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Monthly tips to improve the business and practice of members of The Society for the Advancement of Consulting, LLC - Issue #40: January, 2007

turbo-charge your revenues

If you want to turbo-charge your revenues in the new year, try as many of these approaches that are applicable as possible:

  • Suggest more retainer work, especially to existing clients, and make your minimum monthly retainer fee $10,000, minimum duration one quarter.
     
  • Drop any client not generating at least $25,000 per year. Use the freed-up time to market and/or relax.
     
  • Ask every existing and past client for three referrals twice during the year, and don't take "no" ( or "I'll get back to you") for an answer.
     
  • Stop listening to anyone giving you advice who is not obviously and spectacularly successful themselves. (I would never buy stock from someone trying to solicit me by calling me at home in the evening. If they know what they're doing, why would they have to resort to that tactic?)
     
  • Don't submit a proposal without at least one option over $50,000.
     
  • No matter what markets you're in or what your specialties may be, move into additional markets and add competencies to your repertoire. This is especially important for those of you in the smaller business or smaller geographic markets.
     
  • Turn any training "event" you offer into a consulting "process" by adding value before and after the event, converting it to a continuum that is worth ten times as much.
     
  • Qualify the buyer whenever you're not sure by simply asking, "Just so I stay within your parameters, what is your budget for this?"
     
  • Do your homework. I'm shocked at the number of consultants vying for business who don't know the prospect's revenues, number of employees, market share, etc. Determine the size of your prospect and the impact of what you're proposing on that sized enterprise.
     
  • Attend the absolutely free SAC meeting in New York City on March 23!

One further comment about clients and prospects: I treat EVERY occasion as a business occasion. Even if we're having a drink, watching an informal event, or traveling together, I consider myself in a business meeting. I don't drink alcohol, never use profanity, and always show respect, not "chumminess." No matter how convivial the moment, you can't erase it and it will be remembered, for better or for worse. Why take a chance?

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