The dilemma of almost every leadership development practitioner is how to manage clients and grow their business as well simultaneously.
It is a known fact that how finicky the clients can be when demanding services. And as a leadership development practitioner you should know when to draw the line even if it means losing that client. So here are what some of the leadership consulting experts are doing to ensure that they have reputed clients and at the same time their business is also growing.
- Decide and stick to one service
- Address the knowledge gaps
- Sell results and not services
- Work on relations and not revenues
Once you have addressed the above-mentioned points in place, you will find that you not only have repeat clients but your business is also growing by leaps and bounds.
This apart, there are five important ways to grow your leadership consulting business and leadership consulting firms ensure that they follow these rules diligently to reap benefits from it.
- Think Program and not event: A successful leadership consulting firms know that a leadership development process is a program and not an event. It needs time and commitment. So if a prospective client approaches for one-day leadership development event/program be firm and say no. Explain to such clients that leadership development is a program that needs some time to show results.
- Right price your services: Too many times, the leadership consulting firms underprice their services. No they don’t overprice it, because at times while billing they forget to bill the time taken to deliver the program. In addition, remember that you are selling specialty service and not commodity so there should be no negotiation. If you think a client is seeking negotiation, quit it there and then because it is a huge red flag. Respect yourself for clients to respect you, your services and your leadership consulting firm.
- Seek to expand offerings: While it is good for your leadership consulting business to stick to one service or to have 1:1 client servicing, but at the same time it is also good to expand. If you are getting offers for different services that will mean that the client has confidence in you. So don’t say direct no and take it as a challenge to explore new areas and strengthen your relation with existing client while making way for new clients as well.
- Establish relationships: A good leadership consulting firm is always seeking to establish relations with its clients. When you focus on forging relationships, you are gaining clients for lifetime and through them you can always gain some new clients as well. A perfect opportunity for you to grow your business and be profitable as well.
- Hunt and farm: Confused about hunt and farm here. Well remember that a good and successful leadership consulting firm believes in hunting and farming. Why you may ask. Well here’s why – hunting here refers to client acquisition that requires initiative, effort and consistent activity. It involves active marketing services to the new and prospective clients. Farming on the other hand needs nurturing the existing client accounts. It is like revisiting your old acquaintances to know how they are doing and do they need anything that you have on offer.
Once all these five elements are in shape and place, your leadership consulting business is bound to grow with a faster rate.