Clear as a Bell

But before we go there…

Hello new year’s resolution! We’re kicking off January with a 45-minute workshop for you all about Crossing the Chasm. We know the initial stages of launching your indie business can be discouraging, but we’ve got you covered. Look for a sign-up to learn the strategies and tools used by Keenan Reid Strategies to get to the other side.

1. A Historical Tale of the Minto Pyramid

To build on last week’s introduction to our rolodex of Strategic Framework templates, let's start by paying homage to the great Barbara Minto, the developer of the Minto Pyramid. Barbara was the first female MBA hire McKinsey ever made. Barbara started with The Firm (their capitalization, not mine) in 1963, first in Cleveland, then in London. 

During the miner's strike of 1972, lack of power Forced the closure of The Firm's office. Barbara and her (male) colleagues often found themselves at The Feathers, a cozy pub in Westminster.

There, over pints, they discussed absurd business scenarios, testing absurd solutions and honing their problem solving methods. These debates eventually led to a sketch in a pyramid shape - and from there, her Famous pyramid was born. 

The Minto Pyramid is a tool to structure large amounts of information into a simple, data-driven story that cuts to the chase and helps executives understand what you're talking about. That's right - your powerpoint slides are beautiful, but they mean nothing if the client's CEO doesn't understand your recommendations and rationale in 90 seconds. It requires you to be MECE - Mutually Exclusive, Collectively Exhaustive - which Frankly, you should be at all times. 

So, like our idol Barbara, have a pint, get to the point, and back it up with data. Get off to a great start using our Minto Pyramid template!

2. 10 Minutes with Regina Pribyl

Welcome to our next episode of "The Best 10 Minutes of Your Day." We had the pleasure of chatting with our very own Regina Pribyl. She is an Executive Assistant to Lauren (a fast-moving tornado in her own right), but also chief cat-herder and master of operations here at The Consult. Here’s a snapshot of her wisdom:

• As a former teacher, Regina is a master of finding common ground with all of our consultants. Stability - consistency - support: those elements are critical to successful relationships with every person. 

• For managing multiple inboxes, Regina limits interaction to 3x per day. She starts with purging the junk to eliminate the bloat. She then flags items for follow up. Keeping the boundaries on email affords her time to focus on work during big blocks of the day. 

Regina’s secret for sanity? She doesn’t subscribe to Lauren’s email on her phone. Both she and Lauren believe they gain overall productivity by leaving work behind when they leave the office. More importantly, it both offers and commands respect in working with others. 

Don’t miss the full conversation.

3. The Price of Excellence: Determining Your Rate

Taking the leap into the world of independent consulting is thrilling, but it comes with its set of challenges. One of the most daunting? Determining your rate. But fear not! Just as you strategize solutions for clients, you can strategically set your price point. Here’s a blueprint to ensure you’re valuing your worth accurately.

1. Understand the Market Landscape Start by researching what others in your niche are charging. This gives you a ballpark figure. Remember, though, your unique experience and expertise might justify rates above or below the average.

2. Calculate Your Expenses Being independent means covering your own overhead. Factor in costs like software, subscriptions, health insurance, and potential office space. Knowing your expenses helps set a baseline for your rates.

3. Know Your Unique Value Proposition What sets you apart? Maybe it's your extensive network, specialized skillset, or unparalleled experience. Understanding your unique value helps you charge a premium for premium service.

4. Set Clear Boundaries Are you offering unlimited revisions? How many hours a week will you work on a project? By setting boundaries, you can determine if you need to charge more for expedited work or additional services.

5. Factor in Non-Billable Hours You won't be consulting every hour of the day. There's admin work, business development, and professional growth to account for. Make sure your rate compensates for those non-billable hours.

6. Decide on a Pricing Model Do you prefer hourly, daily, or project-based rates? Each has its merits. Hourly rates are straightforward, but project rates can offer clients clarity on total costs. Your choice should reflect the nature of your consulting service.

7. Revisit and Revise Regularly The market changes, and so do you. As you gain more experience, invest in your skills, and build a robust portfolio, you can—and should—adjust your rates.

8. Be Prepared to Negotiate, but Know Your Worth Negotiation is part of the consultancy game. Always be open to discussions, but also have a bottom line. Never undervalue your services.

9. Include Value-Added Services Think about added services you can offer that won't cost you much in time or resources but can justify a higher rate. This could be anything from post-project support to a monthly check-in.

10. Seek Feedback and Adjust After a few gigs, ask trusted clients for feedback on perceived value versus cost. This can provide insights into whether you're pricing too high, too low, or just right.

Setting your rate is more than just throwing out a number; it's a strategic process that ensures you're compensated fairly for your expertise. Remember, as an independent consultant, you’re offering specialized insights and bespoke solutions, and that comes with a price tag of its own. Strategize your rate as you would any business solution and watch as you build a sustainable and thriving consultancy.

To get started, check out our Rate Calculator here in the Community. 

4. From Zero to E-Hero: Biking's Electric Twist

At a recent BCG alum event, I was reintroduced to Billy Edwards, president of eBliss ebikes. Billy has a strategy and it starts with car dealerships. Say what !?!?!? Think about it this way: If you’re a family who lives in an urban area, and you work from home, you can get by with only one car. So, why not buy an ebike to fill the other spot in the garage for your short commutes?   

Billy was trying to convince me to try out the ride. But let’s be honest here. For many of us it’s been 20 years since we turned that crank and the thought of it is, well…terrifying. Not to worry, there’s a plan for that too. Dealerships will have “playgrounds” to try and train on eBikes. 

Ready to nerd out on some basic specs so you’ll be ready for your inaugural e-2-wheeler? 

With this new technology comes a whole new vernacular and myriad of options. And really, who has time to learn it all? So, we’ve done the hard work for you. Read on, our friends…

All e-bikes fall into one of three classes: 

1. Class 1 (Pedal-Assist/Pedelec): Activates the motor only when the rider is pedaling. The assistance cuts off at around 20 mph (32 km/h).

2. Class 2 (Throttle-On-Demand): Has a throttle that can activate the motor even if the rider isn't pedaling. Like Class 1, the motor assistance typically stops at 20 mph.

3. Class 3 (Speed Pedelec): Similar to Class 1 in that it provides assistance only when pedaling, but it can assist riders up to speeds of 28 mph (45 km/h).

It's worth noting that local regulations might differ concerning where each class can be ridden and whether helmets or other gear are required. It’s also important to think about your primary use for your new tech partner. Are you commuting in a city, tackling mountain trails, or going on long-distance tours? Different e-bikes are tailored to specific uses, such as urban commuting, mountain biking, or touring. Your intended use will guide you towards the right type, features, and specifications.

Along with intended use comes the consideration of range and battery life. Just like your Tesla, the battery determines how far you can go on a single charge. Consider the e-bike's range, battery capacity (measured in watt-hours), quality, and whether it's removable for convenient charging. Remember that factors like rider weight, terrain, and level of motor assist can influence actual range.

And then there’s your budget. As a member of TheConsult.co, we’re sure that you’re now making enough to buy the top-of-the-line, but really, maybe that’s not where you want to spend all your hard-earned dough. (Or shucks, you’re not a member yet? Better apply now).  You can have one for as little as $500 or go all out with 10 large. 

So now that you have the basics, here’s some of our favorite posts to get you started in the e-bike craze. 

• The 15 Best Electric Bikes for Every Kind of Ride

• This podcast doubles as a superb case study: Building the Most Popular eBike in America - the Crazy Story of Lectric eBiles with Founder Levi Conlow

• Stealthy ebike looks so much like a regular bike it's almost 'Unfair' 

• What are the Disadvantages of Electric Bikes

Ready to buy an eBliss ebike? Send us an email and we’ll queue up a discount.

Remember, the path to success is paved with continuous learning and embracing fresh perspectives. So let's stay connected, share ideas, and elevate your consulting business.

Stay curious, our friends.

TheConsult.co brought to you by Keenan Reid Strategies

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