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Independent Professionals
Sense Economic Shift
During the past several years, many
independent professionals and contractors have
hunkered down. Clients reined in budgets during
the economic slump. Projects were put on hold.
Plenty of free agents saw their customer bases
shrink and their revenues stall.
But times might be changing according to San
Francisco-based M2 Inc., a national provider of
independent business consultants.
When M2 surveyed its 12,000-member network
earlier this year, more than 90 percent
indicated an optimistic outlook for 2004. A full
69 percent stated that they were “cautious but
generally positive.” The general opinion of the
consultants in all disciplines was that their
clients were moving forward on new projects and
initiatives.
The positive outlook is particularly compelling
when compared to results of M2’s 2003 survey.
Last year, the majority of consultants felt
their clients were “taking a long time to decide
about new initiatives.” This year, that
hesitation wasn’t seen as a top trend.
“We have always believed that independent
consulting is an early economic indicator,
unfortunately, there are no governmental
statistics to track it effectively,” says M2
president, Marion McGovern.
The survey’s optimistic findings could translate
into increased business this year—62 percent of
those polled project an increase in business
revenues for 2004. And after years of holding
down or reducing their fees, 42 percent of
respondents said they anticipate increasing
their fees in 2004.
What You Can Do
If the economy gains momentum as the
year progresses, be ready. Now’s the time to put
some serious marketing muscle to work for your
consulting business—whether you’re a Web
designer, publicity specialist, freelance
writer, IT guru or financial advisor.
Here are some ideas:
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Get on the phone.
Make calls to inactive clients and business
associates. Take the pulse of the marketplace.
Get a feel for budgets and find out what
projects are in the works.
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Spruce up your Web
site, brochures and other marketing materials.
Show clients a fresh angle on your offerings.
Highlight benefits and value.
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Consider a new
marketing campaign to generate buzz about your
products and services. Look at a possible
e-mail marketing campaign or a direct mail blitz
to targeted customers.
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Rethink your
fees. After holding prices steady for
several years, now could be an opportune time to
build in a bit of extra profit.
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Springtime gives
everyone a little attitude lift. Build on
that by hosting a special event, like an open
house. Or carve out time to treat a few of your
best customers to lunch at an outdoor cafe.
Activity creates excitement.
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Get networking.
If wintertime left you lethargic, get going
again. Attend local chamber meetings. Spend an
afternoon at an industry trade show. Join a
professional organization. Get your motivation
moving.
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