It’s a common problem for business owners and firm managers alike…lost sleep over those gnawing concerns about what they “don’t know” about their business or practice and what they could be doing better.
Brenda Barnes, CPA
Some of the top sleep deprivers affecting our clients?
1. Growing the top line of business and keeping the competitive edge
2. Making sure they have the right people in the right seats
3. Staying up with technology so competitors don’t leave them behind
4. Turning a cash flow business into a profit-driven business
5. Equipping themselves to successfully manage the retirement of essential personnel or rainmakers in the organization
Here are some helpful solutions for a better night’s sleep…
Top Line Revenue
Differentiate what it is you do from all your competitors. You can do this by exceeding your clients’ expectations. The best way to do that? Talk to your clients and customers and listen to their expectations. Know their business. Respond timely. Meet deadlines. Train your staff to think and care for your customers/clients the way you would.
Right People
Remember, people show you who they are….so believe them. If you have concerns or see signs regarding inappropriate behaviors (Weinstein effect) get them out of your organization as quickly as you can. Your clients also want to know that your company/firm keeps only competent professionals and staff servicing their accounts/matters. If you have incompetencies within your staff, identify the problem and invest in effective training. If that does not work, transition them on!
Technology
Every company is in the technology business. Your company need not be on the cutting edge, but it certainly should be keeping up. From email encryption, cyber security to cloud hosting, protection of your and your clients’ information should be a number one priority. All companies should have an annual technology audit and training for their employees should occur at least twice per year. Data protection will ultimately help you be more efficient.
Profitability
Cash does not mean profit and vice versa. Understand how your Balance Sheet and Profit & Loss Statement are formed. Know your profit margin and how it compares to your competitors and the industry. All managers should have daily, weekly and monthly measurables to keep the pulse on profitability. A grasp of your finances is the first step to exceeding your revenue goals.
Succession Planning
Develop a succession plan that encourages your retiring partners to transition the business to the next generation. Ensure your company can afford the transition by adding financial tools to your belt to help achieve this in more than one way. Involve your major clients in the succession plan as they may be going through a transition themselves!
B2 has been assisting clients with these issues for 10 years. Call us and let us give you the peace of mind you need for a good night’s sleep!
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Learn more about our Managing Partner Advisory services!
Contact Mike Harder today for more information…
mharder@b2-mgmt.com