In my experience, a proven framework for practice acceleration should guide your overall strategy, whilst ‘trial and error’ acts as the mechanism for tweaking and enhancing the finer points of your client delivery model.
It’s like learning to ride a bike as a child. You need a basic framework for understanding the task, perhaps a parent to point out a couple of major starting tips and hold the bike steady, then a whole lot of practise involving ‘trial and error’ as you gradually gain the necessary balance, steering and motor skills.
It is important to remember that bumps and scrapes along the way form a part of the process. Fear is a normal human reaction to change. Knowledge is gained when we go beyond our known paradigms.
“I have not failed. I’ve just found 10,000 ways that won’t work.” – Thomas A. Edison
One way to manage fear of the unknown is to adopt a proven framework.
I discovered what worked and didn’t work for Accounting practice growth through a long process of “trial and error” as we worked out how to transition from a compliance to a value add service business.
Over the years I developed a five stage Practice Acceleration process.
The five stages progressively build your strategy to ensure you are planning for and anticipating the issues any growing business encounters, whilst maintaining your growth goals.
The real power of the framework is that it gives you clarity around what is required at each stage, and the confidence to apply the methodology to your own practice and client base.
Try this Quick Win
Whilst this is a great long term strategy, I also feel it is important for practices to be achieving quick wins as a way of building and maintaining momentum.
This week’s quick win is designed to: Achieve growth within the next 30 days by increasing average client fees from within your existing client base.
WORKSHEET:Growth Client Farming Spreadsheet (Get started now with this template. Print it out, fill it in and keep it somewhere visible to stay focused on growth within the next 30 days.
Here’s what you need to do:
1. Make a list of value add services you already offer to some clients, but can offer to others. Here are 3 ideas to get you started:
- budget and cashflow
- review of their tax structure
- quarterly management-by-numbers service – sit down every three months, talk to them about their profit and loss and see what you can improve.
2. List potential clients within your database who are not yet using this service, and who you know can benefit from.
3. List specific gains you know each Client can achieve.
4. Prioritise each potential client – can they achieve big wins?
5. Now contact the list in order of highest priority.
6. Keep a record of who you have spoken to, their response and any follow up required. (The worksheet has a handy space to do this)
You may be surprised at how such a simple process can reap great benefits.