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 still, there may be a nagging worry – what if there’s a downturn in your industry? Can your business survive?
DIVERSIFICATION IS THE KEY TO LONGEVITY
As a business consultant, you know the ins and outs of your business. You anticipate the needs of your clients and know how to fill the voids. You innovate at every chance and make improvements for your clients that keep them with you. At Opterre, a company that advises consultants, we understand how having all your eggs in one basket is a risky proposition. Here are tips to diversify and survive any downturn the economy may take:
- Recruit clients across multiple industries. Sometimes your expertise is specific to a particular industry, but that’s not always the case. If your consulting services have multi-industry application, then diversifying your market should be part of your business model. However, if your services really are unique to a particular industry and your business is doing well, it might be time to bring on a consulting partner from a different industry. This person will add diversification to your client portfolio and the addition of new blood and ideas broadens the expertise available to your existing clients.
- Create new products and services. As you grow, you’ll need to offer more services for your existing clients as well as for future clients. Keep informed about trends and predicted challenges in your clients’ industries and research what services may help them ride those trends. Determine what steps you need to take to develop those services in house, or find a firm you can partner with that already has the ideal solution in their suite of services.
- Leverage your intellectual capital. Business consultants are hired for their expertise. Business consultants solve problems, innovate solutions, generate ideas, devise strategies, build business plans, and forecast for the future. Brainstorm new revenue opportunities as often as possible.
- Explore new markets. Downturns are frequently localized. Investigate other geographic areas as potential markets for your services.
- Adapt. Diversification could involve expanding your product or service’s application to something similar. For example, if you advise CEOs, consider advising managers as well. If you plan and execute corporate functions, why not offer a similar service to five-star hotels? 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 usually doesn’t make much sense. However, jumping off a diving board is a lot of fun when you know how to swim and the depth of the water.
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 consulting 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!