Ed and Diane built and built and built their tax practice until they had more than 2500 tax return clients every year. Talking to them in late May, I learned they were exhausted and ready to get out of the business. Why were they exhausted and why did they want to sell their firm? Because … Continue reading Have You Inadvertently Created a Rock-Hard Revenue Ceiling?
If you’re not familiar with test and learn, you’re in good company. Most Owners of professional services firms aren’t acquainted with this smart concept that reduces the risk of implementing new ideas. Trivers Consulting Group has been implementing a version of it with clients for years, although only recently did we become familiar with the … Continue reading Are You Using Test and Learn to Spur Growth?
Jay P., Founder and CEO of a CPA firm, look puzzled when I asked him how he was reducing threats to his company. This was in the context of a LADRSM assessment we’d undertaken. “Threats?” he asked. “We’re doing great. Revenue up year over year, clients happy, latest technology in place. I don’t think there … Continue reading How Are You Reducing Threats to Your Company?
You are feeling good! Your firm is making progress: revenue is increasing, profits are growing, customer and client retention is working, you’re getting referrals, and your financials look good. Why rock the boat with innovations? Why redirect resources to innovation when things are going well? I completed a consulting engagement with a firm that’s a … Continue reading How Are You Promoting Innovation in Your Services Firm?
Ed W. dropped his jaw when his financial advisor told him how much money he’d need to ensure the retirement life he and his wife had imagined for the past twenty years. Then he brightened because he knew his accounting firm was solid. The sale of the firm would contribute the bulk of the money … Continue reading Is Your Professional Services Firm Viable or “Buy-able”?
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?