The rise of internet marketing has caused incredible growth in the coaching and consulting industry. As more and more people look to become consultants, the market has become saturated with trainings on how to get your consultancy off the ground.
You can spend hundreds of hours watching YouTube videos on how to use Facebook ads, create content or design sales funnels (or spend thousands of dollars on training courses). You can listen to inspiring podcasts of entrepreneurs preaching about the grit, grind and hustle necessary for the job. There’s one important aspect of building a successful coaching business or consultancy, however, that frequently goes overlooked: the frameworks for growth and scale.
Some coaches and consultants are able to get clients coming toward them. Yet they fail when it comes to delivering their services to a growing list of people. This is something I’ve helped my clients get through for over 20 years. I’ve found that with a little bit of foresight, business growth can happen fast.
Here are my 3 foundational tactics to grow and scale your coaching or consulting business:
Forward Planning for Your Consulting Business
If your business is going to move forward and expand, you have to know where you’re headed and how you plan to get there. Start by looking out one year or more and establishing your 1 Year+ Objectives. For these, the trick is to think of a timeframe around 12 months away, give or take a few months. This way you don’t get overwhelmed by being locked into a long-term deliverable. Ask yourself:
- What financial number would prove to you that you had a good year?
- What would let you know you’d moved toward the larger vision for your business?
Next, break out those 1 Year+ Objectives into 90-Day Targets that will help you clearly identify your progress. What can you feasibly accomplish in the next 90 days that will move you toward your 1 Year+ Objectives? Once you have these established, you can stop asking yourself, “Where am I going?” because your Objectives and Targets provide your long- and near-term direction.
Then, you can break down your 90-Day Targets into calculated 30-Day Goals that you can move toward week-by-week. When you track daily progress toward these 30-Day Goals, you can have confidence in where you and your business are headed. This way, you can ensure you’re creating momentum every day (more on Momentum-Based Planning here).
Establish Communication Systems for Your Consulting Business
At the start of your consultancy, you likely did almost everything – research, sales calls, ad creation, client delivery, accounting, etc. But as your enterprise grows, you’ll need to create systems that bring information to you automatically – without your direct oversight.
As the leader of your business, your time is precious. You shouldn’t have to waste hours hunting down data or figuring out how to coordinate information from various sources. Your team should push relevant information to you without you having to ask for it. Iron out these processes as much as you can so that when you start to grow, you’re prepared for the increase in demand on your time (more on how to communicate with your team here).
Create Contrast Through Measurement for Your Consulting Business
Being able to accurately track the success of your coaching business or consultancy is vital for long-term stability. To make your metrics as clear as possible, establish a critical number that you look at every day to gauge progress. There are usually three to five important numbers or measurements in any business, but the critical number is the one that reflects the health of your business at the highest level. Southwest Airlines tracks planes in the sky. Tesla tracks cars delivered.
Your critical number will likely be a metric personal to your business. For instance, if you run an auto-repair shop, it may be how many cars you fix each month. If you’re an accountant, maybe you’ll track how many businesses you help with taxes. If you run a yoga studio, it could be class attendees. If your company builds apps, it might be how many monthly downloads you have.
Businesses that have a critical number last because they have a single figure reflecting the health of their business, and they’ve create a scoreboard that shows them when they’re winning. Once you can identify the primary number moving your coaching business or consultancy forward, and celebrate the growth of that number with your team, you’ll be surprised by how quickly growth happens.
If you focus on these three tactics as you build your coaching business or consultancy, you’ll be able to lower pressure and noise for you and your team, increase clarity and automate success. When growth starts to increase, you’ll be able to quickly adapt and run with it instead of having to stop, fix processes and regroup.
If you want to learn more about how to build sustainable coaching business or consultancy, visit MillionDollarConsultantLive.com, or check out the Million Dollar Consultant page on Facebook.