If you have been stricken by this current recession, and are looking at Consulting as your next gig, or if you are currently a consultant with your own practice, I have some advice that may be useful. Just for the record, I have been whacked by the recession amongst other things; however, I am not a consultant, today. That being said I am free lancing and trying to add value to people that I meet and people who ask for my help.

The bottom line is just that; add value to everyone that you meet. If you happen to be a consultant, you probably have your strategy and your model; however, in this economic environment some of your clients may be saying not now, or call me in six months, or no. The point is unless you are doing critical IT or accounting consulting, you could be having clients put you off, and or do without.

The advice I have is to do the work anyway if you know that it is going to add value to the client. If you have the time and the ability to help your clients out while the economy is in the tank, you may be able to negotiate a deal where they pay you when they can or barter for your services. My point is to stay busy and continue adding value to your clients. Below is a list of options in lieu of getting paid up front:

Promissory Note

Term Note

Stock in the company

Warrants in the company

Barter for merchandise or services

I am a firm believer in a philosophy that business breeds business. If you are busy and out doing good for customers and clients, some of them will appreciate it, some of them will benefit from it, and you may end up with a note receivable, an equity stake, or a barter for your services which is better than nothing. You may also meet an associate of the client or a board member which will lead to more business, and add to your network.

I know that you have to eat, but you will find out that if you are out and you are busy, things happen. You know that you have to eat, so you will get creative and come up with ideas that will help your client and help yourself.

Clearly, you cannot take this attitude with everyone, but you know who your good clients are, and you know who you can immediately, make an impact on their business. These are the folks that you should convince to let you go, and then negotiate something based on the results and based on the cash flow.

The idea is to add value every single day, and to give your client options to pay for the services, just a thought.