Katchet

Bruce L. Katcher, Ph.D.
President, Discovery Surveys

Print this articlePrint this Article

 

SEVEN WAYS TO GET MORE "LEVERAGE"
IN YOUR CONSULTING PRACTICE

By Bruce Katcher, Ph.D.
Founder and Executive Director The Center for Independent Consulting

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.

 

SPECIAL ANNOUNCEMENTS

  • If you or someone you know needs help starting or growing a consulting business, contact me at 781-784-4367 or BKatcher@CenterforIndependentConsulting.com.

  • Signed copies of my new book, "An Insider's Guide to Building a Successful Consulting Practice" (AMACOM, 2010), are now available. Signed copies are available through the online store on our website. You can also purchase a copy through your favorite on-line bookstore.

  • The free Executive Summary Report of a Survey of 200 Successful Independent Consultants is available for downloading at www.CenterforIndependentConsulting.com. The report describes how independent consultants get started and succeed.

Copyright © 2010, The Center for Independent Consulting and Bruce L. Katcher, Ph.D. This publication may be freely redistributed in full or in part as long as full attribution and our contact information, including email address, telephone number, and web address, are included.

It is the practice of The Center for Independent Consulting to keep all subscriber e-mail addresses for our newsletter confidential. Please be assured that we do not sell or share this information with any other businesses or institutions.

Newsletter design and production by

 KH Graphics

KH Graphics

The Center for Independent Consulting | Nine Blair Circle | Sharon MA 02067 - (781) 784-4367