Critical mass for seven figure consultants and speakers January 9, 2020

Critical Mass: the point at which a consultant has achieved true self-sustainability and no longer needs significant marketing and investment to remain economically viable. It is this critical point at which the consultant’s revenue pipeline generates so much business and cash flow that it continues growing organically and no longer requires as much marketing effort and investment inflows.

How long did it take for my consulting business to achieve critical mass? About 5 years. Of course that was due to ridiculous grinding and relentless marketing. The above image is what can generate from ONE client, and that’s just a 50 percent deposit from a government agency for my firm to provide 12 months of leadership training with an option to renew for 3 years. This client provides so much activity that I had to open a separate bank account just for them.

And guess what, unlike most small business owners, I didn’t have to submit an RFP bid or go through the GSA contract process (shh, that’s another  ).

So let’s just get right to it, how do you know when you have achieved critical mass? When your consulting/speaking has significant revenue growth every year for five years straight and you did not have to perform any major marketing or investments. Its when your phone and email is so active with clients, you can actually turn down business and still outperform your last fiscal year financials.

Its when you begin to duplicate yourself and hire sub contractor consultants to handle business that you don’t like or do not have the time, but still generate thousands per day for your company. And its when you have so much free time to think strategically about scaling your company without employees.

Ok, now how do we achieve critical mass? I’ll give you two free ideas, (the rest I have to save for people who invested in themselves at the conference):

• Maniacal Focus: I hope you are familiar with the 80/20 rule, if not google it. It simply says that 80 percent of your revenue will come from 20 percent of your clients. Identify and focus on engaging that 20 percent to organically grow your largest revenue pipelines. If you are just starting a business then identify who are your top 5 ideal clients based on do they need, do they want and can they afford your services. And which clients have the greatest potential long-term needs. (e.g. organizational changes, succession/retirement turnover, disengaged employees etc…)

• Triple Threat (333): This is one of my personal strategies. To execute the triple threat, a consultant must ask clients in your top 20 percent for 3 referrals, every 3 months, from your top 3 clients. In business, one of the most critical costs is customer acquisitions, however when you get referrals, the costs is zero and you increase your chances of closing the sale since birds of a feather flock together. Why every 3 months? Because your clients go to conferences, catch up with old friends, turnover occurs etc…its like the seasons changing every 3 months, so you have to be ready to capitalize new opportunities regardless of the environment. Do this and I guarantee you will be amazed by the results and don’t worry, you are not being bothersome to your clients.

On April 18th and 19th 2020, only 19 other consultants like you will be joining me to go to the next level. Good luck on applying and keep grinding! Click here to apply

• cashcow
• 0 Comments
• Uncategorized