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Monthly tips to improve the business and practice of members of The Society for the Advancement of Consulting, LLC - Issue #62: November, 2008

Monthly tips to improve the business and practice of members of the Society for Advancement of Consulting, LLC

In these turbulent and unpredictable economic times....

  • Make essential investments (self-development, marketing) but delay non-essential investments (new cell phone, new car, time share).
  • Introduce new value (new products and services) to existing clients, who may "knee jerk" and cut back on older products and services.
  • Seek new clients in recession-proof industries (health, pet care, security, etc.) or clients doing relatively well despite their industry (Bank of America).
  • Surround yourself with optimistic, positive, successful people; eschew the "victims" and pessimists.
  • Do not accept advice at association meetings or from solicitations from anyone who is not, themselves, manifestly accomplishing what they claim you will accomplish by listening to them. (There are more people giving coaching advice than there are good coaches.)
  • Save some minimum amount (e.g., at least 10%) from every sale and deposit it in a savings account.
  • Provide your clients and prospects with all the options you possibly can to work with you. Focus on "how" they may use you, not "whether" they should use you.
  • Keep yourself abreast of business developments. Read assiduously. Search out new opportunities, watch trends and patterns developing.
  • Provide value for everyone you know whenever you can. Make sure you're seen as the "go to" person for a variety of needs. Use publishing and interview opportunities to keep your name visible.
  • Do not incur debt if you can possibly help it. Short-term credit card payments make sense, but if you can pay from your current cash flow you'll be much better off.
  • Maintain contact with your bankers. Make sure you are extended the most favorable financial terms, refinancing options, new product offers, etc.
  • Keep yourself healthy. Work out. You can't afford the flu or a prolonged illness at this stage.
  • Talk through your problems and challenges with someone you trust. Don't allow stress to become a further adversity.
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