Beating The Feast Or Famine Cycle: Safety In Numbers

It is gratifying to receive positive feedback for one of my posts, especially if it is a personal request for a discussion.  Actually, I received inquiries from two freelancers who had read last week’s post regarding my recruiting efforts for In The Black Partners.  They wanted to know if our program would fit their needs.  I was pleased to learn that I had made an impression on these folks and we scheduled a time to talk.
  
I was interested in learning how they promoted their business.  What were they doing to overcome the “feast or famine cycle?”  Were they making a seamless transition from one project to the next?  This question is important to me as our value proposition addresses this issue.  I learned that they need help promoting their businesses.  They are mostly focused on word-of-mouth marketing and networking.  None of them talked about any digital marketing efforts.

Many freelancers rely on word-of-mouth (WOM) marketing.  I am a firm believer in WOM as it is a powerful way to build a business.  I endorse it completely.  However, word-of-mouth marketing is too passive to be an exclusive promotional strategy.  It is based on the hope that clients will say good things about you.  As the saying goes, “hope is not a strategy.”  Even WOM promotion must be managed proactively.

If you have made it to the point where you are ready to become a freelancer you probably have a well-established network.  This is your principle asset.  The goal is to turn those relationships into recurring revenue.  The challenge is maintaining top-of-mind awareness for your brand.  By managing your network you can create a Business Development machine.  However important, this can be a time-consuming endeavor for free agents.

Time is the freelancer’s nemesis.  If they focus 100% on their current projects there is no time left to prospect for new business.  When you aren’t selling you aren’t generating revenue. The first step in breaking the cycle is to schedule time to pitch your business.  Making a commitment to spend one day a week promoting one’s business is an admirable goal. But, it is a goal that is very difficult to achieve.  Most freelancers will agree.  

Developing the skills to develop and execute a digital marketing strategy is also time-consuming.  In fact, one could easily question the rationale for developing these skills unless one’s practice is related to marketing and public relations.  It is generally better to focus your efforts on your strengths and employ outsourced solutions to compensate for your weaker areas.  This is a sensible decision if funds are available.

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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 other businesses seem to come close.   Whomever I talk with is 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, in addition to networking, I employ a fairly comprehensive digital marketing strategy.
    
As mentioned in my last post, helping freelancers break the feast or famine cycle is part of our mission.  Now, more than any other time in history, we have powerful tools to promote your business.  Email marketing, social media marketing; blogging; and webinars, for example, have been game changers.   However, it is still difficult for a single freelancer to find the time and resources to network, and to execute a digital marketing strategy.

Let’s face it, selling isn’t easy.   For many freelancers, it’s dreaded; especially dealing with rejection, a normal part of the process.  Rejection can be painful, and we humans tend to avoid pain.  So, we devote less time to selling.  Cold calling is the worst.  Forget about it!  But, we must sell or face the famine!  To become a successful freelancer you must leverage your time and financial resources.  The best way to accomplish this is to become affiliated with a larger group of free agents.  We recommend an association with an organized group of freelancers working together as a brand.

Thank you for visiting my blog.  I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.  

Your feedback helps me continue to publish articles that you want to read. Your input is important to me so; please leave a comment.

Jim Weber, President

New Century Dynamics Executive Search

JimWeber@NewCenturyDynamics.com

Author of: Fighting Alligators: Job Search Strategy For The New Normal

Current Assignments

1. COO- Atlanta-based Casual Dining Restaurant Company - New

2. Director of Business Dev, Atlanta-based B2B Professional Services Company: Complete
3. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
4. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
5. Controller - Atlanta-based Restaurant Company: New

6. Outplacement Assignment - Atlanta-based Manufacturer:  New

The Freelance Paradigm Is The New Normal

This week’s focus has been on building our consulting division, In The Black Partners.   I announced the addition of a new consultant, a CFO level professional with experience as a freelancer. I scheduled two meetings to talk with potential freelancers interested in joining our group. I had lunch with a client to tell her about our program and capabilities. I scheduled a smoker for next week to get our group together for some fellowship.  And, I added a virtual assistant to help our team, and promote her business.

In 2001 I read Daniel Pink's book, Free Agent Nation: The Future of Working for Yourself.  That publication was timely as I had recently begun my career as a free agent, focused on Executive Search. Mr. Pink was spot on predicting the growth of freelancing, as this trend has continued unabated.  By 2020, Freelancers are expected to account for 40% of the workforce.  His thesis validated the decision to start my business. 

Much has been written about millennials who have chosen freelancing as a career or to augment their incomes. Many of these people perform SEO writing and graphics design to aid businesses in their digital marketing efforts. Others are engaged in developing Apps, and of course, a large component, are Uber drivers.  To support this trend, on-line services, like Upwork.com and Fiverr.com offer platforms to connect freelancers with customers.

By 2006 some of my clients began asking for help with significant issues which could be resolved in a short time frame.  As their needs did not require full-time equivalents, I placed consultants or freelance project managers.  I recognized the value of free agents at that point, but didn't see it as a trend that would reshape my practice.  In fact, my business was in high gear.  However, I knew the demand for free agents was accelerating.

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Finally, in 2014 I joined a group of freelancers to capitalize on this opportunity. We branded ourselves as InThe Black Partners, drafted a business charter, created a logo, and built a website with email capabilities.  Our strategy is to help small, emerging companies and established mid-cap brands, resolve their strategic issues. 

It wasn't long before we found ourselves in the classic time management trap.  We were so busy that we couldn't focus on building our team. This year I set a goal to recruit more consultants.  We are looking for Baby Boomers who find it difficult reconnecting with the market; executives with corporate experience who want to make a contribution.  These folks enable us to fulfill our mission.

The fundamental problem for most freelancers is devoting time for business development while managing their current projects. It is often called “the feast or famine cycle” as new projects aren't generated seamlessly to replace completed projects. Most people are good at performing the work they are hired to do, however, business development isn’t a strong suit. We provide an umbrella for freelancers, working under a brand to defeat the "feast or famine cycle."

Another issue faced by freelancers is the ability to leverage time to expand their revenue potential.  One of my colleagues, I call him "Old School," often complains that he cannot take on new work because he has exhausted his available time.  I remind him to develop someone to take over his lower value-added tasks or subcontract some of his work.  He would retain responsibility for quality control while making better use of his time.   Working with a group of consultants helps build our revenue beyond that which they could achieve on our own.

I remain convinced that this strategy is aligned with the New Normal. As more and more companies become comfortable with a blended workforce where freelancers work alongside full-time employees, the opportunities will continue to grow.  Likewise, free agents need support to build and manage their businesses.   It is a win-win-win proposition.

Thank you for visiting my blog.  I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.  

Your feedback helps me continue to publish articles that you want to read. Your input is important to me so; please leave a comment.

Jim Weber, President

New Century Dynamics Executive Search

JimWeber@NewCenturyDynamics.com

Author of: Fighting Alligators: Job Search Strategy For The New Normal

Current Assignments

1. COO- Atlanta-based Casual Dining Restaurant Company - New

2. Director of Business Dev, Atlanta-based B2B Professional Services Company: Complete
3. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
4. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
5. Controller - Atlanta-based Restaurant Company: New

6. Outplacement Assignment - Atlanta-based Manufacturer:  New

More Misconceptions: Closing The Deal

This has been a very good week.  I brought on a new consultant for our Consulting Division; I landed a new client for my coaching practice; I closed a prospective client for our consulting practice; and most importantly, I was able to put a major search assignment back on track.  That last accomplishment provides the greatest immediate benefit as it is a new client who I want to nurture.

It should be no surprise that taking on a new client is always a learning experience.  As my job is to make the client’s job easier and more effective, learning to adapt to their management style is vital. Some clients are easier to adapt to as they have more experience working with Executive Recruiters. Others, well, not so much.  In this case, I am working directly with a C-level Executive, not the VP of Human Resources.  He needs to fill a key position which will be a direct report.   I am learning to adapt to his management style.  This is clearly my responsibility. However, it has been a challenge.

When a client is ready to present an offer of employment, most use my services to facilitate the process.  The first step is to pre-close the candidate.  In this phase, I work to learn the specifics around the candidate's requirements.  I don’t want to be “in the ballpark” when I complete this task, I want to be sliding into home plate.  This is an important step that makes the offer and acceptance process smoother and shorter.  Well, my new client omitted this step and went directly to the candidate with an offer.  That’s fine, he is the client. However, he didn’t copy me on the offer letter, so I was out of the loop.  Fortunately, the candidate kept me informed, and we discussed his issues. 

Their negotiation was via email, not good.  I did not insert myself directly into the discussion, allowing it to play out.  Sadly, it became bogged down almost immediately.   A few days later I received an email from the client, asking for more candidates.  I was dumbfounded.  They were not that far apart so I saw no reason why this hire should not close.  Immediately, I scheduled a call with the client.  When we connected later that afternoon, I asked that he give me his perspective on the impasse.  As it turns out it was a policy issue that he could not resolve.  I asked that he give me some time to confer with the candidate to understand his perspective.  My client agreed, and I placed the call.

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When the candidate returned my call, he told me that he was waiting for a response from my client. That explained why the discussion had broken down.  Both were anticipating something from the other. I then asked him to explain his needs to close the deal.  He told me that he was looking for a little more base salary to compensate for certain benefits that were not as generous as his current situation.   From my calculation the difference was less than 4% of the base salary offered; however, my client heard something else.  I relayed that information to the client with my recommendations. The good news is that he still wants to hire this candidate and the candidate wants to take this job.

At this time, the deal has not closed, but I am confident it will.

Conducting a negotiation via e-mail alone is problematic.  E-mail is very helpful to confirm a discussion, to outline points of agreement and follow up items.  It is not as useful as an exclusive means of conversation.  Verbal communication is better suited to gain clarification and understanding.  In this case, the parties to the discussion were relatively inexperienced and failed to understand the other.  This led to the impasse and my need to become involved.  This result would not have occurred if they had used an experienced mediator to facilitate the negotiation.


Most clients want me to facilitate the job offer/negotiation process and to help close the transaction. This is an integral part of our work, so we have a lot of experience.  This experience leads to a skill-set, i.e., a benefit one receives when they hire a Recruiter.   You are well advised to take advantage of these capabilities to help ensure an optimal outcome.


Thank you for visiting my blog.  I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.  

Your feedback helps me continue to publish articles that you want to read. Your input is important to me so; please leave a comment.

Jim Weber, President

New Century Dynamics Executive Search

JimWeber@NewCenturyDynamics.com

Author of: Fighting Alligators: Job Search Strategy For The New Normal

Current Assignments

1. COO- Atlanta-based Casual Dining Restaurant Company - New

2. Director of Business Dev, Atlanta-based B2B Professional Services Company: Complete
3. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
4. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
5. Controller - Atlanta-based Restaurant Company: New

6. Outplacement Assignment - Atlanta-based Manufacturer:  New

Eight Years Later

Eight years is a long time to maintain a relationship with a client, especially if they haven’t had a need for your services.  It would seem that the risk of losing that client would be high.  As I came to learn this week, that assumption isn’t necessarily true.

I am the Business Manager for a Woman-owned remodeling business that specializes in Kitchens and Baths.  This weekend my client and I celebrated her latest assignment over a glass of wine.  Her client is a couple she worked with in 2008.  At that time this family had considered their options to provide a more livable home for their growing family.   They had evaluated the cost of building or buying a new home, vis-a-vis remodeling their existing home.   As their home is in a good neighborhood they could afford to invest in upgrades, which they viewed as a better financial decision at the time.

This wasn’t a major project, but it did present some challenges.  The Kitchen had a simple layout with space constraints.  They wanted an Island but did not have enough space.  There was a problem with the proximity of junction boxes to the Secretary desk.   My client worked through these issues to the satisfaction of her client.  In fact, she found a solution to the space constraints by putting the island on casters so that it could be moved out of the way when necessary.

Today, eight years later, this couple is in a better financial position and the real estate market has increased the value of their 20-year old home, a Georgian Colonial.  Now they can build their dream home and want my client to design the kitchen and baths, and help them acquire cabinets and appliances.  They also want her to help stage their existing home when they put it on the market. This is a big project as the new home will be about twice the size of their current abode.

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This wasn’t the first time my client has been called back to take on bigger projects for past customers.   I know the power of referrals and repeat business but I was curious as to what set my client apart in this highly competitive market.  I assumed that she had met her client’s expectations and established rapport and trust.   But, what was it that motivated them to call her, eight years later?  So I asked my client “what did you do for this family that made them want to hire you again?”  She responded by breaking the project down into three major components.  She said that she kept the project on time and within their budget; she helped them make timely decisions; and she helped them save time, so as to be more efficient.  She went on to say that she advised the client about problems they may encounter down the road.  In most cases, her predictions were accurate.   I don’t doubt her project management skills, but I found it a bit amusing that she did not mention another very important point.

Eight years is a long time in “The New Normal.”  Relationships wax and wane. Many companies in the construction trades failed and went out of business.  My client had to scale back her business. The fact that she received a follow-on call from these folks is remarkable.  But, my client had some help. I have been working with her to maintain and build on her relationships, employing an email marketing strategy.  This effort was not that difficult.  We established a Mail Chimp account and imported her mailing list.  After that, it was just a matter of developing interesting posts to share with her network.   Periodically she has communicated with her contacts keeping them updated on her activities and projects.  Former and prospective clients know that she is still helping homeowners with their remodeling needs.  By staying front and center with these folks, she has maintained these relationships, generating calls even after eight years time.

We live in a fast-paced, rapidly changing world.  Businesses are challenged to retain existing customers while closing new prospects.  Fortunately, we have tools to keep our networks alive and healthy.  Email marketing platforms like Mail Chimp and Constant Contact are viable solutions.  Starting a blog is another useful strategy.  These services are easy to use and relatively inexpensive, a real force multiplier.  Whether you are working to grow a business or manage your career, maintaining a healthy network is fundamental to success.  Using social media and other digital solutions is a viable solution for most.

Thank you for visiting my blog.  I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.  

Your feedback helps me continue to publish articles that you want to read. Your input is important to me so; please leave a comment.

Jim Weber, President

New Century Dynamics Executive Search

JimWeber@NewCenturyDynamics.com

Author of: Fighting Alligators: Job Search Strategy For The New Normal

Current Assignments

1. COO- Atlanta-based Casual Dining Restaurant Company - New

2. Director of Business Dev, Atlanta-based B2B Professional Services Company: Complete
3. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
4. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
5. Controller - Atlanta-based Restaurant Company: New

6. Outplacement Assignment - Atlanta-based Manufacturer:  New