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Stress Takes A Holiday

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The holiday season has arrived and with it a boatload of potential stressors, good and bad. The delight of being a party host or guest are examples of good stress (and if this is not the case, your stress management assignment begins with asking yourself why you bother?).  The process of Christmas shopping and the associated costs of time and money, along with holiday cooking and cleaning, are examples of potentially bad stress.  In this post, I offer stress management techniques that can prove to be beneficial all year round.

Time management and boundaries

The always-on 24/7 lifestyle that so many of us feel compelled to lead is a huge stressor. The ability to set priorities and boundaries is more important than ever.  In most cases, there is no need to be available for professional matters before 8:00 AM or after 8:00 PM.

In your personal life,  learn to say no to controlling people and time-wasters, even if those individuals happen to be family members.  Have the courage to acknowledge what is important to you and distance yourself from manipulative people. Unhook your feelings of self-worth from the need to “save” people.  Help yourself to achieve goals and fulfill responsibilities by making lists and schedules and allow yourself sufficient time to complete tasks.  Learn to delegate.  Accept that some tasks are low priority and may need to be removed from your list.

Anger management

Learning to handle our emotions is a lifelong proposition.  Awareness is the first step.  Be advised that all of our emotions are “justified” because that is how we feel at that time.  It is your right and responsibility to define and acknowledge the emotions you feel.  The skill set called Emotional Intelligence teaches us to refrain from allowing our emotions to overwhelm us, cloud our judgment and lead us to do or say things that may damage our relationships and credibility.

Anticipate encounters with people who you may find upsetting and rehearse your responses to words and behaviors that you may experience as hostile and disrespectful.  Role play with yourself replies that could potentially defuse a stressful conversation and allow you to put distance between yourself and the stressor, limiting contact and helping you to control your emotions.  Be mindful that some people enjoy trouble and they are constant agitators.  They crave attention and control.  Do what you can to banish these individuals from your life.

Exercise

Exercise releases into the body hormones (endorphins and serotonin) that counteract the “fight or flight” response hormones that are released when we are under stress (adrenaline, ACTH).  Exercise also improves the functioning of the immune system and in the process helps us to fight off certain diseases.  Some experts recommend that we would be wise to participate in physical activity four or five days a week, for at least 45 minutes per session. You may play a sport, ride a bike, swim, walk, do aerobics, yoga, Pilates and/or lift weights. Experiment with different types of exercise to learn what you like and do it on a regular basis.  Exercise provides physical release and reduces tension and stress, calms and clears the mind, helps us to sleep better and improves self-esteem.

Meditation

The relaxation response is enabled by meditation and other self-regulated relaxation techniques.  Meditation requires only a few minutes of your time and a private, quiet and comfortable location.  Watch a YouTube video to show you what to do.  Shut off the television and your telephone.  Choose a word or short phrase to silently repeat to yourself as you close your eyes and breathe in and out, slowly and deeply.  Meditation enthusiasts recommend that you meditate early in the morning before starting your day, or in the evening just before dinner.

Sleep

Inadequate sleep is epidemic these days and it is seriously detrimental to one’s health and ability to manage stress.  Surprisingly, sleep deprivation contributes to weight gain by releasing the stress hormone cortisol, which increases appetite.  When we are fatigued, our choice of foods is usually unhealthy and laden with sugar for an energy boost, or high fat, or salty.  The stage is then set for taking on unwanted pounds.

Being tired undermines creativity, judgment and decision-making, productivity and self-discipline.  Do what you can to get in those eight hours each night.  Be advised that caffeine and alcohol are for many the enemies of sleep and intake should be limited near to bedtime.

Nutrition

Physical, mental and emotional stressors drain the body of complex nutrients that support optimal physical and cognitive functioning.  If these nutrients are not replaced fairly quickly, coping skills diminish, decision-making ability suffers, fatigue ensues, mood and emotional control deteriorate.

Avoid the temptation to consume foods high in fat, salt, or sugar, or consume excess caffeine or alcohol, while in the midst of a stressful event.  Do yourself a favor and eat a bagel with peanut butter, a rice bowl with vegetables, a sandwich, or a plate of pasta.  Over the long-term, eat a balanced diet that supplies adequate amounts of green vegetables, fruits, proteins and carbohydrates.

Thanks for reading,

Kim

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The Stress Syndrome

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We are on the cusp of the holiday season.  It’s a special time of year but sadly, it is often freighted with challenges.  Responsibilities metastasize and usually include some combination of peeling potatoes; coring and slicing apples; ironing table cloths; Christmas shopping; writing cards; and putting up decorations. Obligations such as attending workplace or family parties can feel like a burden. The expectation (sometimes forced) to have  fun might backfire and instead cause you to feel inadequate if you’re unable to get into a festive mood. Humbug!

Despite the bright lights and parties, the stress level for most of us reaches an annual high at this time of year. The Thanksgiving – Christmas – New Year’s Eve axis can overwhelm the best of us.  It’s easy to feel lonely, or even like a failure.  Business owners and Freelancers may be faced with the realization that income projections were not reached, adding to the anxiety.

What is the antidote? I suggest that a two or three-week out-of-town vacation is the ideal remedy.  Other than buying and writing cards (which can be done while away) and taking care of a short gift list, all other stress-inducing elements could be diplomatically sidestepped. Those unable to budget the time and money to de-camp to the Bahamas are encouraged to put into motion a comprehensive stress management program.

Regardless of the season, stress is a condition that spares no age cohort or socioeconomic stratum.  School children become stressed over homework and piano lessons. Their parents become stressed as a result of a long work commute or increased job responsibilities. Please know that there is good stress, too—buying a home, going away to college, getting married and starting a new job bring into your life stress that emanates from positive events.

The sources of stress will vary, but the need to manage those stressors and the related hassles and anxiety is constant. Giving some thought to how and why the stressful situation occurs is Step One of your stress management program and brainstorming possible changes that might remove or diminish the stress is Step Two.  Improving one’s ability to manage stress by developing coping skills and learning to relax is Step Three.

Stress management is a multi-disciplinary process that includes managing time, adequate sleep, good nutrition, exercise, anger management and relaxation techniques.  Next week, I’ll return with some specific suggestions.

Happy Thanksgiving and thanks for reading,

Kim

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Upgrade To A Branded Elevator Pitch

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Think about it.  Your elevator pitch and your personal brand are co-dependent.  The two share a mission-critical objective, to create a positive and memorable first impression of you and your enterprise when you meet personal and professional contacts.  The all-important self-introduction known as the elevator pitch is, while brief and simple, nevertheless your most important marketing tool, because it’s often how people first get to know you and your business.

From the opening line to the final sentence, your elevator pitch is Step 1 in  communicating your personal brand.  Its content must be clear and concise, and persuade people that you are worth knowing and doing business with.  Build the introduction to your brand by choosing two or three of your services or products to use as talking points; write them down and rehearse your pitch frequently.  Like a singer or musician, memorize the melody of the song that is your elevator pitch and improvise as needed.

Your delivery is as important as its content.  Polish your presentation by speaking in a pleasant and energetic tone of voice.  Exude a welcoming and friendly demeanor as you greet people with a smile, all the while standing up straight and maintaining eye contact, as you extend your right arm to initiate a comfortably firm hand shake and give your name.

Networking is a 365 days a year activity and your elevator pitch can easily be tailored to fit any context, whether you’re at a holiday party or a business association event.  Purely social events usually do not require mention of your business life, unless the topic comes up a little later, as you chat with your new acquaintances.

What matters most is that your pitch ensures that you are perceived as competent, credible and authentic.  When introducing your professional role, use easy-to-understand, jargon-free language as you succinctly describe two or three of the services you provide (What you do) that solve two or three problems that your clients encounter and must resolve (Why you do it).  Depending on who you’re meeting, you may choose to reveal the types of organizations that you work with (for Whom you do it) and the value (benefits and outcomes) that are achieved when clients work with you.

Jeff Bezos, founder and CEO of Amazon, famously said, “Your brand is what people say about you when you’re not in the room.” Take the time to develop an elevator pitch that creates a trust-building first impression for prospective clients, influencers and referral sources and serves as an effective first touchpoint for your personal brand.

Thanks for reading,

Kim

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Add Value to Your LinkedIn Profile

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Like so many of us, I gradually allowed myself to ignore LinkedIn.  I’m embarrassed to tell you that I logged in again last month, after a two-year hiatus.  I completely undervalued the free, widely used and beneficial resource that is LinkedIn.  It’s time to take another look.

Over the years I built up a solid profile, complete with endorsements, recommendations, a photo and even a SlideShare presentation and about once a year, I’d do an update and refresh.  After my inexcusably lengthy absence, I was happy to discover new profile enhancements that can showcase ambitious professionals and make us look very capable to both  connections and prospective clients or employers.

If you’re job hunting, or if you are self-employed and in constant search of project work, these features can be a real plus.  I think a visit to candidates’ profiles is a must-do for most hiring managers.  My profile strength is now at the All-Star level! Here are my upgrades:

  • LINK.  My favorite new feature is the website link that all professional experience listings now offer.  Click on the link; copy/paste the organization web address into the dialogue box; see the nice image that pops into the visuals box; click continue, then click add to profile and presto!  Your profile will now feature eye-catching images that entice interested parties to explore your affiliated organizations and the expertise that you contribute.  You can also link a photo, document, presentation, or a video and provide good  insight  into the organization and your role there.
  • SPOTLIGHT.  Above your profile photo and headline  job listing, notice the ticker tape of skills spotlight options that you can click on, fill in and add still more  information to showcase your expertise, professional activities and achievements.  I saw questions that  pertained to groups and acitivities that I participated in at school; articles that I might have recently published; and work samples or special projects that I’d like to add to my profile.
  • GROUPS.  Regular readers may recall that in October, I completed first round judging for an organization that presents awards to C- Suite level women in business (there are also mixed gender European, Asian/Pacific and American business awards that I do not judge). The organizers invited me to join the unlisted LinkedIn group for award judges and I was happy to do so.  I plan to follow discussions and find out what I can learn and contribute.  Remember to also join your college alumni group, which can be great resources professionally and personally.
  • UPDATES.  Regular readers may also recall that I recently performed editing, photo editing and self-publishing project management for a history book that was launched in September.  I finally posted that info in the update section on the home page and uploaded the book cover photo.

Other enhancements that may fit your situation might include:

  • HEADLINE. When you add a new employment listing, LinkedIn automatically makes the new job title your headline and for some, this may not be ideal.  Some of the traditionally employed might make a lateral move, temporarily upsetting the upward linear career slope.  Freelance consultants may take a part-time job that likewise enhances the overall skill set,  but may not be worthy of the branding headline.  Consider revising your headline, even if it will not precisely adhere to your official job title. Your mission is personal brand enhancement and LinkedIn, while often viewed by prospective employers, is not your official CV.  Furthermore, consider reordering your list of professional positions to give prominence to what you want to highlight.  In edit profile, click on the up and down arrows to the right of the job title and see a 4 prong icon.  Use that to drag and facilitate your job reorder.
  • URL. Rather than keeping the auto-generated LinkedIn profile URL, visit your profile page, click on edit profile, see the link directly below your photo and click again to set up a customized URL for your profile.
  • CREDENTIALS. On the profile page, click edit profile and beneath your photo and URL, see “add a section to your profile.” Below that, see “view more” and click there, to reveal an array of enhancements you can add to your profile, including certifications, patents, special projects and your professional publications.
  • RESPOND.  When connections celebrate a success— work anniversary, post a good update, move to a new job, or publish a blog post that you find interesting—send a LinkedIn email to comment and congratualte.
  • PURGE. Delete connections that no longer make sense, or those who ignore your questions or other outreach.

Thanks for reading,

Kim

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SWOT Your Brand

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Freelance consultants and small business owners rise and fall on the marketplace perception of their brand, also known as one’s professional reputation.  As a result, the brand/reputation merits ongoing enhancement, promotion and monitoring as a component of a strategy designed to support new business acquisition and encourage repeat business—in essence, the strategy you implement to build and maintain a good client list.  The brand can be reviewed and evaluated in several ways, one of which is through the prism of the gold standard of strategic planning, the SWOT Analysis.

Every year, self-employed professionals will benefit from examining the viability of their brand, to become aware of what actions and behaviors enhance the brand and what might undermine that precious resource.  Using the Strengths, Weaknesses, Opportunities and Threats metrics will reveal this information.

Strengths: Professional expertise, competitive advantages, prestigious or lucrative clients, referral sources, valued business practices, strategic partnerships, educational or professional credentials, financial resources, influential relationships. This element is internal, within your control.

  • How can you leverage your resources to upgrade the types of clients you work with?
  • How can you persuade inactive clients to call you back for more project work and stimulate repeat business?
  • How can you obtain more billable hours?
  • How can you persuade clients to hire you for more complex and therefore more lucrative projects?

Weaknesses: Whatever undermines your brand, the opposite of your strengths, gaps in what or who you know, or deficiencies in the value that you bring to clients.  This element is internal, within your control.

  • Which of your gaps has the most negative impact on the business?
  • Which of your impactful detriments appear to be quickly, easily, or inexpensively remedied?
  • What can you do to shore up those handicaps and minimize your liabilities—are there business practices that you can modify, professional credentials you can earn, relationships you can successfully cultivate?

Opportunities: Conditions that favor the attainment of goals and objectives. This element is external and beyond your control, yet you may be able to position yourself to gain from the benefits created by its presence.  Good information about business conditions in your marketplace helps the Freelance consultant to objectively evaluate and envision the potential of short-term and long-term benefits and what must be done to earn the pay-off.

  • What new developments can you possibly take advantage of to bring money and prestige to your business?
  • Do you see financial reward in offering an additional service or product?
  • Is there a good client you should be able to successfully pursue and sign, or a lapsed client who, with some outreach, could be willing to reactivate?
  • Is there a developing niche market that you can pivot into, with some uncomplicated adjustments?

Threats: Conditions likely to damage the brand, or your ability to acquire clients and generate sufficient billable hours. This element is external and beyond your control, yet you may be able to position yourself to escape or minimize the catastrophe caused by its presence.  This category requires the immediate attention of you and your team, since it carries the potential to end, or seriously cripple, your brand and business.

Developing and implementing a strategy of protective action, for example a brand facelift or a pivot into more hospitable business turf, is absolutely necessary for survival, but inclined to be time-consuming and difficult to bring about.  Staying abreast of what is happening in the industries that you usually serve and the viability or priorities of your largest clients, will give you the resources of time and good information and prepare you to react and regroup.

  • Has a well-connected and aggressive competitor appeared on the scene, ready to eat your market share and client list by way of a better known brand, more influential relationships, a bigger marketing budget, or other game-changing competitive advantages? If that is the case, then do everything possible to offer superior customer service, assert your expertise, step up your networking, enhance your thought-leader credentials and nurture your client relationships (holiday cards really do matter).
  • Will some new technology soon render your services obsolete? If so, what skills do you possess, or what can you learn, that will allow you to successfully repackage your skills, reconfigure your brand and continue to appeal to clients who already like your work?
  • Has an important contact left his/her organization, leaving you at the mercy of the new  decision-maker, who has his/her own friends to hire? Or has there been a merger that resulted in the downgrading of the influence of your chief contact, who may lose the ability to green-light projects that you manage? If your client contact has moved on, absolutely take that person to lunch or coffee and do what you can to make the professional relationship portable.  If your contact has lost his/her influence, ask to meet the replacement, who may employ you at least for the next project if one comes up quickly (but may boot you out for all others, unfortunately).

Thanks for reading,

Kim

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Invoicing Inertia: The Cure

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Freelance consultants are no strangers to cash-flow crunches and as quiet as it’s kept, the problem can be of our own doing, or not doing.  The reason for our cash-flow problem could be a slow-paying or, horrors, a non-paying client (an acquaintance who is a business accountant estimates that 5-10 % of professional services providers’ receivables will be uncollectible in a given year).  But we can be our own worse enemy in these matters and it is time to tame our invoicing inertia.

As example last week, I sent an invoice to a client that was worth four figures and was four months late.  Why was I so negligent, when I had important accounts payable to resolve? Why is it so hard for so many small business owners and self-employed professionals to stay on top of our accounts receivable and send out invoices on time?

In my consultancy, and I imagine this is true for most, client work, both performing it and networking to bring more of it in, are the priorities.  Billable hours are the name of the game. Then there is content marketing activity (this blog!) to send to my preferred social media platform (LinkedIn) and my website.  Other revenue streams—teaching twice /week, which entails responsibilities to my students, and producing a monthly post for the online magazine for women entrepreneurs where I am a staff writer—claim another chunk of time and creative energy.  Being in business requires considerable mental and physical stamina.

The invoice was for hourly work, rather than a project fee, meaning that detailed information was expected (and not unreasonably so).  The very thought of generating the thing nearly made me nauseous, so I found several avoidance-behavior activities that on the surface appeared to be ambitious, but in reality served mostly to enable my procrastination.  Then the client asked me about the invoice.  I was so embarrassed!

As I worked on the detailed, multi-page invoice, I thought about what I might do to simplify the process, so that I could easily generate scheduled invoices and would be motivated to do so.  Invoicing for a project fee is much easier than the hourly rate version and it was project fee invoices plus the job income  that sustained me while I neglected the hourly invoice.  Here’s what I recommend (my business accountant friend approves):

Collect in advance

Whether the assignment is paid by hourly rate or project fee, collect a percentage at the contract signing or email-documented agreement (20 % – 35 % of the project fee, or an estimate of the first months’ billable hours).  Discuss with the client a mutually agreeable invoicing schedule and honor it.

Create two all-purpose invoice templates

In the top left of a Word document, type in your name and/or DBA as the vendor, tax I.D. and contact info. This will become the permanent part of your template.  Below that, type in separate lines  for the client name, date, project deliverables, total amount of the project fee and the amount of the invoice.  All you’ll need to do is copy the template, drop in the specifics and presto! You’ll have an invoice to send.

The hourly rate template will have a cover sheet that is similar to the project fee template, but with the lines for rate (the dollar amount you’re charging/hour) and hours (total billable for this invoice) substituted for the project fee info.  A second page of the hourly rate template will have lines for four “week of” headings, ready for you to insert the dates and specifics of your weekly client work.

Either invoice can be used for retainer contracts.  If you are brought in to work a standard number of hours per month for a particular client, or you’re asked to perform predictable functions as needed throughout the year and you can reasonably estimate how often you’ll be asked to perform those services and your cost to provide them, then you can calculate invoice amounts in advance and determine a retainer fee.  If this is the case, then suggest a retainer arrangement at the next contract signing and bolster your income security.

BTW, it is not unusual to invite a client to pay the year’s (or quarter’s) retainer in advance. Offer some attractive incentives for yearly or quarterly advance payments, like a good discount or service add-ons.

On all invoice templates, indicate how the check should be made out (your name or DBA) and indicate that the invoice is due immediately (although it is accepted practice to pay invoices within 30 days). Finally, state that it is a pleasure doing business with your client.

Invoice on time

Whatever the agreed-upon payment schedule, be sure to follow it (not more than one week late). When you honor the invoicing schedule, you communicate to clients that getting paid within 30 days, if not sooner, is what you expect and deserve.  Timely invoicing also benefits your clients, who will be able to better manage their own accounts payable and cash-flow.  If you start to bring in more lucrative assignments, investigate the process of accepting credit card payments.  You’ll be paid faster, but a small processing fee will be deducted.

Invoice as marketing collateral

To date, my invoices are created on an unembellished Word document, but that is about to change.  I plan to align my invoice design with my other marketing collaterals.  Very soon, I’ll design an invoice PDF that contains a scan of my (lovely) business card, that will appear at center top.  All the other info will be written as described here.  You can also investigate free invoice templates in an online search.

In our hyper-competitive business environment, where clients hold the keys and seem to be looking for reasons to cancel projects that Freelance consultants depend upon, it is imperative that we project professionalism.  All interactions with clients, from the first meeting, to the excellence of our work and concluding with an accurate and timely invoice, must reflect well on our brand.

Thanks for reading,

Kim

 

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5 Customer Survey Questions That Work

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Every once in a while, it makes sense to address your client feedback metric, so that you will receive some lived-experience insight into your operation’s strengths and weaknesses.  You need to learn what can be done better, which service delivery or other operational processes might be simplified and what clients would like to see more of.

The smartest way to begin the client feedback process is to decide what you want to know and what purpose that information will serve.  Are you trying to develop new products or services, so that you’ll be able to give clients what they want before they know they want it? Or is business dwindling and you’re in damage control mode, attempting to win back clients?

Some market research questions are best explored through the eyes of clients and others around the conference table with your leadership team (or maybe your front-line staff, who have loads of on-the-ground experience that they’d love to share). Let’s examine when it makes sense to query your clients and when you’ll learn more from in-house research.  Given below are five standard yet very clever survey questions, some that apply to clients and others that apply to you and your team:

  1. What are the challenges that clients (in a given industry or category) are facing?
  2. Which of these problems is our organization equipped to address?
  3. What solutions are we offering now and what can we/should we add, re-tool, or quit?
  4. How effective are our solutions—what do clients most often hire us to do?
  5. What do we do next?

Note that questions 1 and 4 would best be put to your clients and that questions 2, 3 & 5 involve business strategy and would be addressed in-house, once you’ve spoken with selected clients to figure out questions 1 and 4.

How you conduct the client survey deserves some thought, as well. It might be best for Freelance consultants and small business owners to run a low-key survey by setting up an environment that enables comfortable and candid conversation.  Consider making the process informal and perhaps even seemingly impromptu.  Larger companies may feel comfortable running a formal focus group, perhaps facilitated by an outside market research firm.

Question 1: What are the primary challenges facing your client’s organization?

Whether the client comes to you or you go the client, start by asking a “how are things going in your office” question, or inquire about the next big project or objective (whether or not it would involve your organization). Find out what’s going on and let the client talk.

Questions 2 and 3: Which challenges do you want to solve? How will that be done?

Given the expertise and resources you have, coupled with the client’s inclination to contract for the necessary billable hours, which additional client challenges might you be asked to take on (or what can you cleverly propose to be hired to do)? Can your organization successfully deliver the desired outcomes, or will you need to subcontract some portion? Can you learn how clients are managing these responsibilities now? Is there a competitor who gets hired to do that work , or is nothing being done because the client isn’t sure what to do, or lacks the budget to complete the job?

Question 4: Have our solutions satisfactorily resolved the clients’ challenges?

What project did the client hire you to do? What are the projects that your organization is most often hired to do? How does do clients feel about your performance—is your expertise and ability to deliver the service trusted and respected by clients? Does it seem that you’ll receive more business from several of your clients, on a similar project or another type?

Question 5: What do you do next, based on client responses?

Now here is the judgment call for you and the team. The essence of the process is interpreting the data compiled.  What can you realistically do, based on the responses from clients in questions 1 and 4 and the opportunities and strengths within your organization, as noted in questions 2, 3 and 5?

Remember, it is most likely possible to beta test a new or re-tooled service  with a trusted client who would receive a reduced project fee in exchange for helping your organization to perfect the business model.

Thanks for reading,

Kim

 

 

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Freelancers: We Are the Future

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Presented for your perusal are relevant statistics and observations gleaned from the third annual “Freelancing in America” survey, conducted by the Freelancer’s Union.  According to the organization, “Freelancing in America” is the largest and most comprehensive measure of independent workers conducted in the U.S.

Who we are

In 2015 55 million of our fellow citizens, representing 35% of the nation’s workforce,  participated in the Freelance economy to greater or lesser degree and we earned $1 trillion.  The survey found that 63 % of us were Freelancers by choice, rather than by necessity, and we enjoy this way of working.  Freelancers reported feeling positive about our work and 79 % preferred Freelancing to traditional employment.  We’re much more likely than our traditionally employed counterparts to feel respected, empowered and engaged in our working environment.  The survey assigned categories to different types Freelancing:

  1. Independent contractors (35 %, 19.1 million) — Full-time Freelance Consultants whose only income is derived from client work.
  2. Diversified workers (28 %, 15.2 million)– Freelance Consultants who regularly do client work, but provide themselves a guaranteed income floor by working part-time (maybe as an adjunct professor at a local college or maybe as a bartender and possibly both!).
  3. Moonlighters (25 %, 13.5 million)– those who take occasional side projects along with their traditional employment.
  4. Freelance business owners (7 %, 3.6 million)– Full-time Freelance Consultants who put together a more-or-less permanent team to form a consultancy, so that more complex and lucrative client work can be taken on.
  5. Temporary workers (7 %, 3.6 million)

What we like

Flexibility is a huge perceived benefit for the majority of Freelance Consultants and 60 % felt that a Freelance Consulting career is a respectable choice.  Further, more than 50 % of workers who left full-time employment to join the Freelance economy were able to earn more money within the first year of Freelancing.  46 % of us raised our project fees/hourly rates in 2015 and 54 % said they planned to do so in 2016.

Serious challenges

Money is an issue for Freelancers.  Survey respondents reported that adequate billable hours, negotiating fair project fees or hourly rates and receiving timely payment of invoices (or receiving full payment of accounts receivable) could be problematic.  On average, full-time Freelance Consultants obtain 36 billable hours/week. When the billable hourly rate or project fee is considered inadequate,  cash-flow is impacted and there can be a struggle to meet financial obligations.  As a result, the survey also found that debt is a real concern for us Freelancers.

Access to health insurance and retirement benefits remain major concerns.  Full-time Freelance Consultants rank medical and dental insurance as a primary concern; 20 % of us have no health insurance.  Of those who had health insurance, 54 % faced increased premium rates or deductibles in 2015 as compared to 2014.

Surprisingly, the matter of retirement funding was not addressed by the survey.  Freelance Consultants, unless we are moonlighters who have full-time traditional employment or we’re married to a spouse who receives that important benefit, must completely self-fund our retirement and many millions of us do not have the income to build a worthwhile retirement account. Please see my recent post on retirement planning for Freelancers Exit Strategy: The Retirement Plan

Shaping the future

As traditional full-time, middle class paying employment continues to disappear, the ranks of Freelance Consultants can only increase, making us a fast-growing segment of the American workforce.  Sadly, politicians have paid no attention whatsoever to either our special challenges or our voting-bloc potential.

85 % of survey respondents said that they planned to vote in the 2016 election cycle.  If that statistic can be applied to the entirety of Freelance Consultants in this country (and I feel it is unrealistically optimistic) it would represent nearly 47 million voters, more than enough to influence a presidential election.  70 % of survey respondents would appreciate candidates and political representatives addressing Freelancer needs, because no matter how lovely things may be for the chosen few who command lucrative project fees, Freelance Consultants (and most part-time workers) are vulnerable.

The holiday season approaches and that means drastically fewer billable hours will be available to the vast majority of us, as many clients limit work from about December 15 to January 2.  We will not receive holiday pay for Veteran’s Day, Thanksgiving, Christmas, or New Year’s Day.  How do we fund our retirement accounts and buy health insurance when it may be all we can do to cover basic living expenses? We need political representation, advocates and activism.  The Freelancer’s Union is what we have now.  http://www.nytimes.com/2013/03/24/business/freelancers-union-tackles-concerns-of-independent-workers.html

Thanks for reading,

Kim

 

 

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The Rewards of Awards

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I’ve just spent a month as a  preliminary round judge for a prominent international business award’s Women in Business category.  I’ve judged the preliminary round four times now and I still consider it a great honor to have been invited to do so.  The judging is done online.  Entrants in my queue were mostly from the U.S., but a handful were from outside of the country.  The entrants are top of their class in every way and all are prominent leaders in their organizations.

Many are employed by Fortune 500 companies and others are founders of their own enterprises, for-profit and not-for-profit.  They are amazingly capable, brave, ambitious and so very fortunate to have had their considerable talents recognized, encouraged and rewarded.  Reading their approximately 700 word entry summaries gave me a glimpse of how effective leaders set priorities, rally their teams and achieve extraordinary goals that not infrequently have national and global impact.

The awards were first presented in 2002 and there are several thousand entrants each year.  There are numerous award categories within the Women in Business segment, including Executive of the Year, Maverick, Young Entrepreneur and so on. There are other award categories that recognize men for significant business achievements as well.  The entry fee is less than $50.  Entrants obtain access to all of the judges comments, which are no doubt instructive.  Basically, you don’t walk away empty handed if you enter, but do not win, an award.  It appears that highly successful Freelance consultants need not shy away from the awards and in fact, would be wise to include an award strategy in their brand development activities.

Nominating  yourself for a business award is one heck of a clever business promotion strategy.  Getting  your brand story in front of a panel of judges, who are often well-connected movers and shakers, is a wonderful way to get on the radar screen of influential players who may have a need for your talent, or may know someone who does.  Plus, if you’re able to read the judges’ comments, you’ll get some helpful feedback that can be considered coaching.

If you do get lucky and win an award, you will be called to the podium to make your acceptance speech–your  chance to shine, however briefly.  Not only that, but the award sponsor always gives quality PR to winners in every category. You’ll get an electronic version of the award to upload to your website and social media profiles.  You’ll have a reason to send press releases of your own to media outlets, right along with the awards sponsor.

Winning a business award is surpassed only by winning an A-List client to add to your roster.  Awards bring prestige, credibility, visibility, new clients and good referrals to your business.  The application process is likely to be time-consuming,  but I dare say that you’ll be the better for it regardless of the outcome.

Step 1 is to identify an award that you have a reasonable chance of winning. Pursuing a small local award in your first attempt is advisable.  Step 2 is to join the association or professional group that sponsors the award and Step 3 is to attend  organization events, get to know people and join a committee.  In about two years, once you’ve built some solid relationships, Step 4 is to nominate yourself for an award or ask a fellow member to do so.  If you can win an award or two at a smaller organization, then investigate Awards given by larger and more prestigious groups.

Be aware of the obligations that are attached to nominating yourself and especially, of becoming a finalist.  Finalists may be expected to buy a table at the awards luncheon or dinner and that will mean perhaps ten $35 or $50 tickets.  If you win, there is also the price of the award itself, which may cost $100 – $300.  If you nominate yourself you’ll have to buy at least one ticket and if you’re a finalist, then you must also look fabulous, dressed in a great suit, with your hair cut and color in good shape and your make-up expertly applied.  Consider it all as a marketing expense and take it off on your taxes (you can make it work).

When in business, investments must be made and whether you are a Freelance consultant or Executive Vice President at a multinational corporation, in this millenium we must recognize that we have a personal brand to develop and nurture. Accolades and financial rewards are bestowed upon those who package and present themselves well.

Thanks for reading,

Kim

 

 

 

 

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Write an Effective Business Letter

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All writing is about the intended reader (that is, the audience).  Whether it’s a book, song, movie, opera, website, marketing brochure, grant proposal, or fundraising letter, the one priority for the writer to keep in mind is that the intended recipient matters most.  Writing is a basic means of communication and we have many reasons to choose to express our thoughts or requests in writing, rather than verbally.  Usually, we write to make our thoughts official, to communicate with someone whom we do not know, or to communicate with a large number of people.

We write to express our point of view or to make a request.  We may write to persuade the reader to take a particular action based on information that is presented or to consider a new perspective and modify his/her opinion.  In other words, writing is selling. Writers will benefit from the following guidelines:

  1. Purpose: Why are you writing?
  2. Audience: Who is the reader (audience)?
  3. Outcomes: How can you persuade the reader to care about your subject or request?

The first question is actually about you, the writer.  What motivates you to write? Are you in search of funding for a project that you would like to advance and so you must write a business or grant proposal? Might your objective be to write a sales or marketing letter that will be sent to those who you feel are potential customers for your product or service? Are you producing content for a website or other promotional material that will communicate your expertise to potential customers and give them the confidence to contact you? You will be an effective writer only when you develop the self-awareness and confidence to acknowledge what you would like your written material to achieve, so that you will choose vocabulary that reflects your intent.

The second question ensures that you tailor your message and vocabulary to resonate with your intended reader or audience.  The successful writer will consider the point of view of the reader and craft a message that is likely be understood and accepted by that reader.  If it is a proposal that you will write, then you must address the interests of several stakeholders who will be able to speak favorably or unfavorably of your request.  Grant applications and business proposals always include financial information as well as operations and marketing information, for example, to satisfy those three important decision-making constituencies.

The final question addresses the perceived benefits that the reader or audience can expect to derive from what you have written.  Here, the writer must tightly focus on the readers’ priorities and preferences and consider the outcomes attached to the expression of the thoughts or creative expression, or the relative value of your request.  What will be in it for the reader if s/he buys your book, devotes time and money to attend a performance of your music, or approves your grant or proposal?

The writer is advised to utilize a communication style and vocabulary that are familiar and reassuring to the reader or audience,  as a way to build confidence, encourage acceptance and approval and result in mutual success.

Thanks for reading,

Kim