Taking Greater Risks to Enjoy Greater Rewards with David Baker
David Baker is a consultant who has been working with marketing firms and advertising agencies since the late 1980s. He is an author, a speaker, and an adviser who helps companies make high-quality business decisions. David focuses on finances, benchmarking, performance, and positioning of firms, as well as PR, advertising, and more. Having spent the majority of his childhood living in a Mayan Indian tribe, David didn’t attend formal school until he was nearly 18 years old. It was during graduate school where he was studying theology and language that he (somewhat naively) decided that he could produce better ads than the ones he was seeing in newspapers. He began consulting peers on the side and realized that he wanted to pursue consulting as a full-time career. Once he discovered that he had the skills he needed for success, his career took off and hasn’t stopped since. In our conversation, David shares the mistakes he made in the early days of his career, how he has achieved the perfect work-life balance, and the number one error that he wishes consultants would stop making. With over three decades of experience under his belt, he is definitely a consulting and business expert, and you won’t want to miss the insights he shares on this on this episode of the Consulting Success Podcast. Don’t Compromise Just to Keep Feeding the MachineFor many of today’s successful consultants, taking the leap from a secure paycheck to an independent consulting business can be a very scary one. David knew all about that reality — and the potential unreliability of consulting gigs — when he first started out. He decided to take on a second full-time job to help buffer his potential risk while getting his consulting business up and running. By doing this he was guaranteed a way to still feed his family without having to deal with potential pressure from the economy to lower his consulting work. It only took him a few months, but the security that the second job offered him was priceless as he was starting out. By having an extra stream of income, David was able to only take on consulting clients that he really wanted to work with, and he didn’t have to compromise his pricing, either. You may find yourself in a similar situation where you are considering negotiating on your pricing so that you can secure more work, but David says, don’t! There are endless opportunities for growth within the consulting field, and that growth can be used to your advantage. When business slows, you may be tempted to lower your prices or take on work from a less-than-ideal client, but that will undoubtedly lead to a constant stream of compromises. In our conversation, David shares several tips to help you avoid making these kinds of detrimental compromises. First, you have to decide how big you want your firm to be. Don’t let the marketplace decide that for you, and don’t grow or shrink based on the marketplace either. Second, you have to size your firm in proportion to how many opportunities you regularly encounter. You should position yourself in such a way that you can routinely turn down work, and be more selective about the kind of work that you are willing to take on. This will put you in a position to make the best choices for your firm. You’ll want to listen as David explains why this approach will give you greater success over the long run. A Successful Business Isn’t Just a HobbyToo many entrepreneurs approach their business as a side job. While it’s true that some people are simply more success-minded than others, if you possess the number one qualities that David outlines in our conversation, you will be more successful than your peers and competitors. But first, you can determine if your business is headed toward success by truthfully examining...