Reinventing Your Business Model

Independent Consulting:
Reinventing Your Business Model
Judith L. Glick-Smith, Ph.D.
© 2014
770-633-5582
www.mentorfactorinc.com
judy@mentorfactorinc.com
Twitter: @jglicksmith
#stc2014

#stc2014 @jglicksmith
Independent Consulting: Reinventing Your Business Model
Agenda
2
O Introduction
O A little about me
O A little about you
O The Current State of
Contracting and
Consulting
O The Process of
Reinvention
O Building Clarity: The
Business Model Canvas

Expectations
3
O Name
O Company
O Tag line
O What you want to
get out of this
workshop

The Current State of Contracting
and Consulting
4
O Definitions
O Contracting
O Consulting
O Then vs. Now
O Temporary vs.
permanent workers
O Commoditization of
TechCom
O Rates

The Reinvention Process
5
O Step 1: Increase your
awareness
O Step 2: Identify opportunities
O Step 3: Align opportunities
O Step 4: Organize and
stabilize your infrastructure
O Step 5: Execute your plan
O Step 6: Continue to monitor
and grow

Step 1: Increase Awareness
6
O Identify your personal
mission and goals
O Identify your business’
mission and goals
O Take the time to
acknowledge what
tasks you both love and
at which you excel
O Know what gives you
joy

7
O Acknowledge how
you like to work
O Acknowledge your
level of knowing how
to run the business of
what you do
O Acknowledge how
you feel about
delegating
O Be totally honest with
yourself

8
O Go back to the beginning of
your career and work your way
forward
O Identify the following:
O The projects you enjoyed
O The tasks within those
projects you enjoyed and
excelled
O The people you enjoyed
working with
O Identify WHY you enjoyed the
projects, tasks, and people
O Articulate your value proposition

Step 2: Identify Opportunities
9
O In what industries or customer
segments do you prefer
working?
O What is the state of those
industries or customer
segments?
O Where are these industries
headed? What are the long-
term goals and outlook for
these industries?
O What is the “pain” they are
feeling in moving forward?
O Do a deep dive into what is
causing the “pain”

Step 3: Align Opportunities
10
O Match your strengths (the
tasks which give you joy
AND at which you excel)
with the “pain” in the
industries you identified
O Fine tune your value
proposition
O Identify the people you know
in those industries
O Identify additional channels
into those industries

Step 4: Organize and Stabilize
Your Infrastructure
11
O Identify exactly what key activities you,
individually, want to be doing every day
O What can you job out to others?
O Who are your key resources?
O Who are your key partners?
O Identify what certifications/education
you might need to increase your
credibility
O Build the appropriate infrastructure do
facilitate your ability to respond to
clients

Step 4: Organize and Stabilize
Your Infrastructure
12
O Create your marketing
plan
O Document your processes
O Put the appropriate
technology into place
O Determine alternate forms
of revenue streams and
ways of billing
O Get the appropriate
insurances

Step 5: Execute Your Plan
13
O Join the organizations of
your potential clients
O Attend the conferences
where your potential clients
attend
O Participate in the
conversations
O Develop and nurture
relationships with key
players

Step 5: Execute Your Plan
14
O Follow up on potential
leads immediately
O Keep your social
media/website/blog
relevant
O When a potential project
presents itself,
collaboratively develop a
detailed, written
statement of work prior to
executing a contract
O Work the project
O Keep working the
pipeline

Step 6: Monitor Your Progress
15
O Pay attention to your
goals
O Personal
O Business
O Measure productivity, if
possible
O Helps with project
estimating
O Gives you knowledge
about your
employees
O Stay acutely aware of
your financial situation

Pricing Projects
16
O If you are comfortable with
estimating, consider doing
fixed bid
O Companies generally like
this
O It is an easier sell
O You must be able to
manage scope creep
O If you are not comfortable OR
you feel there is too much
opportunity for change, avoid
fixed bid

Rate Decisions
17
O Prime = retail
O Sub-contracting =
Wholesale
O Determining your
wholesale rate
O Determining your retail
rate
O Allowing for profit
margin

Conclusion
18
O If you like a regular paycheck,
chances are that you won’t like
entrepreneurship
O Cultivate a deep understanding
of yourself, your product/service,
and the relevant markets
O Strive to maximize and facilitate
flow experiences (your own and
those around you)
O Pay mindful attention to your
goals
O Continue to learn: Being
prepared opens you to new
opportunities

Resources
O Strengths Based Leadership by Tom Rath &
Barry Conchie
O Business Model Generation by Alexander
Osterwalder & Yves Pigneur
O The E-Myth Revisited by Michael Gerber
19

Reinventing Your Business Model

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