Reinventing Your Business Model

1,194 views

Published on

Published in: Business, Technology
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
1,194
On SlideShare
0
From Embeds
0
Number of Embeds
6
Actions
Shares
0
Downloads
75
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Reinventing Your Business Model

  1. 1. 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
  2. 2. #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
  3. 3. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model Expectations 3 O Name O Company O Tag line O What you want to get out of this workshop
  4. 4. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  5. 5. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  6. 6. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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. 7. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model Step 1: Increase Awareness 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. 8. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model Step 1: Increase Awareness 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
  9. 9. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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”
  10. 10. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  11. 11. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  12. 12. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  13. 13. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  14. 14. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  15. 15. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  16. 16. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  17. 17. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  18. 18. #stc2014 @jglicksmith Independent Consulting: Reinventing Your Business Model 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
  19. 19. Independent Consulting: Reinventing Your Business Model #stc2014 @jglicksmith 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

×