In case you missed last week: Value and Impact – A tale of two practitioners diagrams impact and value against two practitioners’ efforts. Practitioner #1 is a generalist. Practitioner #2 is a specialist. Who will get the farthest, fastest? With less stress? One picture is worth a thousand words.
On to this week: Are you a ‘risk assessor’ but not a ‘risk taker’? Do you lack the time to ‘navel gaze’? Do you think there can only be one ‘Jim Hitchner’? If so, you might want to watch this video (or read the transcript).
And if you’re new here, welcome aboard. This is what we do!
One thing I found last week: It’s Never Too Late To Start Reinventing Yourself from Further, a curated newsletter aimed at Generation X. Given the several posts I’ve written about disruption in our industry, this is an excellent read. Here’s the blunt truth, at some point over half of the people in the U.S. labor market, will be fired or demoted — especially if they’re deemed “older.”
Imagine that five BV prospects you’ve been nurturing say yes … all in one day … or over the course of one week.
If you got five new engagements “tomorrow” what would break first … you or your practice?
I am guessing it would be you!
How can you keep that from happening?
Hi. I’m Rod Burkert.
And welcome to my Practice Development Corner, the place where business valuation professionals like you come to learn how to turn the practice they have into the practice they want.
You’ve probably said to yourself: If I only had more clients, I’d hit my revenue goal and life would be good … really good.
I know I’ve said that.
We all say we want more CLIENTS.
But a Chinese proverb cautions us to be careful what we wish for.
In this case, it’s because our client work is 1:1, and that is not the best way to scale our practices.
In every practice … at every firm, there is a limited number of 1:1 clients we can serve at a given time – without working more hours or hiring more people.
It’s the Goldilocks number.
If we get less than that number – it sucks.
If we get more than that number – it sucks.
But what if there was a way to scale your practice so that you could serve, theoretically, an unlimited number of USERS … without working more hours … without hiring more staff … resulting in more revenue and more profits.
For example. Last month I interviewed Jim Hitchner on my INSIDER webinar series.
We talked about how Jim scaled his practice with 1:many fee-based newsletters and webinars.
Later, I talked about this with a colleague.
I asked her: Why do you think more people in our profession aren’t trying to do something like Jim?
She said: I’d venture to say that while we are ‘risk assessors’ we are generally not ‘risk takers.’
I said: What is more risky … continuing to do 1:1 work that we know doesn’t scale or trying something different that we know does.
She said: Doing something like Jim requires some time to ‘navel gaze’ and determine what else we could do. Few people in our profession have that time because we are too busy selling it to someone who doesn’t give a flip about us beyond the report we produce.
I said: Ouch.
Last, she said: There is only one Hitchner, and it’s hard to compete in his space.
I said: I don’t want people to compete with Jim in his space. I want people to copy Jim in their space!
I will be talking about how to ‘Scale Your Practice’ at the AICPA’s FVS Conference in Las Vegas on November 6.
If you’ll be there, stop by … listen to what I have to say … and let’s talk.
That is this episode’s practice development message.
Hopefully, it helps with your navel gazing.
Let me know what you think by taking a few seconds to like, comment on, or share this video.
Even better – if you are looking to grow your BVFLS practice faster and smarter so you can get more time, money, and freedom from it – subscribe to my YouTube channel.
Thanks for watching!
– 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.