Women Consultants Need To Be Taking This One Action To Ensure The Future Survival of Their Consulting Business

Welcome to the latest edition of the Seven Figure Consultant LinkedIn Newsletter for Women in Consulting. Don't forget that you can get daily updates from Jessica in your LinkedIn news feed by accessing her LinkedIn profile and hitting Follow. She will be sharing insights and discussions through the week that she would love to hear your views on.

Is there such a thing as a stress-free business?

Well, I hate to break it to you, but no business will ever be 100% stress free.

But you can minimize the stress you experience, by taking one small, but important action every single month -> building up your cash reserve.

This is one of the key things I discuss with my private coaching clients.

Creating an emergency reserve of cash for their business creates so much relief, but also opens up opportunities.

You can still pay wages and cover your running costs even if your income is negatively affected for a short period of time, or even if it evaporates for a longer period.

It’s a way of ensuring that it takes more than a bump in the road to throw your business into a tailspin.

But it’s not only to fend off bad times.

That reserve also helps you keep a tighter control of the work you take on.

A lot of corporate consulting contracts can take time to secure, and corporate timeframes can vary. 

When you have a reserve of cash you have time to wait for the right work. You don’t have to hastily agree to work that isn’t the right fit because you need to pay your outgoings next month if you don’t sign the client immediately in front of you.

If you do end up seeing a slow down in your work schedule for whatever reason, you can enjoy it (no, really). You can take time away from work and recharge your batteries, knowing that your financial obligations are being met and you have time to get your next round of ducks in a row. It can take the pressure off in an amazing way.

When you compare it to the alternative, living hand to mouth, it’s really no contest.

In this week’s episode of the Seven Figure Consultant Podcast, I discuss:

• What business reserves are, and why they matter
• How much cash you should be holding in your business
• What to do right now if your reserves are zero (or near to zero).

?? Head here to listen to this week's episode in full - 039 How To Build Reserves In Your Business

And tell me in the comments - do you like the sound of a consulting business that stays afloat even when your workflow dries up temporarily?

Free Report - The Six Elements of a Seven Figure Consulting Business

I've created a free PDF report called The Six Elements of a Seven Figure Business. It’s my most popular free resource and in it I outline the 6 areas of unscaled businesses that need to change in order to move past being ‘booked up and burned out’ and shifting into that higher gear that gets you cruising again.

It’s the framework that helps consultant women like you find their feet and get back to leading the business, rather than being buried in client work and back-end business operations.

Sign up here for your PDF report, and I'll show you the six elements your consultancy needs to make the shift from a nice little 6-figure lifestyle business to a serious 7-figure enterprise.

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To find out more about the work I do, visit jessicafearnley.com or message me here on LinkedIn if you'd like to hear more about private coaching and how I can help you transition from booked up and burned out to THRIVING as the CEO of your 7 figure consulting business.