The Order on Building Your Business

The Order of Building Your Business from Blumer CPAs on Vimeo.

Transcript:

As you think about your service based organization that you’re building, just think about there’s two sides really that you’re always managing. Right? It’s a market side.. It’s an external side. That’s your client side. That’s where you’re positioning towards and making purpose statements towards. Then there’s an internal side. That’s the service side. Right? That’s that’s the things you can control, and do things about, and build structures and team models that serve that market side. Julie and I’ve been in our service model for a long time, and we do consulting with service based companies ,and agencies, and firms. One thing we’ve learned, that the market side is less controllable. So, it’s more leading and informing. A market changes, and it tells a service based organization how they must change. So, you kind of just accept it, and you roll with the market.

Now, the service side is how you serve. That’s more controllable, but it is a responsive sides to the business. So, it’s responsive in that it responds to a market. As a market changes and tweaks, then a service side responds and starts to change its team model, and its revenue model, its value propositions. Maybe that doesn’t happen but every three to five years, those internal changes and tweaks. But you know what’s one key to getting this right, that is reading the market right, and it being kind of leading, and informing, and getting your service model right as you lead your clients, and that being kind of more responsive and controllable?

The one thing to get that right is to always be watching your market. That’s to study your market, and what you want to do is see patterns basically. That’s what will really help you in your market. If you can watch your market over periods of years, you can see ups, and downs, and changes, and then you start to notice patterns. The patterns are what confirm to you that your market is informing you to change, and it’s important to see those kinds of things and watch those kinds of things.

So, one way you can stay involved in a market and watch its patterns change is to be focused. Right? You want a client focus. What that client focus does is it allows you to look at a very specific swath of the market, so that you can notice some of the changes. That’s a really big deal. If you’re a generalist, a lot of times you won’t notice a lot of those changes. It’s pretty important that you do focus in on those things, because if you don’t notice a very focused part of a market, you won’t notice the patterns that then read to you and inform to you of things you must change. That’s a little little insight into the market side and the service side of a service based business, how to grow it and watch it more effectively. I hope that helps.