Every founder experiences the exhilarating rush of building something new. However, this initial energy often gives way to overwhelm as daily operations become overbearing. This article shares the journey of a Collective 54 member who met this juncture and found a path forward. Names and specific details are omitted to focus on universal lessons that echo the struggles many others face.
As I’ve spoken with more members of Collective54 about their Go-To-Market strategy, there is a common theme. Their primary Buyers, their Heroes, are typically C-level executives, but rarely the CEO. This is true of professional services generally, as CFOs, COOs, CIOs and CHROs dominate the landscape of Buyers. Proserv firms vary in their capability to engage and stay relevant with CEOs. If you are wondering how effective your team is at engaging CEOs, there are two leading indicators to look for.
I thought running a professional service firm would get easier over time. Eighteen years later, I’m still waiting for that day.
Daily obstacles never stop coming:
Growth. It’s the one constant we’re all chasing. More revenue. More Income. Higher valuation. Etc, etc,etc.
However, it doesn’t always go according to plan.
2023 saw a new high for my company as we increased revenues and income by almost 50% over the previous year. It was an exciting time that I – in my infinite wisdom – thought would go on. Because of course it would. Right?
Most professional services firms generate 90% of their leads from just five channels, yet surprisingly few have a repeatable system to consistently capture these opportunities. If your boutique professional services firm struggles with predictable revenue growth, it’s likely because you haven’t fully optimized these critical sales channels.
A proven blueprint for professional services leaders who want to turn delivery into differentiation .“You’re the first consultant that made my team feel like I knew what was actually going on day to day. Compared to (competitor), I’m glad you asked questions early, and gave me updates often. ”That’s what a client told me after just two weeks of working together. They weren’t praising a breakthrough insight or a brilliant feature. They were talking about our disciplined process — and the relief it gave them.
Eighteen months ago, I made one of the most pivotal decisions of my CEO journey: forming an Advisory Board of seasoned industry leaders for Waterhouse Brands. Their mentorship has been transformational — fueling our growth with insight you simply can’t Google.
Boutique firms often struggle to scale because they lose touch with what their clients truly need. Yesterday’s solutions may no longer be relevant today. Without a consistent way to listen and adapt, you risk missing valuable growth opportunities—or worse, becoming obsolete. Firms with strong Voice of Client programs deeply understand their clients’ needs, are able to uncover hidden revenue opportunities, and better develop targeted services that solve the problems clients value most.
When the journey of running your own service firm – be it a consulting firm, a marketing agency, or a software development shop – draws towards a chapter change with a sale, the term “earnout” often becomes a central piece of the conversation. This financial arrangement can either be a boon, ensuring you reap the benefits of your firm’s future success post-sale, or a complex challenge to navigate. Understanding earnouts, why they’re particularly common in the service industry, and how to ensure you get paid in full, or what steps to take if you don’t, is crucial. This article aims to demystify this process and suggest a support network through Collective 54, where shared experiences and wisdom can guide you through.
In an M&A process, your one chance to make a first impression on prospective buyers is during the fireside chats. Before the fireside chat, buyers sign an NDA. They also get your Confidential Information Memorandum (CIM) and Quality of Earnings (QOE). I took part in fireside chats with potential buyers during our M&A process. Here are my ten tips.