We have a large body of knowledge that teaches us how to do the work, but few resources that teach us how to get the work.
It’s the very reason I began coaching entrepreneurially-oriented BVFLS professionals in practice development, management, positioning, and pricing … skills I learned building my practice that will help you design yours.
In short, I help you get clear on the direction you’re moving in and arm you with the strategies, tactics, and tools to get there. To do this, I offer individual and group coaching options. It’s just a matter of determining which is the better fit for you.
Then. Change. Happens.
Where Are We Now?
Many of us start each work day with a combination of these thoughts:
- How do I get the work I have done?
- It’s been a while since the phone rang with new work.
- What happened to the purpose and satisfaction I had when I started?
- Why don’t I have the time, money, and freedom I hoped for?
Big Problems for Practitioners
In the 2013 FVS Membership Top Issues Survey, the #1 practice issue was “bringing in new clients.” Eighty-seven percent of the survey respondents thought this issue was either “somewhat important” or “extremely important” … 87%! The other top issues from that survey were #2) retaining qualified staff, #3) client retention, #4) fee pressure/pricing of services, and #5) firm differentiation.
These 2013 survey findings were repeated in the 2014 AICPA Survey on International Trends in Forensic and Valuation Services regarding the matters of competition, differentiation, and fee pressure.
And the trend continues. Forty percent of respondents to BV Wire’s February 2016 online poll “cite practice management as their biggest concern for 2016. This includes competition, fee pressures, hiring, succession planning, and the like.”
New clients, fee pressure, pricing, competition, differentiation … these problems aren’t new and they aren’t going away. It doesn’t matter how good you are at doing the work if you can’t get, or profitably complete, the work.
How Did We Get Here?
It began in college. We steeped ourselves in accounting, economics, and finance classes because that’s what we needed to get on the path of becoming technically proficient in our careers. Because that’s all we thought we needed.
This “technical-skills-only” mindset carries over into our CPE today. Want proof? Look at your last recertification reporting. How many CPE hours did you invest in practice building skills? I know it will be little or none because there are few programs out there teaching them.
Today, our marketplace is more competitive, our clients are more empowered, and our value is less obvious. The commoditization of our work has left us competing with do-it-yourself websites that offer cheap valuation solutions, leaving our prospects, clients, and referral sources with the impression that this is all we have to offer. And instead of invigorating their lives, colleagues confide that their practices are draining their spirit and energy.
Moral of the story: what got us here (technical skills) won’t get us to where we want to go (purpose and satisfaction … time, money, and freedom).
Thank you for all that you do. I was in your first PBA group [the forerunner to my coaching] and it helped tremendously. In fact, this year my revenues are up 40% over last year. I’m feeling the stress of success and much of it is your fault!
– Thomas Stevenson | Stevenson Valuation Group
What Does the Alternative Look Like?
The BVFLS world is a wonderful, honorable profession … it’s been very good to all of us. We get to help people and solve problems – sometimes big ones. But BVFLS is not a life’s calling. We all somehow fell into this profession; thus, the pursuit of what we do is not likely to be an end in and of itself.
That’s why the primary goals of our practices should be to generate the time, money, and freedom we need to create the experiences that matter most in our lives.
For me, that’s full-time traveling with my wife and dogs in our RV and seeing as much as we can, for as long as we can, together. All while running my valuation consulting practice. My personal and professional lives intersect. It’s not work-life balance – it’s just life.
I can help you get to whatever your “RV-equivalent” experience is by helping you design and grow your practice. Imagine what it looks like to you. That is the alternative: a life with less stress, more stability, and a greater financial impact in and with your practice or position.
How Do You Get There?
A common thread among the colleagues I talk to is a desire for more direction when it comes to expanding their current practice development and practice management skills. They want to know what to do and how to do it because they’ve given up believing they’ll find the time to figure “it” out by themselves.
People also mention their need for help with follow through and accountability when it comes to the strategies and tactics of building their practice. They know what they need to do … they just don’t do it. Given life’s propensity to get in the way, we know it takes a village to create and implement our action plans.
To get there, I offer individual and group coaching programs depending on your specific needs. But my over-riding theme is to increase your ability to generate leads and convert prospects into profitable clients on a consistent, predictable basis.
Everyone coming into my program receives 1-to-1 coaching from me. These initial sessions are designed to build a foundation. Once that’s done, you have a decision to make:
- Stick with individual coaching because your goals and objectives are unique and you want something personal. We’ll look at what you need to do to take your authority and thought leadership to the next level. Then we’ll identify the roadblocks holding you back and create an action plan to bulldoze through them. Then we’ll watch your practice catch fire.
- Switch to group coaching because you want to collaborate with an alliance of like-minded people. A group has 4-6 BVFLS professionals – from sole practitioners to appraisers who are in charge of or work in practices for their firms. Everyone brings something to the table, which encourages the cross-innovation and creative thinking you need to grow your practice.
Here’s what I offer
- Two 60-minute video calls per month (group calls are recorded just in case you have a schedule conflict).
- Unlimited between-call collaboration on a forum that provides direct access to me or your fellow group members.
- Current resources that explain and illustrate all of the strategies, tactics, and tools we discuss.
- Complete confidentiality of your membership and our discussions in the coaching sessions.
Here’s what you get
- A clear vision of the practice you want and the clients you serve, achievable within a time horizon that works for you.
- Coaching sessions and homework assignments that create the change you want based on your specific needs.
- People that support your vision and hold you accountable for hitting the milestones in your action plan.
- Discussions that cause you to come up with alternatives to best practices, one-size-fits-all solutions, or what everyone else is doing.
Here’s how you benefit
- Accountability – Laying out your goals to people who hold you accountable for your results keeps you focused on meeting them.
- Energy – Having a team that understands your objectives and celebrates your wins provides the momentum you need to keep moving forward.
- Growth – Group members can form strategic business relationships that bring additional revenue streams and growth opportunities.
- Knowledge – A group of demographically different practitioners fills gaps in your knowledge base.
- Perspective – Having others question your long-held beliefs or suggest innovations from a different point of view yields valuable insights.
- Resources – Group members provide the kinds of resources and introductions that get you to the next level in your practice.
- Support – As a group forms a common bond, it becomes a place to seek help when you have a troubling practice issue.
Who Is This Coaching For?
If you are a sole practitioner or are in charge of or working in a BVFLS practice and thinking of going solo or wanting to stay put – then my coaching is for you and will work for you.
If you want to design and grow a BVFLS practice that you’ll love coming to and find success in, however you define that for yourself – then my coaching is for you and will work for you.
What is Your Outcome?
IF YOU DO THE WORK, I guarantee the lifetime financial benefits you reap will be multiples of your coaching investment through additional engagements you win as a direct result of our collaboration.
And what about the “psychic return” you receive from less stress and more stability in your personal and business life? Well that, as they say, is priceless.
If you strip away the hoopla – finding the work, pricing the work, doing the work – we need our practices to provide time, money, and freedom. If your practice or position is not providing those pillars, it’s time for a do-over!
What to Do Now
When it comes to your practice, who is supporting and challenging you to get better? Because getting better – REALLY better – will happen faster if you surround yourself with colleagues who understand the journey.
To get started, schedule a FREE practice strategy call with me. We’ll discuss your issues and goals and maybe, just maybe, get started on the path of turning the practice you have into the practice you want.
I look forward to talking to you, working with you, and moving the needle on your practice further, faster.
Rod has been coaching my group for about four months now. Each session is an eye-opener. His breadth and depth of knowledge in the areas of social media and marketing is pertinent and has immediate applicability. I’ve never thought for an instant that I was losing any of the “personal touch” by being part of a group.
Rod established his coaching practice to assist professionals in building their own practices with an eye toward quality of life issues. His aim is to help professionals build practices that they actually enjoy, and which leave time for the truly meaningful things in life. Rod is truly committed to this endeavor, and he is good at it. I wholeheartedly recommend him to anyone who wants to learn how to grow their practice efficiently and profitably.
– Ted Phelps | President, Phelps Consulting Group