In the previous post we discussed characteristics of the ideal client for your business, and how they can lead to less stress and a more enjoyable work environment. Being able to identify great projects versus bad ones upfront is equally as important. We will explore 3 questions today that can help any consulting business choose projects that are both challenging and rewarding for everyone involved.

The first time I thought about this was at South By Southwest in March of 2006. The opening keynote was a GREAT dialogue between Jason Fried of 37signals and Jim Coudal of Coudal Partners. Jim Coudal touched on these questions as things they considered before taking on a project. If they could answer "YES" to each one, then the project was potentially worth their time and effort. These questions have made a profound impact on our business and strategy ever since.

1. Can We Do Great Work?

Being capable of great work on a particular project is only half of the battle. If you can bring knowledge, expertise and talent to a project in order to make it great, that's definitely a start.

The other half is about whether you can get excited about the doing the work. Let's face it-a quality product has a great deal of time, effort and passion behind it. Are you dedicated to bringing passion and excitement every day to a project for 2, 3, 6 months or however long it may be? If not, you have to then ask yourself if that is fair to the client.

2. Can We Make Money?

While it's not talked about as much, making money is part of running a successful business, and it's what gives our team the opportunity to do what we love for a living. It has to be a major consideration in taking on a project. Don't let money ever become an excuse to give less effort later in the process. Be smart enough to charge an amount that you are more than pleased with upfront.

Giving "bargains" in exchange for what the client calls "exposure" will hardly ever work in your favor, so be careful. Exposure does not pay the bills, and it is seldom worth coming down on price. Doing cheap work for friends/family, and also non-profit organizations can be a scary thing. You will often find that those projects tend to drag out longer than expected and involve more high-maintenance clients. We give a small discount to non-profits and friends/family across the board as a rule so that we don't ever end up unhappy later on because of money.

It's a great practice to charge an amount that allows you to make money, no matter who the client is. That guarantees the client's investment in the project, as well as your dedication to see it through to the end. It ends up working out best for both sides.

3. Can We Learn Something?

Any great company is always looking for opportunities to get better and learn from experience. Under no circumstances should a project allow you to simply go through the motions without learning or improving something. Every time we do an eCommerce site, we get better with shopping carts and checkout processes. Every time we install our content management system Springboard we optimize the code or make it easier to use in some way. Ideal projects will present challenging problems and opportunities for you to get better, so don't be afraid to seek them out.

I hesitate saying this publicly, but I have bid on projects where I was not completely sure HOW we were going to do what was requested. As long as I knew we could find a way to do great work and learn something along the way, I still submitted the bid. And never once have I come to regret it. Learning experience for me is something that happens every hour of the day, and that makes for really exciting work.

I want to end this two-article series with a disclaimer. I am not telling you to be picky or say no to any project/client that is not "ideal". Each situation is unique. I am just asking you to consider these things upfront, rather than when it is too late. These are simply questions and guidelines that will hopefully lead to work that's fun and truly fulfilling. As an added bonus, it's guaranteed to grow your business exponentially along the way.