We have talked about saving time in your business development process. Perhaps that isn’t a big area of concern for you. But, I hope you found value in the mindset shift we talked about around applying the 80/20 principle in your business.
As a reminder, the 80/20 principle (also known as the Pareto Principle) states that 80% of your results come from 20% of your efforts. You can save time, energy, and money if you know where to focus your attention (as well as what activities you can eliminate, automate, or delegate).
Leveraging cloud-based software to streamline your processes can reduce the time your team spends on files, time spent figuring out manual processes, and administrative time. However, saving time is really pointless unless you use the “saved” time for something meaningful.
I have worked in large firms where time saved is often reinvested in more administrative tasks. This is not a huge win, as it just means that we merely add more billable hours, without really creating any real value. I recognize that large firms care deeply about the almighty billable hour. BUT, what could you do if you invested some of the saved time focusing on adding value?
There are many ways you and your team can add value to your business, your team, and your clients. Adding value focuses on improving something intentionally. Here are just a few examples of adding value.
To your team - the best way to add value to team members is to help them level up their skill sets. This can be done through training or mentoring. How could you add value to your team with some of the time you could save using Auvenir (or Key Strategic Partnerships)?
To your clients - you can easily find new ways to add value to your clients. If you solve small problems for them, you earn small fees. If you solve larger problems, you will earn larger fees. And, the bigger the problem, the happier the client will be to pay you! Rather than focusing on small problems (such as an audit deadline), what value could you add to your client? What problems can you solve for them that they may not normally look to you to solve?
To your business - as stated above, you get paid according to the size of the problems that you solve. Many firms get stuck in the rut of chasing billable hours. If your focus is on billable hours, you will not make the time to solve bigger problems for your clients. Set aside some of your “saved” time to focus on bigger problems that your firm can solve for clients. Reinvest the time internally to find new innovations or solutions that you can offer. How can you reduce your dependency on billable hours?
Full disclosure, I am a huge advocate of value pricing. Value pricing is an art and a science. When I speak about adding value in this post, I am focusing on the simple mindset of adding value. We are not talking about the intricacies of value pricing.
Interestingly, if you focus on adding value, the small things will have a big impact. You will be serving your clients from a new perspective, and they will notice it. Always ask yourself, if I saved this time, how would I reinvest it?
We will share advanced strategies on building a referral network in our webinar “How to Grow Your Practice by Leveraging Key Strategic Partnerships.” Join us to learn how you can grow faster by leveraging strategic partnerships.