Landing Too Much Consulting Business
Melisa Liberman
Podcast: Grow Your Independent Consulting Business podcast | Coach for Independent Consultants | Bestselling Author: Grow Your Consulting Business: The 14-Step Roadmap to Make Your Independent Consulting Goals a Reality
Author: Melisa Liberman
Host of the ???Grow Your Independent Consulting Business podcast &?
Creator of the?? IC Business Scalability Scorecard
So your independent consulting pipeline is overflowing…?
While some may think that’s a good problem to have, for some, it may cause a fear of ruining their reputation.
This happens with almost every independent consultant that I work with.
They start to see their lead generation strategy really working and filling their pipeline.
Then, all of a sudden, they get worried about having TOO MUCH in their pipeline.
That’s when they start to do the worst thing that they can possibly do…
They go back to their old ways of not consistently working on lead generation and end up self-sabotaging the momentum that they've been creating.
This shows up in almost every single consulting business whether you are fully booked, partially booked, or not booked at all, albeit, in different forms.
In today’s article, we going to discuss:
So you’ve had some success generating demand in your independent consulting business, and now you are worried about generating too much business.
This fear comes from starting to get a little bit of momentum and results as it relates to creating a formal lead generation pipeline. Or it could happen when you just have people coming to you and asking you to work with them. They know you from their warm market and you create your pipeline that way. It could also be some combination of both.
So when my clients come to me with this fear of landing too much business, my first question to them is, “So what happens if you end up landing more work than you can personally take on? What would you do?” This is where we really uncover the crux of the issue.?
How would you handle it if you generated more business than you could handle in your consulting business?
When you don’t know the answer to this question, it creates an open loop of sorts. Our brain does not like these open loops. So it starts generating and compounding this fear and worry.?
Then, in order to get rid of the fear and worry, we start slowing down and not doing what had been creating some sparks of success for us. This is your brain’s way of keeping you away from danger or the unknown and keeping you safe.
You need to uncover what you are TRULY worried about when it comes to generating too much business as an independent consultant.
The first step in overcoming this crippling fear and worry that sabotages your results is getting clear on what you are truly worried about. Did you go into business to create just enough business to survive? NO! You went into business with the goal of creating as much business as you can and then figuring out how to deliver on that business without making it complicated.?
So the very first step is getting very clear about what you are truly worried about when it comes to generating too much business. Some common worries might be:
Once you have determined what you are truly worried about, you need to go through a process that helps you separate fact from fiction.
Ask yourself, “Is it true?” Whatever it is that you are truly worried about, is it true? So let’s go through an example using, “I won’t be able to handle this.”
Let's say you generate more business than you can personally deliver against. Would you be able to handle it? Your brain is telling you that you wouldn't be able to handle it. This is not a good situation.?
Instead of asking if you would be able to handle it, ask yourself how would you be able to handle it. You will likely have a long pause, and then start coming up with answers.?
I have done this exercise with my clients. Usually, this first question leads to another like, “What would you do if you truly couldn’t handle it?” Once you have the answers to that question and others that will follow, you have created a playbook full of different solutions that you didn't have before because you were stopping at, “What if I generate too much business?”?
Your brain creates this amnesia to keep you in your comfort zone. But growth doesn’t happen there. So you have to start stepping out of the thinking that keeps you comfortable by asking yourself these types of questions.?
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Here are strategies you can use when all the stars align and you have generated “too much business”.
Strategy #1: Put the client on a waitlist for your consulting services.
There is absolutely nothing wrong with putting a client on a waitlist. I know it’s common for us to feel like it’s wrong to make a client wait. But you can only take on what you can take on. If they truly want to work with you, they will be willing to wait to get your full attention.??
Figure out a legitimate actual reason why that could benefit them. You can even give them some pre-work to do while they wait. You need to create value around offering them a place on your waitlist.
Strategy #2: Say no
Listen to me when I say it’s okay for you to tell a client no.?
If you can’t possibly fit them in and they don’t want to be placed on your waitlist, then it’s okay to tell them you just don’t have the space to consult for them right now.?
Strategy #3: Hire a subcontractor.
You always have the option to take people on as a client and subcontract out some of the work. This is a great way to start scaling your business. It allows you to be the face of your independent consulting business and still get all of the work done. When choosing a subcontractor, make sure you vet who you will be working with so that they fit well with the mission and values of your business.
Strategy #4: Increase your pricing for your consulting services.
By doing this you will naturally reduce demand a little bit leaving those who are truly ready to invest in you and what you bring to the table. Sometimes a sign that it’s time to increase your pricing is that you have an overflowing pipeline. But you’ll never see this if you are stuck on “I won’t be able to handle it.”
Strategy #5: Refer someone else who you trust to do the work
Another optionis to give them a referral of 1-3 people who might be a good fit for them.You can help with the transition. Also, charge a referral fee to the person you’ve recommended. There’s no business development costs for them.
After you’ve determined which strategy you want to use, it’s time to shift your perspective in your consulting business.
The one thing that you're missing out on in this particular business challenge is making sure that you're thinking about it as a CEO of a business and not the person who's focused on client delivery. Working through this process and making important decisions requires shifting from an employee perspective to a business owner perspective.?
Do not let the persona of the consultant who's delivering the work run your business. You need to step out of that mindset and get into the mindset of the CEO who's running your business. There is no CEO who would be saying that they shouldn’t be generating too much business. A CEO is thinking about:
Open up your mind to the idea of landing too much consulting business and see that it's actually the goal for yourself, not a problem.
Put This Into Action
Want a consistent flow of leads for your consulting business?
It’s the problem you want to have!