Evaluating and Eliminating Consulting Services

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I now realize that when I first started Grants Works my company’s services were an extension of the work I performed when I was an employee. 

It wasn’t until about one year in business that I realized I did what many business strategists tell us to avoid--creating another job for myself instead of creating a business that allowed me to share my expertise without working as hard, if not harder, than I did as an employee.

As soon as I realized what I did, I have been thinking of ways to cull our business services.

I’ve been successful in some ways and still lacking in others.

For example, I removed one of the most time-consuming services we provide. Not only was it time-consuming, but I am also currently the primary person who perform the deep data analysis and write the painstakingly long and tedious reports.

No more.

My decision

I recently decided to eliminate another service. This is the same service I wrote in the last blog (just two months ago) that I planned to hire a new team member to provide the service. I struggled with the decision because it a service that is often requested and that we provided but….

  1. It is not our firm’s specialty
  2. We typically have to hire a subcontractor to provide some of the service
  3. Because of #2, it is less profitable
  4. I do not enjoy providing this service because it is stressful
  5. It is often a multi-five-figure service provided over two months but that is not worth the headache and stress
  6. Many other freelancers and firms provide that service so there is much more competition 

After thinking about it for two years, I finally let it go.

No more.

I realized I was holding on to it because it is often requested, and I was focused on what I would lose if I let it go.

Instead, I should have thought about what I would gain.

What I will gain is additional time to focus on the specific expertise we provide. Expertise that only a few in the country possess.

What’s my point?

Don’t be afraid to evaluate and eliminate services that are unprofitable or feel like drudgery. Other opportunities are just around the corner.

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