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Monthly tips to improve the business and practice of members of The Society for the Advancement of Consulting, LLC - Issue #82: July, 2010

Observations on the current market volatility:
  • This is going to continue. Get used to it. Moreover, get your clients and prospects used to it. There is no "waiting until this passes." This is the new normal for the foreseeable future.

  • Create your own volatility. Change your approaches. Focus on shorter-term tactics or longer-term strategy or whatever. You can't be the "same old, same old."

  • Emphasize new products and services to existing customers, who already trust you and who will consider new offerings (and who are tired of the "same old, same old").

  • Also emphasize existing products and services to new customers, because for them, they are "new" offerings. Now is a good time to pursue new customers.

  • The "Gulf Stream" in volatility—the constant flow—is referral business. Aggressively pursue all contacts for referrals. Use the phone for those of highest potential.

  • Don't—that's right, do not—keep following the market each day. It exhibits artificial upticks and downturns. Don't make judgments on daily activities, especially for your investments. Stop worrying and attend to your current prospects.

  • This is no time to over-deliver. Too many consultants "fill their time" and procrastinate by claiming they have to do more for current clients. That's just an excuse not to market, which is hard work, and vital.

  • Create multiple contacts within current clients. Don't rely on one person who, despite repute and position, could disappear. Never rely on just one key source.

  • Think "wholesale/retail." Can your work for corporations find traction in the individual purchaser market, and vice versa? Can your work with for-profits find utility in non-profits, and vice versa?

  • Find a solid support group. Stress is enervating and potentially very dangerous. If you're having trouble coping, open up to family, friends, and/or colleagues whom you trust.
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