Tag Archives: strategy

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Guerilla Market Guru

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We’ve made it through a very competitive presidential election and we witnessed quite a battle.  The President remains in office because he was the more strategic.  He ran the better campaign,  he had the better ground game,  his get out the vote initiative was superb.  In sum,  President Obama had the better marketing plan.

He didn’t execute as ruthlessly as political strategist Dorie Clark recommends (see the October 30 post),  but he took full advantage of a few key situations,   most notably the well-timed  (for him, anyway)  Hurricane Sandy.  He hopped onto Air Force One,  landed in hard-hit New Jersey (what an entrance!),  reassured numerous devastated and frightened residents and in the process,  managed to have sworn nemesis Governor Chris Christie eating out of his hand,  all with the TV cameras rolling.  New York City mayor Michael Bloomberg,  officially an Independent but really a Republican,  went so far as to endorse the President for re-election.  Talk about fortune smiling.

So the 2012 presidential campaign provides a blueprint for Freelance consultants who are trying to survive and thrive as the economic assault on the middle and working classes continues.  The only possible way to keep your business alive is to survey your unique set of circumstances and leverage all resources to strengthen your position.

One major factor in competing strong in a weak economy is remaining visible.  Longer lapses between assignments,  especially when combined with the insult of smaller projects and fewer billable hours,  are a dynamic that slashes your available money.  Yet one must do all that is possible to preserve the marketing budget,  for that is when we need it more than ever.

When marketing on a limited budget,  be very objective.  Review your marketing strategy and make sure that activities align with current conditions in your business environment.  Contact media outlets that have been just beyond your reach and inquire as to what your budget will support now.  I’m willing to bet that there are deals to be had.  Also,  advertisers can expect to receive some editorial space,  so when you purchase an ad,  expect at some point to be asked to give quotes or even write an article that will showcase your expertise.

Evaluate your core message and verify that it addresses what clients are most interested in when they consider hiring for your service category.  Be aware that client budgets and priorities may have shifted along with the economy.  Examine your website and print collaterals.  Sometimes a client will check you out before calling,  so make sure to communicate a message that will optimize every potential opportunity.

To both improve your reach and save on your marketing budget,   review your social media strategy.  Perhaps this is the time to explore Google + and figure out how it can help you engage clients and prospects,  or at least keep you visible in the best ways.  Google + invites client interaction,  making your marketing a two-way conversation that can enhance your brand by showcasing you as a trusted adviser and authority.

On the traditional media front,  write and distribute press releases to announce your participation in any business-related public event.  Oh yes,  and do make sure that you schedule yourself to speak at conferences whenever possible and conduct workshops and take on teaching opportunities.  Call your local adult learning center,  community college and neighborhood business association to figure out how to get on teaching and speaking calendars.

It is also very important to maintain good relations with current,  or previous clients.  Just last week,  as I finished up with a client meeting,  one of the principals asked if I’d mind if her daughter called me.  The daughter is a dancer with a mid-sized company that needs marketing strategy and PR work.  That meeting itself was the result of up-selling services that expanded billable hours with the client.

Superior service and excellent relationships matter more than ever in a highly competitive business environment.  Christmas and Chanukkah are coming.  Plan to send holiday cards to all clients you’ve worked with in the past five years.

Devise marketing moves to position your consultancy to win as much available business as possible.  Be a fierce competitor not by spending more,  but by being shrewd and recognizing opportunities.   Make every marketing move strategic and create good luck.  Only the strong and the lucky will survive and thrive.

Happy Thanksgiving,

Kim

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You Are the President

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Today is Election Day in the US and an 18 month long  (or thereabouts)  presidential campaign will finally draw to a close.  I take voting seriously and view it as both a right and a responsibility.  It is only in the past 50 years or so that true voting rights were extended to the general population.  For 150 years,  only land-owning males of Euro-American descent who were literate in English were eligible to vote.   As a result,  the vast majority of citizens have been unable to vote for most of our history.  Vestiges of restrictive voting laws linger today, unfortunately.  For example,  why isn’t Election Day a paid holiday for all workers,  full-time,  part-time and contract? 

In our last episode,  I left you with a cliff-hanger and promised to take a look at what is most likely the most important part of your Personal Presidential Campaign.  Dear readers,  that would be relationships.  Pay particular attention to whom you know and who knows you.  Business is political and politics is all about relationships.  Identify and affiliate with organizations that will bring you into contact with people you need to know.  That could mean the chamber of commerce,  house of worship,  nonprofit organization board,  or a fitness center.   Figure out where the right people congregate and then evaluate where you will have the best chance of access and acceptance.

Something else you can do: search your VIP’s name and you might discover that he/she will speak at a local conference.  Be there if it’s open to the public and within your budget.  If you’re able to attend,  take notes on the presentation so that you can ask a good question during Q & A.  Your intelligent question will pave the way for a post-talk conversation that will set the stage for relationship-building.

Along the way,  you must also get a handle on what you can offer the VIPs you want to bring into your camp.  Objectively evaluate what it is about you that higher-ups will appreciate.  Maybe you have a skill that nonprofit boards covet  (beside check-writing ability):

  • Are you a silver-tongued salesperson,  who might therefore be an adept fundraiser for the VIP’s favorite charity?
  • Do you possess the  excellent organizational skills that would make you a key player on an event committee?
  • Can you build a website or put together an e-newsletter?

Or maybe you know an influential person or two and you can connect your VIP to someone he/she would like to know?  Whatever it is that you can do,  discern your value-added and work it,  even if it’s helping out with crossword puzzles.

Social media can also play a role in your relationship-building strategy.  If your VIP has a Twitter feed,  definitely sign up to follow and eventually join the tweets and re-tweets.   If LinkedIn is your thing,  resist the temptation to right away ask your VIP to join your network.  Be more subtle and try to find out if you have any connections or groups in common.   If so,  tap your common connections to obtain some useful background info.   Follow group discussions to see if your VIP participates.  If you can intelligently add to discussions in the common groups then do so,  as your VIP could be following and it could be an opportunity to look good.  You can do the same in the general Answer forum.

In closing,  please know that I do not advise you to coldly manipulate those people whom you feel will be useful to your ambitions.  To the contrary.  Relationships must be a two-way street and win-win is the goal.  Take the time to build authentic relationships and provide value to others as you campaign to be the President of your professional life.

Thanks for reading. Cast your vote.

Kim

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Campaign for President

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I am rather a political junkie and pride myself on keeping up with important local,  national and sometimes international elections.  On Tuesday November 6,  those of us in the US will cast our votes for President in the culmination of a contentious and mind-bogglingly expensive race for the White House.  There are also a few important Senate races to resolve as well.

Dorie Clark  (no relation),  corporate strategy consultant and adviser to the gubernatorial campaign of MA Governor Deval Patrick and the presidential campaign of Howard Dean,  says that business owners and executives should pluck a few lessons from electoral politics to better position themselves for business and career success.

Clark urges those of us in leadership positions  (and every Freelancer is a leader)  to  observe and follow the behavior of the best politicians,  from Lyndon Johnson to Ronald Reagan: set clear and reasonable goals;  identify and cultivate supporters;  build and exercise influence;  and execute relentlessly to achieve your ambitions.  You may not be running for public office,  but it’s a smart idea nonetheless to manage your career as if you were campaigning for president.

First,  choose a professional goal.  If you find it advisable to alter your goal down the road,  that’s OK;  you just need to propel yourself forward and start your campaign.  Those in business most likely want  to earn more money and that may mean acquiring more clients who dole out lucrative contracts.   So maybe your prime objective will be to sign three Fortune 100 clients,  to support the goal of accessing higher paying and more prestigious projects that enhance your brand and your bottom line.

However,  you may eventually decide that your organization is not ready to pursue Fortune 100 clients.  Instead,  you shift your sights to Fortune 1000 clients,  because that is more realistic for you.  The point is,  you’ll position yourself to sign clients who can offer bigger budget projects and maintain your goal of enhancing both your reputation and your revenues.

Next,  set important milestones for your campaign.  A presidential candidate is advised to win the Iowa caucus and New Hampshire primary because performance there impacts future campaign success.  Candidates who succeed in those races vastly improve their chance of reaching the White House.  What interim projects can you pursue and win,  projects that when on your CV will persuade bigger clients to  trust your expertise and feel comfortable enough to hire you?

While you work on getting yourself into some stepping stone projects,  take a look at your skill set,  your personal and professional network and your marketing materials.  Identify and resolve any gaps and need for upgrades.  Observe those who have arrived at the place you want to be and check out their skills,  education level,  marketing materials,  relationships,  professional organizations,  etc.  Fill in as many missing elements as possible.

Make an action plan and hold yourself accountable by attaching dates.  Maybe you should become a better public speaker or obtain a certain professional credential? Maybe there are books, blogs or magazines you should read to stay current in your business (or that of your target clients)?  Find out when and where the course will be offered and its cost.  Enter registration dates into your calendar.  Budget the money.  Visit the library or book store.

Next week,  we’ll take a look at what may be the most important component of your presidential campaign.

Thanks for reading,

Kim

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Choose a Strategy to Make Your Strategy

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“Become Your Own Boss:  Effective Business Plan Writing”  will be presented by your loyal diarist on Wednesdays October 10, 17 & 24 5:30 PM – 7:30 PM at Boston Center for Adult Education.  Do you have a hobby that you’d like to turn into a profit-making business? Click and register to learn how  http://bit.ly/RnyIBP

 Responses from a recent Boston Consulting Group survey of 120 companies from around the world indicate that executives are well aware of the need to match their strategy making process to the specific demands of their competitive environments,  according to survey authors Claire Love,  Martin Reeves and Philipp Tillmanns of BCG.

But in practice,  many companies relied instead on approaches that are better suited to predictable and stable business conditions,  even when business conditions are known to be highly volatile.  Technological innovation,  social media and global uncertainty have conspired to make the business climate for nearly all industries less stable and predictable than in the past.  Business planning must reflect that reality and build strategies in response.

Love,  Reeves and Tillmanns identified four strategic styles:  Shaping,  Visionary,  Classic and Adaptive.  The first two styles are appropriate for major corporations that have the power to influence buying demands and habits on a massive scale.  Small business owners and Freelance consultants would choose between the latter two,  depending on the local business environment and practices in their industry.

Some industries are based on fast-moving,  changing market dynamics and furthermore,  uncertain economic times demand a more fluid and experimental approach.  In such environments,  long-term plans are essentially useless.  The Adaptive strategic style  is most appropriate under these conditions,  since it gives the business owner a roadmap to follow as goals and tactics are continually refined in response to shifting conditions.

Planning cycles may last only one year.  Initiatives are short-term,  quarter by quarter,  because making money is about what’s hot now.   Trendy hair stylists,  the hottest nightclubs and bars,  fashion forward retailers and entertainers from Lady GaGa to Nicki Minaj base their business planning on the Adaptive style of strategy setting.

Big data will not tell Adaptive style strategic planners what will be hot in six months.  On-the-ground brand representatives,  party promoters,  recognized style leaders and bloggers known to have credibility with the target customers give feedback on trends that might have significance,  that are ripe for a mini-marketing campaign that might bear fruit.  The Adaptive style planners then evaluate the trends and use the feedback to make informed decisions.

The Adaptive style encourages  companies to set up their organizations to test and roll out a variety of products and services as quickly and efficiently as possible,  constantly adapting in the light of sales figures and social media feedback.   Some strategies are bound to fail,  but numerous cost-conscious experiments made in quarterly or twice-yearly campaigns increase the likelihood of success and minimize losses when a trend is over-estimated.   Success is defined by carving out the best position in a volatile marketplace.

Setting strategy begins with an accurate assessment of your industry and local business environment.  Depending on the business conditions,  the Freelance consultant or small business owner would choose either the Classic or Adaptive strategy style when a planning session is in order.  From there,  it will be possible to find a path that will allow you to apply your unique expertise and resources to making the most of available money-making opportunities.

Thanks for reading,

Kim

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The Strategy for Your Strategy

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“Become Your Own Boss: Effective Business Plan Writing” will be presented at Boston Center for Adult Education on Wednesday evenings October 10, 17 & 24 5:30 PM – 7:30 PM.  Do you wonder what you’ll do after you retire?  Evaluate and prepare to launch the business idea that you’ve been thinking about for the past few years.  Register at  http://bit.ly/RnyIBP

We’re at the threshold of the fourth quarter and it’s time to set yourself up for not only a strong and profitable ending for this year,  but also an auspicious beginning for 2013.  To make that happen,  you may choose to tweak your business strategy or perhaps make more substantive changes to roll out.  Change makes us nervous,  because we  enter uncharted waters.  Business plans look good on paper,  but what will reality bring? The impact can be unpredictable.  Freelance consultants can test a strategy relatively quickly,  but mistakes cost time and time is money.  Yet,  there are ways to improve the odds of achieving success.

Competitive advantage is derived from recognizing and responding to developments in your marketplace faster and more accurately than your competitors.  Strategy experts in Fortune 500 companies know that the strategy setting process must reflect the conditions of the marketplace in which one operates,  as well as your company’s influence within.  In other words,  minnows have different options than sharks or whales and the minnow’s strategies must reflect that reality.

Claire Love,  Martin Reeves and Philipp Tillmanns of Boston Consulting Group say that to effectively plan to succeed,  the business needs a strategy for making a strategy.  The trio have identified four categories of strategy setting:  Classical,  Adaptive,  Shaping and Visionary.  Small businesses and Freelancers would use one of the first two.  Think of Sony and IBM as two companies that had Visionary ideas that Shaped the global marketplace and influenced the habits of a billion consumers.

Classical is the strategy setting style recommended when operating in an industry and business environment that while predictable,  is nevertheless beyond the businesses’ ability to control or significantly influence.  Strategy planners analyze the current business situation and use that information to set reasonable business goals and identify the most favorable competitive market position that can be expected by leveraging available resources and advantages:  client list,  experience,  expertise,  relationships,  reputation,  etc.,  plus identify and assess barriers to entry.

The strategy planners then refine and strengthen competitive positioning through standard strategy planning techniques such as the SWOT  (strengths,  weaknesses,  opportunities and threats)  matrix and project the likely results elicited by the new strategy forward into successive quarters.   Goals and the strategies developed to achieve them might be followed for maximum three years,  or until changes in the business environment or within the business itself encourage the planners to set new goals and strategies.

Next week,  we take a look at the Adaptive strategy setting style.

Thanks for reading,

Kim

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Evaluate Your Network

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Effective networking is a cornerstone of any flourishing business enterprise.  Who you know and who knows you makes all the difference in business success.  It’s a good idea to periodically evaluate the quality of our professional network.  The first step in this process is actually strategy planning.  What do you want your business to look like in 18-24 months?  What do you need to do,  who do you need to know and who needs to know you so that you will achieve your goals?

Next,  think about your professional network.  Does it appear that tapping into existing relationships will help you realize business goals?  Take stock also of your personal relationships.  Which are deserving of your time and energy and which should be put out to pasture? Might it make sense to add a business dimension to a social or family relationship,  or add a social dimension to a business relationship that no longer pays professional dividends,  but you feel is worth maintaining nonetheless?  You may find that some pruning, reconfiguring and strategic additions are in order.  Read on and get some inspiration to start the process:

What have they done before and what are they doing now?  What is the person’s record of achievements? Is that person continuing to move forward?  If one is not growing,  then one is falling behind.  The value of  a given relationship will  depend upon your resources,  industry and goals.  Look to strengthen and develop relationships with those who can open doors and share relevant information.  Because relationships are a two-way street,  think also of the value that you bring to relationships.  Do you come through when you should?

What is the reach?  When possible,  cultivate relationships with those who have an understanding of and influence in your industry or field of expertise,  or with potential clients who can be referred.  Someone who can refer you to teaching and speaking engagements that will build you CV and bank account will also be very helpful.

Do they have a positive and progressive attitude?  Surround yourself with smart,  positive,  forward-thinking people,  socially and professionally.  Divest your network of haters and slackers.

Do they like to collaborate?  If you see an opportunity to team up and set in motion a mutual win-win,   you’ll need to take the idea to someone who will be open to exploring reasonable options.  We all need to have in our networks savvy and creative people who see the big picture and are willing to keep ego in check in order to accomplish something bigger than either could do alone.

Are they responsive?  Folks must be willing to return calls and emails within a couple of days or so,   barring an emergency,  deadline or  vacation.  When you invest the time and energy to build a relationship,  you want to know that efforts at communication will be respected.   No matter how awesome someone is,  they are of no use to you if they ignore you when you reach out.  If they don’t get back,  then you know you’re not valued.

Thanks for reading,

Kim

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Your Big Client Bid Strategy

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Freelance consultants have to be nimble and resourceful in order to compete successfully and that is especially so when in pursuit of a big-league client.  Winning a big client is tremendous validation,  but when swimming with whales it is essential to take precautions and maintain as much control over the process as possible.   It would be disastrous to do what is second nature to many small business operators and Freelancers: whatever it takes to get the job in and whatever it takes to get the job done.   Pursuing important clients with big contracts out for bid takes a more sophisticated approach.

When assessing and pricing a big  contract,  the project fee attached to your proposal carries much weight,  in more ways than one.   Bid too high and you’re knocked out of contention.   Bid too low,  a common practice of Freelance consultants and small business owners,  and one of two impressions will be made:

1.   That you are perhaps unqualified to do the work because you’re selling your services for too little money,  or

2.   That you’re desperate for business and probably ripe for exploitation.

To both convey the image of a capable and experienced professional and ensure that you make money on the project,  be sure that you thoroughly understand what will be required to fulfill the contract and your ability to do so.   Job costing and cash flow projections will need special care.   Will you need extra expertise for some aspect of this job,  or perhaps an extra pair of hands in order to meet the timetable? 

Realize that big projects for big clients mean big accounts receivable and there can be a downside.   Be honest about how much money you can afford to have outstanding,  even if  payments are received on time.   Help yourself by requesting 20% – 35% of the project fee up-front and due within 15 days of the contract signing.   Set up a payment schedule in your proposal that ensures you’ll be able to pay any subcontractors and also yourself on time.

Freelancers and small business owners often compete on price,  but one is advised to avoid dangerously low bids in order to get work or add a marquis name to the client list,  only to receive very little profit from the project.   Michael MacMillan,  founder and CEO of MacMillan Communications of New York City,  focuses on selling personal attention and customized PR strategies to his clients and providing more bang for the buck.   “One of the advantages of being a smaller organization is that you’re more efficient because there are fewer overhead costs.  We are able to apply more of the project fee directly to account work”. 

According to Jeffrey Bolton,  managing partner at the accounting firm Daszkal Bolton LLP of Boca Raton, FL,  the key to evaluating whether to pursue a big client is to ask yourself  how important that account will be for future business growth and whether the project work fits into your strategic plan,  even if you don’t make money on it.  “If you’re trying to build a reputation,  that foot in the door is necessary,  but you must have an institutional mind-set when taking on a big client and not a mom-and-pop mind-set”.

Thanks for reading,

Kim

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Your Brand: Remix and Refresh

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Freelance consultants represent and inhabit our brand completely.   We are what we do and it’s to our advantage to be known for what we do because it’s good for business.  It is most advantageous to be considered a known quantity,   the obvious choice when clients are in need of our service category.   At the same time,   it is wise to take a page from the Nicki Minaj playbook  (authored by Madonna,  as you know)  and do a remix every once in a while,  to remind the marketplace that what we bring is a little ahead of the curve: au courant, relevant and therefore,  worth a premium.

So maybe every three years or so,  one may want to shuffle the cards,  or play the hand a little differently.  Before making any major changes,  however,  you are advised to obtain a clear understanding of what would be useful to tweak and what to leave alone.   To do that effectively,  it’s important to— guess what?  Talk to your clients.  If possible,  speak also with those who use your category of services but haven’t hired you.   Until you determine what you and your brand represent to clients and moreover,  get a handle on why certain folks don’t hire you,  your rebranding strategy will be counterproductive.

Media titan Kenard Gibbs,  co-founder of Madvision Media and former president of VIBE Magazine,   recommends that like Stephen Covey,  author of  “The Seven Habits of Highly Effective People” (1989),   you begin with the end in mind.   “You need to have some idea as to what you are ultimately trying to achieve …..The end goal dictates how you proceed…..”

Gibbs advises that a SWOT  (Strengths,  Weaknesses,  Opportunities,  Threats)  analysis be done once the customer,  industry and other marketplace research have been performed.   The SWOT internal  (Strengths & Weaknesses,  e.g.  strategic relationships and expertise)  and external (Opportunities & Threats,  e.g. market trends,  the economy,  client needs)  analysis guide your rebranding strategy and identify new possibilities that expand the reach of your potential client base.   SWOT will also ensure that you maintain services that clients value and that your self-editing is perceived as both logical and authentic for you. 

Timing is also of the essence,  so be smart about the rebrand roll-out.  Set a realistic timetable.    Create a timetable for the entire process,   from the client and market research and SWOT analysis to rebranding conceptualization,   strategy formulation,   implementation and assessment phases.

Finally,   give consideration to how and when you will announce to clients and colleagues that you’ve refreshed your brand and what that means.   Gibbs says  “You need to develop an integrated media plan to show that you are available to clients in new and even more useful ways,  that there is a new way to interact with your brand.”   Social media and website updates are de rigueur,   but press releases and paid advertisements in selected media outlets are not to be ignored.

Thanks for reading,

Kim

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Sales and Networking Resolutions for 2012

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Welcome back for the final installment of New Year’s resolutions.  To keep yourself motivated to do what you resolve to do,  be aware that the key to success with any resolution,  personal or business,  is willpower.  Once you’ve set your goal,  then it’s all about execution.  Willpower—call it commitment or perseverance if you like— is the x-factor that most often separates winners from losers  (although good luck helps, too!).

Invite success by instituting systems that will keep you on your path.  Always develop strategies and an action plan for each resolution/goal.  Write up your resolutions and action plan timetable and tape it to your office wall.  Enter action plan activities and tasks into your calendar.  Attach notes to your file cabinet or refrigerator.  Reward yourself when key milestones are reached.

Resolve to network with purpose

A colleague named Lisa is very proud of her networking schedule.  She brags about attending five or six events every week.  The girl is everywhere.  A colleague named Erika is out and about less often.  She attends an event about once a month and works on getting to know the right people and building relationships over time.

So which Freelance consultant has the better reputation and bigger billable hours?  Erika does,  by far.  She works with name brand clients and she always seems to have a job in  (or has just completed or is about to start).  The last time Lisa and I spoke,  she told me that she hadn’t had a client in about six months.   So what’s up? Apparently,  Erika has figured out a networking strategy and activities that bring opportunities.  Lisa’s  “networking strategy”  seems to leave her with nothing but a bar tab and a tax write-off for event admission charges.

It’s interesting,  because it was Lisa who schooled me on the importance of having a networking agenda:

  • Get a client
  • Get a referral
  • Get information

Unfortunately,  the girl does not follow her own advice well enough.  While it’s advantageous to have a presence among peers and potential clients and also check out a fresh venue now and again,  it’s more important to know who will be in the room and understand why you should spend time and money to be there.

Swanning around town is not a viable networking strategy.  The process obviously is random and we never know when and where our next good client will appear—maybe in Pilates class?—but you still need to institute a system and go fishing where the fish you can catch will be.  Review your networking strategy and its ROI.   How did it contribute to your sales pipeline and what was your conversion rate?  Which events might you add or delete?

Take time also to refine the verbal package that is your elevator pitch.  Are you communicating the right info about your talents and services that grabs the attention and respect of potential clients? Do you know what their hot-button issues will be in 2012?

Resolve to show more than tell

Clients want relevant information about your services and how they will drive objectives.  They need to be assured that bringing you in on a project will make them look smart to both subordinates and superiors.

Rather than just droning on about how wonderful you are,  show prospective clients what you can do for them.  Set up this process by doing some research on the organization and its mission and customers.  Get a working knowledge of how your expertise will be useful.

If possible,  tell a story of a similar project you’ve successfully worked on,  to paint a picture that helps the client visualize how what you do fits with their needs.  With that approach,  you may even be positioned to up-sell services they didn’t know they wanted.  Present yourself as a trusted resource who is there to promote the client’s interests.

Good luck with your resolutions and thanks for reading,

Kim

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Business Planning Resolutions for 2012

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This week we’ll consider where you’d like to take your business,  what you’d like it to look like and how you’d like it to operate.  Every journey has a destination or goal.  The journey of your business should not be random;  it deserves careful thought and planning.  Reserve some quiet time to think about the journey of your Freelance venture.  You may want to start by reviewing where you’ve been.

Which kinds of clients and assignments give you the most fulfillment?  Which let your talents shine and/or bring in the most money? What competencies have you learned along the way?  What has taught you to become wiser and more confident?  What were your successes and what would you like to do better next time,  or maybe avoid altogether? Take stock and make a plan for the New Year.

Resolve to develop business goals and strategies

This sounds obvious,  but we all know that it’s very easy to get totally caught up in just trying to find clients and get paid,  getting tunnel vision.  We become like the hamster in a wheel,  busy–busy running in circles,  without giving adequate thought to our actions and following a road map.  As a result,  we can be going nowhere fast.

Start this year by nurturing yourself and taking time to reflect on what has transpired over the past year or two and acknowledging how you feel about it.  Did you set goals for your business? Were they realistic for you?  Which goals did you achieve and how did that occur?  Re-evaluate the direction it makes sense for your business to take and brainstorm strategies that you can enact  (alone or with the help of colleagues)  to bring it there.

Planning is the only way to create a successful business venture.  Set your direction and develop SMART goals :  Specific, Measurable,  Attainable,  Realistic and Time-bound.  Next devise strategies,  the path you will take to reach the goal.  Follow through with action plans  (with dates attached),  to keep you moving forward and on schedule.  Revisit your goals in three months and assess what is working,  what needs tweaking and what should be jettisoned.

Resolve to reaffirm your business model

The business model is the framework by which the business functions as a business:  the products and services that are offered;  by what methods,  in what location and by whom products and services are delivered to customers;  how the business will attract and retain customers;  the length of the sales cycle;  and how and when payment for products and services will be made.  Is your business model operating effectively?  In 2012,  take steps to ensure that your operation functions like a well-oiled machine.

For Freelance consultants,  the system of outreach to potential clients is often a sticking point.   Periodic review should be given to the products and services offered and how they are packaged,  presented, delivered and priced.  Talking with trusted clients is a good way to get feedback on your business model.  If you’re a LinkedIn member,  visit the Answers Forum and put questions out to your peers.  You will likely receive much useful information.

Finally,  review how you typically obtain clients and prospects.  Do you solicit them  (and how that happens),  do they find you  (and how that happens),  or do colleagues make referrals and introduction?  Which method has the best conversion rate?   What is the profile of organizations that have become your best clients over the past three years? Use what you learn about all of the above to buff up your business model and set the stage for a more profitable 2012.  New Year’s Resolutions will conclude next week.

Thanks for reading,

Kim