In periods of uncertainty, you might find your people at a loose end, without active client work to do. This is a superb opportunity to use their skills for your firm’s future benefit. We look at what to focus your people on, and how to ensure your cost base is flexible. 

Get the best from your bench.

If you have a lull in business and your permanent team members have excess capacity, they can pick up other work. 

It’s important to focus just as hard on what they do with the “spare” time as you would if you were paying an external resource to do it for you. 

• Those who are inclined towards sales should be out developing business. As a close friend of mine used to say: “Pretty much all problems are solved by new business wins.”

• The ones who are less likely to enjoy making sales calls may be well positioned to write interesting white papers and blogs that will be gold dust in your content marketing. We see more and more support for the “inbound sales” approach pioneered by Hubspot, and valuable content that creates credibility and authority is at the heart of this kind of strategy. 

Pick specific projects for all of them - with a brief, a budget, a measurable outcome and a timeframe. (With Metis, the software that we developed after running and selling our own consultancies, you can choose to manage internal, non-chargeable projects in the same way as client work - with the hours counting towards utilisation. We’d love to show you how easy and effective it is - just drop us a line.) 

In addition to content marketing materials, build your stocks of other marketing tools. 

• Review and update your client case studies and testimonials. Be firm about retiring ones that are past their best. Your clients are likely to value the publicity from case studies and testimonials too.

• Build tools that demonstrate the ROI on the services you provide. Create methods or models that clients and prospects can use in their own business with real value for them. Here’s the one we built for Metis software. Remember that there are R&D tax credits for internal investments in genuine projects that create lasting Intellectual Property - see more here 

Offer clients “free” work, but, as we have said before, make sure it’s recognised and valued by the client. Pick a high-profile assignment that is likely to either lead to more work, like building a business case for a project the client needs to get funded, or will be repeatable or otherwise useful in other parts of your business. 

Review your strategy, including strategic partnerships.

Consider your business strategy in the same way you’d assess a client’s strategy.

• Are there opportunities for diversification into adjacent sectors without diluting your focus?
• Can you create partnerships with similar-minded companies who are also looking for lower-risk opportunities? Consider your assets (people, relationships, case studies, etc) and how they might be leveraged by others. I saw a great example a few years ago where a consultancy partnered with an interim management specialist, and each won new clients by leveraging the personal relationships of the other. 

Train and develop your people.

Of course it’s a good time for personal development. This is a great way to retain your best people - if you’re investing in them, it reduces the incentive for them to go elsewhere. Spend the money carefully on those who will benefit the most and you’ll be rewarded with increased performance for delighted clients in the coming years, too. 

Ensure your cost base is flexible. 

At the same time as you’re making the most of your existing people, take a look at your hiring and reward models. Now’s the time to make sure you make your cost base as flexible as possible. 

• Increase the use of freelance associates, instead of hiring more permanent people or replacing people who leave.
• Outsource anything that’s not core to your business. Pay a little bit more for flexible contracts that are based on usage, rather than bearing higher fixed costs.
• If you have salary reviews coming up, create remuneration plans that share the risk and reward with your team - perhaps make any increases based on a combination of the company’s and the individual’s performance. We’ve seen companies offer management a reduction in basic pay for an increase in the share of the upside - great for your fixed / variable cost ratios and very motivating for the team. 

What do you do when faced with these challenges? Do add a comment.