5 Mindset Shifts to Go From Struggle to Success: A Consultant’s Guide

5-Mindset-Shifts-to-Go-from-Struggle-to-Success

Have you ever heard the tale of the Cobbler whose children have no shoes?

What about the doctor who preaches healthy living and takes a smoke break in between seeing patients?

Or the consultant who tells their clients how important it is to invest in improving their business, yet the consultant isn’t willing to make an investment into their own business?

When you’re working with a buyer and they tell you they don’t have the budget to invest, what should you do?

I find it interesting when consultants tell me they don’t have money to invest in their business or marketing.

Well, the experienced consultant will demonstrate to the buyer that by re-allocating resources (from one area to another) they can receive a greater benefit compared to where it is currently allocated.

And so I find it interesting when consultants tell me they don’t have money to invest in their business or marketing.

If you’re serious about growing your consulting practice here are 5 things I encourage you to keep in mind and that will serve you well:

1. If You’re Running a Business, Act Like It

There are costs associated with running a business. Don’t spend your time trying to minimize your costs, spend your time maximizing your revenues and profit.

People spend too much time trying to avoid spending money.

Any chance I get to spend money I will happily do so when I know the return on investment will be greater than the cost.

Again, recognize that if you’re spending too much time trying not to spend money, it means you’re not spending enough time trying to make money.

Any chance I get to spend money I will happily do so when I know the return on investment will be greater than the cost.

This is a major difference between successful consultants and those that struggle.

2. Take an Honest Inventory

How much money are you spending every month on your cell phone, eating out, clothes, your car, trips, etc?

It’s interesting that people won’t think twice about spending $1000+ on an all-inclusive vacation at a 3-4 star resort.

Nor will they give too much thought to spending a hundred dollars or more here or there on having drinks and dinners out each month. (This Gallup poll shows that the average American consumer spending is $86/day.)

Yet when it comes to investing in their own business they have to pause. They require days to make a decision.

Seriously? Vacations and eating out with friends and family are a lot of fun. But if you took a few months of those luxuries (not necessities) and put them towards investing in yourself (and then applied what you learned) how many more vacations and fine bottles of wine will you be able to create (forever)?

If you already know how to get more clients, or how to operate your business in the most profitable way – why hasn’t it happened yet?

3. I Need a Few More Clients First

This is a classic mistake. If you’re telling yourself that you’re going to wait to land a few more clients first and improve your cash flow before investing in your own growth – think about that…

If you already know how to get more clients, or how to operate your business in the most profitable way – why hasn’t it happened yet?

Could it be that you actually don’t know? That you’re just delaying making the investment (in a service, product, training or coaching) that you deep down know you would benefit from?

This is a common error. The sooner you recognize what you know and don’t know, what you’re good at and what you’re not so good at, what you’re passionate about and what you don’t enjoy…the sooner you can take the action to make the necessary adjustments.

The fastest way to see the result you want is to take the most direct action that will result in it happening. Stop waiting for the stars to align and for the ‘perfect time’ to do something. The ‘perfect time’ doesn’t exist.

4. I Don’t Want to Touch My Savings

Okay, so you’ve worked hard and have built up your savings. That’s awesome.

Now it’s time to invest in your business to get it to the next level. But you don’t want to touch your savings to do that, right?

If this sounds familiar here’s something to think about…

What percentage of interest are you earning on those savings? 1%, 3%, 10%?

So let’s say you’ve got $5000 in savings. That will generate $500 in interest for you over a 12 month period. That’s a 10% return, a level that very few people achieve consistently.

If you took that same $5k and invested in your business, what kind of return will you see?

What is the value of landing one new client?

Of winning one new proposal?

Of landing a new speaking opportunity?

Or increasing your fees?

Let’s say an average client project is $15,000. If you took a course, seminar, or coaching program for $5k (as an example) and you landed just one new client as a result, your ROI is 300%.

Here’s the real guarantee: If you always play it safe you’ll never have the opportunity to reach your full potential.

So the question is, do you want to earn 1%, 5%, 10% or 300% on your money?

5. Risk vs. Reward

“But Michael, in your example above that ROI isn’t guaranteed. There’s a risk involved” some people might say.

My response: Sure, of course there’s some risk.

You’re in business! There’s always some level of risk. If you’re not taking calculated risks you’re not going to make much progress.

Here’s the real guarantee: If you always play it safe you’ll never have the opportunity to reach your full potential.

Sure, you can keep earning that 3% guaranteed interest on your savings. Maybe that works for you. But if you want to maximize your returns my opinion is that you’re going to be much better off thinking bigger.

I’m not suggesting that you blindly go about throwing your money around. Not at all. What I’m offering you, and hope you can recognize, is that anytime you have the opportunity to make an investment, simply ask yourself, “will this be a good investment?”

“Will I be able to benefit from it? Will I learn more? Will I grow more? Will I expend my thinking? Is there a good chance I’ll see a positive ROI?”

“And, if I don’t make that investment, what will it cost me to stay where I am? What potential will I be putting off?”

Let me ask you a direct question: Are you content playing it safe and putting things off? Or are you ready to reach your full potential by going after what you really want?

Share in the comments below any examples or experiences you’ve had where making the leap, doing something that was a bit hard for you at first ended up providing you with a great return or benefit?

PS: If you’re ready to take your consulting business to the next level and want my help to personally guide you step-by-step on how to have a sustainable and profitable consulting business. One that attracts your ideal clients where you can command premium fees for your services, then get in touch.

We’ll be happy to jump on a call to explore if working together is a good fit, or not. And we’ll share with you what steps you can start taking today to grow your business.

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  • Great post Michael!

  • Georgina Terry

    I invested $12k in coaching in the 2008/9 recession period eventhough I had only a tiny revenue coming into the business. I was scared at the time but it was the best thing I ever did!!! I later landed two major consulting deals, that was far in excess of the $12k self and business investment.

    • Great share Georgina! Investing in the right coach is always a good move and the best way I know to move your business forward. All high achievers have a coach.