Two bank accounts — financial and experience…
Can’t remember where I first heard this story, so I can’t credit the original author. But I found the idea so compelling I wanted to share my version here.
Once upon a time, there were two consultants, John and Bob. Both had unique expertise of value to clients. Both started out at the same time, both served the same markets, and both were well compensated.
As an expert in his field, John was rigorous in sticking to his niche. Essentially, he sold the same advice over and over. Within a year, his saw his business slipping, and within two years, he was out of business.
Also an expert, Bob was always stretching himself. He saw each consultation as not only a provider of income, but also a provider of new experience. Within a year, his business was on the increase, and within two years he was doing very well — not only in his original niche, but in several other related areas.
Bob lived happily ever after, while John did not. Not all fairy tales have happy endings.
Why did John fail while Bob succeeded? Well, John was only concerned about filling his financial bank account, while Bob was also concerned with his experience bank account. The bottom line in consulting — you need to make deposits in BOTH accounts.
The experience bank account is often referred to as intellectual property, or simply IP. But IP is dynamic, not static, and must continually be updated and refreshed. After all, clients want fresh ideas and solutions, not the old worn out stuff.
So, keep you eyes on both accounts — financial and experience. Don’t be afraid to stretch yourself — just don’t overreach into areas for which you have NO qualifications. And be prepared to invest some time to become competent in new areas to expand your practice.
So what have you done recently to add to YOUR experience account?
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