For Women in Consulting Today, Necessity Is The Mother of Invention – With Inspiring Results
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.
Where’s the magic money tree in your consulting business?
Do you know where the money comes from? The greatest source of income for your business? Sorry, there’s no actual money tree that magically grows cash, but there are some activities in your business that generate more profit than others.
And it’s vital you know where the value of your business lies, and what activities you are seeing the most financial return from in the business.
There can be some real surprises in this area. Sometimes we can be so convinced we’re doing the right things because money is flowing in, that we don’t stop to check if we are prioritising the most profitable activities.
Understanding this relationship between what you do and what the return is in your business, is absolutely central to working less and earning more in your business.
And the route to working less and earning more is simple -> make profit your top priority.
It sounds so simple doesn’t it, but we get this backwards so very easily.
Now is a crucially important time to lean into the things that ARE working in your business.
And these things may have changed over the last few months, so now is a great time to dig into your business financials and find out where your money is coming from.
If you have a particular service that is selling at the moment, or even a digital or physical product that is doing well, can you do more of this? Offer it to more people? Increase the volume and expand its reach?
At the moment though with uncertainty in the air when it comes to exactly what the next quarter will bring, it’s important not to put all your eggs in one basket. Having more than one stream of income in your business here is really important.
Because it gives you that flexibility and also it broadens your ability to serve the people who want to buy from you.
So it could be that your core income comes from consulting services that you deliver to corporate firms.
It could be that you can expand your consulting to different companies or a different sector.
It could be that you can offer a complementary service like coaching alongside your consulting work.
It could be the time to explore digital or physical products.
But the key thing is to base these decisions around what your clients need from you.
I launched a video series called the Scaling to Seven Figures Video Guide.
It’s made up of six short videos that walk you through each of the Six Essential Elements of a Seven Figure Consulting Business – that’s Revenue, Organisation, Leadership, Risk, Growth and Profit – which means you don’t have to keep feeling like you’re building your business without a map for the road ahead.
And if you’d like to learn more about what income streams you could build into your business, you will love the very first section of the video guide which is all about Revenue, and features the 4 income streams I recommend every consultant considers for the next chapter of their business.
We released the Scaling to Seven Figures video guide and it’s had great feedback. It’s something I could have packaged as an online course but I wanted it to be really easily accessible. The content is worth at least £499, but it’s available for a fraction of that.
Has this year’s turbulence prompted you to add revenue streams to your business? Have you explored new ways of making money? Or maximised profit by focusing on something that was already working well for you?
Free Report – The Six Elements of a Seven Figure Consulting Business
I’ve created a free PDF report called The Six Elements of a Seven Figure Business. It’s my most popular free resource and in it I outline the 6 areas of unscaled businesses that need to change in order to move past being ‘booked up and burned out’ and shifting into that higher gear that gets you cruising again.
It’s the framework that helps consultant women like you find their feet and get back to leading the business, rather than being buried in client work and back-end business operations.
Thanks for reading! I’d love to hear your feedback and future topics you’d like me to feature. You may also enjoy The Seven Figure Consultant Podcast, the show that takes you from booked up and burned out in your consulting business to THRIVING as the CEO of your 7 figure enterprise.