The feast or famine syndrome is something all independent consultants, freelancers, or self-employed persons in general have to deal with.
It's the nature of business, particularly in some industries, such as healthcare.
Fortunately, there are steps you can take that will make the peaks and valleys of your cash flow a little less significant.
The problem that most consultants face is that from time to time, business starts pouring in and time becomes scarce.
Many entrepreneurs tend to put marketing on the back burner when things get brisk, because they think they can't handle any more business at that time anyway.
As a result, marketing gets neglected until business slows significantly, and then rushed, unplanned, and last-ditch marketing efforts are thrown together in an attempt to bring in enough business to pay the bills.
What most freelancers fail to realize is that creating a marketing plan that should be followed no matter what, and sticking to it, will result in a much steadier stream of business and income.
You will never eliminate the feast or famine syndrome entirely, but you can learn to plan and prioritize in such a way that a slow month or two isn't a major issue.
Having a basic marketing plan that is to be followed through consistently over a period of time, and having planned, well thought-out activities that are to be utilized to ramp up your marketing campaign during slow periods is the best way to keep your consulting cash flow more consistent.
Conveying a consistent message repeatedly and regularly to a target audience over a period of time is the most effective way to deliver your marketing communication.
Whether your typical marketing plan is planned ahead for one month, three months, six months, or a year or more, it should be broken down into manageable pieces that are to be completed in regular intervals.
This is to ensure that your efforts will be spread out pretty consistently, and not conducted in brief spurts.
By planning activities that you will utilize on a weekly basis, you will ensure that your audience will have an opportunity to receive your message at least monthly, which depending on the nature of your business, may be frequent enough to keep your business top-of-mind.
Consistent marketing efforts don't have to require a significant amount of your time or a lot of money.
Many independent consultants primarily use free or nearly free methods of marketing their business with great success.
Marketing strategies such as networking, maintaining an up-to-date website or blog, an article marketing campaign, and sharing your expertise on online discussion boards are all free or low cost ways to bring in new business.
They are also all easily broken down into manageable goals and small commitments of time, and these are the types of marketing strategies that you want to focus on for your basic marketing plan.
In creating a weekly marketing plan, you should choose three or four activities that you would like to complete each week, and set a realistic goal for yourself that you are willing to commit to without fail.
You could commit to writing two articles per week and submitting them to online article directories or to trade publications in your industry.
You could set a goal to update your website or blog at least three times each and every week, or attend at least one networking event per week.
You could set a goal of making a minimum of two new business contacts each week, using a combination of in-person networking and online social networking.
Ideally, your plan should consist of several types of marketing activities, but if your schedule truly does not permit that level of commitment, a minimum of two.
Think about yourself and the marketing messages that you encounter each and every day.
Seeing an advertisement or a mention of a business might impact you if the message is a good one, but seeing that same business again in a different medium or different context the very next day might make you think that this particular business must be doing quite well to be that prevalent in the media.
A perception that a business is well established or does high quality will typically favorably influence potential clients or customers.
Be sure to have a back-up plan prepared in advance.
There will still be slow times, and when you have extra time, you want to have well thought-out strategies that you can tap into.
Trying to plan and execute marketing tactics at the last minute, during periods of stress, can only increase your anxiety.
It's important to maintain a positive attitude as an independent consultant, and you don't want your clients or potential clients to pick up on your negative vibes.
While strategic planning might not be your favorite activity, having a consistent plan will allow you to stay more organized, more focused, and more able to devote your undivided attention to the needs of your clients.
Your marketing message will be consistently delivered to your target audience, and your slow periods won't be as severe.
When those slow times do come, your back-up plan will be waiting to be implemented, and you'll be back to being busy in no time.