We at Econstra Pro get a lot of inquiries from our partners over why their busy is hurting, and why new requests aren’t coming up and et al. When your consultancy business is not getting the requisite business it used to get and when your cash flows for the year are not remotely like what they used to be, it cannot always be blamed on the economy, because the sharks of this business (large consultancy companies) manage to have their cake perennially and eat it too. Further, every year new companies are formed and they take away a bit of the market share. So we at Econstra Pro urge upon you to figure out why you are failing and emphasize on creating MORE value for your customers than blaming the economy for your poor business and appalling cash flows.
The economy is often a handy excuse for business, but it’s not the economy all the time. There are other reasons too and if you are not doing too well in this business, in which a new player on the scene is slaying it in. It is probably one of the following five reasons.
- Concentrating on value. Every time someone in your organization is lamenting that the opposition is weakening them on price, or that the prospect claims that the specialist is simply too lavish, there is simply too less stress on value. You need to stress more on the value; you are creating for your customers, in the long and the immediate short run.
- Asserting on meeting consumers. Meeting individuals frequently who can’t sign a check is worse than not meeting anyone at all, because you’ve lost inimitable time. Too many professionals are frightened by true buyers, and gladly resolve for human resource types, trainers, and other mediators. Here’s why are failing to get the requisite business because they are not dealing with people who handle business in the first place.
- Adopting that this is the promoting business and apportioning suitable interval. Practice till you achieve perfection. Market and sell your product to the point it is gospel in corporate circles. Imagine being a pianist and not practicing, or a reporter who isn’t seeking out new stories. Therefore, promoting has to be on the schedule every week.
- Enunciating a flawless value proposal. If you cannot articulate what essential value you will provide to the consumer then how can a potential purchaser know what it is?
- Don’t be hesitant to ask. Requesting for help when needed from the right sources goes a long way. Sometimes the challenges that come up during the course of running the business are outside the skill and expertise of the people running the business. And they crib and cry and whine among each other and never seek the expertise from the right resources.