In this solo episode I'm chatting today about how scaling back and simplifying in your business can actually help you scale and grow. This episode will help you stay focused as you roll into 2022 and be intentional about how you grow.
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[00:00:00] Now that you have your goal set for 2022. My question for you is how are you going to get there? And does it involve making your business more complicated? Or simplifying. I'm hoping that you answered the latter, because that's what we're going to talk about today and why it's so important.
So in order to reach your goals, you're going to have to decide how you're going to get there. [00:01:00] And more often than not, it doesn't need to be as complex and complicated as you're making it. So you don't need to offer all the different services to all the different types of clients to take as many clients as you can, no matter what industry they're in. Because what actually ends up happening is making it take longer for you to do what you need to do. So you're less efficient.
You have to think through multiple processes, multiple industries, multiple... "whatevers" to get the work done. You have to keep track of lots of different deadlines on top of all of that. So if one of your goals is to grow your firm. And say you are currently. A solo owner. You're doing all the work yourself.
And you feel a little bit maxed out on time. Something has to give. So I want you to look at the services that you're offering and see where you're, over-complicating things, where you're [00:02:00] saying yes to things that maybe aren't in your wheelhouse. And where you can actually pair down your services and increase the price. So what happens when you scale back your services?
This actually does enable you to scale up because when you are ready to start hiring, it'll be easier to train your team because you're offering fewer services that you have to train your team on. It's less to think about as a firm owner. that's. point number two.
It becomes easier to price and sell your services when you scale them back. Because again, it's less to think about. It's less to consider. You can literally have three packages where each package only has one or two additional items on it. Even with a higher price tag, you just have to do the work figuring out the increase in value. When you add that one service. Typically it might [00:03:00] look like just one service on as a line item. But if you think about the value that is coming out of that service that you're providing, are you getting the client more time back in their day? Are you helping them make strategic decisions that enable them to become more profitable? Things like that.
And then the fourth reason why scaling back your business enables you to actually scale up? Is it makes you more profitable because you're more efficient because you're able to train a team and have them be more efficient. And it's less that you're having to learn and teach somebody. When you bring on a new client in a new industry, you have to learn it first. You have to onboard them. You have to train your team. You have to, you know, take all the notes, learn all the , create a new chart of accounts. You can eliminate all of that. When you start to simplify your business. Which in turn makes you more profitable.
So. I hope this was helpful. These are some really short and sweet [00:04:00] episodes to help get you motivated to making good changes in your business or starting off on the right foot. If you're new around here. And the next episode, we'll be talking about your first hire for your firm, but before you get to that point, I want you to really evaluate the services that you're offering and sit in and think about. Is this going to be something that I can easily train somebody on? If I can not easily train someone on this, do I want to continue doing this for ever? Uh, cause that's gonna end up. That's what's going to end up happening. In most cases, if it's not easy to train somebody, or if you can't find that skillset in the marketplace, you're going to continue having to do that. So. Just some things to consider don't add services just because everyone else is doing them. If it's not something that you can efficiently deliver and enjoy doing, or if you can't train someone else to [00:05:00] take that on to free up your time as the owner. Alright, I will catch you in the next episode.