Episode Transcript
[00:00:01] Speaker A: Made in the UK for HR consultants worldwide. You're listening to the HR Marketing Guys podcast.
[00:00:13] Speaker B: Hello, James here and welcome to this week's podcast. A recent survey found that a lack of time was voted the biggest challenge HR consultants faced when trying to grow their businesses. Which is why in this week's main event, I'm going to talk you through some easy steps to give yourself the time you need to work on the business business. And in today's thought of the week, I'm going to share a financial goal you should all be working towards. So let's jump straight.
[00:00:39] Speaker A: In this week's main event, a recent.
[00:00:44] Speaker B: Survey found that a lack of time was voted the biggest challenge HR consultants faced when trying to grow their businesses, which comes as no surprise. As the driving force behind your consultancy at an operational level, you struggle to find the time to work on your business because all of your time is spent working in it. You've created your own glass ceiling and it's time to break free and give yourself the personal and financial freedom you wanted when you first started out. Of course I can't create more time for you, but what I'm going to do in this main event is talk you through some steps to help you manage your consultancy a little differently, which will give you the time and energy you need to be the face of the business and get lots of lovely new clients. So let's get started. Step 1 take a step back and clarify your life vision. When you're a busy business owner, it's really easy to get stuck on the treadmill and think that doing client work is the only way you're going to make more money. That's why, in order to make change to how you're managing your consultancy, you need to take a big, loving and reflective step back. First, forget about your business for a second and think about your life, lifestyle, your family, your friends, your hobbies, balance and cash, the stuff that brings you joy and the stuff that makes you the happiest. And lock in a vision for how you want to live and enjoy life. I can guarantee you that this doesn't include spending 5060 hour weeks delivering client work and being stressed about having no time to do anything else.
Clarify your goals for the business. Once you've locked in your life vision and reminded yourself of what life is all about, you can then create some goals for the business. Your business is there to help you achieve your life vision and you started your consultancy because you wanted personal and financial freedom. But you're probably working every hour God sends, delivering client work. So I'm going to suggest two goals that you can work towards that will help you achieve your life vision. The first goal is to stop trading your time and create subscription based packages. The way you package up and sell HR is the most important thing you can think about as a consultancy owner because it determines your business model, how you work with clients, your delivery burden, operational efficiencies, your revenue, profitability, personal income and ultimately your happiness. But HR is actually the most difficult professional service to package up and there's three reasons why. Problem one, HR is really complex. There are so many different levels of service that you can provide. Problem two, creating great packages is really complicated. So on top of being an expert HR consultant, you need to understand three tier pricing, buy psychology and everything else that goes into creating packages. And problem three is selling HR to business owners can be really hard because they don't understand the strategic and preventative value that you can provide. And because of these reasons, you find it just easier to sell your time. But this isn't scalable. You aren't making as much money as you should be and you're trapping yourself inside delivering client work. And that's why you need to package your services up in a different way and focus on creating subscription based packages because recurring revenue is king. To help you package up your services, please check out my flagship video program, how to package up and Sell HR to make more Money. In just 40 minutes total watching time, I'm going to transform the way you sell hr, helping you to stop trading your time, make more recurring revenue and free yourself from client delivery. The second goal I want you to work towards is doa. So that stands for delegate, outsource and Automate. As the owner of the consultancy, you should have at least 50% of your time free to work on the business. And I'm being generous to your clients there. Really, I want 80, 90% of your time working on the business. If you're an independent consultant, I strongly advise finding either a HR assistant or associate to delegate some work to. And if you're an owner of a consultancy that already has associates or employees and you're still spending a lot of time delivering client work, then something, something is wrong. My advice is to look at the resource you have in place and redelegate your clients to your team. Your natural reaction is to hold onto this work or say yes to clients when they ask you to do it. But you need to stay strong, stick to your boundaries and give your team the work instead. Because your job as the face of your consultancy Driving it forward is way more important in the long run. You should then look at what else you could outsource and automate. Take your marketing, for instance. So over 120 consultants have now signed up to the HR marketing box because it's a huge time saver and a thousand times cheaper than writing or hiring your own content writer. So maybe you could sign up too, if you haven't done it already, and then look at the other jobs you're doing in your consultancy and find people to outsource that to. Like finding a bookkeeper to keep on top of your invoicing, or a virtual assistant to manage all of the little admin tasks you have to do. Freeing your time up is an intention and action in itself which needs investing in. So please give yourself the opportunity to do this. And then once you've clarified your life vision and created goals for the business, you can move on to step three, which is to give each day laser focus on your goals so your daily actions and habits will help you achieve your business goals and life vision. That's why every morning you should look at your goals and ask yourself what's the one thing you can do today that will help you to achieve them? You should then have time blocked out in the diary already, ideally first thing in the morning to work on those actions. Like I said at the start of this main event, I can't create more time for you. I wish I could. But what I can do is guide you through some steps to help you manage your consultancy a little differently. So let's summarize those steps again, step one is to take a loving and reflective step back to clarify your life vision. Step two is to create goals for the business that will help you achieve that life vision. I recommend you get started with packaging up your services differently and delegating your workload to someone else. And step three is to give yourself laser focus and the time you need to work on your consultancy. Give it a try and if you need a holding hand, I'm here to help you every step of the way. Get in touch and let's have a chat.
[00:06:37] Speaker A: James Thought of the Week.
[00:06:43] Speaker B: In this week's Thought of the Week, we're going to talk about the power of having a monthly recurring income target, which I think nicely follows on from what we were talking about in the main event. So you probably started your consultancy business because you love what you do, but you wanted to work on your own terms. The most common goal I hear from my clients is that they'd like to be able to spend more time with people they love. They want to be able to take a three day weekend. They want the freedom of being able to choose when they work and what type of work they do. And they want a decent income. So when I work with my clients, I help them achieve this life vision by following the steps we discussed in the main event. The most powerful thing you can do, of course, is to delegate client work to someone else. But in order to do this, you need the monthly recurring income to be able to invest in your business in this way. That's why I think you should be asking yourself this question. So how many Peace of Mind subscription based clients do I need in order to achieve my goals? So when you look at it this way, achieving your goals becomes a simple equation. So let's say that you need to find a part time associate or HR consultant. We need at least 3k a month to safely cover all costs and give ourselves a buffer if anything goes wrong. The average Peace of Mind package is worth £299 or thereabouts. So in order to pay for the new member of your team, you need 10 clients on your Peace of Mind subscription based package. Selling your Peace of mind package to 10 clients is a really achievable target and if you break your goals down in this way, it's going to be really easy for you to achieve them. And that's why I think we should always work towards a recurring financial target.
[00:08:12] Speaker A: You've been listening to the HR Marketing Guys podcast, helping you to get new clients and create a life you love.
