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?
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?
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?
Adopting Value Based Pricing, which is the only ethical pricing model for services firms, will lead to a complete makeover of the company’s systems and thought processes. It re-shapes everything you’ve been certain about. That’s a great benefit for growth-minded firms and their clients. Certainty can become a trap. Conditions change, and you must be … Continue reading Are You Trapped By Certainty about Your Pricing Model?
“How can we get our associates to embrace Value Based Pricing? Everyone is so used to living by the demands of their time sheets.” Three professional services firms’ owners and founders asked me this question last week. I hear you! Habits are hard to break and their impact goes deep. Value Based Pricing goes deep … Continue reading Are You Afraid to COMMIT to Value Based Pricing?
Do you see your firm’s profit goal a means to build owner wealth, as well as being an indicator of management effectiveness and a premium for the risk of being in business? Or is it a hunch? A dream or wishful thinking? Deeply subjective? Hunches are great for innovation and growth (I wrote the book … Continue reading Is Company Profit Also Building Your Owner Wealth?
Is 2021 the year you’re going to wear your investor hat rather than your owner hat? I hope it will be. You deserve so much more for all the risk you’re taking. Profit is the return on the investment risk the company owner(s) takes by being in business in the first place. Running a company … Continue reading Is Company Profit Delivering a Risk Premium to You As Owner?
Profit tells you how the company is being managed. It is the definitive measure of a privately owned services or knowledge based company. Is this a “duh” statement? I don’t think so. It’s easy to get caught up in the day-to-day activities and lose sight of the fact that privately owned firms are the embodiment … Continue reading What Does Profit Reveal About Management Effectiveness?
This year is devoted to PROFIT I am singularly focused this year on helping privately owned, expert knowledge-based companies make a profit from every engagement (sale) and increase their total annual profit. Why? 1) Profit tells you how the company is being managed. It is the definitive measure of a company. It is critical for … Continue reading What are You Doing to Increase Profit in 2021?