In case you missed my last post: Specialization – The paradox of limiting yourself. The paradox is that the more specific you are, the easier for your audience to find you … the more efficiently you can sell to that audience … the more effectively you can deliver your services … and the more likely you can charge a premium for those services.
On to this week: This post was prompted by a LI update from a colleague. Paraphrasing, it asked: Where are all the disruptors? Good question! But a reply from another colleague said: Maybe we need more stabilizers right now. Good point! So which is it?!
Here is the original LI post:
Not long ago, many people described themselves as disruptors. But recently I have not seen that term. What changed? [Thanks, SK!]
And the parry:
It seems to me we need stabilizers more than disruptors right now. Different challenge—different tool. I just finished reading Great by Choice by Jim Collins. It’s interesting the 10X companies studied weren’t more innovative. More than anything, they were disciplined. That’s a trait that holds up well in good times and bad. [Hat tip to JH!]
Here’s what I’m thinking: disrupt to stabilize (in order to stay relevant).
The micro-world of right now
A lot of people are on the sidelines … their reasoning for being there doesn’t matter. But what if we don’t want to be sideliners … what can we do right now?
Well, it’s a great opportunity for you to be a DISRUPTOR IN the profession by being a STABILIZER FOR your clients and referral sources.
“How?” you ask.
In the last newsletter, I said with a Minimum Viable Service. Something that if a client or referral source called you and said, “I need help solving X problem,” you’d say, “Of course I can do that.” Even though it’s not listed as something you do on your website or LI profile. Because you never thought to list it … until now.
As the country begins to open up leads, prospects, clients, and referral sources will remember those practitioners who said they were working from home and that their firms were operational.
But what they will remember more is if you were able to help them get through the crisis. And maybe it wasn’t your “emergency” valuation they needed (or could afford). Maybe it was your minimum viable service that kept them operational.
Short-term perspective: disrupt to stabilize (in order to stay relevant).
[Note: Amy and I have been watching a Boston College American history professor on Facebook Live. In one episode, she pointed out that every US president since Ronald Regan has dealt with some type of epidemic: Aids/HIV, SARS, H1N1, Ebola, Covid-19.]
The macro-world of tomorrow
Looking back on my career of doing “traditional” valuation work since 1995, I believe we’ve had the luxury of being complacent for a long time.
Looking forward, I believe we need to shift from business-as-usual to reinvention mode. (Not all that different from traditional CPAs’ quest to remain relevant.)
Many pundits (political and otherwise) all seem to agree that this crisis will change the way we do things … and that it will be a different world. So how will we do … what we do … in a different world?
Last week, I watched a Tim Ferriss-recommended interview with billionaire Chamath Palihapitiya. The theme of the interview is how/where Chamath is investing as a result of Covid-19 (incredibly interesting perspectives).
Toward the end of the interview Chamath says that Starbucks didn’t put local coffee shops out of business—it was their refusal to change. And that Uber has not put taxi drivers out of business—it was the industry’s refusal to change.
Of course, other examples come to mind, like streaming services and their impact on the music, television, and movie industries. They all saw the disruption coming but refused to change.
That got me to thinking. Companies like BizEquity won’t put us out of business.
It will be our refusal to change.
Our perspective needs to shift—FROM how do we hold on to what we have TO what will we be.
Long-term perspective: disrupt to stabilize (in order to stay relevant).
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So that is this post’s practice development message.
Hopefully, you can put it to good use.
How can I help you move in the direction of disrupt to stabilize?
We need to double down on leveling up.
Maybe by getting started here.
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Next INSIDER webinar
Join me Friday, May 8 at 1pm ET on Practice Development INSIDER for my interview with Neil Beaton. Regardless of the size firm you’re in, there’s bound to be a nugget or two that will boost your practice development efforts.
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Don’t be good. Be great.
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 new 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.