Author: Greg Alexander

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From Consultant to Authority: Unleash Your Boutique Service Firm’s True Potential

From Consultant to Authority: Unleash Your Boutique Service Firm’s True Potential

In boutique professional services, there’s a crucial distinction that can significantly impact the growth and scalability of your firm. This distinction lies in the roles of being a “Consultant” and an “Authority.” Let’s delve into the definitions and implications of these terms, with examples from within the boutique professional service industry segment.

Let’s start with a basic definition for each.

    • A consultant typically offers expertise, advice, and services to clients based on their knowledge and experience. They often work on a project or retainer basis, billing clients for their time and deliverables.
    • An authority, on the other hand, is recognized as an industry leader and trusted expert in a specific niche or domain. They have a deep understanding of their field and are sought after for their unique insights and perspective. For example, my friend Geoff Smart is the world’s foremost authority on hiring A players. As a result, he built a firm with approximately 175 people and $100 million in revenue from scratch in 1995.

Here is a simple example applying these two definitions to the management consulting segment to illustrate.

    • Consultant: A management consultant may provide strategic advice and project management services to a client looking to optimize their business processes.
    • Authority: An authority in management consulting might be a renowned thought leader who has authored influential books on leadership and innovation, attracting clients seeking transformative solutions.

This subtle, but important distinction has considerable implications for Founders of small service firms. Here are just a few to consider:

    • Increased Earnings Potential
    • Authorities can command higher fees for their services due to their specialized expertise and reputation. Clients are willing to pay a premium for their unique insights and proven results. Most don’t charge by the hour, never negotiate fees, and always get paid in advance.

For instance, a consultant in a marketing agency offering general digital marketing services may charge standard rates for running ad campaigns. An authority in the marketing industry, known for groundbreaking marketing strategies and case studies, can charge premium rates for exclusive consulting services.

    • Scalability:
      • Authorities have a more scalable business model as clients often seek them out, reducing the need for constant client acquisition efforts. Their reputation draws a steady stream of clients. Authorities have more demand than supply and cherry pick which clients and projects to work on.

For instance, a consultant in a software development firm might need to actively market their services to secure new projects continuously.

In contrast, an authority in software development, renowned for pioneering coding techniques, can maintain a waiting list of clients eager to work with them.

    • Exit Strategy:
      • Authorities possess intellectual capital and a strong client base, making them attractive to potential acquirers or investors, making an exit achievable. However, most authorities don’t sell their firms because they are growing fast and generating piles of cash.

For instance, a systems integration firm staffed with consultants may have a successful practice but may find it challenging to sell their firm for there are many just like it. An authority in systems integration, known for developing groundbreaking integration solutions, can attract acquisition offers from firms looking to enhance their capabilities.

If you want to migrate from a firm staffed with consultants to a firm staffed with authorities, and reap the benefits, here is an outline of the steps to take.

    1. Narrow Your Niche: Choose a specific niche or domain within your field where you can develop deep expertise. Ask yourself: “In what field do I know more than anyone else?”
    2. Outlearn the Competition: Invest in continuous learning and stay updated with the latest trends, technologies, and developments in your chosen niche. Ask yourself: “How can I learn at a rate 10x that of others in my niche?”
    3. Create Unique Content: Start sharing your knowledge and insights through various channels like books, blogs, articles, podcasts, webinars, or videos. Ask yourself: “How can I create THE newsletter that is a must read never to be missed publication in my niche?”
    4. Build Your Presence: Establish a strong online presence by developing a professional website and social media profiles optimized for search engines, social media platforms, and large language models. Ask yourself: “When a prospect finds me online do they say ‘oh my gosh. Where has this been all my life?”
    5. Network and Collaborate: Connect with other authorities and influencers in your niche. Collaborate on projects, co-author articles, or participate in panel discussions. Ask yourself: “Who are the people in my niche that I respect and want to be associated with? How do I become a valuable thought partner to them?”
    6. Give Things Away: Provide free resources, tools, or templates that demonstrate your expertise and help potential clients or followers. This showcases your commitment to helping others and establishes trust. Clients will pay when they need to apply the tools. Ask yourself: “How am I going to overcome my fear of giving away my secret sauce?”
    7. Collect and Showcase Testimonials: Encourage satisfied clients to provide testimonials or reviews about their positive experiences with your services. Display these testimonials prominently on your website to build trust. Ask yourself: “which clients are my best sales people and how do I get them in front of prospects to tell my story?”
    8. Speak: Seek opportunities to speak at conferences, webinars, or podcasts related to your niche. Sharing your insights as a speaker can further solidify your authority status. Ask yourself: “If I am truly the authority in this niche, how can someone have a conference without me on the agenda?”
    9. Think in Years Not Days/Weeks/Months: Becoming an authority takes time and consistent effort. Continue to produce high-quality content, engage with your audience, and refine your expertise over the years. Ask yourself: “Am I behaving like a get rich quick scam artist or an authority built to last?”
    10. Adjust: Periodically assess your progress and adjust your strategies as needed. Pay attention to the feedback you receive from your audience and adapt accordingly. Ask yourself: “Is my skin to thin?”

In conclusion, understanding the difference between being a consultant and an authority is crucial for founders of boutique service firms. While both roles have their merits, becoming an authority can lead to higher earnings, easier scalability, and a more promising exit strategy. By positioning yourself as an authority in your niche, you can unlock new opportunities and take your boutique service firm to greater heights.

Wanted to learn from those who evolved from consultant to authority? Join Collective 54, a mastermind community filled with those who have made this change. Apply here.

 

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Tips for Preventing Founder Burnout in a Services Firm

Tips for Preventing Founder Burnout in a Services Firm

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Starting your firm takes a lot of courage, and it can feel like starting it is enough, but once you start scaling ambitions expand tremendously. And once you start asking yourself how big you can grow your business, burnout becomes a real threat.

That’s why we’re highlighting tips to prevent burnout. This video will help you explore options for intentionally scaling your firm without spreading yourself too thin.

In this video, you’ll learn:
– The true value of time tracking in professional services
– The benefits of building a task force
– The difference between growth of revenue and growth of headcount

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The Art of Silence: 6 Reasons Not to Tell Your Employees About the Pending Sale of Your Firm

The Art of Silence: 6 Reasons Not to Tell Your Employees About the Pending Sale of Your Firm

Hey there, fellow founders of boutique professional service firms. If you’re contemplating selling your firm, you’re undoubtedly entering into a complex and potentially game-changing process. It’s a decision that requires careful planning and execution, and one of the crucial questions on your mind might be whether or not to inform your employees about the pending sale. In this blog post, we’re exploring the six compelling reasons why you should consider keeping your cards close to your chest when it comes to sharing this news with your team.

    1. Deals Often Fall Apart During Due Diligence

Let’s face it, folks – deals in the world of business can be as unpredictable as a roll of the dice. Many a promising transaction has crumbled during the due diligence phase for various reasons. Telling your employees about a sale that might not even go through can create unnecessary stress and anxiety. It’s better to maintain business as usual until you have a signed agreement in hand.

2. Employee Distraction Can Lead to a Dip in Results

When the word gets out about a pending sale, employees may start to wonder about their job security. This uncertainty can lead to a dip in their performance and focus, which is the last thing you need during a critical phase like a sale. Such distractions can also undermine the confidence of potential acquirers, making them question the stability and viability of your firm.

3. Loose Lips Can Sink Ships

Employees are a talkative bunch, and news of a pending sale can easily leak into the industry grapevine. Competitors might seize this information to their advantage, and even your clients might pause their relationships with you, uncertain about the firm’s future. Keeping the sale under wraps can protect your business from unnecessary turbulence.

4. Deals Morph During Due Diligence

During the due diligence process, deals often undergo significant changes. These changes can affect who stays, who goes, and the overall structure of the transaction. Until the final details are ironed out, it’s prudent to maintain confidentiality to avoid unnecessary confusion and anxiety among your employees.

5. You’ll Need Everyone On Board to Hit Your Earn Out

If your sale includes an earn-out clause, it’s crucial to keep your team motivated and engaged. Prematurely disclosing the sale can lead to a spike in turnover, with key employees potentially leaving before the deal is finalized. It’s essential to maintain a cohesive and committed team to meet your earn-out goals.

6. You Might Decide Not to Sell

Finally, and importantly, founders have a tendency to change their minds at the eleventh hour. The allure of selling might wane as the details become clearer, or unforeseen circumstances might arise. If you’ve already told your employees about the sale, you’ll face a difficult and potentially disruptive situation if you decide to back out.

In Conclusion: Maintain the Art of Silence

In the world of business, discretion is often your best ally. While transparency with your employees is generally commendable, when it comes to pending sales, it’s often wise to err on the side of caution. Keep these six compelling reasons in mind before prematurely sharing the news with your team.

Remember, a successful sale requires careful planning, strategic thinking, and a well-executed process. Maintain the confidentiality necessary to navigate the complexities of the transaction smoothly. When the time is right, and the deal is firm, you can share the news with your employees, providing them with the stability and reassurance they need to thrive in the transition.

So, dear founders, as you venture into the exciting world of selling your boutique professional service firm, keep these reasons in mind and play your cards close to your chest until the right moment arrives. Your employees will thank you for it, and your potential acquirers will respect your professionalism and discretion.

If you are contemplating a sale of your firm, consider joining Collective 54 by applying here. You can learn a lot from a community of peers going through the same process as you.

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What NOT to do when building a Commercial Sales Engine for your firm

What NOT to do when building a Commercial Sales Engine for your firm

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Building a commercial sales engine doesn’t happen overnight. You need some sort of business development strategy.

Join us as we explore the reality of building a sales function, why it’s important to start today and trust in future results, and perceptions that prevent you from getting it right.

In this video, you’ll learn:
– Why every founder needs to be prepared to go through the experimentation period
– The lag effect that’s present in everything you’re doing now
– Why many founders never make a business development plan
– Strategy vs tactics

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When Your Exit Needs an Exit: Navigating Financing Contingencies in M&A Deals

When Your Exit Needs an Exit: Navigating Financing Contingencies in M&A Deals

Embarking on the journey to sell your business is a monumental decision, especially for small to lower-middle market business owners. It’s not just a transaction; it’s a pivotal moment that can shape the future of what you’ve built. However, amidst the excitement and potential for growth, there lurks a critical challenge that could derail your plans: counterparty risk, particularly the risk stemming from financing contingencies.

Understanding and addressing this risk early on, specifically at the Letter of Intent (LOI) stage, is crucial. This stage is your best opportunity to gauge the likelihood of a successful transaction before becoming too invested. For businesses in the small to lower-middle market sector—those with total sales under $150 million—engaging in a sale process is not only a significant financial commitment, involving advisors such as attorneys, financial analysts, and accountants, but also a substantial investment of your time.

Counterparty risk in M&A transactions can arise from various sources, but one of the most common and challenging to navigate is the buyer’s inability to secure adequate financing. This issue can affect deals across all market segments and involves both financial buyers (like private equity firms) and strategic buyers (larger companies within your industry).

At the LOI stage, it’s essential to critically assess the risk associated with the buyer’s ability to obtain appropriate financing for your transaction. Some LOIs will explicitly state that the deal’s closing is contingent upon the buyer obtaining suitable financing. However, even without a specific financing contingency, a buyer’s limited access to necessary funds—whether through equity or debt—poses a significant risk to closing the deal.

This financing risk can manifest in various ways:

    • The buyer may have access to financing, but it comes with stringent conditions;
    • The buyer’s ability to deploy cash to purchase your business may be subject to loan covenants restricting investments made to purchase other businesses (like yours) under the buyer’s existing credit arrangements, or otherwise require the approval of the buyer’s existing lenders ; or
    • Alternatively, the buyer could be attempting to raise capital to fund the equity portion of the purchase alongside negotiating the deal.

For business owners, understanding these risks and the potential impact on your transaction is vital. In navigating these waters, the key is to engage in thorough due diligence and direct communication with potential buyers about their financing plans and capabilities. At the LOI stage, it is customary to conduct interviews with key buyer personnel, and appropriate to ask direct questions about the ability of the buyer to purchase and then operate your business. If a buyer cannot commit to make a purchase of your business from available cash, you should ask the buyer to provide you with copies of any written equity or debt term sheets from outside parties in order to assure yourself of the buyer’s ability to rely upon outside financing. You should review those term sheets alongside your financial advisors and attorneys to understand what conditions attend the release of funds for the purchase of your business. Additionally, you should also ask your potential buyer whether they have existing credit arrangements and what conditions those arrangements might impose upon your transaction. In situations where you have the good fortune of evaluating LOIs from different counterparties at the same time, you should obviously preference favorable offers that also present the greatest certainty that the buyer can accomplish a closing of your transaction. This proactive approach can help mitigate risks and ensure that you’re entering into a transaction with a clear understanding of the potential hurdles, saving you time and protecting the investment you’ve made in pursuing the sale.

You might determine that there is still substantial uncertainty about your buyer’s ability to close. For example, if your buyer will be reliant upon an equity capital raise to partially fund your purchase price, it may be reasonable to conclude that the closing could be delayed, or cancelled, if their capital raising efforts are unsuccessful. In such events, you should discuss your options with your advisors to determine the customary protective measures you can take, or agree upon with your buyer, in the event the buyer is unable to close. For example, in smaller transactions (where the purchase price is $5mm or less) requiring a deposit of some portion of the purchase price for the seller’s security is not uncommon and even recently I have seen deposits used in much larger transactions (>$50mm purchase price). Some private equity sponsors are agreeable contribute up to 100% of the purchase price in equity (called a “full equity backstop”) if they are unable to obtain sufficient debt financing to fund a purchase. Although they are uncommon in middle-market transactions, reverse termination fees (where a buyer pays the seller a fee if it cannot close a transaction within some period) and arrangements to pay seller costs where a buyer is unable to close a transaction are other options that should be considered.

In conclusion, while the prospect of selling your business is an exciting one, it’s accompanied by significant risks that need careful consideration. By focusing on counterparty risk at the LOI stage, especially related to financing contingencies, you can better navigate the complexities of M&A transactions, ensuring a smoother journey towards a successful sale. We at Troutman would be delighted to help you evaluate both the counterparty risk related to your buyer and all available strategies to mitigate that risk.

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Mastering the M&A Landscape: Identifying the Right-Sized Buyer for Your Boutique Professional Services Firm

Mastering the M&A Landscape: Identifying the Right-Sized Buyer for Your Boutique Professional Services Firm

As a founder of a boutique professional services firm, you may be contemplating your exit strategy. Understanding the M&A landscape is crucial to identifying who is most likely interested in acquiring your firm. In my experience, the most suitable buyers are typically firms that are substantially larger than yours, generally by a factor of 5-20 times the size of your firm. Here’s why:

The concept of “moving the needle” is central in M&A. For an acquisition to be worthwhile for a buyer, it must have a meaningful impact on their business. However, if the acquisition is too large, the risk and effort involved in closing the deal can become prohibitive. Therefore, a sweet spot exists where the deal is significant enough to be compelling yet manageable in terms of integration and financing.

To identify potential buyers in this sweet spot, we employ a simple yet effective back-of-the-envelope valuation method. By multiplying the number of employees a firm has by $200,000 (a figure that roughly estimates the revenue per employee for professional service firms), we can gauge the size and suitability of a potential acquirer.

Let’s walk through an illustrative example:

Imagine your firm has 10 employees and generates $2 million in revenue. You’re eyeing a sale, and you want to find a buyer for whom your firm would be an attractive proposition without being overwhelming to absorb.

If we apply our method, we’re looking for a firm that has between 50 and 200 employees. Here’s the math for the lower end:

50 employees x $200,000/employee = $10 million in revenue

And for the upper end:

200 employees x $200,000/employee = $40 million in revenue

These figures suggest that companies within this range would find an acquisition of your firm substantial enough to “move the needle” but still be a feasible transaction to complete.

Your next step? Start researching firms that fit this employee count and approximate revenue scale. Industry databases, networking events, and even LinkedIn can serve as starting points. Keep in mind that cultural fit, strategic alignment, and the specific services your firm offers will also play critical roles in attracting the right buyer.

By focusing your search on firms that fall within the 5-20x size range of your own, you increase the likelihood of finding a genuinely interested buyer—one for whom the acquisition of your firm represents a significant, but manageable, opportunity for growth.

Remember, while the revenue-per-employee method is a guide, it’s not a substitute for a thorough valuation and strategic fit analysis. Engaging with a knowledgeable M&A advisor early in the process can help refine your approach and identify the right targets, setting the stage for a successful transaction that delivers value for both you and the buyer.

If you are trying to figure out how much your firm is worth, who to sell it to, and on what terms, consider joining Collective 54 by applying here.  These questions, and many others, get answered by your peers and a curated set of advisors.

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Selling with Content Before the Sale

Selling with Content Before the Sale

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The ultimate scale activity for a founder is when you produce top-notch content and know how to distribute it.

In this video, we’ll uncover how to master inbound content marketing. We’ll also reveal 3 reasons why you should care about content delivery, specific tactics for books, podcasts, and blogs, plus common mistakes to avoid.

In this video, you’ll learn:
– The difference between selling products vs selling services
– The impact of transforming work environments on referrals
– How to position your content to sell more services

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How to Know the Right Time to Recap or Sell Your Business: An Investor’s Perspective

How to Know the Right Time to Recap or Sell Your Business: An Investor’s Perspective

Imagine you’re in a game where your character has a treasure of immense value, attained through years of sacrifice, risk taking and toil.  The objective of the game is simple – find a buyer for the item and transact at a mutually acceptable price.  Easy, right?  Well, there’s a twist[1]:

    • The buyer’s identity and location are a mystery
    • You can only transact once (i.e. no do-overs)
    • The item’s value fluctuates, and
    • A poorly-timed trade may sentence you to a lifetime of regret and self-loathing

Yikes.  Who would want to play that game?  Well, this mirrors the journey that founders embark upon when contemplating either a recapitalization of their business with a private equity firm partner (a ‘recap’) or the full sale of their business  (an ‘exit’).  Not to worry, there are people and insights that can help across all of the anxiety-laden dimensions of planning a recap or exit.  While the ultimate decision is yours, you are not alone.

Indicators That It’s Time

This piece will focus on timing and is informed by my nearly 20 years of experience as an investor in and seller of businesses.  Interestingly, across the matrix of decisions that a business owner has to make, timing of a recap / exit is one of the more straightforward exercises.  The trick is knowing what indicators to look for.  So, without further ado, here are some signs that the timing might be right:

    1. A comparable business in your industry achieved an appealing valuation. If you see another founder deciding to engage in a recap or exit transaction, it may merit introspection on your own transaction timing.  What’s good about another founder “going first” is that the multiple they sold for will eventually become known in the circles that care about these things[2].  We suggest reaching out to the investment banker(s) that worked on the transaction to learn about what attributes of the other business buyers focused on the most (i.e. the “value drivers”).  If you would like an introduction to one or more investment bankers who have strong qualifications and successful transaction experience working with owners of B2B professional services firms, please email me, and I’ll connect you. 
    1. Proceeds from a transaction will allow you to “hit your number”.  Admit it, you have a magic number in mind (after tax) that you would like to achieve from all of your efforts to develop your business.  This number is typically informed by various objectives for life in retirement such as estate planning goals,  philanthropy, or simply enjoying the well-earned fruits of your labors.  The reason for defining this number before you consider a transaction is to prevent clouded judgment during negotiations.  Therefore, if a transaction is likely to meet or exceed your target, then the timing could be right.  Remember the adage, “Pigs get fat, hogs get slaughtered.”   As importantly, when considering a recap vs. an exit transaction, keep in mind that the recap will provide you with two opportunities to monetize the value created by your team’s efforts while the exit transaction is a one-shot payout.  So the total proceeds and likelihood of reaching your target amount may be substantially greater in the recap scenario.  I’ll share more on this very important topic of recap vs. exit transaction in an upcoming blog post.  
    1. You’ve experienced multi-year growth in revenue and profits. In the words of Bruce Lee, “Long-term consistency trumps short-term intensity.”  This certainly applies to how investors will assess the quality, sustainability, and growth potential of your revenues and profitability.  For instance, if you have an abnormally great year with outsized profitability, you might conclude that you should exit to capitalize on your inflated earnings.  However, if your surge in EBITDA is attributed to one-time revenue wins or other unsustainable factors, a buyer is not likely to give you anywhere near full credit for it. Further, if your financials have been volatile such that there are a lot of ups and downs one year to the next, you’re not going to garner the same multiple as a business that elicits more confidence in the predictability of future financial metrics.  Consistent growth creates a reassuring storyline that will attract more interest.
    1. Value remains for a new investor. Sometimes looming headwinds can drive an owner’s decision to exit.  Conceptually, getting out before these challenges arrive makes sense, but it’s likely that investors are already, or will be, attuned to those same issues, and it may then be too late to drive an optimal outcome from a sale.  Would you purchase an orange with all of the juice squeezed out of it?  Clearly not.  At a minimum, investors are going to need to know that the prospects for growth will remain strong for the next 5-10 years.  Otherwise, they may encounter challenges when they ultimately seek an exit.  Think of it this way, reflect on whether you would want to invest in your business today.
    1. Bringing on a partner could help address the strategic needs of the business. For first-time founders of growing businesses, it’s a truism that their company is the largest entity they’ve ever managed.  For a time, managing growth can be fun and present an array of “high class problems” whose solutions can be fulfilling to solve.  However, growth can transform manageable hills into formidable mountains whose successful summit requires the support of someone that has climbed them before.  A good partner, like a sherpa on Everest, will see the opportunity that these mountains present and be able to help you develop a path forward.  Common strategic challenges that get a founder thinking about bringing on a financial partner include (i) their industry’s transformational change, (ii) investing in and building a formal and scalable sales and marketing system / organization, (iii) a sizable add-on acquisition, or (iv) professionalizing / incentivizing a management team.  

While these signs can guide your decision, the ultimate choice is personal and nuanced, and I wish you well in making it with the full support of your trusted advisors.  Get in touch any time if you ever want to talk through where you are in your journey.

About RLH Equity Partners

RLH is a private equity firm with over 40 years of experience investing in rapidly growing, founder-owned, knowledge-based B2B services firms.  Our value creation strategy is defined by a heightened focus on culture, continuity of founder leadership, an emphasis on organic growth, and a conservative approach to the use of debt.  In our long history, we’ve invested in and divested dozens of businesses and made many decisions about the optimal time to sell the companies in which we are investors.

[1] There are certainly exceptions to all of these items, so simply accept them here for the sake of example.

[2] Two other advantages of allowing a peer company to go first are (i) the number of viable targets for the interested investor/buyer universe has been reduced by one which improves the scarcity value of the remaining peers and (ii) the prospective investors/buyers who finished second, third, and fourth in the process to acquire the peer company probably still want to acquire a business similar to yours and are logical targets for your transaction process.

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Streamlining Client Onboarding for Quick Wins and Growth Opportunities

Streamlining Client Onboarding for Quick Wins and Growth Opportunities

A Blueprint for Boutique Professional Service Firms

As founders of boutique professional service firms, one of the most critical phases in your client relationship is the onboarding process. This initial phase not only sets the tone for your working relationship but also presents opportunities for quick wins and potential upselling. Let’s explore how to optimize this process through a real-life example and a practical to-do list.

A Success Story from Management Consulting

Consider a management consulting firm that recently won a project with a Global 2000 firm, tasked to assess their new product launch process. Initially, the project’s scope was confined to a single business unit. However, the excellence in their onboarding process led to an unexpected opportunity.

The firm meticulously tailored its onboarding approach, focusing on understanding client needs, setting clear expectations, and delivering early value. This approach not only impressed the primary contacts but also caught the attention of adjacent business units. Within the first 30 days, the exceptional handling of the onboarding process led to a referral into an adjacent business unit, effectively doubling the project’s size.

There is an old saying in professional services, “Do great work and business will come to you.” This is especially true during the new client onboarding process as the firm is still in the honeymoon period with lots of enthusiasm and excitement.

To-Do List for Effective Client Onboarding

To replicate such success, here’s a comprehensive checklist to enhance your client onboarding process:

    1. Understand Client Objectives: Start with a deep dive into your client’s goals and challenges. This understanding is crucial for tailoring your services to deliver immediate value. Do not assume all personnel from the client understands the problem the executive sponsor is trying to solve.
    2. Set Clear Expectations: Ensure that both parties are on the same page regarding project scope, deliverables, timelines, and communication protocols. At times, clients forget what they signed up for.
    3. Quick Win Identification: Identify opportunities for quick wins that can demonstrate your expertise and the value you bring to the table early in the relationship. A quick win is defined as valued delivered inside of the first 30 days.
    4. Personalized Communication: Establish a communication plan that suits the client’s preferences. Personalized interactions can build trust and open doors to additional opportunities.
    5. Regular Check-Ins: Implement a schedule for regular check-ins to discuss progress, address concerns, and adjust strategies as needed.
    6. Feedback Mechanism: Create channels for receiving and acting on feedback. This shows your commitment to meeting and exceeding client expectations.
    7. Showcase Breadth of Services: Without being pushy, strategically showcase the breadth of services your firm offers, making the client aware of how you can support them beyond the current scope.
    8. Leverage Technology: Utilize technology for efficient project management, reporting, and communication. This demonstrates your firm’s competence and reliability.
    9. Build Relationships Beyond the Immediate Team: Network within the client’s organization. Building broader relationships can lead to more referrals and opportunities.
    10. Deliver on Promises: Above all, deliver what you promised, when you promised. This builds credibility and lays the foundation for a long-term relationship. On spec, on budget, and on time- no matter what.

Conclusion: Opening Doors to Growth

An effective client onboarding process is more than a step in client engagement; it’s an opportunity to solidify your firm’s value, build trust, and lay the groundwork for future upselling and cross-selling. By following these steps, you can shorten the time to value for your clients, securing quick wins that pave the way for expanded opportunities and sustained growth.

If you would like to improve on your new client onboarding process, or other areas required to scale a boutique service firm, consider joining Collective 54 by applying here.

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Why Being Unique and Having No Competitors is a Bad Business Model

Why Being Unique and Having No Competitors is a Bad Business Model

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No competition equals a bad business. If there’s no competition, there’s likely very little demand for your solution. So how can you get into a competitive space and create a successful business?

This video offers actionable steps to win deals over big firms. We provide focal points you can’t ignore, opportunities to create competitive advantage, and the benefits that will accompany you
along the way.

Watch this video to learn more about:
– The benefits of doing business in a competitive market
– How to be better, faster, and cheaper than your competition without sacrificing profits
– How to adjust your strategy as you grow for maintained success

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