Solve to Learn #09:

Dan Prudhomme | April 02, 2023

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WHO I’M QUOTING:

"At this moment, there are people only you can reach, and differences only you can make." -Mike Dooley

WHAT’S ON READING RADAR:

"The Professional Services Firm Bible" by John Baschab and Joni Young

This book provided a comprehensive guide to building and managing a successful professional services firm including practical advice on sales, marketing, sales management, and talent development. 

"The Small Business Bible" by Steven D. Strauss

While not specifically focused on professional services, this book is an excellent resource for SMB owners looking to improve their business skills, including marketing, finance, and management.

SOLVE TO LEARN FRAMEWORK:

SITUATION-FIRST: Most people take an average of 2-3 minutes to jump to a conclusion versus a diagnosis of the facts.

SOLVE: Get to know the situation.

TO (THE OUTLINE): Familiarize yourself with the content and understand the outline.

• STAR Outlining System

1. Situation

2. The 5 Whys

3. Analysis

4. Revenue

LEARN:  Embrace the opportunity and absorb the knowledge!

STAR OUTLINING SYSTEM- SCENARIO

Situation

• A professional services firm that specializes in providing accounting and financial consulting services to small and medium-sized businesses (SMBs) is experiencing a decline in revenue over the past year. 

The 5 Whys

• Why is revenue declining? 

• The revenue is declining because the number of new clients has decreased. 

• Why has the number of new clients decreased? 

• The number of new clients has decreased because the firm's marketing efforts have been ineffective in reaching the target audience.

• Why have the marketing efforts been ineffective? 

• The marketing efforts have been ineffective because the firm's marketing team lacks the necessary skills and resources to execute effective marketing campaigns. 

• Why does the marketing team lack the necessary skills and resources?

• The marketing team lacks the necessary skills and resources because the firm has not invested in training and development programs for its employees.

• Why has the firm not invested in training and development programs? 

• The firm has not invested in training and development programs because the leadership team is not aware of the importance of such programs in improving employee skills and performance. 

Analysis

• Based on the 5 Whys, it is clear that the root cause of the revenue decline is a lack of investment in training and development programs for the marketing team.

• This has led to ineffective marketing efforts, which in turn has resulted in a decrease in the number of new clients.
• To address this issue, the leadership team should prioritize training and development programs for the marketing team to improve their skills and capabilities in executing effective marketing campaigns. 

Revenue

• To improve revenue, the professional services firm can consider implementing the following strategies:
  • Invest in training and development programs for the marketing team to improve their skills and capabilities in executing effective marketing campaigns.
  • Revamp the firm's marketing strategy to better reach the target audience and attract new clients.
  • Develop new service offerings that can appeal to SMBs and differentiate the firm from its competitors.
  • Focus on improving client satisfaction and retention through better communication and service delivery.
  • Explore new markets and partnerships to expand the firm's reach and client base.

BURNOUT BUSTING

To address the burnout that may arise from the situation of declining revenue and the need to improve the professional services firm's marketing efforts, the leadership team can consider the following strategies. 

• Prioritize employee well-being.
• Create a positive work environment.
• Involve employees in decision-making. 
• Provide opportunities for growth and development. 
• Foster a culture of work-life balance. 

By implementing these strategies, the professional services firm can help prevent burnout and create a positive work environment that supports employee well-being and promotes success. 

FUNNY ORIGINS:

One day, a leadership team decided to hold a brainstorming session to come up with new marketing strategies.  It has a professional services firm that provided accounting and financial consulting services to small and medium-sized businesses. 

As they sat in the conference room, one of the team members suggested they hire a group of dancing clowns to perform outside the firm's office building to attach attention and draw in new clients.;

At first, the idea met with skepticism and laughter, but then one of the daring team members decided to take a chance on the idea. The next day, a group of dancing clowns shows up outside the office building, complete with juggling balloon animals, and a sign that read "Get your finances in order with our expert services!"

To everyone's surprise, the clowns were a hit! People passing by stopped to watch the performance, take pictures, and even ask questions about the firm's services.  Within days, the firm had attracted several new clients and its revenue had started to climb.  It took the new demo data to create and update its target audience. 

The leadership team never forgot the power of creativity, fun, and a little bit of silliness in solving business challenges. 

SEAL THE DEAL

The professional services firm's situation highlights the challenges of running an SMB, especially in the financial services/accounting space.  

The creativity, brainstorming, self-care, and agility shown helped overcome the challenges and make an impact. 

Just keep unriddling!

DP

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