Consultant, here’s what I really think about all the talk about the upcoming recession and uncertainty. Read this before watching the video 👇
Having started and run a profitable consulting business during the Great Recession in 2009, I’ve realized a few things about business cycles. Mainly, it’s this:
A recession is not a bad thing for a small consulting business. There are many things that work in your favour during such times.
Here are some of the positive effects of an “uncertain” economic future for independent consultants and firms (as I’ve experienced first-hand):
👉 Uncertainty creates new problems in organizations. New problems create new consulting opportunities (if you know how to have a skillful discovery conversation).
👉 Larger consulting firms often lose business (or a part of their business) because they’re too expensive. Independents and smaller firms can take this business because organizations that let go of big consulting firms still have unmet needs.
👉 Some small consulting firms will simply shut shop. Some independent consultants worried about the future will simply give up and find full-time opportunities. This means more opportunities for independents and firms that persevere.
👉 During “bad times”, executives are more open to having conversations to gain new insights. It’s human nature – everyone wants to know what’s new and how things are changing. This is a great time to reconnect and speak with former clients, prospects, peers and other colleagues. Share insights with them, ask good questions and if appropriate, ask for introductions and referrals.
👉 In the same vein as the previous point, during uncertain times, executives are open to learning more by reading, listening to podcasts, attending events, etc. This is your chance to share insights that can help your potential clients as they navigate a changing landscape. Start sharing unique and insightful ideas on LinkedIn that your audience may not hear elsewhere. If what you say strikes a chord, they’ll invite you for a conversation. I saw this happen time and again in my business during the early days of Covid (and it continues even today).
Check out the video below. This is part of a 60-min training on “Landing New Consulting Clients During Economic Uncertainty”. In it I share actionable strategies you can start using today to land new clients. If you’d like to check out the replay, let me know in the comments and I’ll send it to you.
Ready to add $100k-$500k revenue to your consulting business in 12 months or less without burning out? Schedule a call and let me show you how.
Image credit: Otto Steininger