5-Phase Solo Business Cycle

Phase 1: Bring in the Work

Bringing in the work requires a good reputation and the opportunity to pitch for the Work.??

Often, referrals come from word of mouth from past satisfied customers — so performing well in phases 2-5 will help with phase 1.??

Sometimes, though, even for busy, successful solos, keeping enough new work coming in can be their biggest challenge.??

Rather than leaving phase 1 to chance, the successful solo can help matters by actively creating good content (writing articles or blog posts, or even a book, so that people who are looking for solos in this newly connected world can see your expertise and willingness to help) and by networking.??

By networking, I mean getting out of the office and going to events where potential customers are gathering for the purpose of meeting people and talking to them.??

Teaching a seminar, for example, is a good way to both create content and network.? The point is to be active and intentional in the business of bringing in the Work.

Phase 2: Do the Work

The work must, of course, be done. And done well.??

Ironically, this is both the thing most solos spend the most time on and the thing they can most easily delegate.??

Most solos do not need help with knowing how to do the work.? However, solos who are very good at phase 1 may consider hiring contractors or employees (who are not as good at phase 1) to do the work they bring in under supervision.??

When delegating the work, it is important to supervise the delegate to ensure that the work gets done in a timely manner and to ensure the work is done to the expected standard.??

Phase 3: Deliver the Work

Delivering the work would seem like a part of phase 2, and perhaps it is, but I treat it separately because I believe the delivery requires its own intentionality.?

Of course, for some (like trainers), the delivery IS the work.? However, not only must the completed work be delivered timely (completed work sometimes sits in limbo for days or weeks if not monitored), but also some thought should be given to the method of delivery.??

Can the completed work be e-mailed?? Should it be?? When should it be delivered as a written document or delivered in a face-to-face meeting?? Does the delivered product look professional???

Like everything in this world, presentation matters.? When customers buy a Kia, they expect to pick it up at the store with minimal fuss.? But when a customer buys a BMW, they are invited to receive it at the factory, with a full red carpet delivery.? Presentation matters.??

Phase 4: Bill for the Work

Billing for the work is the opposite of doing the Work – it is the phase more solos spend the least time on and delegate the most, but it is the least easily delegated phase.? Or, at least, delegated effectively.? The bill is, itself, a marketing tool and a reputation builder.??

Consider the following example:

Both bills cover the same amount of time.? There are, however, two differences that are important.??

One is that the second bill is more detailed.? The customer will see and pay this bill sometime after the training, perhaps as long as a month later.? Memories fade.??

Often, a bill will include items the customer was not present to witness.? Detail lends credibility.? Detail makes the customer feel like they have gotten value for their money.? Detail matters.??

The second thing is that all business is, at heart, really about relationships.? Customers, like all of us, want to be treated well.??

Giving no charge for the dinner the customer treated you to is courteous. Yes, it took time.? But that time was more about Phase 1 than Phase 2, even if the work was discussed.?

When the customer gets the bill, you do not want his next conversation with his friends (your potential customers) to be, “he charged me for eating lunch, and I paid!”.??

For many solos, the work will be on a flat fee rather than hourly.? That’s fine. Maybe with long-term customers, a short description of the never-changing bill is good enough, and no one is reading it anyway, but for new customers or short-term customers, a more detailed description usually helps you get paid.

Phase 5: Collect for the Work

In my experience, phase 5 is the hardest of the phases.??

The best way to do phase 5 is to do phases 1-4 well.? But there are always customers who do not pay their bills on time.??

This is another area that is often delegated but really should not be. A few things can help.?

Send your invoices timely. Few things aggravate a small business customer more than a late invoice.?

Monitor your accounts receivable. Don’t let an invoice get more than 30 days past due without a gentle email reminder, and when that doesn’t work, a phone call from you to the boss is in order.? The owner (or whoever hired you) may not even know that the accounts payable department has not paid you or that the payment went awry somehow.?

Of course, how you deal with late payments is also part of phase 1!?

BONUS Phase 6: Continuing Education

Bonus phase 6 exists side by side with the business cycle, but it is important.?

Take regular time to work on your craft. This may involve attending seminars, taking classes, getting certifications, or just reading professional literature.?

A good solopreneur never stops learning and adding value.???

About the Author ????????????????

Scott Pfeiffer is a business management consultant who helps his customers engage in rigorous strategic planning and implement those plans with operational excellence. You can visit his website at www.fscottp.com for more information.