Will you be speaking to a room full of prospects any time soon … prospects at a professional firm, industry gathering, or trade organization? And hoping to convert them into clients? If so, I hope you found last week’s conversation about 7 secrets for presenting to prospects to be useful in your conversion efforts.
On to this week. We all start our practices with 1:1 BVFLS client service work. Up to a point, it isn’t a bad strategy. But all of your eggs are in one valuation basket. And eventually, you will hit a time/money/freedom ceiling because of how 1:1 work is delivered. There is a low-risk, high-value alternative that can get you off the 1:1 treadmill.
And if you’re new here, welcome aboard. This is what we do!
Also, this is my 200th newsletter!
Imagine two kinds of habits: One set of habits leads to 10x growth, and the other set leads to no growth. Both sets are just as hard to establish. So which set do you consciously choose?
On Monday, May 20, I will be speaking at the NYSSCPA BV Conference. It’s a fairly prestigious event in our BVFLS circles, and I am flattered to have been asked to present.
In fact, in all of the years of this conference’s existence, the organizers tell me that my presentation is the first ever to cover a non-technical topic. As you can imagine, I am speaking about practice development … the title of my talk is Scale Your Business Model.
Here’s a sneak peek.
At it’s most basic level, what we do is very simple.
– We attract leads … but it is a manual process.
– We convert those leads into clients … but it’s done one at a time over time.
– We deliver BVFLS services … but we swap time for money.
It is built on time and effort … and it does not scale (easily).
There is another way … a way to AUGMENT (not replace) our 1:1 services.
– We can attract leads using automation tools created for email and social media.
– We can convert those leads into users many at a time because we are “speaking” to many at a time.
– We can deliver BVFLS products using leverage to get more time, money, and freedom.
It is built on systems and IP, it does scale, and pretty easily at that.
But we’ve always done it (1:1) this way
Most of us operate in the 1:1 client service only world. We say we don’t have time to do it any other way because we are always doing it that way.
And that is exactly why we need to pivot.
(Note: We do build credibility, respect, and trust in the 1:1 world. Technically, it keeps us in the game. And there is satisfaction in building those personal client relationships and helping them solve their problems.)
Why bother with 1:many
The credibility, respect, and trust we build in the 1:1 world can be radically leveraged in the 1:many world.
We can unzip the intellectual property we use in our 1:1 world and create valuable courses, toolkits, webinars, etc. that hundreds of users in our respective practice niches want to buy … if only those things existed for that audience to buy! And the ability to help so many people at once is just as satisfying!
Let’s say the goal for your practice is $100,000 incremental revenue in the next 12 months … not an unreasonable goal.
Divide that by your average BVFLS engagement … say $8k, $10k, $15k.
You would need another 7-12 engagements … in addition to the ones you are already doing now.
What is the incremental effort/stress of landing those 7-12 engagements?
What is the incremental time/cost of completing those 7-12 engagements?
Now compare that to the effort/stress of developing a product you could sell to many users for many years … and to the time/cost of developing that product, knowing much of the work can be (gasp) outsourced.
If you wanted to increase your practice revenue by $100,000 via 1:many:
– You need 500 people to buy a $ 200 product.
– You need 200 people to buy a $ 500 product.
– You need 100 people to buy a $1000 product.
– Get 500 people to pay $17/month for 12 months.
– Get 200 people to pay $42/month for 12 months.
– Get 100 people to pay $83/month for 12 months.
It takes a lot of effort to make 1:1 client work profitable. And even though that effort lays the groundwork to make future attracting and converting easier, you still have to deliver it 1:1.
The things that you want to achieve, in work and life, will keep piling up. It’s not a question of your work ethic. You’re human, and you can’t avoid falling behind when you’re doing everything 1:1.
You’ll also likely run out of enthusiasm. 1:1 client service work is hard. It doesn’t leave you with a lot of free time to maintain your practice revenues, much less grow them.
Finally, it’s difficult to come up with better ideas when you spend your weeks repeating the same 1:1 strategies you’ve been using to attract, convert, and deliver.
In real life
You don’t have to stay stuck doing things the same way it’s always been done.
Automating your attracting and converting process, creating products, and delivering them 1:many can bring incredible changes in your practice and your life.
And I know it may seem overwhelming at first. A shift from 1:1 to 1:many will require some effort on your part. For example, how do you come up with the ideas for these kinds of products?
But the funny this is, the ideas have already been developed – courses, toolkits, webinars, etc. have been around for years. You just need to adapt what is already out there to the audience of your practice area/industry niche.
And after the initial effort is completed, you can reap the time/money/freedom benefits for quite some time.
You may be thinking 1:many would never work in your practice.
Don’t overthink it to the point where you believe you can’t do it.
1:many is just another way to offer the expertise that you are already selling 1:1.
What would a valuation specialist say about your practice?
A balanced practice needs 2 kinds of marketing
Create and sell your own industry research: a benefit of specialization
Are we Sisyphus? Let’s break out of the rut.
Reading that can help
The Automatic Customer by John Warwillow
If you will be at the NYSSCPA BV Conference, please stop me and say hello.
– If you like what I write about, tell a colleague.
– If something resonates and you want to reach out directly, email me.
– If you think we share common interests, connect with me on LinkedIn.
– If you want a sense of how well your practice is working for you, take this Practice Self Assessment.