Consultant Blog from ConsultantJournal.com

What Michael Jordan can teach you about business

info@consultantjournal.com — Thu, 24 Jul 2008 00:15:22 -0700

I recently wrote about what Steve Nash can teach you about business. Justin Beller commented that greats like Churchill and Michael Jordan can also offer wisdom.
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Steve Jobs on following your heart

info@consultantjournal.com — Wed, 23 Jul 2008 00:00:07 -0700

Almost everything--all external expectations, all pride, all fear of embarrassment or failure--these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.
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Managing payment delays

info@consultantjournal.com — Tue, 22 Jul 2008 00:04:28 -0700

Sometimes, despite your best efforts, you may run into a period where clients are late in paying. Perhaps it's not your fault that clients have paid late and you've been good at giving clients a short credit window. So what do you do when you're faced with a delay in payment?
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How long do you give clients to pay?

info@consultantjournal.com — Mon, 21 Jul 2008 00:00:15 -0700

How long do you give clients to pay? When I set up my consulting contracts, I specify that payment is due at key milestones. I take a certain amount upfront and, depending on the size of the contract, I invoice about every two weeks or at key delivery points. However, I don't give clients 30 or 60 or 90 days to pay...unless they're prestigious "brand name" clients, such as a Fortune 100 technology firm that told me, up front, that they'd take net 90 days to pay.
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Do you work weekends?

info@consultantjournal.com — Sat, 19 Jul 2008 07:49:35 -0700

It's the weekend...are you working? Do you want to be working?

When you're an independent consultant, time should be your own. You can determine when you want to work -- and if.

But I know many consultants who work weekends because their clients call them with rush jobs. When the phone rings at 4 pm on a Friday, it can be tempting to say "Yes", if the money is good enough.
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Friday 5: making more money

info@consultantjournal.com — Fri, 18 Jul 2008 00:03:16 -0700

Vi...

What Steve Nash can teach you about business

info@consultantjournal.com — Wed, 16 Jul 2008 00:00:05 -0700

What Steve Nash can teach you about business

Basketball MVP Steve Nash has had some phenomenal successes in his career. I recently read this quote from Nash, who grew up just a few hours away from me:

People have always doubted whether I was good enough to play this game at this level. I thought I was, and I thought I could be. What other people thought was really always irrelevant to me.
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Should you drop your rate to build a client list?

info@consultantjournal.com — Mon, 14 Jul 2008 00:03:40 -0700

You quote on a project, but the prospective clients says you're too high. You were really hoping to land this client and now the money seems less important than the prestige. You're just starting out and your client list is pretty slim. Should you drop your rate?

No way. If you discount your rate to get the job, it tells the client that your first quote was inflated. It also means that you'll never be able to charge them your full consulting fee rate -- they'll always expect you to cut your fees.
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5 steps to a wonderful life

info@consultantjournal.com — Fri, 11 Jul 2008 00:03:00 -0700

This week's Friday 5 comes from John Wesley -- the top 5 ways to build a wonderful life.

#5 was especially meaningful for me:

Work Towards a Dream You’re Passionate About

Even if your life isn’t perfect, you can always build towards a goal you’re passionate about. If you aren’t building towards something, you’re probably stagnating.
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Convincing clients to buy again

info@consultantjournal.com — Wed, 09 Jul 2008 00:00:41 -0700

You may have heard of the Pareto principle, where 80% of your revenues will come from 20% of your clients. I'm not sure how true that holds for consultants, but it's always seemed pretty likely to me. While it's good to find new customers, it's a lot easier to build strong relationships with current clients so they will buy again. Heck, they bought from you the first time. So how do you do it?
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What a greasy spoon can teach you about business

info@consultantjournal.com — Mon, 07 Jul 2008 00:09:06 -0700

Once in a while, I have lunch at a market near my home. There's a struggling greasy spoon that has changed owners several times. I've never ordered from the greasy spoon because their menu looks like this:
spaghetti
chicken

burgers
sushi
potstickers
meatloaf
pasta with your choice of 10 sauces and three meats
teriyaki with your choice of two carbs and three meats
pizza
all-day breakfast
salad with your choice of three meats
and so on

The greasy spoon has pictures of all the foods hanging above and around the counter. Some of the food actually looks pretty good. But I've never ordered any.
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Independence Day

info@consultantjournal.com — Fri, 04 Jul 2008 00:00:30 -0700

Happy Fourth of July to my US readers! While you're celebrating Independence Day, I'm thinking about my time as an independent consultant. I've talked about Independence Day before, but let me emphasize this year's reasons that I love consulting.
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Do you do windows?

info@consultantjournal.com — Wed, 02 Jul 2008 00:02:04 -0700

You open an email and it's a forwarded message from a trusted colleague:

Bob's a long time friend of mine and his business is looking for someone who can do "windows". I know you usually do consulting, but they're desperate to get going and they can pay handsomely, if you can start right away. They value a referral and they don't have the time to look much further. Can you do windows?
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How to automate your home business

info@consultantjournal.com — Mon, 30 Jun 2008 00:09:29 -0700

Wi...

Friday 5: top 5 uses for extra income

info@consultantjournal.com — Fri, 27 Jun 2008 00:00:52 -0700

Although my consulting income tends to be pretty stable, I sometimes have months where I earn more than I expected. I have an emergency fund and enough cash flow that I don't need to bank all the extra money. I recognize that some people have feast or famine cycles, but I've been working long enough for things to be steady.
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Side jobs - 10 ways to get ahead

info@consultantjournal.com — Wed, 25 Jun 2008 00:02:23 -0700

Want to get ahead? Consider taking on a side job. Working at a second job is often a great way to:

Pay down credit card debt
Save for a downpayment
Build up an emergency fund
Top up your retirement fund
Get your consulting business or other small business off the ground
Eliminate your student loans
Save up for a car
Get money together for a dream trip
Have a dream wedding
Have cash on hand for the next year of car insurance, home insurance or anything else you've been planning to finance.

I started consulting on a part-time basis, back when I still had a day job. As a result, I was able to achieve many dreams. Now I run my own business on a full-time basis. What could a side job do for you?
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Next newsletter appears this week

info@consultantjournal.com — Tue, 24 Jun 2008 09:54:17 -0700

The next issue of the Consultant Journal newsletter goes out this week. I'll be talking about breaking free from your comfort zone and sharing some of my own recent attempts to shake things up. If you'd like to get on the list, sign up today with the subscribe form at the top right of this page.
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