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#354: After a Long Consulting Career, Is It Time to Cut Your Losses?

Posted By Mark Haas CMC FIMC, Thursday, July 22, 2010
Updated: Thursday, July 22, 2010
Boredom doesn't quite describe it, but I have been providing some consulting services for a long time and they don't excite me like they used to. Clients still demand them so why should I change my business?

This issue is at the heart of your value as a consultant. Part of what you bring to your clients is your skills and experience. Part is your enthusiasm and leadership. If you can't bring both, then it's time for a change. Maybe it is time to think about a different line of work. No, I don't mean something other than consulting, just changing the suite of services you provide.

Most important is to cut your losses - trim a service that you haven't enhanced in a while. Look at your range of services. Is what you offer better than similar services provided by others? Could you write an article about it that includes the latest trends and insights about the needs of people who use this service? If not, it's time to give up that old tired service and develop some new ones. Agreeing to stop offering a service on a certain date is often just the thing to help you create a newer, high value one.

Tip: If you have created a fair amount of intellectual property, you may be able to monetize your work by selling the IP to a colleague. Also, if appropriate, you may be able to spin off the clients who rely primarily on those services to a trusted colleague.

© 2010 Institute of Management Consultants USA

Tags:  client service  knowledge assets  practice management  your consulting practice 

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