Why your practice model could be your biggest handicap when it comes to being more profitable
I’ve got some bad news.
If you’re in any kind of professional practice (law, professional adviser, consultant etc) then, chances are, you’ve got a big handicap compared to other businesses.
What is it?
It’s your model.
There’s a 98% chance that you’re operating a time for money model, meaning you generate fees based on the hours that you (or your team) spends on client projects. (Even if you work on fixed fee projects, it’s usually still time for money because you’ve calculated the fee based on the time you think it will take).
Time for money is a model that can keep you working too many hours for too little income.
The problem with this model is it creates conflict between you doing the fee-earning work (generating income) and doing everything else you need to do (including getting more clients and growing it).
When you’re doing one, you can’t be doing the other. So either you’re not generating income or you’re not growing the business.
And if you’re not careful you end up feeling trapped like a hamster in a hamster wheel – running very fast but not actually getting anywhere… and if you stay like that for too long you might burn out completely.
Ok, enough doom and gloom – let’s talk about what you can do to escape this trap and get the clients and income you really want.
First, I’ll freely admit that it can be hard to change the ‘time for money’ model without a fundamental change in the way you do business. But you can reduce the negative impact of the model and accelerate getting the clients and income you want by following these steps:
1. Diagnose which elements of your model are slowing you down or stopping you from having the clients and income that you want, or keeping you working too many hours.
2. Identify the key strategies, tools and systems that will be most effective get the clients and income you really want in the least amount of time (I called these ‘Accelerators’)
3. Plan out which Accelerators to install in which order and get the know-how and skills you need to implement them.
I’m going to be taking my existing clients through a step-by-step on how to do this in an online training I’m running later this month. If you’d like to join me as my guest (no cost) then you can register your place here.