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Breaking the Feast or Famine Cycle: Part 4, Leverage

 

Leverage: the action of a lever or the mechanical advantage gained by it.

Mechanical advantage is a measure of the force amplification achieved by using a tool, mechanical device or machine system. or wear. The performance of a real system relative to this ideal is expressed in terms of efficiency factors that take into account friction, deformation and wear. (from Wikipedia)

The first three installments in this series have  been about becoming more productive in our approach to business so that we land more business.  To stop the feast or famine cycle in its tracks.  But for many freelancers I have talked with there is a dilemma.  What does one do if still on assignment and lands an over-lapping assignment.  In other words, I cannot take on more work because I am working.   Or, how do I ensure that the work done by a Sub will meet my standards, the quality control issue.  This concern, if not overcome, guarantees that the feast or famine cycle will continue to plague.  Hiring subcontractors does require a change of thinking and the ability to demonstrate some managerial skills.   I have always been a firm believer in the Pareto Principle, a/k/a the 80-20 rule.  20% of our efforts result in 80% of our revenue.  The key is to know which activities lead to the 80% revenue generators so that one can focus more efforts in that direction.  Those are the high value-added activities.  The low-value added activities are ripe for offloading.   You want to optimize your time so that your high-value added efforts lead to direct revenue production.   The solution is a force multiplier, leverage.

Leverage can come in many forms, and even though we don't have the technology to clone ourselves, the most obvious solution is more bodies.  So, think subcontractors.  Depending on the scope and duration of the new assignment a subcontractor (sub, or freelancer) could help you wrap up the existing assignment or scope out the new assignment under your direction.   This is hardly a new or innovative thought.  I know of a number of larger firms who operate almost exclusively with subs, assembling teams on an ad hoc basis.  If business development is not your strong suit you can even find someone to take on that responsibility for you as well.  Admittedly a bit of time will be required to vet your subcontractors but there are people who can help you with that task as well.  In fact, I have placed Freelance Consultants into a number of situations where my client's need did not warrant a full time employee.   Virtual assistants and  Strategic Partnerships can be another force multiplier.  Strategic Partnerships are a source of referrals whereby fee-splitting arrangements can generate additional income for you.  The key is to focus on that which you do best, and let someone else do the rest.


Other sources of income can be another way to beat the feast or famine cycle.   If you have a body of work that can be packaged into a product(s) you might consider this option.  The internet provides a viable vehicle for conducting webinars using tools like GotoWebinar to capture a sizable audience.   The webinar I participated in last month had 100 attendees.  If your work is worth $25 a head, and why wouldn't it be, you could generate $2500.00 in less than an hour if you attracted 100 participants.  If you happen to blog as a part of your marketing efforts, think in terms of turning your posts into a book.    More leverage.

Do you have a business or a practice?  There is a difference as my friend and marketing Guru Gregg Nettleton once told me.  A business can continue to function if you are out of the picture for a period of time.  A Practice depends on you, and cannot function without you.  Use outsourced services to pick up the slack, and ensure that you are managing a business.  Leverage is the key.  Focus on the high value-added activities and offload the low value added activities.  Think in terms of building a business to beat the feast or famine cycle.

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New Century Dynamics Executive Search

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Breaking the Feast or Famine Cycle, Part 3

You still need to eat!

In part one I set up the “feast or famine cycle” as an inhibitor to steady cash flow for freelancers.   In part two we discussed a number of low-cost, low-effort, digital media tools to help you stay in touch with your network and to grow your sphere of influence.  This final post is about building face-to-face, personal relationships to help you close more deals.  This post is not about the art of networking which we all understand to be a two way street.  Actually, this post is about working personal networking activities into your already busy schedule.  So, what is with the subtitle, “You still need to eat?”

While you are on assignment you want to focus your networking activities on your current client.  Get to know those people as well as you can to further understand their culture, their decision process, and hopefully more needs you can help them address.  Get to know people across silos.  Buy some coffee or lunches.  Hopefully you will be included in after-hours cocktails to further strengthen your standing on their team.  An athletic hobby like golf or tennis may prove to be useful as well.  The point is to strengthen that relationship and ensure that your client knows the full range of your capabilities.

When I became proactively  involved in face-to-face networking I received some useful advice from the experienced networkers about the value of networking groups.  The first piece of advice was to join no more than three groups.  More than three becomes unmanageable and unproductive.  Over time, I have settled on one Industry Specific Group (franchising), One Job Category Group (CFOs), and the local chapter of my Alumni Association.  It has taken me a bit of time to find the right formula, as it will for you, however, these groups are largely reinforcing while keeping me abreast of key developments in my target market.  I suspect that I will continue to tweak the groups I join as my business evolves, but this combination makes sense as I continue to place CFOs into franchising companies.  Prior to landing on this mix I had been a member of a Club that catered to Professionals.  Most of the active networkers at that club operated retail businesses, B2C.  Since my practice is not geared to retail, but B2B, the networking activities at this Club were not productive.  I did learn the fine points of networking and made a lot of contacts, but ultimately I had to move on.  You must find groups whose members are your target market.

Another group that I highly recommend is Toastmasters, especially early in one’s career.  If you want to be a better closer, or take on any leadership position, public speaking is a fundamental requirement.  Not only will you learn to become a confident speaker, you will be associated with other like-minded professionals from a broad industry base and level of seniority.

Something most networking groups and trade associations have learned is to hold their events over a meal period.  After all, you have got to eat!  It becomes much easier to commit to a meeting if it is around breakfast or lunch when you are already scheduled to take a break.  Alumni events are generally held during off hours and geared to social settings, like game watch parties or possibly charitable outreach.  If these groups are part of a National Organization you should make contact with chapters in other cities where you may be working.

In every one of these groups, your mission is to strengthen your network with more personal relationships.  You will have opportunities to take leadership positions which will demonstrate many of your skills, especially organization, follow-through, and public speaking.  You will also find times to speak to the group on topics within your area of expertise, further establishing your credentials.  Put these group members on your team,  working on your behalf!

You just never know where your assignments will come from, or when.  I am often surprised by the networking connection that led to a particular assignment.  The results can be so unpredictable.  Bottom line, you must be in the game, which means developing personal connections, in person!

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Breaking the Feast or Famine Cycle, Part 2

Breaking the Feast or Famine Cycle, Part 2

Last week I participated in a webinar on social media marketing.  The presenter, a digital media guru, made a very interesting point.  Recognizing the difficulty of selling, and the aversion to selling for many, she said, "make it easy for people to buy from you."  A very subtle but interesting twist of thinking.  Military tacticians might call this a flanking maneuver.  In other words, don't approach your prospects where their defenses are the strongest approach them through their trusted friends and associates whose needs have been satisfied by your services.  Use the power of your network and networking.

Sounds easy enough, right?  The idea of networking and making new friends without cold calling, but how do I do that?  Most freelancers I know are using LinkedIn, which is an excellent place to start.  Make sure your profile is complete and fully describes your services.   This simple point is so often neglected.  Many LinkedIn users have incomplete profiles which tends to work against their goals.  Spend the extra money to have a paid subscription.  The added benefits will be very useful, especially the ease of direct contact to prospects, and the search engine optimization feature.  When I perform a Google search of my name or brand name, my LinkedIn page shows up before my website.  This LinkedIn benefit  makes it easier for people to find you.  Generate more exposure and contacts by participating in LinkedIn groups that parallel your interests.  Another small but often over-looked technique is to place a link to your LinkedIn page in all of your correspondence, usually in the signature section.  Simple, right?

Speaking of websites, you need one of those too!  But, don’t go out and pay big-bucks to a web designer.  There are many hosting services like Go-Daddy or Web.com that offer affordable rates for template-driven, do-it-yourself websites.  The important point about LikedIn and your website is to use both as communication vehicles to your network, a/k/a your Business Development Team.  Let people know what you are working on; new assignments you have landed; and assignments you have completed.  I learned the last technique from Wall-Street Merchant Bankers.  I cannot begin to tell you how many new searches I have signed from this simple tactic.  

When I began my business, internet marketing was in its infancy.  I began using email blasts to keep my network and prospects up to date on my work.  I would even profile interesting candidates.  It was an excellent way to generate interest and new business.   To become more efficient and effective, I have migrated over to Constant Contact to help manage my email marking efforts.  I use Mail Chimp to support similar efforts in my role as Vice President for my Alumni Chapter.  Today there is a vast array of tools to use, including Face Book, Twitter, and Blogs to help promote your brand.  These are low cost ways to grow your network by communicating the benefits of your brand.  They allow you to remind people that you are still in business, that you are landing new contracts and that you are successfully completing your work.  These tools help keep your brand top-of-mind so that when the need arises your clients and prospects know to call you.  You must use them however, by budgeting time to talk to your network.

If your clients are agreeable, identify them alongside your completed contracts.  Ask then for references and referrals.  This is the time-tested “Band Wagon Strategy.”   When you complete an assignment, assuming it was successful, remember to ask the client for a reference and for referrals.  Put clients on your team and encourage him to support your business development efforts. This is one way to leverage your relationship.  I have a friend who refuses to even consider this technique.  He views it as an ethical violation.  Unfortunately, his business suffers frequent famines from his failure to put his clients on his team.   LinkedIn provides your clients the ability to give you recommendations.  I like to place their quotes on my brand’s website as well.  Make it easy for them by writing your own reference. They can edit to their liking and then cut and paste the reference into your LinkedIn page.  

So far, what has been discussed here has been low-cost, low-time commitment activities that will yield big results.  I am amazed that these simple techniques are not more widely used.  The number of new contacts I have made from people who have been forwarded my announcements from my primary network contacts is equally impressive.  Sometimes the responses I receive are the result of my emails that have been forwarded three or more times.  Talk about the power of networking!  Updating your network via LinkedIn/Face Book/Twitter, etc., is something that can be done before breakfast requiring minimal time.  It is a great place to start!

If you want to step it up a notch, start a blog and promote it to your network.  My blog is based on my actual experience.  I like to reach out to contacts and prospects to get their thoughts on the projects I am working and quote them in my blog.  This is a powerful twist on the Cold Call.   In fact, it is a non-threatening sales call where the prospect is more than happy to spend time offering their opinions.  Admittedly, this takes a little more time, but can be manageable if spread over a few days.  Most of my blog posts become reference material for my candidates, preparing them for the interview process.

The tools are there to use, but you must make the time to put them into effect.

In part three, we will discuss face-to-face networking strategies to help spread the word about your business.

Breaking the Feast or Famine Cycle, Part 1

Breaking the Feast or Famine Cycle

For the past few weeks, I have been talking with marketing professionals in my network, getting background information for a consulting project I am beginning.  Many are independent consultants (freelancers) while the rest are working for major brands.   A secondary line of conversation is about the health of the economy from their vantage point.  I am particularly interested in learning about the volume of their business and how freelancers promote their services.   One common thread I hear is that the “feast or famine cycle” is still in play.

Feast or famine cycle, really?   What are you talking about, Jim?  Well, for most independent consultants or freelancers (some people even call us solo-preneurs) there is a significant gap between the end of one project and the beginning of the next.  In fact, it is quite common that there is no contract ready to execute when the current assignment ends.  This gap is the period without cash flow or famine.  When one is working on an assignment, there is total dedication to the project while lining up the next project doesn’t seem to be a priority.  This is the period when the cash flow is good, the “feast.”  Cash flow equals “feast” no cash flow equals “famine.”    This is a frustrating cycle for freelancers which often causes them to return to regular employment.   The issue is that while on an assignment they do not make time to promote their business.  They stop selling.

Most of the freelancers I talked with rely almost exclusively on word-of-mouth marketing, or WOM.  Now don’t misunderstand, I am a firm believer in WOM as it is a powerful way to build a business.  I endorse it completely, however, when you drill-down on one’s WOM efforts it is actually quite small.  When most freelancers tell me they get their contracts via WOM promotion they are actually saying that they are not actively promoting their businesses.  In fact, they are hoping their clients will say good things about them which will lead to new business.  You cannot be more passive.  Even WOM promotion must be proactively managed.

Executive search is as close to pure marketing as I have seen.  There may be better examples, like direct mail marketing or network marketing but few business seem to come close.   Everyone I talk with is either a prospective client, a prospective candidate, a referral source, or all of the above.  Everyone!  My work is all about talking to people, so every point of contact is brand building and selling in one form or another.  Even so, I still experience downtime every now and then.  Now, more than any time in history, we have powerful tools to promote our businesses as independents.  Email marketing, social media marketing; blogging; and webinars, for example, have been game changers.   So, with all of these resources, why do we still go through famines?

How does one break the feast or famine cycle?  First, let’s understand that the cause is a failure to budget time to promote your business.   When on assignment, the focus is 100% on the project to the exclusion of selling new assignments.  Most freelancers will freely admit to this.  It is natural to assume that business will fall off when the selling activity stops.  The first step to breaking the cycle is to devote a certain amount of time every week to pitch your business.  Make a commitment and put it on the calendar.  I will discuss specific selling techniques to consider later in Part 2 of this article, but the first point to remember is that promoting your business must be a regular part of your schedule.

Let’s face it, selling is not easy and for many freelancers, it is dreaded, especially dealing with the rejection that comes from pitching your product or service.  Rejection can be painful, so naturally, people will avoid the pain and devote less time to selling.  Cold calling is the worst.  Forget about it!  But we must sell to avoid the famine!

How does one sell their services if they dread the selling process and are busy working on a project?  The good news is that for most of us selling our services, we are not so much selling a product as we are building relationships.  We are not selling commodities that are easily evaluated, we are selling trust, an intangible.  The prospective client must become comfortable that we will get the job done for her and that problems will be resolved in a predictable way.  Isn’t that what solid relationships are about, really?  In effect, our sales efforts are about making friends.

If you have made it to the point where you are ready to become a freelancer you have already established many relationships, your network.  That is your principle asset base.  The goal is to leverage those relationships into business, both immediately and into the future.  It is about maintaining top-of-mind awareness for your brand that will lead to referrals to build your network and client base.  By growing and managing your network you are in fact, building a Business Development Department for your brand.  Freelancers I know have good networks which they tap during the famine.  My point is about minimizing or eliminating the famine!

Sounds easy enough, right?  I like the idea of making new friends without cold calling, and leveraging my network, but how do I do that?   I will discuss some tools and techniques in Part 2.  For now, the key point to remember is that you must budget time every week to build your brand and promote your business.