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Thought: “What could go wrong?”
Time saver: Three ways to monetize your knowledge
Tactic: Optimizing your effort and impact
Read time: 4 minutes
Thought: “What could go wrong?”
A post-mortem involves evaluating what went right – and perhaps wrong – at the completion of project. The overall goal is to learn from the experience and improve going forward.
This is a common practice, but I strongly recommend leveraging the same approach before starting a project. Specifically, what could go wrong?
I refer to this as a pre-mortem. And by identifying issues that may lead to failure you can proactively avoid them and increase your chances of success.
For example, let’s say you just landed a huge client. What could prevent you from delivering on your promises? Perhaps it’s being short on time. If that’s the case you should start clearing your schedule now while also declining any non-critical events or meetings until the project is complete.
So as you’re taking on any new endeavor just think to yourself;
“What could go wrong?”
Then, take steps to plan for and eliminate those barriers to success.
Time saver: Three ways to monetize your knowledge
I’m sure many of you can relate to this. In March of 2020 my wife and pulled our kids from in-person instruction. As you can imagine this was quite challenging since we both still full-time jobs.
At the time I was primarily offering one-on-one consulting but I knew that wouldn’t be sustainable since I had three children running around a cramped Brooklyn apartment all day.
So here’s what I did. I stopped taking on clients for two months and created an online course. The curriculum mirrored the exact guidance I was sharing in a one-on-one capacity and it allowed me to help people while I was busy watching my kids. But, I didn’t stop there.
I also launched a group coaching program that focused on the same curriculum and included two live weekly coaching calls. All members had access to my online course, so our meetings focused on implementation and customization as opposed to a lecture.
Beyond that, the members started supporting each other which provided a sense of community during difficult times.
As my family and I finally settled in what could loosely be called a “routine” I eventually started working with a few one-on-one clients again. But, just like my group program, they also got access to my online course so they could learn the fundamentals on their own time and connect with me for more bespoke guidance.
The result?
As 2020 closed out my revenue doubled year-over-year even though I was working just under twenty hours per week.
So, why am I telling you this? Because you don’t need a pandemic or a bunch of kids to experience the same results. You just need to leverage the Three C’s.
Courses:
A video course that helps your clients accomplish a specific transformation. I highly recommend including worksheets and quizzes to provide a more interactive experience.
Coaching program:
Group coaching for individuals who are all seeking a similar outcome. Each member gains access to your online course and can connect with you in a group setting to get their specific questions answered.
Consider meeting once a week and provide additional support through a Slack channel or other online community platform.
Consulting:
Bespoke guidance and support offered to one individual or organization. Services are delivered through a combination of your video course, email, messaging and live chats.
These three options will help you make more money, save time and avoid burnout. However, I highly suggest delivering your course content live on several occasions before recording.
The feedback from your audience will allow you to make valuable tweaks that can lead to even greater outcomes for your clients and students.
Tactic: Optimizing your effort and impact
As I just mentioned I have a bunch of kids – we’re up to four now – so I must use my time as wisely as possible. As a result, I’m constantly looking for the optimal balance of effort and impact.
I often reference the image below to make sure the actions I take are strategically aligned with my desired outcomes.
Take a look it now and I’ll provide a few examples of how this structure can be applied after.
Derailers:
“Would you like to have a virtual coffee chat and explore synergies?”
I actively avoid these vague, time consuming, requests whenever they pop up. I never want to come off as rude, so I’ll usually ask for more details around why the other person wants to chat.
If it doesn’t seem like good fit for either of us I’ll respectfully decline.
Momentum builders:
I do my best to support other creators on social media. Although I may not have the bandwidth or ability to provide a comment, I know even a causal “like” on someone’s post can provide them with the encouragement to keep posting and could lead to a future business relationship.
Quick wins:
I enjoy leading free webinars provided by organizations including Entrepreneur Media and General Assembly. I’m typically delivering content that I’ve already developed and it’s a great opportunity for me to grow my email list, sell online course and attract qualified leads.
Transformational:
My biggest accomplishments are often the result of strategic patience while providing value to my network. This can lead to gaining access to their connections or forming revenue-generating partnerships.
Sure, it takes time, but I often learn as I give and there’s often tremendous upside.
Your turn. Take a look at your current projects (as well as your daily activities) and assign them to the categories above. Then determine what you should start, stop, continue or change.
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Have a great weekend!
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