How Stable Is Your Consulting Business Right Now?
This was originally posted on my Seven Figure Consultant LinkedIn Newsletter. Subscribe today to get insights about how women are building powerful and impactful consulting businesses.
Over the last couple of weeks I’ve spoken to many consultants who are experiencing a drop-off in clients, and income. But I’ve spoken to more who are maintaining if not growing their income – want to know their secret?
Those who are enjoying relative stability have one thing in common – they work with the highest level audience possible.
The more financially secure your clients are, the more secure YOU are.
This seems counter-intuitive.
Surely during challenging economic times it’s the higher ticket contracts that get cancelled?
Shouldn’t we be slashing prices and creating low cost offers?
NO – that’s a race to the bottom your business won’t survive.
The organisations large and profitable enough to invest in your consulting services are more able to absorb the downturn and continue working with you.
And it’s not just financial stability these higher level audiences offer. There are other benefits to this positioning.
Often it results in more fulfilling work. Overseeing or providing strategic direction rather than ‘doing’.
And often it also means using more of your skills and experience.
If you’ve worked at a senior level in corporate, yes it can be a refreshing change to provide operational support to clients when you first set up on your own. But most women I speak to find this gets old pretty quickly.
Because you’re capable of so much more.
And if you spent your corporate career feeling overlooked or underused, or put in a box -> it just doesn’t make sense for you to set up a business that replicates this feeling.
So to create an enjoyable, fulfilling, financially stable consulting business, work at the highest level you can. That is one of the most significant ways to safeguard your business right now – and it is ALWAYS a great rule of thumb to have as your guiding star in business.
I’m interested to know if you’ve seen this in your own business? Have you kept most of your consulting clients? Which have continued to work with you, and which have left?
Or, like some of the women I’ve spoken to, were you let go, then re-hired after the initial panic had worn off?
🎧 This episode of the Seven Figure Consultant Podcast with Jessica Fearnley is all about how to how to help your business bounce back after a crisis.
Thanks for reading! I’d love to hear your feedback and future topics you’d like me to feature.