Merry Christmas & Happy New Year.
Thank you for your support in 2015. It has been much appreciated.
In this episode I talk about the three biggest challenges / opportunities for professional firms. (I know I have talked about these topics before but I thought I would cover them in this podcast because is the time of year which we have the opportunity to take stock and consider our business).
1..Narrow the focus of what you do.
It is necessary that you don’t try to be all things to all people. With the increasing complexity of business, business owners are seeking advisors who understand their situation. They don’t want the generalist but rather people who know their situation or industry.
2. Transaction to Transformation
There is increasing fee pressure on the compliance work. Transaction work is increasingly being automated. Business owners are wanting insight. It is not necessary to have all the answers but rather to be able to humanise the numbers and through powerful questions and analysis provide insight.
3. Value pricing and Kill the timesheet.
Value must be at the core of everything. The filter that every business process must be consider in respect to is “does it add value to the customer”. A firm with value at the core has to therefore value price. (Remember fixed pricing is a formula whereas value pricing is a methodology). The firms of now are those who are entirely focused on value. This also means that they realise that insight and accountability are the key not utilisation. This means that the timesheet has no place in a firm focused on value.
These are three areas that I would like you to focus on over the holiday season.
Thank you everybody for your support during the year. I have enjoyed bringing you the podcast and look forward to bring you exciting interviews in the new year.