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December 25, 2009

4 Tips to increase consulting revenues in 2010

When you invest, if you invest wisely, you are looking for companies that have a consistent track record of increasing book value, cash flow and earnings per share (the big three) by at least 15%.

Which raises the question...would you invest in you? Are you increasing your worth, cashflow and earnings by at least 15% per year?

When considering your new years resolutions these principles may come in handy:

1) Reduce costs. Get rid of everything in your business and career spending that does not provide direct assistance to the bottom line. I put together a list of bootstrapping tools a while ago that may be of use here.

Principle: If it isn't going to help you increase the big three by at least 15% then put your capital elsewhere.

2) Dedicate time every week to creating new IP. new products and services that can be delivered without you present. Training courses, SaaS programs, books, paid newsletters and mentoring networks. All of these are great methods for leveraging time.

Principle - You will never be wealthy by trading your time for payment - thats what employees do.

3) Trust based assets are probably the greatest assets your business has. Work out how to leverage existing Trust based assets like your network, recommendations and track record; as well as  creating new ones. If you have been doing this for a while then there is probably already a fair amount of good will out there for you. Your goal is to convert this into long term commercial relationships.

Principle: Trust in your character and your abilities is the last great marketing tool.

4) Services need to be systematized, . This has been a big learning for me over the past three years. It isn't enough to just do "stuff", it needs to be a systematic approach. For example, a public course that leads to internal presentations, which lead to pilot programs, which lead to... and on and on.

Principle: Clients need help to see the road ahead. A systematic approach, backed by a track record of achievement, reduces their risk and helps them find their way.

There are a multitude of other things that all hang off these issues here, and we will explore these over the next few weeks.

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