In case you missed last week: Are our BVFLS organizations failing us? Or are we failing them? Since their inception, our BVFLS credentialing organizations have functioned primarily to ensure we are technically competent. Do we need them to reallocate resources and embark on a campaign to educate the public about the value of a professionally prepared valuation?
On to this week: It’s been said that having a book is the new business card. But what would we write a book about … what topic? And more importantly, how/where would we find the time for the undertaking?
And if you’re new here, welcome aboard. This is what we do!
I am looking for 5 BVFLS professionals who want a plan to start growing their practices faster and smarter in the next 30 days.
Note: For this to be useful, you must (1) be good at your craft and (2) have authority to implement the strategies and tactics we create for getting the kind of work you want at the fees you deserve. If that’s you, email me with the words “faster and smarter” in the subject line and I’ll get you the details.
Chris Mercer. Jim Hitchner. Nancy Fannon. Ron Seigneur.
The first four guests on my Practice Development INSIDER series.
All of them have written a book … multiple books, actually.
Why write a book
You know why.
To build Authority in the practice area or industry niche you want to be known for.
In his interview, Ron stated: “Once you write the book you become the expert.”
In her interview, Nancy said: “To write a book, you don’t need to write about a topic that you are already an expert in. Pick an area where there is a need and an opportunity. You will be become an expert in the area because of the [amount of] research and writing you will do.”
Research by Hinge Marketing says one of the top ways buyers of professional services are convinced that someone is an expert is because s/he wrote a book on the topic of concern to them.
I hope I don’t need to convince you why to write a book.
If you’re like me, I suspect the problem is finding the time to write a book.
How do you find the time
We are all busy.
But how busy, really?
My coaching surveys say most practitioners generate 1,000-1,500 chargeable hours per year while working 2,000-2,500 total hours per year. Where is that delta of 1,000 hours per year going? Because there’s only so much admin, CPE, marketing, and professional reading that needs to be done.
Let’s look back on a model I wrote about in 2016. It turns out there are only five levers you can push to get more time and money in our practices. Here was my example:
$300 per hour
x 5 hours per day
x 5 days per week
x 4 weeks per month
x 10 months per year
= $300,000 billings per year
Today, I am focused on the time, not the dollars.
And the model is based on 1,000 chargeable hours.
(But the $300,000 of revenue ain’t too shabby!)
Here is what those four time-based levers mean.
- If you believe in an 8-hour day, then on average there are 3 hours a day, 5 days a week, 4 weeks a month, 10 months a year to accommodate 600 hours of admin, CPE, marketing, and professional reading.
- You don’t need to work 10-12 hours a day.
- You don’t have to work weekends.
- There is 1 free week per quarter to get away from the grind and take a vacation.
- There is 2 months of time per year to build Authority, including writing our books!
And that is how/where we find the time!
In real life
No one I interviewed said writing a book is fun or easy.
(Dorothy Parker famously said: “ I hate writing, I love having written.”)
Now you might be thinking, but Rod, you haven’t written a book.
You would be absolutely right.
And here is how I am remedying that.
Two of my coaching clients and I each want to write a book. We formed an accountability group that meets virtually twice a month to spur each other on. We are starting with something small … short-ish e-books to nail down the discipline so that we can publish by the end of the year. Then I write a book-book in Q1 2020.
Interested in joining us?
Reading that can help
– 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.