Corporate training firm founder and owner Elaine felt frustrated that she could never get her firm’s profit to grow faster than around 3% per year. When she and I first looked at her Profit & Loss statements for the past 3 years, nothing jumped out as a red flag. Revenue, Expenses, Profit all marched neatly … Continue reading How Are You Covering the Costs of Hourly Billing?
The tension in his voice was palpable. “I do not know how to set a value based fee and I’m afraid we’ll lose our shirt with this client.” Chris is not alone in this fear. Firm owners who are determined to adopt Value Based Pricing often face a big opportunity and challenge: a client with … Continue reading How to Avoid Being Underpaid and Overworked
I’m going on a bit of a rant this week! I hope you’ll find it helpful. For many years financial advisors, M&A advisors, insurance brokers, bankers, and estate planning attorneys talked about “exit planning” or “liquidity events.” They were dismayed as owners were disappointed by the money they got for the company they’d nurtured for … Continue reading Is the Idea of a ‘Nest Egg’ Outdated?
When your intellect doesn’t crank out content in neat hourly increments why should you sell or buy hours? I had a fierce disagreement with a CEO last week about value based pricing versus hourly billing. He insisted that the only way he could have control over my work was to pay by the hour. I, … Continue reading Why Knowledge Work is Not Like Assembly Line Work
Chances are that if you were stressed about your business before the pandemic, that stress is greater now. If you weren’t stressed before, you may have experienced it the past several months. I experienced my own elevated stress and have worked with many professional and business services firm owners to mitigate theirs. Now that we … Continue reading What Are You Doing to Relieve Owner’s Stress?
When he turned 10 months old, my Bernese Mountain Dog Gabe became completely impulsive and difficult to control on a leash. He loves dogs and people and he wanted to exuberantly greet everyone who came near. He’s also over 100 pounds and is very strong. My response for 3 years was to work harder and … Continue reading How Much Could You Gain by Letting Go?
When Brian and Janice started their CPA firm 20 years ago, they did everything: business development, tax returns and other services, and managing the back office tasks that keep a company running. As the firm grew, they continued doing client work themselves, as well as BD and the back office. By year 20 their client … Continue reading Should Owner Choose Between Being CEO and Chief Provider?
Is it possible tenacity can trap you? We business owners tend to nod vigorously when we’re exhorted to be tenacious, to persist, to let our grit and resolve carry us through the challenges we face. I do it myself, and I wrote about the evidence that founders and owners have a lot of built-in tenacity … Continue reading Are You Trapped by Tenacity?
Tenacity, resolve, grit, persistence…. We see and hear these words from every source. You need tenacity to reach your goals! Resolve to put one foot in front of the other, even if your feet are blistered and painful. Grit is that internal toughness that helps you power through the difficult times. Persistence means to keep … Continue reading Tenacity and Resolve: Easy to Say, Hard to Do
Does it make sense for your company to have a strategy without choosing a pricing model? We think of strategy as the foundation of planning and implementation. It’s like the good nutrition an athlete needs to execute the weight building, running or other details of their regimen. If this seems like an approach that would … Continue reading Is Your strategy Complete without a Pricing Model?