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Making Your Numbers

Posted By Administration, Tuesday, March 26, 2013
Updated: Friday, August 30, 2013
When I worked in a large firm, I worked hard to "make my numbers". Now that I have my own firm, what "numbers" would be appropriate for me, especially if I am a solo practitioner?

Performance objectives are largely the same in both cases. The difference is what you plan to accomplish now compared to your previous firm. You still need targets to strive for.

Some of these targets would include client count, process, assets (innovation and learning) and financial. Client measures should address the health of your pipeline, such as how many prospects are at each stage and whether these prospects meet your business development objectives.


Process 
measures should address how you market and sell, deliver services and run your practice. Asset (innovation and learning )measures address how you grow as an individual and a business. What new skills, data or capabilities have you created (over a period of time) that you can monetize as higher valued services to clients. Finally, financial measures should address revenue and profit targets you establish for each quarter/year as part of your multi-year business plan.

TIP:In a smaller firm, it might be more reasonable to target and track only one or two things in each of the above categories.

 
While many consultants leave larger organizations to have more control over their lives, consulting can consume a lot of your time. Consider including a metric on how much leisure time you spend for yourself and with your family. Making consulting numbers shouldn't come at the expense of other important "non-business" considerations.

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