You’ve started your own consulting business. You’ve taken all your years of working in your chosen industry and are now growing your own business, helping others achieve their dreams and passions. Life is good. Really good. But when life’s good, you get worried. Because deep down you know if there’s a downturn in your industry, you might have to fold.
WHY DIVERSIFICATION IS THE KEY TO LONGEVITY
As a business consultant, you know the ins and outs of your business. You can anticipate the needs of your clients and know exactly how to fill the voids. You innovate at every chance and make improvements for your clients that keep them with you. At Opterre, a business consulting company that advises other consultants, we understand how having all your eggs in one basket is a risky proposition. Here are tips to diversity and survive any downturn the economy may take:
- Start to recruit clients in other industries. This is easier said than done, but it can be done. If your business consulting company is doing really well, it might be time to bring on a consulting partner who is in a different industry than you. This person can bring not only depth to your client portfolio, but the addition of new blood and ideas will help your chosen industry as well.
- Create new products and services. As you grow, you’ll need to offer more and more services for your existing clients as well as for your future clients. Depending on what industry your business consulting company is in, this could be researching and developing new products as well as services.
- Leverage your intellectual capital. Business consultants are hired for their brains. Business consultants solve problems, innovate solutions, generate ideas, devise strategies, build a business plan, and forecast for the future. Brainstorm new revenue opportunities as often as possible.
- Explore new markets. A downturn could be localized. One part of the world may not be affected. Thus, it’s worth investigating other markets to see if what you market is viable there as well.
- Adapt. Diversification could be as simple as expanding your products applications to something similar. For example, if you advise CEOs, consider advising managers as well. If you supply napkins for corporate functions, why not supply napkins to five-star restaurants as well? Has a new technology emerged you can capitalize on? Being nimble is a key to longevity.
- Take risks. There are no gains without risks. Remember these are calculated risks. Jumping off a cliff doesn’t make much sense. However, jumping off a diving board is a lot of fun. Life is short. Enjoy the ride.
Opterre specializes in helping business consultants succeed. We coach and mentor new start-ups, established and successful businesses, and those in decline. Through brainstorming and innovating, Opterre remains a top-rated business consultant company dedicated to helping others achieve their passions. Available for all your business consulting needs, Opterre prides itself on seeing your success. Contact us today to learn what we can do for you!