Practical advice is a game changer. Tune in as Mickey Mikeworth and I address the last 5 of 10 tips to building a successful consultancy practice. We talk numbers, technology, time management, credentials, and being the boss. We tackle complex concepts, break them down, and discuss accountability throughout our mentoring conversation.

Great people have a great hunger. Great consultants find their lane and make a life to engage most of their gifts. “Know who you are and what you sell,” says Mickey. Lin-Manuel Miranda of Hamilton fame (see picture below) described in a television interview the reason for his success. He chose a lane to be a playwright, songwriter, and theater actor, and went for it. He engaged and invested all of his energy toward creating a substantial body of award winning work. Invite others to join in your dream. 

We review the first 5 tips and discuss the following 6 through 10 tips. Listen in for the details. Download

a. We discuss a few vital budget percentages: 25% profit, 27% taxes, 15% to 30% marketing budget,18% for operations. Consult with an accountant or connect with Mickey to explore the exact percentages and numbers that will work in your consultancy practice.

b. Statistically prove through consistency and persistence in tracking, to weigh your efforts. Are your efforts yielding a financial return? Adjust as you get new information.

Tip #7: Use technology. Know technology. Know how to utilize your technology. Basically, worship technology.

a. Your first employee is software technology. Quickbooks can save 10 to 15 hours per month. Quickbooks and other accounting software has made keeping track of clients easier than ever. Understand the power of accounting software.

b. Know how things work, especially how modern businesses embrace technology and social media. Rick Macias and I are co-mentoring on this very topic. June 19th is our WeMentor Mini LAB: Yin and Yang of Generating Revenue in Today’s Economy. We are working with business owners to modernize their sales process and co-mentor how social media works so each participant can take the steps needed to upscale their relationship building process. It is no longer an option to stay out of participating in social media.

c. Technology is an instrumental part of our personal and business life. Social media is not only a way of connecting. Building a personal brand and a business brand is the new social media strategy. Consider this projection, by 2020 most everyone will have a mobile phone. What will this mean for you and your business?

Tip #8: Time Management in the 21st Century.

a. Technology has made life simpler and running a business more efficient, but we are still flawed human beings. There are many demands on our time. FOCUS is critical in managing your time well. Use Tips 6 & 7 as an incentive to refine how you spend your time.

b. Time management involves basic things such as setting appointments. Which technology will work best for you and your clients?

c. Focus is critical. Factor in your values and what activities you need to do each day to maintain and build your cash flow.

d. How you access your bank account is all online and so is bill paying. How have you automated bill paying options for clients? What are your next steps?

e. Social media can take away from your productivity and your staff’s productivity? What rules or policies might need updating on your end? Do you need to implement some staff training? What are you doing to stay current with the uptick in social media usage?

f. Clarifying your value proposition. In a business relationship, clients want to know you are there, attentive, and going to do the work. What can you do to clarify expectations?

Tip #9: Credentials help. Doing the client work is gold.

Accomplishments: what efforts are worth the time and money investments? You can prove what you are selling is valuable.

a. Doing the work. Challenge the work that you do and challenge the work you are asking the client to do. Mickey has some great ideas about how to let clients see their growth over a period of time.

b. We return to the Hunting for Elephants conversation. What is your main takeaway here?

c. No excuses. Focus on what you need to do, and get it done. What are your priorities this week?

Tip #10: Know who you are as the boss. Be willing to fire yourself from jobs that hinder your progress.

a. Accountability and delegating. Would you hire you? Do your projections. What will it take for you to fire yourself from, for example, administrative duties and pay someone else to do it.

b. Learn the 5-Second Rule: 5-4-3-2-1 GO! Outsmart yourself when you drag your feet or hesitate to do what is important. Implement Mel Robbins’ 5-Second Rule after reading his book or listening to the audio version.

Mentoring Tips for Listeners

Use the questions in Tips 6 to 10 above while you listen.

It is never too late to get with your peers, especially in our WeMentor Entrepreneurial Leadership and Mentoring LABs. My favorite tagline recently, “My job is to make your life a little better because, when you are mentored by Nancy, your life is a little better!” This statement ends with a chuckle of agreement from the person sitting across from me. Improve your life. Get involved today, Connect.

Math for Consultants: 6 of 10 Tips, Episode 128      Mickey Mikeworth     Rick Chicks