BUILDING YOUR BUSINESS

Solid knowledge is shared in the Building Your Business Blog to help building your business so that you can feel authentic, strong and be recognized by your ideal markets.

Every month I share great hands on tips for the difficulties when running a consultancy business.

1. Identity and vision going astray

The most common issue entrepreneurs come across when running a consultancy business is that they do not longer feel authentically connected to their business and their lives.

When you are your business, knowing and feeling your purpose is extra important to keep your vision authentic and alive.

But then..

Life happens. Business happens. Your focus and priorities are shifting. You no longer are able to work by your own values on your own terms while this should have given you strength and uniqueness in your market.

Business starts to cost you more energy than that its giving you. Before you know it, you are trapped in a downward spiral that is damaging you, your business and your clients.

Sounds familiar?

Give yourself time, go to an inspiring environment and take a deep breath. Rediscover your purpose, your belief, your why. What is making you happy in life? What does it bring you to share your belief, your solution, to your clients problem?

Work out your values and what it brings you working by them. Get back in control again of you running your business in your authentic way.

Dare to be transparent and let your ideal clients identify themselves with you through storytelling. Brand your authentic self, your values and your transparency by being vulnerable and courageous in your communication. Clients will open up to you and your business.

2. Inefficient clients and revenues

Inefficient clients and revenues are linked more than you realize. One of the reasons your revenue feels disappointing, can actually come from your clients.

Your ideal client, the one that shares your belief and therefore trusts you no matter what, will work for you. This client brings you energy, saves you time, spreads the word to new potential clients and is more than happy to pay your invoice.

An inefficient client will cost you time and energy, will not spread the word to new potential clients and is less than happy to pay your invoice.

Invest time in identifying your ideal client. A shared belief will empower you both.

Also, analyse your market position. How sustainable and recognized is that position? And does it match you belief, your service?

Not only make sure you know your market and your market position, but make sure your ideal client can find you in that market as well.

3. Reaching maximum hours in a day

When you feel stuck in your day, you know it is time to make some time.

Reaching maximum hours in a day feels exhausting. You feel like you can’t keep up and you’re stuck. It will cost you your energy, your enjoyment and your quality on the long run. Also, you can’t realize your business growth the way you hoped for and you will feel an imbalance in your personal life.

Time to stop and take a minute to think.

Start by restructuring your time management. Do you feel in charge of your agenda? Are you prioritizing the urgency and importance of your goals realistically? Are you spending your time in a effective and efficient way and are you strict in your time writing? What can you do with delegating and outsourcing your activities? What about investing in digitalization or automation? Do you make enough time in between for you to charge your energies?

Next to optimizing your time management, it is good to analyse the possibilities in your revenue models and your valuation.

Would selling in packages be a possibility? Can you increase your hourly rate as you gained more experience? Can you sell online to gain passive income?

4. Uninvolved employees

An important unhealthy situation for your business, and even more important, your employees is a feeling and act of disengagement.

Your employees are your business. Your quality. Your belief. Share your belief with your employees. Make them feel committed by sharing knowledge and vision. Invest in them with knowledge. Make them feel important by decentralizing power and responsibility to them. Your return on investment will be major in vision, strategy, trust, energy, profit, quality, visibility and sustainability.

5. Insufficient measurements to reflect

It’s difficult to steer when you do not know where you are.

In order to improve and grow, you need to know where you are and where you are going.

Your dot on the horizon should be worked out in detail with a business plan. This plan can be only 1 page or a whole book, it depends on your authentic business operations. As my advice would be, you need to start before you are ready, the plan should be all about your vision being worked out in a solid strategy. A strategy in where you know when and what to reach and what the stakes along the way are. The rest will follow.

Analysing where you currently stand with your business will supply the navigation to your dot on your horizon. Make use of analysing methods and reporting standards. Analyse on a monthly or quaterly basis. Touch subjects as finance, employment and business development to see how you are doing.

Example analyse question: Why are revenue goals not reached? Is it because of not enough clients, or not the right clients? Was it about the quality of the service? Or did something happen in the market or economy? Should you have been sustainable regarding this market or economy movement? Was is bad time management?

Answer analysation: Looking at your time writing you can see that it was in this case caused by time management. You see that you have spend time on working yourself into a new potential client market.

Conclusion and improvement: The time spend was now focused on business development and marketing. Revenue shortage will be made up for in the future cause of this business development investment you did. In Planning you need to reserve more time for these kind of activities so that in reporting you will stay on track. Knowing where you stand will give you tools to control and to anticipate.

Preview next edition:

In the next ‘Building Your Business’ I will explain more about the one problem you solve! And why this is not to be missed in your route to freedom in (business)life! So stay tuned!

P.s.:

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