Let’s say your firm, whether law, consulting, web design, marketing, accounting/bookkeeping, fractional CXO or other, bills clients for the time you work for them.
In other words, you’re trading time for money.
Clearly this means that the longer you work, the more the revenue.
There is no way around this.
Then AI comes along.
Artificial intelligence suddenly can produce a lot of the work you’re used to producing, in a fraction of the time it takes a human being to produce it.
As your hours worked decline, your revenue declines.
If you think you can still charge clients for the time it takes you to ‘review’ and improve what AI produced, you’re likely to get an earful of complaints from them.
They expect less time spent. They’re using AI in their own work and know how it shortens many tasks. You can’t fool them.
Suddenly the resource you thought was so valuable—TIME—has dropped in value.
This is a permanent trend. Don’t think now that AI has been let out of the bottle, it’s going back in.
Your company’s challenge is how to respond.
How to maintain and even grow your revenue. And profit.
Adopt these three practices
- Know with absolute certainty and confidence how your knowledge and expertise changes client’s lives. This is not about completing tasks, it’s about what happens for the client when the tasks are complete.
Make lists. Do it several times. Ask all your associates to contribute. Ask clients to describe this in their own words. (And when you speak to clients, do not charge them for the time they gave you!)
Comb through the list and identify what life changing differences are due to your years of varied experiences. To your human capabilities such as nuance and subtlety. To your relationships with your clients.
- Customize projects or engagements for each client. Yes, this takes some time and learning new skills. I guarantee that it’s the only way to avoid being viewed as a commodity, which is what AI does.
You do research? AI does it faster, accessing far more sources than you can reach. You collect data? AI does it faster, from many sources. You do key word research? AI does it faster and more far deeply. You design training? AI can design a training program in a fraction of the time it takes you.
- Build into each engagement the one thing AI absolutely cannot do—talking to clients!
When you trade time for money, every call or email uses time that you charge for. So clients understandably avoid calls or emails to avoid the charges. You have trained them to do this!
When you include unlimited access to you by phone, email and text, you turn your engagements or projects into so much more than the tasks. The questions you answer, the assurances you give, the alerts you may have to make, the celebrations and debriefs afterwards–only you can do these things.
Clients love this. They will pay for it.
Instead of treating client’s needs for communication as a nuisance, treat as the treasure it is. People crave recognition and validation.
Create Your Own Trend!
Double down on yours and your associates’ unique, human intelligence as the value you deliver, even as AI becomes more prevalent as a means to get the tasks done.
More access and more communication–that’s the trend that leads to increased revenue and profit.
A word about profit: Profit will increase as revenue increase IF your firm leverages the exceptional insights your knowledge and expertise you have.
Your personnel expenses could be reduced if you want to lean on AI, but that’s a mistake.
Your firm is small, maybe a few to a dozen or two dozen experts.
Don’t look at the enormous companies who are laying off people as they rely on AI. That’s not your model.
Your model is to be up close and personal with clients. Helping them navigate the world with your knowledge and expertise. Don’t throw that away.
Need some guidance listing the life changing differences you deliver?
I will help you. Text IMPACTs to 703-801-0345.
