The Quarterly Focus Project for ICs

Author: Melisa Liberman

Host of the ???Grow Your Independent Consulting Business podcast &?

Creator of the?? IC Business Scalability Scorecard

If I were to pick one tool that has improved my business the most, the Quarterly Focus Project (QFP) is in the top 3.

Through my past QFPs, I’ve:

• Doubled my pipeline
• Increased my close rate
• Freed up 40 hours a month by engaging an assistant

You need this secret weapon in your business too - the Quarterly Focus Project (QFP).

In today’s article, I share the 4 key points of the Quarterly Focus Project (QFP):

• What a business-focused project is
• Why you should have one
• The anatomy of an effective QFP
• 2 real-life examples of Quarterly Focus Projects

What is a Quarterly Focus Project in your independent consulting business?

As an independent consultant, you're doing projects all day long for your clients. I know that this can seem kind of obvious, but I want to make sure you have a really clear understanding of this concept.?

A QFP is a project for yourself for your own business. It is not related to any client delivery. It is solely for the benefit of your business.?

The objective is to advance a lever in your business that's going to make the biggest impact this quarter.

Why do you need to have a Quarterly Focus Project in your independent consulting business?

Quarterly Focus Projects enable you to:

• Constrain to one area and go deep to make a noticeable difference
• Avoid getting distracted by all of the things you could do in your business.
• Helps you prioritize?
• Helps you maximize the time you have to work on your business.
• Makes it easier to set boundaries for yourself and for others
• These projects are measurable so you can evaluate and adjust

The deeper you can go in one very specific lever in your business, the more impact you're going to make versus trying to choose 3 or 4 of them.

If you were to focus on one specific area of your business and go deep into it, imagine what your business would look like 1, 2,3 and 4 quarters from now. It will be a night and day difference. So that's why having a quarterly focus project is so critical to your success.

Real-life examples of a business-focused project in your independent consulting business

Example #1: “I need to figure out how to create a pipeline for my business.”

Tell me if this sounds familiar. You have a pipeline, but instead of it being a steady stream of connections and clients, you experience a roller coaster of ups and downs. You get into analysis paralysis trying to figure out the best way to fill a consulting pipeline, and ultimately, all of that snowballs into doing the same thing over and over again and obviously getting the same results.

Instead of thinking you need to get better at filling a pipeline, create a Quarterly Focus Project centered around increasing your pipeline value.?

For example, an effective QFP is:

“I will create a pipeline valued at $750,000 within three the next three months working on it 30 minutes per day.”?

You can see the difference between that and “I need to figure out how to create a pipeline for my business.”?

Here are two additional examples of QFP focused on lead generation:

• One client of mine uses the 3-by-2 approach to create a solid pipeline for her business. Each week, she reaches out to 3 people in her warm network and reconnects with them 2 times per week. As a result, she saw the results in her pipeline value.
• Another way you can put this into action is by using something I have created for my clients called the RAM method. ?This is a method that you can implement in your business to spend 26 minutes a day doing activities for your business. It's time-blocked for you to create a pipeline for yourself.

Example #2: “I need to update my website.”

I can’t tell you how many times people have come to me who are updating their website and have ended up in a complete black hole.? It's like a never-ending project.

First, I have to challenge you. How, does updating your website garner the to[ priority on your business?? For most of us, it doesn’t. It’s a nice-to-have.

But, if you can justify a website update as your #1 priority, turn the project into a QFP style.? Examples:

I will update my website such that it creates 20 new additions to my email list per month

• I will update my website so it’s a tool to warm-up potential clients before our first call, and increases my close rate by 10%

Notice the difference between “I need to update my website.” and “I will create version two of my website so it captures 10 inbound leads per month.”?

Then, the tasks attached to this would be things like:?

• Focusing on SEO.
• Having a downloadable PDF or reason for people to give you their emails.
• Having some kind of promotion plan for the new website.

How do I define a Quarterly Focus Project?

What’s the anatomy of an effective business-focused project in your independent consulting business?

There are 8 components of an effective QFP.

1. Give it a fun title.?
2. Create a measurable, objective statement.?
3. Have a why statement.?
4. Get really clear about what this project will accomplish.
5. Create your plan. This is your list of tasks and activities with dates.
6. Create a list of anticipated obstacles with strategies to overcome each of those obstacles.
7. Create a list of checkpoints to evaluate and adjust.
8. Pull all of this together into a realistic project plan.

You are going to essentially use these 8 components to wash, rinse, and repeat each quarter in your business.?

If there’s one component I would encourage you to spend a little extra time on, it‘s #6. Really think about past obstacles you have encountered and any new ones that may come up. Create a plan with strategies to overcome them so you don’t hold yourself back and not complete your business-focused project.

Ready to create your Quarterly Focus Project for Q4?

Join me for the upcoming Quarterly Success Planning workshop.

We’ll collaborate to identify your QFP, along with 6 other steps to build a quarterly plan for your independent consulting business… a Quarterly Plan you’ll actually follow and will make achieving your business inevitable as we finish our the year.

Details at: melisaliberman.com/quarterly-workshop?

Let’s make sure you have a very clear playbook for the next quarter to come.