Word of the Day: Exit

Word of the Day: Exit from Blumer CPAs on Vimeo.

TRANSCRIPT:

Word of the day, these are videos where we pick a word and we’re just going to help you be strategic about what that word may be, and this one is exit. Why might I use the word exit? Well, we’re at the year end. We’ve just gone through the year end, and that’s the time when we do a lot of renewals with clients, and renewals are a great time for us to assess who we are as valuable to the client and it really puts us in the lives of the client in a very face forward way to say are we valuable? And some clients don’t renew, and that’s fine. You learn at the end of a contract who is valuable for you and who you’re valuable for, and how other places can be better values for clients.

But one thing that’s embedded, there’s a lot of knowledge embedded in people exiting your company. This could be exit interviews with team, exit interviews with clients, things like that. That’s why we don’t like evergreen contracts, that is contracts that never end, never have an end date. We’d like an end date, because it forces us into that human interaction of are we right for each other? We should always be assessing that. But upon an exit, I’m trying to point to it, but upon an exit, there’s so much knowledge in a person leaving a situation that it could be leaving a relationship, leaving a client, leaving a firm, leaving a piece of software. All of this exiting, actually the people exiting, there’s tons of knowledge and information as to why they’re exiting, because when somebody is exiting, they’re basically saying, you’re not right for me. And that may or may not be them or you, or bad or good. There’s just knowledge as to why they’re making that decision.

And if you can unlock a lot of the knowledge in the head of whomever is leaving, there’s a lot of growth you can learn. You can obtain a lot of things, and some clients that aren’t renewing with our firm, we’re learning a lot about the exit of these clients out into a market where they’re going to open themselves up and go search for another provider. And we serve in a pretty deep way. So they’re having to untangle and unembed with us, and that value must be so strong to them that they need to have to go find people somewhere else. And for some of the people exiting, we really have come to a conclusion that it’s not that we don’t like each other, it’s that we truly are not the right firm for you. You have some needs we actually cannot fulfill, and sometimes it’s we want them to be a client in such a way that they just cannot be. We want them to be a client.

And that’s the relationship you want to build. So there’s such value in this exit, the knowledge of people leaving. You want to find those things. So I hope that word of the day helps you know that when people are leaving, don’t just let them go. Go try to pull some knowledge out of their mind, if at all possible. It’s super important to do. Hope that helps. Thanks so much for watching word of the day.

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