Growing a professional service firm is not that easy. But it can be simple. For 13 years, I ran a brand consultancy (with a couple of other agencies as subsidiaries). It was very unpredictable and stressful for most of the time.
(listen to an expanded version on my podcast Simplified)
But once I made the shifts I now help owners make, things got more predictable, profitable, and scalable. My company made only a few million in revenue, but, I achieved a 45% net profit margin (once I productized, standardized, and systematized). My experiences (both the struggles and the wins) made me a strong believer in the following ideas that I now work on with my clients:
Here are 10 ideas I typically help my clients implement:
1. Narrow Down And Clarify Your Position
Hey, let’s get real about who your dream clients are and why they’d pick you over the competition. It’s time to simplify and zero in on those clients who are the most profitable and great to work with (and ditch the rest).
2. Package Your Expertise Into Productized Offers
Create a killer front-end offer (or better yet, a few) that you can sell on repeat. It’s like building a money-making machine that keeps on giving. Built once, sell forever. Plus, it’s the only way to scale a professional service firm.
3. Crank Up Your Lead Generation Engine
Relying on random referrals? That’s so last decade. Set up a lead generation system that’s always running, pulling in potential clients from all over. Focus on reach, building connections, and getting them to take action.
4. Sell Results, Not Time
Want to boost profits and gain freedom? Stop selling your time and start selling outcomes. Clients care about results, so price your services based on the value you deliver. Even if it’s tricky to measure, be bold and charge for the impact.
5. Master the Art of Selling
If you’re not closing deals like a pro, you’re leaving money on the table. Develop a sales process that consistently turns prospects into happy clients. It’s time to sharpen those sales skills!
6. Create a Client Success Journey
One-off projects are nice, but repeat business is where it’s at. Design a journey for your clients with enticing offers at every turn. Keep them coming back for more, and watch your profits soar.
7. Get Out Of Your Own Way
As the owner, you can’t be stuck in the day-to-day grind. It’s time to delegate and focus on the big picture. Not only will you enjoy life more, but you’ll also build a business that’s actually worth something when it’s time to sell.
8. Keep Score and Adjust Your Game Plan
If you’re not tracking your key numbers, you’re flying blind. Get everyone on your team focused on the metrics that matter. Set up those trackers and watch your business growth accelerate.
9. Multiply Your Growth
There are six magic levers to pull for explosive growth: more leads, better conversions, higher transaction values, increased client value, fatter margins, and smarter spending. Optimize these, and you’ll see your business grow in ways you never imagined.
10. Expand Your Mindset
Your mindset is your secret weapon. Believe in your potential for growth, and you’ll find a way to make it happen. Bring your A-game energy every day, and you’ll be amazed at how far you can go.
