Here are ten great opportunities for consulting practices that are seeking to grow and develop a more sustainable business model.
  1. Invest in formalized business development training so that business development becomes a core strength of your business and differentiates you in the market place.
  2. Develop a focused niche market so that you can easily articulate your ideal clients to your networking partners and focus your business development activities.
  3. Establish a strategic and diverse marketing plan with daily action items to help move marketing to the forefront rather than the back burner of your business activities.
  4. Develop strategies to further monetize your former and current client base because this really represents and untapped source of revenue growth.
  5. Develop recurring revenue streams that are leveraged and not dependent upon your time because profitability from time based consulting models are always limited by the hours in a day.
  6. Develop a monthly peer advisory board or coaching model with your clients so that you are continuously in front of them and hearing about new opportunities to serve them.
  7. Focus on developing a business model that is saleable and not dependent upon your relationships with clients.
  8. Focus on creating transferable value in your business so that you can fund a more comfortable retirement.
  9. Develop a strategic networking plan that will allow you to focus your networking activities on professionals that are talking with the same type of clients that you want to talk to.
  10. Develop strategic partnerships with a core group of twenty professionals and develop systems for staying in touch with these professionals on a regular and continuous basis.
If you want to move from having a current source of income towards a more sustainable and saleable business model, you should consider the opportunities discussed above. If you wish to discuss these items further and gain an objective perspective on your business, please email me at bkerrigan@taylorfoleylaw.com or call me at 860-303-8929.