Monthly Archives: May 2018
It seemed like a good idea at the time…
Wonder how many times I’ve said that? Enough that I told Mary (my wife) that she can add that to my headstone 🙂
Yes, not everything I’ve tried worked out as hoped. But enough worked more than well enough. Had I never tried, however, I would not be where I am today.
Support helps. More than once Mary egged me on with “Well, why don’t you try it, and see what happens?” That included starting a consulting business. I’ve suggested this phrase might be fitting for her headstone.
So don’t fear taking chances. After seven decades on the planet, I’ve learned “You won’t regret what you have done as much as what you have NOT done.”
But manage risk. Don’t gamble more than you can afford to lose. Have a backup plan. Prepare for the worst, and hope for the best. Then roll the dice, and see what happens.
And remember, not doing anything is still a decision. And it may not be the best one.
In closing, one of the first big chances I took was asking my wife to marry me. We hardly knew each other, but we both decided to “try it and see what happens.” Yes, “it seemed like a good idea at the time.”
And it was. We celebrate fifty years together next week. We share two sons and six grandchildren. It has been one grand adventure!
Thanks Mary, and Happy Anniversary. With my love and gratitude — Daryl
More here…
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Prioritize you clients…A/B/C…
In a recent discussion with a young consultant, he expressed concerns about handling his ever growing list of clients. (He is obviously doing a good job…)
Having been at this game a bit longer, I suggested the ABC method for prioritizing clients. We used if for years, and it goes like this:
- All new clients start out as A-clients.
- If they pay promptly and are pleasant to work with, they stay as A-clients.
- If they delay payments and/or are a bit difficult, they become B-clients.
- If they are really slow paying and/or are very difficult, they become C-clients.
When the phone rings, you take care of the A-clients first, and the B-clients next. You try to cull the C-clients, unless you are desperate. In that case, you charge top dollar and get payment in advance.
I then shared the Pareto Principle (80/20 Rule) which posits that 80% of your business comes from 20% of your clients (A-clients), while 80% of your problems come from a different 20% of your clients (C-clients.). The numbers may not be 100% accurate, but the principle still holds.
A common mistake is to focus on the C-clients, who suck up too much time with too little renumeration. This is an easy trap to fall into. After all, we consultants are driven to solve problems. But at the end of the day, the consultations must be profitable and should be fun.
If you are feeling really Machivellian, you could refer your C-clients to competitors. Just make sure the competitors are not friends 🙂
Seriously, I do not advocate this – better not to sully your reputation among your colleagues.
If really bad clients, you can always fire them. This should only be done as a last resort, but if it needs to be done, then do so. Life is too short to deal with bullies or deadbeats.
Had only a couple of “firings” in my 30+ years of consulting — most of my clients have been a sincere pleasure to work with.
P.S. You are invited to my first free monthly teleconference. Can’t make it? Please join us next month.
© 2018, https:. All rights reserved.
On being professional… a pearl of wisdom…
What does it meant to be a professional? Here is an anecdote from my past:
– Many years ago, I had a question on a contract and asked my attorney “What should I do?”
— He replied, “The decision is yours. My job – as a professional – is to lay out options as clearly as I can. If you still have questions, please ask.”
— He went on, “If you ask what I would do, I can share that. But the decision is still yours, and I will respect whatever you decide.”
I have shared that story many times with my engineering clients. To me, this is the essence of being professional.
P.S. The same attorney also told me, “Please ask before you sign anything you don’t understand. I’d rather keep you our of jail than get you out of jail.” Liked that advice too 🙂
With summer approaching, now shifting to twice monthly for posts. This also frees up some time for other things, such as the long planned FREE monthly teleconference.
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