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Bringing You Down: The Procrastination Blues

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We just hate to do certain things.  Some things are a headache to even think about,  let alone actually do.  So we conspire to ignore the irksome thing and pretend it will go away.  We promise ourselves,  our spouses,  our children and our friends that we will get to it…only not now.  We are busy now…

Admit it.  Those crafty avoidance schemes make us feel guilty.  We go into denial.  We are prone to get defensive and there might be an argument,  yet we continue to stonewall.  Oh, but we cannot hide forever.  Eventually,  we’ve gotta man up and do the deed. ç

Why do we do this?  Don’t we realize that allowing loose ends and evil-but-necessary tasks to pile up only makes it worse for us when we are finally forced to take them on?

Yes!  But everyone procrastinates once in a while.  It’s part of the human condition.  In fact, under certain circumstances,  what appears to be procrastination can serve us well.  Sometimes a problem or task needs to be pondered,  with more information about the cause,  implications and possible resolutions sought.  It may not be wise to quickly jump in with both feet.  Due diligence is not a sign of procrastination.

Other times,  it is best to wait for more favorable conditions before making a move and attempting resolution.  Timing is always important.  Or maybe this item really does deserve to be put off,  because there are more important issues pending that deserve your immediate attention.  Prioritization is not a sign of procrastination,  it is good time management.

So what makes us procrastinate?  Psychologists say that chronic  procrastination results from a fear of failure or success.  Either way,  it’s self-sabotage.  Fear prevents us from taking action and moving forward.  The experts have a few more theories:

1.  The Perfectionist.  If you cannot perform in a flawless fashion,  then you will do nothing at all.

2.  Poor Decision Maker.  You are trapped in analysis-paralysis quicksand and unable to settle on a course of action.

3.  The Overwhelmed.   You consider the task to be beyond your capabilities,  or you just hate doing the thing.

4.  The Disorganized.   You cannot get your act together.  You don’t know or have what is needed to complete the task and cannot focus on it.

You can tame the procrastination beast.  The easiest way,  if you’ve been persistently unable to make yourself tackle a certain job,  is to take the hint and outsource it.  Maybe you avoid doing this thing because doing it makes you miserable and you’re lousy at it anyway?  If you’re holding the cash,  call in a professional and stop the drama.

If you are not holding sufficient cash,  then you need an attack strategy.  You must bite the bullet and face down this demon,  because continuing to avoid your responsibilities kills your momentum and adds stress to your life.  Procrastination is bad for business and you cannot afford to wallow in it.

Break the beast down into manageable blocks and chip away a little at a time.  Devote 30-60 minutes each day to the job until it is completed.   Self-discipline builds  self-confidence and will keep you motivated to stay on track.  Reward yourself  handsomely once you’ve crossed the finish line.

Keep the procrastination beast at bay by setting reasonable goals for yourself.  Reaching for the stars is admirable,  but be realistic (and not pessimistic or self-limiting) in recognizing what you can achieve.

Finally,  always prioritize.  Time sensitive and other important tasks go to the top of your list and are preferably done early in the day,  to promote the likelihood of successful completion.  Lower priority tasks are done later.  If a project lands on your to-do list,  then it should be done within a reasonable time frame,  so don’t ignore it for six months.

Thanks for reading,

Kim

Administrative , , Leave a comment

Attention Shoppers! It’s Time to Invest in the Business

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Our  “new normal”  economy has regrettably resulted in sluggish business for most Freelancers and we are forced to watch our pennies.  The financial squeeze may tempt many to cease spending on all expenditures deemed nonessential,  but it’s wise to be strategic about what gets relegated to that category.

In fact,  judicious expenditures for the right business upgrades will help us to fight back against the recession and demonstrate to clients that our business remains viable.  If your credit line can handle it,  this is an ideal time to invest in your business by purchasing almost any type of equipment or promotional service.   Fourth quarter purchases are sweetened by the knowledge that the tax deductions will flow back to you a little faster.

So let’s go shopping!  There’s plenty of inventory in the stores,  despite diminished wholesale purchases,  and prices have never been better.  Now is an excellent time to replace or upgrade  computers and other IT equipment,  office furniture or even a company vehicle.  Commercial real estate is likewise more plentiful and hence affordable,  so if trading up has been on your wish list,  investigate options now.   Plus,  if a build-out is necessary,  those in the trades are ready and willing to provide quality work at competitive prices. 

Advertising space is likewise more plentiful and hence more affordable.  Discounts are available and payment terms are gentle.  Revisit publications and online sites that were previously out of your reach and ask what can be done for you now.  Do not be afraid to negotiate.  The buyer’s market is in full effect.

Now,  take a look at your website.  Does it look a little dull?  Maybe the text could use some sharpening?  Or perhaps you’d finally like to have a logo?  What might help your website to communicate your brand and core services more effectively,  or provide a compelling  “call to action”  to potential clients?  Web developers,  graphic artists and copywriters continue to be busy,  but not so much that they won’t take on smaller  jobs and do good work at a reasonable price.

The  “new normal”  economy also makes this an excellent time to hire,  if you can make the case that an extra body or two will increase revenue.  There are so many highly qualified professionals searching desperately for cash-generating projects that you will be able to hire someone (maybe part time?) to write your monthly newsletter,  manage social media,  cold call prospects and set appointments for your follow-up,  manage the books and accounts payable and receivable or just about anything else you need taken off your plate.

Finally,  our professional skills are our most valuable asset and also deserve investment.  I’ve seen more generous than expected early-bird registration discounts offered for numerous seminars,  since organizers are anxious to fill rooms.  Take advantage of this trend and sign up for training that perhaps you previously could not afford.  You may also want to have a few sessions with a business coach,  who may now offer money-saving incentives to stimulate business,  and work on other ways you can find competitive advantages for your business venture.

Thanks for reading,

Kim

Professional Development , Leave a comment

Manners Maven

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A couple of years ago,  I had coffee with a very successful risk management Freelance consultant.  As we chatted about business,  he related an interesting story about a client who hired him earlier in the year.  The client told him that he had interviewed several candidates for the project and all were highly qualified. 

His team chose this particular gentleman because he had the best manners.  (I always knew he was a classy guy!) After considerable  experience in working with Freelancers,  the client and his team concluded that good manners matter and just about everything else can be learned on the job. 

I’m not  sure that many project leaders consider manners and etiquette as prime factors in the Freelancer hiring process,  but I am certain that poor business etiquette will have a deleterious effect on that decision.

Business schools and even medical schools have finally begun to address this previously overlooked soft skill.  Most of us have had enough of the me-first,  I’m entitled,  self-absorbed behaviors that have migrated from so-called reality TV shows and into daily life and work.  As antidote,  here are a few tactics that will incorporate some subtle niceties into your business communications and interactions:

1.  Dial your business phone and listen to your outgoing message.  Does it sound professional and welcoming?  Would you want to do business with the person who created that message?  If your OGM is less than pleasing,  re-record and smile as you speak.  Smiling forces us to slow our speech,  enunciate clearly and adopt a pleasant tone of voice. 

2.  When in a meeting,  devote your full attention to the proceedings.  Turn off your phone,  computer (unless you will use it to take meeting notes) and all other electronic distractions.

3.  After meeting with an associate who is helping you in some way,  send to that person a thank you email within 24-48 hours.  Especially if your meeting was with a client or prospect,  recount major points discussed and confirm any agreed-upon actions. 

4.  If a business meeting is held in a restaurant,  the person who initiates the meeting pays the check.  When meeting with a client or prospect,  offer to pay the check even if that individual requested the meeting.

5.  When meeting prospects and colleagues at a networking or similar event,  refrain from pushing your business card onto every person that you encounter.  Save the card exchange for those with whom you have a discussion that points to follow-up conversations.

6.  Treat assistants with respect.  If the assistant is someone you will speak with more than once,  ask his/her name,  remember the name and greet that individual by name  on subsequent visits to the office.  Be advised that the assistant may control access to the client.  If you are rude or dismissive,  word of such behavior will be passed along and it could cost you.  Besides,  assistants often have information that may help you to sell your services.  Be nice and make the assistant your ally.

7.  At Christmas,  send a card to all clients with whom you’ve worked over the last 3-4 years.  It’s good business to stay in touch.

8.  When an invoice is 45+ days old,  contact the accounts payable or finance department and confirm that the invoice was received.  Could it have been lost? Unless the invoice is 90+ days old,  avoid contacting the client about billing matters.

Thanks for reading,

Kim

Marketing , Leave a comment

Building Credibility: A Brand Advancement Ad Campaign

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Freelancers know that silence = death and visibility promotes business viability.  To that end,  we craft an expert elevator pitch to serve as our verbal package and take that on the road,  hoping it will open doors for us.  We position ourselves as experts by speaking,  teaching,  attending conferences and writing a newsletter or blog.  We attend selected networking events and business association meetings so that we can connect with prospective clients and colleagues.

The next step in this process is to upgrade visibility to credibility,  for that is the way to convert prospects into clients.  As you brainstorm strategies that might advance your  brand and build credibility,  examine the benefits that a print media campaign can deliver. 

Print media are still very much with us and I would argue,  still effective,  despite significant inroads by the various (and sometimes free) online media.  Print ads can be costly,  but if you can find the budget,  this option can be worth your while.  Begin to assess your priorities:

1.  The objective.  Decide what you would like to accomplish.  Do you want to establish credibility among clients and B2B peer referral sources?  Are you announcing a new product or service?  Do you want to stimulate business within a new target market?

2.  The audience.  Who must you reach to accomplish your objectives? Which publications are read and respected by that audience?

3.  The budget.  Visit publication websites and peruse the rate cards.  See also the demographic data:  circulation,  distribution,  special issues that might benefit your  objectives,  etc.  What size ad can you afford to place for how many times during the year?

Additionally,  you may decide to mail a postcard to a professional group to which important clients belong—if you can obtain an address list.  Mailings are expensive,  although printing costs have dropped dramatically over the years.  It is possible to mail at bulk rate,  which is much slower but much cheaper.

Placement

If you belong to a chamber of commerce or similar business association,  consider advertising in its newsletter (whether print or online), which will be published at least quarterly.  Ad rates are typically reasonable and it’s usually read by members.

If your objective is to build your credibility among colleagues and therefore stimulate B2B referrals,  and/or to announce a new product or service,  this will be an excellent ad placement choice.  Newsletter advertisements are a great way to remind fellow members of who you are and what you do.  When you attend association events,  it is likely that colleagues will mention your ad and ask questions about your business.  Referrals could follow. 

It may also be possible to place ads in the newsletters of professional associations to which clients belong.  Whether your objective is to enter a new market,  announce new products /services or build credibility,  these publications likewise make excellent ad placement choices.

Depending upon your target market and budget,  neighborhood newspapers or the local business newspaper will also provide excellent ad placement options that will help you to achieve your brand advancement and credibility building objectives.

Message

Whatever your objective,  remember that there is power and elegance in simplicity.  Express your product and service features,  benefits and tagline (if you have one) using terminology that will grab your audience.  Use clear and compelling language that sells your core services and portrays you as a competent and reliable professional.  Use that refrain in all ad placements.

Design

Hire a professional (or a student) to devise a good visual concept,  even if your ad will be text-only and business card size.  Your ad must look sleek and professional—just like you!  The style of your business card will be the starting point for the development of a graphic style for your ad.  Use the colors,  logo (if you have one) and graphic look in all  ad placements.

Frequency

Consistency is key in advertising:  the message,  graphic style and frequency of the ad must be repeated again and again.  Studies have shown that ads don’t register with the target audience until they have been seen at least three times.  Budget your ad placements to appear several times throughout the year,  at least bi-monthly.  One time only ads are a waste of money.  It is better to appear in one publication 4-6 times a year than in two publications 2-3 times a year.

Thanks for reading,

Kim

  

 

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The Law of Attraction

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Let’s chat for a moment about competitive advantage.  For sure,  we must identify and/or invent as many as possible.  One often overlooked competitive advantage is to make everyone think that we HAVE competitive advantage.  Pretty slick,  huh?

Think of it this way:  perception is reality and everybody loves a winner.  Precious few come to the rescue of the down and out.  Failure is frightening and depressing and no one wants to come near,  lest the misfortune rub off on them.

Conversely,  the appearance of success is a magnet for still more success,  mostly because people think you deserve it (you must be doing something right!) and can handle it.  Today’s lesson is that image counts,  so always make yourself  look and feel like a winner.  Invite success to your door—or at the very least,  don’t make it turn tail and run away from you!

Dress for success

When attending any type of function at which you might possibly meet a prospective client, dress appropriately.  Respect the occasion and wear the right casual,  formal or business attire.  Invest in good quality clothing (hit the end-of-season sales) that flatters your body type.  Good quality clothing looks better,  lasts many years and is worth the money because when amortized,  it actually costs less than the cheap stuff.  Dress to impress.

Project the positive

Be enthusiastic and passionate about life and business.  Let your body language,  voice,  eyes and mannerisms  sparkle with good energy.  Walk into every room with confidence,  hold your head high and radiate a positive aura.  Others will be attracted to your glowing presence and they will cross the room to introduce themselves,  to have the pleasure of meeting and talking with you. 

Greet one and all with a firm handshake and a warm smile.  Make good eye contact and show that you are delighted to make their acquaintance and are interested in what they have to say.  People like to do business with people who have positive energy.  It  suggests honesty and expertise and therefore inspires confidence and trust.

You’re worth it

Create a strong value proposition for your business.  Establish that your products and services are top drawer,  will provide unique and highly desirable benefits and therefore command a premium price in the marketplace.  Communicate that your products and services are worth the investment.

Get to know the objectives and priorities of your typical customers and broadcast the benefits that resonate most.  Gather information that allows you to anticipate customer needs and deliver 5 star service every time.  Make your customers grateful to do business with you by knowing how to solve their problems and make them look smart for hiring you.

Do your best to maintain your prices,  even when there is pressure to offer discounts that are outside of your pricing strategy.  There may be times when you must relent,  but defend your position by learning to clearly articulate the ROI of  doing business with you.  Think cariage trade,  not cut-rate.

Business is great

Creditors may be ready to foreclose,  but do not let on to your clients!  Moreover,  be discreet with colleagues,  lest word of your troubles gets bandied about.  The smell of desperation is repellant and clients will take their business elsewhere if it appears that your ship is sinking.  If you expect to do any business at all,  it is imperative that you project capability and dependability.  Financial insolvency does not inspire confidence,  no matter how it happens. 

Remember always that people do business with people that they know and like.  They do more business with people they trust and respect.

Thanks for reading,

Kim

Professional Development , , Leave a comment

Your Advisory Board

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Every successful business owner benefits from the wise counsel of a select group of experts,  who offer a differential diagnosis that brings fresh air and information into the room and drags us out of the echo chamber of our auto-pilot  habits and ingrained perspectives.

Fortunately,  life equips us with an advisory board,  whether or not we recognize it as such.  Unfortunately,  most of the advice we receive is bad,  starting with what know-it-all cousin Howie and meddlesome Aunt Sheila have to say (those two will have you broke in six months!).

No,  our real advisory board must be carefully curated.  One must know whose advice generally should be heeded and whose advice basically should be ignored.  The advisory board that we consult can be informal.  It is not necessary to create a formal board unless the business demands it.  But we should check in regularly,  to find out what is new on the horizen,  figure out how to solve problems faster,  brainstorm intriguing new ideas and overall learn how to work not just hard,  but smart.

Clients

As numerous experts repeatedly recommend,  listen to your clients and receive a wealth of information.  Customers give the outside-in,  other side of the desk view and what they value most can be surprising.  You cannot always fathom what customer priorities will be and you won’t know until you let them tell you.

Customers are essential members of our advisory board.  The client represents the marketplace and when the market speaks, business owners must listen.   Ask  for customer feedback in the form of evaluations,  surveys,  or plain old Q & A over coffee.  Ask what they like about your products and services;  ask what would enhance the experience of doing business with you;  ask about upcoming trends in their organizations and figure out what you can monetize.

Employees

If you have employees,  seek out their insights and advice on how your business protocols might be improved.  Employees are in the trenches and often know better than the owner about how the business is perceived by customers.  Employees are uniquely positioned to give very valuable feedback.  Owners and managers should be smart enough to listen.  

Likewise our accountant,  attorney and other professional service providers,  through the unique prism of their specialty,  may offer useful advice that can have a positive impact on the business.   A wise business owner creates  an environment where employees know that their opinions and advice are welcomed,  respected and at least occasionally implemented.

Competitors

Do speak with experienced people within your industry,  including competitors.  Many will be happy to share a few pearls of wisdom with you,  especially if they operate in another geographic locale.  Marketing tips and other promotional strategies can be  good topics to discuss,  as could the types of services that resonate most with clients these days.  If your summer vacation means travel,  don’t be afraid to do some soft-touch networking.  You might get some timely advice from a seasoned pro.

Roundtables

Additionally,  I think you will find it useful to have also a structured advisory board esperience and for this I recommend membership in a peer group,  also known as a CEO forum or roundtable.  Groups consist of perhaps a dozen business owners in non-competing industries,  are often segmented by number of employees and annual revenues and usually meet monthly for about 2 hours.  The idea is to assemble a group of business owners who share a  similar profile and who therefore have the  perspective to offer relevant advice and support to fellow members. 

When properly facilitated,  group members function as each other’s board of directors.  There is guidance and support on decision-making.  Members celebrate successes.  New ways to consider and resolve business challenges are put forth.  Opportunities may be discovered,  goal setting is encouraged and members hold one another accountable for progress and achievement.  Peer roundtables can provide a welcome source of support and inspiration and do much to overcome the isolation that many business owners experience.

Thanks for reading,

Kim

Administrative , Leave a comment

How to Hire a Freelancer

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 This week,  we flip the script and examine the thought processes and procedures that ought to be followed when we are hired for a project.  How do ya  like them apples?

1.)  Determine what work needs to be done.  This  should be obvious,  but a surprising percentage of  project managers do not have a clear idea of the scope of the job.  They may furthermore have an unrealistic  view of the time,  resources and information needed for successful project completion.  These are the managers who hire a Freelancer to work 10 hours /week for 4 weeks,  when 20 hours /week  for 8 weeks is what the project requires.  This information is imperative for accurate project budget development.

2.)  Determine the relevant qualifications most likely needed to successfully perform tasks associated with the project.  Resist the temptation to gratuitously demand degrees and certifications  simply because in a tight economy it is possible to do so,  under the mistaken notion that this will ensure that the best candidate will be hired.  Pieces of paper are not necessarily an indicator of ability.  Experience is  a  much more reliable indicator of competence and therefore should be the primary qualification sought.

3.)  Research the price range for consultants within the  specialty.  This information is also necessary for accurate budget development.  Verify that adequate funds will be in hand,  so that Freelancer invoices can be paid on time.

4.)  Interview three or four candidates if  this project has not been outsourced previously.  First,  gauge what level of talent is available.  Second,  learn to recognize candidates who are  able to do the job.  In this economy,  there is  a large pool of  high quality talent available within most specialties.  These  individuals can bring skills and insight to a  project that  a  hiring manager may not have considered and they may be able to effect a better outcome than was originally envisioned.  Some candidates  may have a better understanding of what is needed to successfully complete the project than the manager.

5.)  Clearly describe the project scope to those who are interviewing and review again for the Freelancer who is ultimately hired.  Again,  this seems obvious,  but a disappointing number of project managers fail to disclose certain specifics of the project.  Inevitably,  this results in disappointment and frustration for all concerned.  Failure to accurately describe project specs is most unfair,  because whose   “fault”  is  it when expectations are not met?

6.)  Confirm the availability of the Freelancer most likely to be hired and speak with one or two of his/her clients as  a  reference check.

7.)  Develop a written contract/proposal  that clearly details project specifications and expected outcomes or delieverables,  hours /week,  project start and end dates and pay scale.  In some situations,  the Freelancer hired will provide this document.  Both the project  manager (or responsible organization representative) and the Freelancer should sign the contract/proposal,  with a photocopy given to the Freelancer.

8.)  Require that the Freelancer hired signs a confidentiality/nondisclosure agreement.  This will allow staff to feel comfortable to candidly discuss pertinent business matters in the presence of the Freelancer.  Find a template online or ask an attorney to prepare a standard template that can be generally used for consulting needs.

9.)  Introduce the Freelancer to staff,  starting with those with whom he/she will regularly work or encounter.  It is  a  good idea to inform staff that  a  Freelancer will  be hired for the project.  It is a better idea to verify whether there are staff  in-house who have both the ability and time to take on the project,  if only the  manager was smart enough to ask! 

Thanks for reading,

Kim

Administrative , , , Leave a comment

The Living is Easy…

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And so we are drifting through the summer doldrums.  As heat and humidity rise,  our focus and motivation fall.  Summer is the slowest period for Freelancers and most others,  with the exception of  landscapers, building contractors, wedding planners and those in the tourist industry.

For the majority,  summer means billable hours  that evaporate like the morning dew on roses.  But who can afford 10 weeks of idleness?  Savvy business owners know it is wise to make hay while the hot sun shines and use the summer months to position themselves to create business in the fourth quarter and beyond.  A business slowdown need not mean no business activity.  Summer is the perfect time to pick up the thread of what slipped off the radar screen earlier in the year.

You may start this productive cycle by reviewing your business model.  How efficient is your operation?  How much does it cost to make a sale?  Just how profitable is your business,  anyway? What processes could be streamlined?  What technology could make service delivery,  customer contact and/or administrative functions easier,  faster or less expensive?

By the way,  did you meet your sales projections for the first half of the year?  Might it be time to hire help,  so that productivity can increase,  customer service improved or administrative functions executed in a more timely fashion?

What emerging  priorities and concerns  are on the horizon that may excite or agitate your clients and how might that impact your business? You have the next few weeks to catch up on industry magazines,  websites,  white papers and blogs and find out what you need to know to stay competitive and understand  what may change in your marketing message or service options and delivery.

Summer is also a great time for professional development.  Look for certifications to pick up,  or courses and workshops to attend.  If you can budget it,  use this time to boost your skill set and  make yourself  appear more of an expert to clients and prospects.  Along the way,  you’ll meet a few people you should know.

Summer is a time of more flexible schedules and despite vacations,  it’s a good time to collar people and arrange those meetings that no one had time for between January and June.  So go back through your notes and remind yourself of whom you wanted to meet with and send out a few emails.  What intriguing and mutually beneficial proposal will you present?

Finally,  summer is an excellent time to do the prospecting that you’ve been putting off  for six months.  Ask colleagues for introductions and maybe do some selective cold calling.  Make it a point to make inroads on new business development.  I’ll bet that slippery someone whom you’ve been chasing since last year is more available in July and August.

By taking the initiative,  you will see that  summer is the best time to evaluate, investigate and create business opportunities that will give you a cushion of revenue that will get you through next year’s summer doldrums!

Thanks for reading,

Kim

Survival Strategies , , Leave a comment

Kill the Deadbeats!

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“Businesses don’t fail because they are unprofitable.  They fail because they get crushed on the accounts receivable side.”  Brian Hamilton, CEO  Sageworks, a  financial research firm in Raleigh, NC

A  2005  survey of American Express  small business customers found that  49%  had cash-flow concerns, with accounts receivable as the primary concern,  and  9%  of  that group worried that their cash-flow troubles were sufficiently serious to impede their ability to compete for new business.

A  2007  survey of  2000  Freelancers found that  77%  of us have had trouble getting paid at some point in our careers as independent workers.  Of  the  77%,  late payments have been endured by  85%  at least once;  42%  have been stiffed at least once;  and  34%  have received less than the invoiced amount at least once.  The survey also found that Freelancers  spend 4 hours/month on average pursuing late or unpaid receivables.

Since Freelancers are  excluded from the Fair Labor Standards Act (FLSA), which would require  the Department of Labor to assist us by investigating claims of involuntary unpaid labor (slavery!) and would authorize the Commissioner of Labor to bring criminal proceedings to recover wages owed,  we are more than a little vulnerable to this growing phenomenon.

Our options are weak.  Hiring an attorney is costly and does not guarantee payment of monies owed.  Small Claims Court is time consuming and winning a judgment does not guarantee payment.  Writing a  thorough contract,  which specifically details  services requested,  pricing,  invoice due dates and late fees doesn’t help much either if  a  client lacks the ability to pay,  or simply refuses to pay within a reasonable time frame (big corporations are infamous for this).

Smaller businesses may be caught between a rock and a hard place:  they can’t pay you until someone pays them.  Big corporations have the power to dictate payment terms favorable to their own cash-flow objectives.  Over the past several years,  including the so-called  “booming economy”  years,  many big corporations brazenly increased the turn-around time on accounts payable to their small vendors —because they could.

So what’s a Freelancer trying to maintain respectable cash-flow to do? Take every precaution and watch for signs of problem clients.  Before taking on a new client,  maybe ask around and find out if you know who’s done business with the company.  Maybe check out the BBB and find out if  a complaint has been filed and its resolution.

Milestones and money

Establish project milestones and attach an invoice to each one.  First,  discuss your project with the client and get agreement on the scope of the project and the time table.  At the contract signing,  get a deposit of 10-25 %.  At key junctures in the project,  get another 20-25% payment,  if possible.  The goal is to avoid the trap of  waiting for a large sum of money at the project’s completion,  when the client possesses the complete deliverable.  Hint:  if  the client is unable to make the initial deposit on time,  brace for trouble!

Deadbeat radar

Pay attention to client motivation—are they looking for quality work,  or the cheapest price?  If  a customer comes to you primarily for price,  then price is what will make that client leave you.  Moreover,  they will use price to manipulate you.  So do not be desperate!  It’s hard, I know, when you’re just trying to be solvent.  But customers like that pay the least money,  cause the most headaches and may not pay what they owe,  on time or otherwise. They are best avoided.

Beware the client who is in a big rush, frazzled and frenetic.  This person will appear suddenly and may also be overly concerned with price.  Once the deliverable is in hand, your invoices will be ignored,  as he/she is always  “too busy”  to deal with annoying things like paying you.  Insist on receiving as much payment up front as you can (try 50% down, including a premium for speedy delivery). You may never see the rest of the money,  or you will have to chase and wait.

Beware also the OCD type who is hyper-controlling and fussy.  If you must go there,  be excruciatingly clear about the project scope,  deadlines,  expectations,  project milestones, etc.  Put everything in writing and make sure they agree,  sign off and are prepared to make all milestone payments.  This client will be tough to satisfy and will pick you apart,  demand revisions and may withhold payment,  claiming that you haven’t delivered satisfactorily.

Put into writing how many revisions are included in the project base price plus the price for revisions.  Consider adding  25-30%  to your usual quote to make up for the time you’ll spend responding to incessant emails,  phone calls,  criticism and demands.

Recurring nightmare?

If collecting receivables is a persistent problem for you,  then it is likely that you are not qualifying clients properly or your product is considered deficient.  Clearly define your deliverable.  Set expectations for your services and make sure that you understand what the client wants and the client understands what you will deliver.  A verbal agreement should precede a written proposal/contract that specifies the work you will do,  the timetable and payment due dates and should be signed by both you and the client.

Thanks for reading,

Kim

Marketing , Leave a comment

Keep Your Competitors Closer

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Freelancers get business by three methods:

1). Proposals, ideally submitted by invitation and not “cold”

2.) Referrals, made on our behalf  by a source the client trusts

3). Reputation, meaning repeat business from our client roster

The most successful Freelancers skillfully promote the urban legend that we provide exceptional services, solutions and expertise that clients can absolutely depend upon. That perception creates trust and  gives our clients the confidence to bring us in when a project is approved for outsourcing.  Your client is convinced that when you are on the scene, an excellent job will be done and with a  minimum of fuss.  You will make them look good.

Competitive intelligence will provide important building blocks for your story.  One must periodically assess the strengths and weaknesses of  major competitors:  compare and contrast products and services offered, observe how they market themselves,  make note of selling points that are emphasized  and learn how you stack up.  It helps us to look from “outside in”  at how our services and business practices might be perceived by clients.

Analyze and benchmark

  • Compare your services to those of competitors:  what do they do sufficiently well that  motivates clients to hire them?
  • What do they do incompletely or perhaps poorly?
  • Who is on their client roster and which are their target markets?
  • Who are the front runners among your competitors and how did they get there?
  • What relationships and/or competitive advantages do they leverage to get business?
  • What is showcased on their websites and in other marketing materials?
  • Where do they advertise?
  • Does an internet search bring up good PR or anything noteworthy?
  • With whom do they collaborate or partner?

Define your competitive advantages

  • Catalogue what you do that clients  value
  • What services do you offer that your competitors do not and what value do your clients place on those services?
  • Audit your customer groups—have you ignored a possible niche market?
  • What relationships might you leverage to give you the edge when submitting  bids and obtaining referrals?

Create the spin

  • What common themes do you see in the marketing messages of your competitors? What do the front runners say to clients?
  • Where do you see yourself as offering the better value proposition? How can you most effectively communicate that to clients?
  • How can you  retool your message to highlight services or buzzwords that grab the clients? Reflect those in your marketing materials, advertisements and on your website.  Incorporate into your elevator pitch and sales talking points.
  • Build a PR campaign around an event that features you—a speaking engagement,  a workshop you will present, the relaunch of a service.  Send out press releases and follow up with phone calls.  Develop relationships with the business press by taking the right person to lunch or coffee and talk over ways to get your name mentioned.
  • Advertise,  however modestly,  in publications that your target audience follows.  Advertisements should lead to editorial,  however brief,  being written about you.
  • Cultivate relationships within the industries that you service,  either directly with those who may hire you,  or with those who can influence decision makers.

Keeping an occasional eye on competitors will yield many benefits.  Competitive intelligence  keeps us in the loop about which clients are hiring and the demand for workers within our field,  keeps us abreast of the activities of our professional peers,  makes benchmarking possible and helps us to sell our services more effectively.  Competitors help us to sharpen and clarify our approach to business.  They make us better.

Competitors need not be sworn enemies, despite the adversarial position that must be assumed when vying for market share.  Competitors have much to teach us about doing business.  In fact,  judiciously cooperating with competitors is good business.  There may even be occasions when competitors will collaborate.  Frenemy is perhaps the best way to describe the ideal relationship to our competitors.  Use them as you strategize to grow your client list.

Thanks for reading,

Kim