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How to make money in consulting

Since 1997 I have been a consultant.   Rates are described here.

There are two types of consultants:  1. those who make money and 2.  those who do not make money.  To explain in detail, consider the story (perhaps familiar) of Rich Dad and Poor Dad.  Then add new titles such as Agile Consultant and Rigid Counselor.

Here is a quick story:  Imagine that you have two mentors.  One is Rich in material ways, and he regularly provides value to others.  He gives implementable solutions, real advice, and teaches others the process of success.  He is regarded as an expert in a community of his peers, and he charges a reasonable fee for providing solutions that endure.  He explores transformative change using questions.  He is agile.  His clients and friends regularly call him after hours to exchange ideas.  The other dad is Poor in material ways, and may not know why.  He charges by the hour and has a transactional view of others.  He tries to sell solutions or products.  He shifts from project to prospect to possibility with the winds.  He rarely trusts others, has few operating agreements or partnerships, and may have material debt.  He is rigid in his thinking.  He tells others what to do.  He may think he is the smartest person in the discussion.

Where are you?   Agile Consultant/Rich:   1 2 3 4 5 6 7 8 9 10  Rigid Counselor/Poor:

Tips include:

  1. Provide process and implementable solutions
  2. Provide tremendous value and charge accordingly
  3. Share best-in-class solutions that are practical and actionable
  4. Be a great performer
  5. Learn from the best experts

I have had two coaches for the past 7 years.  One was born in another country and we have never met.  They both help me be an agile consultant.

What do you need to make money in consulting?

The Action + Learning + Service = Success Formula

I have recently developed this 3-part formula for success.  Let me know what you think.

Draw an equilateral triangle.  Label each corner “Action”, “Learning”, and “Service.”  Place a dot in the center.

1.  Actions define successful businesses.  Founders and anyone cited in a history book have one trait in common:  an obsessive focus on action.  Score yourself 1 (low) to 10 (high) on the question “How action oriented am I?”  If you are unsure, focus on actual results, rather than intentions.

2.  Learning leads to failure, and failures lead to success.  I track “Learnings” in digital folders and update them regularly.  I regularly attend conferences and take on projects so that I can fail, faster.  Yesterday I had lunch with a consultant who repeated the same points I heard him make 12 months ago.  He is not learning much.  I cut the lunch short and moved on.  Score yourself 1 (low) to 10 (high) on the question, “How much am I learning?”  Learning is a messy process.  If you are not tracking your learning, you are probably repeating ineffective old patterns.

3.  Service is a measure of your relationship with others.  Humans are social animals.  We yearn for relationships.  We exist to serve others- clients, loved ones, communities, goals…  The most impact-ful businesses track user engagement.  The best nonprofits, like Rotary, reward service above self.  Score yourself 1 (low) to 10 (high) on the question, “How well am I serving others?”  If you are unsure, ask your clients or loved ones.  Or solicit more clients.

Now place your scores on the triangle you created.  Use the dot to represent 1 (low) and let the corners represent 10 (high.)

What do you notice when you study your self-assessment triangle?

Where do you need to invest energy and resources?

Who can help you develop ?

You may know that action learning is a methodology, using cross functional teams of 4-8 people to solve a key problem. They are tasked with breakthrough, and with a short deadline such as 6 months. They require executive sponsorship and some resources. But the action learning process is a small investment with proven ROI.

In Europe and Australia, the Action Learning methodology is thriving. In the U.S. there is less adoption. One reason for that lagging adoption may be the fact that the business environment does not encourage accountability between cross functional teams. Yet.

We provide individual and team accountability.

How are you planning to share this Action + Learning + Service = Success Formula with others?

Please call me with your stories!

Here is a sample image to get you started:   ALServiceFormula

My articles published in Horsesmouth.com for financial advisors

FYI in 2007 I submitted the following articles to Horsesmouth.com, a digital library designed to accelerate business development for financial advisors.

You can apply any of these articles to your business or service.

1.  10 Tips for Distinctive Client Service   Distinctive client service separates you from everyone else who talks about professionalism but doesn’t deliver on it. Take action with these 10 tips from a recognized, distinctive financial professional.

2.  4 Principles of Selling in the Trust Business  Selling defines success. Nothing else is more important in your business. So what is this notion of the trust business?

3.  How to Act With Courage   Excellence springs from courage, but not everyone chooses to be brave. These advisors share how and why they acted with courage, and how it benefited their business. Consider their insights into the nature of courage, and start using it to build your business, too.

4.  5 Keys to Solid Cold-Calling Performance   If your prospecting strategy requires you to consistently make outbound calls, you must pay attention to these five vital elements of a strong cold-calling practice.

5.  Customer Delight: 8 Tips for Creating It   This top producer creates more than customer satisfaction. He creates customer delight. You can too, with these eight tips.

 

Call me at 704.895.6479 to discuss HOW you can apply these great ides to your business!

How to use Slideshare to promote your business

www.SlideShare.net is a library of free presentations from “expert contributors.” Once you contribute, you are then an expert. De facto.

Spend some time poking around the search function. Note the variety of topics. Find your topic. Then imagine how you can add your expertise to the submissions already there. The following details may change at any time, so here you go.

I will use the example of “Emotional Intelligence” for two reasons, 1) I have given dozens of trainings to hundreds of business leaders using this content, and 2) I now have over 1,000 followers on slideshare. Check out http://www.slideshare.net/dwg1/emotional-intelligence-101

1. Create something of value. Use Powerpoint or Keynote. Make sure that it is original.

2. For images, do a search such as “image my subject area” or “image emotional intelligence.” Select an image that you like. Click on “view in original image.” Copy and edit as you see fit.

3. Edit the content. Your goal is to present yourself as a polished expert. Typos are inexcusable. Share your content with an audience or critical people. Incorporate their edits.

4. Create a channel at www.slideshare.net. Give it a clever name. For instance, my channel is “Gray Matters” because my last name is Gray, and I wanted to be clever, as if the size of our brains actually matters. (Neural activity is what matters…) Consider how you want to promote your business… Then add a description to your company and a link to your homepage.

5. Upload your valuable content. Click the “Upload” button on the top of your page. Pretty simple. There are probably instructional tutorials on YouTube if needed.

6. Then SHARE your content with your clients. And post onto your blog. And share on ALL social media. Invite people to download and share. Create a contest and reward the person who shares your content with the most people…

7. Then ADD another valuable presentation. For instance, in 2010 I was asked to speak on “How to Move from Passion to Action” recently after publishing my book, Passionate Action; 5 Steps to Creating Extraordinary Success in Life and Work (2007). That SlideShare content is at http://www.slideshare.net/dwg1/serving-with-passion-11210

8. Then add another valuable presentation as your expertise expands. For instance, in 2013 I was recently asked to speak on business changes in the Affordable Care Act. That presentation led to a closed session event. And videos. The content is now at http://www.slideshare.net/JITCoach/healthy-living-business-62713

Periodically, add value to your customers by linking to your SlideShare content so that they know your areas of expertise.

 

What is Action Learning?

Action Learning is a behavioral change process model that works 1) for groups and 2) for individuals.

 

For groups, Action Learning occurs when stakeholders use real problems to acquire learning and implement system-wide solutions.

For individuals, Action Learning is a behavioral coaching methodology that applies the same 4 steps.  

 

The Action Learning change process model includes four steps:

1) decide what breakthrough requires you to invest resources,

2) act with a talented, cross-functional team and executive endorsement,

3) reflect on steps achieved, and

4) connect or expand the results across business or functional lines, to new markets or clients.

We have facilitated organizational Action Learning change using both virtual and direct processes:

 

1. Technology processes: SharePoint, Action Item task lists, virtual teams, e-coaching and e-consulting, digital consulting and short implementation teams.

2: Direct meeting processes: assessments, facilitation in a series of workshops, coaching and consulting, project initiatives, leadership off-site retreats, strategic reorganization

For a summary of consulting fees and investment levels for organizations click here, and for individuals click here.  

 

Our Services typically include:

Assessments  (e.g. individual, group, organizational, strategic)

        Qualitative or Quantitative 360 assessments

        Organizational Culture Assessments

        Leadership competency assessments

Leadership consulting and behavioral coaching (e.g. individual, team or group levels)

Strategic planning and organizational redesign

Videography

Shadow Coaching

Facilitation, training, retreats or workshops

 

The result is that the Action Learning process helps individuals and groups become true learning organizations.

What are you waiting for?

Download this list of services and investment levels now:

Please contact us or call immediately at 704.995.6647 or schedule your initial consultation here.

What is leadership?

This could be a long discussion.  But I’d rather keep it short.

 

Leadership is influence.  Nothing more, nothing less.

 

The word “influence” implies results.  The influence may be slight or even negative.  The influence could be momentous.  The influence could be focused on relationships, such as the number of new people you meet each month, or the value you provide to others.  The influence could be focused on results, such as the number of new sales per quarter, or gross revenue per year, or goal attainment percentage.

 

If you need an academic definition of leadership, here is a current favorite:  Leadership is defined as the process of influencing others, and facilitating individual and collective efforts to accomplish shared objectives (Yukl, 2013).

 

Too many people confuse the words “leader” and “manager.”   So perhaps another definition is helpful.   Here is a distinction based on Marcus Buckingham’s research of the Gallup Poll data, plus interviews with thousands of people.

 

Leaders: by definition, rally others behind a vision of a better future.  The core skills of leaders are optimism and public.  Think of your self, or your favorite leader, on a stage, leaning forward, describing a better future.   They have influence.  Or not.  The capacity of leaders is infinite, based on research in positive psychology.

 

Managers: by definition, maximize the productivity of others.  The core skills of managers are coaching and private.  Think of your self when you need to make sure that others produce a result, such as increase a sale or host a remarkable executive retreat.  Note that the skills you use are different than the skills you use as a leader.  You will coach Shawn differently than you will coach Ellen.  No one likes to be managed. And no one boasts about being a manager.  But when I ask an audience “How many of you are managers?” over 60% will raise their hands.  Virtually all managers are now “working managers” tasked with both maximizing productivity and getting the work done.

 

However, everyone wants to be a better leader.

 

A key coaching question is:  What influence are you having on others?

Call Doug at 704.995.6647 today if you want to have a greater influence on your self or your team.

Or schedule your initial consultation here.

 

What are you waiting for?

Download this list of services and investment levels now: