In case you missed my last post: “Slide” the practice you have into the practice you want. 2020 has offered up many lessons about the demand for our services: how we sell and prospects buy … and certainly, how we deliver. So based on lessons you learned, how will you position yourself for success in 2021? I have a framework that can help with that.
On to this week: I fear that the world around us is changing, but our BVFLS practices are not. For example, most of these Covid-impacted months have been used by BVFLS organizations and cognoscenti to tell us how to refine the technical stuff we already do. Things like Covid-impacted projections, Covid-impacted cost of capital, and Covid-impacted DLOMs.
Is this good stuff? Of course, it is … to the extent we need to solve these problems for our clients in the (hopefully short!) remaining Covid-impacted months.
We should always be focused on doing things better.
But not at the expense of doing things differently.
Because what about the bigger picture?
Like the direction of your practice as a result of these Covid-impacted times.
For example, are traditional BVFLS services the only thing you will ever offer? Ever?
Or, like your clients who have had to “pivot” their products and services to reflect Covid-impacted times, will you have to (or should you want to) reinvent/redesign/ reimage/recalibrate yours?
I had an interesting call a few weeks ago with a valuation firm.
They do a lot of what I label as “compliance” type valuation work.
And they want me to provide report writing training to their people.
I get the need to be better at report writing.
But maybe we’re not asking the right question.
Instead of asking how do I get better at report writing, is the right question should I even be doing this work?
I get that reports are absolutely needed for compliance work. But do we really want to get better at work that is being valued less and commoditized more? So that as time goes on, we get better at something that we get paid less to do?!
Is it time to take a hard look at your business model and pivot now so you can be ahead of the curve? This does not mean you stop doing business valuations … but it might mean looking at why (what purpose) you are doing the valuations or how you deliver the results.
I have not seen any of the BVFLS organizations and cognoscenti talking about this.
(But I have been watching your back, and I wish more practitioners were paying attention.)
I see one of the most important steps toward your success being a written plan. Because research shows the simple act of writing out your goals significantly increases your odds of achieving them. But taking the time and making the effort to write out a plan seems daunting. So I created this one-page framework that can do the heavy lifting for you.
And it starts with the vision of the practice you want in, say, 2-3 years’ time. Because I can tell based on my experience of coaching BVFLS practitioners, vision is more important than having great marketing. It’s more important than using great technology. It’s even more important than doing great work … because we know people who do less than stellar work, yet have stellar practices.
So what is your 2-3 year VISION for your practice?
What GOALS do you need to achieve in the next 12 months to be on track with that vision?
What PROJECTS must you complete in the next 12 weeks to meet your 12-month goals?
What ACTIONS must you take this week to move you forward on your 12-week projects?
Knowing where you’re going—having a vision—is the one element that differentiates highly successful practices from struggling ones. Watch the movie 12 Strong. In one scene, soldiers on horseback are negotiating a cliff edge at the top of a deep canyon. One soldier says, “Don’t look down – look forward. The horse goes where you look.” It’s a great metaphor for our practices.
Where are you looking?
* * *
Next INSIDER webinar
Join me this Friday, November 6 at 1pm ET on Practice Development INSIDER for my interview with Greg Caruso and Zach Sharkey. If you really want to know what it goes into writing a BVFLS book, this interview is for you!
* * *
Don’t be good. Be great.
Don’t be the best. Be the only.
I’ll be back on Nov 18.
PS – Whenever you are ready, here are 4 ways I can help you build/grow your BVFLS practice:
1. Join Practice Development ROUNDTABLE
It’s a Facebook community for BVFLS professionals who are collaborating on how to turn the practices they have into the practices they want.
2. Download this Find Your Niche infographic
The riches are in the niches, as they say. But what’s missing is a process that can help you identify your niche. This infographic is the missing process.
3. Take a free Practice Self-Assessment
I have 10 quick questions, and your answers will help you get a sense of how well your practice is working for you.