Set a Compound Goal for Sustainable Consulting Business Growth

In today's edition of THE INDEPENDENT, let's talk about your business goals.

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We have 5 months left in the year.??

How are you tracking against your business goals?

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There's a blocker I commonly see with business goal achievement for consultants.

I want to bring it to your attention today, as it might be causing you to fall short of your goals.

The blocker is a belief that you'll have to sacrifice too much to reach the goal. And so, even when you set the goal, underneath it, you don't want to reach the goal because of what you think it will cost you.

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This is best described with an example.

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I have an independent consultant-client who set his financial goal at $400k, which he broke down to ~$40k per month.

Based on this goal, we developed a roadmap for him.

On paper, everything was in position for him to generate an average of $40k per month.

He had shifted his offers to short-term strategy work and his pricing to value-based and not tied to the time he worked.

He'd previously hit $40k in the past, so it didn't feel like a huge stretch.

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But it didn't work.

Instead of gaining momentum, he started losing ground. He went from $36k to $28k in the first month.

He became frustrated.

We dug into it to identify the root cause.

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He was surprised when we realized what was blocking him.

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He realized that even though he had set the $400k goal and was committed to it, underneath it he was worried he'd get too busy if he sold $400k in consulting work.

He was in conflict with the goal because he assumed he'd have to sacrifice so much when he achieved it.

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You see, he was comfortable and secure, making $25k to $30k per month, and the?cost felt greater than the reward.

So, of course, with this mindset, he would never reach his financial goal.

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What was the fix for him?

Would it be best to lower his goal so it felt easier and less stressful?

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No, that wasn't the answer.

We decided he would double down on reaching his financial goal AND his schedule goal.

We implemented what I call a "Compound Goal" in his business where he focused on achieving the financial goal AND his schedule goal.

Using this approach, he was able to unlock strategies and the mindset that resulting in him achieving both the money and the flexibility goals.

For you, I've recorded Episode 176 of the podcast - How to Set a Compound Goal for Sustainable Consulting Business Growth

In it, I describe in more detail what a compound goal is and how to implement it in your business.

• Listen to Episode 176
• Then, reach out if you'd like help. I have coaching spots open starting in late August. You can learn more and apply for a consultation on my Work with Me page.