Consulting Math: When 1 > 1

When times are tough, consultants—big-firm senior practitioners to soloists—tend to hold on tightly to every billable hour. You stop delegating because your instinct is to hunker down and protect what you have. It’s perfectly understandable (lizard brain anyone?) but counter-productive in the long run.

Since the economy is perking up a bit, it’s a good time to think about some consulting math. For example:

1 x 1 = 4 Choose high potential junior consultants in your firm (or trusted outside contractors) who will do a knock out job. Give them some challenging work to do with your clients. Stretch them, excite them and mentor them. Who knows? You’ll free up some time and you could create new synergies with your clients and for your practice.

1 + 1 = 3 Create a dynamic partnership with your administrative guru. Let them do what they do best—get you organized and free to focus on developing new relationships, thought leadership and revenue. Don’t have one? Investigate virtual options to help you grow.

1 - 1 = 2 Invest in yourself with the time you’ve freed up. Try something new or dig deeper into an idea that inspires you. Start building some new relationships. Take a risk. In the short run, you might take a revenue or bonus hit. But in the long run? Master territory.

Consulting math: where 1 can be greater than 1.

Growing Your Practice: The Rule of 5

Consultants and advisors are a bit schizophrenic when it comes to focus. We’re hard-wired to deal with client deadlines and address problems as they crop up. But focus on the non-urgent spadework of building our practice? Not so much.

Making a call to a long-term prospect. Having lunch with a future alliance partner. Delegating administration so you can spend more time doing the work you love. How are you supposed to fit these into an already jam-packed schedule?

Try the “Rule of 5”. Every day, do 1 thing that will advance your business in 5 weeks, 5 months or 5 years. Crazy busy? Then do 2 the next day--hold yourself accountable. The important thing is to start.

5 weeks: This is referral territory. These are the calls, the meetings, the posts that get you connected to referral sources and prospective clients. It’s responding to those who ask for referrals to your network. Making time to help someone else is just good business for advisors.

5 months: We’re talking about the time it often takes to turn a warm, connected prospect into a client. Forward an idea, continue the conversation, do a favor, stay connected. Help your contacts with their job searches. Building these relationships takes consistent effort.

5 years: Here is where you dedicate time to learning, writing and long-term relationship and brand building. That book may not pay for itself in the first year or two, but by year 5 it could well be your primary calling card. Ditto that client relationship that was slow to start but is now at the core of your practice. Are you investing enough in your future?

The Rule of 5. Try it. Master it. Pass it on.

Keynotes: The Holy Grail?

Many consultants, coaches and advisors trying to build their business have decided they need to be at the podium to increase their visibility. They chase keynote opportunities—often unpaid—and spend countless non-billable hours crafting their speeches.

A worthy investment if being a professional speaker is part of your revenue strategy or you are hawking your (profitable) new book. But what if your real goal is to grow your core consulting, coaching, advisory business?

Then there may be an easier way. It’s not about how many keynotes you make. It’s about how you connect with the clients who will “buy” you and the professionals who will refer you. Consider some alternatives:

Attend as a participant. Come pre-loaded with questions/a point of view on the agenda topics so you can engage your new contacts one-on-one. Be clear on your brand (who am I, what do I uniquely do and why does it matter) and link it to the key topics. If the link isn’t obvious, take a pass.

Lead a workshop for a group rich with clients and prospects (or referral sources). You’ll touch fewer people, but your impact on each can be huge. And, chances are high they’re attending because they have a strong interest in the subject. The payoff: they experience you in action and hiring you becomes a simpler next step.

Moderate a panel of experts on a compelling topic related to your expertise or industry. The agenda is yours to lead and you can have a major impact with a lot less prep than a full-blown keynote. Great moderators are memorable--if one of your talents is bringing diverse opinions to the table, you can score big.

Keynotes are impressive. But they may not be key to your growth.

Consulting Toolkit: Stamina

Sometimes, it’s not what you do or even how you do it, but how long you can keep at it. Case in point: Sunday night’s NCAA Women’s Final Four.

Baylor made an intense, no-holds barred 3rd quarter attempt to break UConn‘s 76 game winning streak. They thrilled the home field fans with their underdog heart and passion—until they hit the wall in the 4th quarter. Out of steam, they were no match for the Huskies' relentless energy.

Stamina. It’s not just for sports. It’s the fuel that drives you to keep at that client problem till you know it’s solved. To make sure the proposal is exactly right. To attend yet another industry event to connect with future clients. To blog and tweet and Facebook when you’d rather go to the beach.

Need more fuel? It starts with doing work you love that matters. But that won’t do it alone. Take a break for a run, a bike ride or a yoga class. Savor healthy food that keeps you alert (yes, pizza can be on the menu). Seek out your personal brand of inspiration. Enjoy vibrant connections to your loved ones.

Stamina. The difference between good and great.