The Free Agent Trap

When you’re building your own business it’s best to diversify.  

Work with multiple clients, maintain positive relationships with potential clients, and continually add new contacts to the mix. 

I knew that! 

But, after working as an employee for many years, I became accustomed to giving a company 100% of my time.

When I first started consulting, I unwittingly continued that pattern.  

While I worked on a contract I devoted all of my time to it and failed to keep aggressively developing my business. 

Each time a contract ended I had to start building my pipeline all over again.

Here’s what I do differently now. 

I set aside time to make calls, meet colleagues for lunch or drinks, and follow up on potential business leads every week. I build this time into my calendar and do it – no matter what. 

I also set a minimum level of activity I consider acceptable for those times when I’m exceptionally busy with paying work. My minimum is meeting one colleague or potential client for lunch and making ten introductory or follow-up contacts every week. 

To keep my brain (and my contacts) fresh, I also attend at least one professional function every quarter.

Finally, I’ve put a follow-up system in place. It’s not fancy. I use Outlook to remind me when I should be contacting someone. 

What are your strategies for balancing your workload with business development? 

After talking to some of you, I’ve realized I’m not the only one that has fallen prey to this trap. 

But I’m probably one of the few that have done it twice in one year. 

Shame on me! Never again!

Comments

[Valeria Maltoni]

Hi Ann:

Very good food for thought. After my first layoff many years ago, I started a system that has me ping at least 7 existing contacts per week and make at leaast 3 new contacts during the same time frame.

I develop relationships with contacts by sharing knowledge, swapping stories over lunch or dinner and calling or sending a hand written note on special occasions.

I use my PDA to set up reminders, but generally I have developed a sense for when it's time to touch base with a former colleague or potential contact in a new field.

Follow through is key, I agree.

Another way I stay in touch with people is by connecting them to each other when it makes sense for a project of potential business opportunity.

[ann michael]

Thanks Valeria!

I too find that having a quantitative target (like your 7 and 3) really helps keep me on track now.

It's also funny that developing contacts and relationships in general is so helpful - but also so much fun.

Having met you I think you might feel the same way - that even though you are developing a business, it's also just plain fun to interact with interesting and diverse people.

If business develops with them - great! If not, you always learn something that moves you along.

Ann

[Roger von Oech]

Good advice.

I've made a conscious decision when I started out as consultant that I was going to have a variety of clients, and NEVER have one that was more than 20% of my time.

The only occasion -- in 30 years -- that I was ever really unhappy with my business was when I violated this principle.

[ann michael]

Roger - 30 years on your own!? You're my new hero. 20% is a great rule of thumb. I'll have to add that to my metrics.