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THE 5 MINUTE FRACTIONAL CFO

015: Bored With Your Firm? Try This!

Sep 09, 2022

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015: Bored With Your Firm? Try This!

Sep 09, 2022

Today, I'm going explain why firm owners get bored with their firms and what to do about it.

Boredom is a VERY dangerous place to be. Boredom leads to burnout, reduced effort for clients, and generally just checking out.

Unfortunately, most people don't know why they start feeling bored, much less what to do when they get there.

The primary reason firm owners get bored is because they no longer feel challenged.

Everyone needs new challenges. 

Challenges are what keep us excited, fueled, and energized to come to work every day and bring our A-game! 

But an absence of challenge:

  • Leads to stagnation
  • Which leads to boredom
  • Which means you aren't growing
  • And if you aren't growing, neither is your firm

The good news is there are several ways to challenge yourself so that you can avoid stagnation and boredom.

Here are 4 ways that you can light that fire again:

Challenge 1: Attract bigger, more complex clients

Same clients.
Same problems.
This is one of the leading causes of boredom.

If you work with the same size clients that have the same challenges for too long, you'll get bored. So it might be time to level up your portfolio to include larger companies. Larger companies have bigger problems and more complex issues for you to tackle.

This can be scary.
Try one to get your feet wet.
And believe in your ability to learn.

Challenge 2: Level up your sales calls and increase pricing

Selling CFO services at $500/month is very different than selling CFO services at $5000/month.

It's almost an entirely different skill set! 

But developing this skill set will serve you for the rest of your life.

If you hit the point where you start feeling bored, raise your prices by 25%, 30%, or even 50% for new clients. If they say no, it's not usually an issue of price - it's usually because you need to level up how you handle sales calls.

Study others.
Try new tactics.
Re-watch your calls.
Try to get better each time.
Make more money with fewer clients.

Challenge 3: Upgrade processes, procedures, and automations

Have you ever told yourself that you need a bigger team to serve more clients?

Sometimes that's true.
But often times it's not.

If you've been following me for a while, you know that I'm not trying to manage a big team. So one of the biggest challenges I've tackled was figuring out how to enable one CFO to handle 10-15+ clients.

Spoiler alert: we figured it out.

The secret? 

Better processes, procedures, and automations.

For us, incorporating G-Accon into our workflow was a game changer. It automated the process of updating our monthly CFO reports. But it took a couple of months of testing platforms, deciding on one, and getting it rolled out.

In the end, we are saving almost 40 hour per month.
Tota


lly worth the challenge.

Challenge 4: Enhance your service offering

Adding new services can be a REALLY fun challenge. And they can also be a great driver of revenues and margins - without adding a ton of work.

Here's how: 

One of the biggest requests we get from our clients is that they want more access to us!

• They want to pick our brains.
• They want to bounce more ideas off us.
• They want to better leverage our experience and expertise.

But you can only do so much during one monthly CFO call.

So I decided to add a new service option to our menu: The CFO Executive Package.

For $12,000, I will fly to the location of the client's choice and spend an entire day with them and their team. We work on anything they want - budgeting, strategizing, planning. It's really up to them!

πŸ‘‰ I get an all expense paid trip.
πŸ‘‰ I make $1000/hour.
πŸ‘‰ They get more me.
πŸ‘‰ Win-win.

Think about some of the things your clients ask for and brainstorm ways you can deliver value without adding a ton of time to your schedule.

I promise - this will challenge you.

Treat the feeling of boredom as an early warning sign.

If you're bored, it likely means you aren't growing. And if you're not growing that means your firm can't grow. Bad things usually follow.

Your coach, 
Michael King

Whenever you are ready, here are 3 ways I can help you:

  1. Join us at The CFO Accelerator Live in Dallas, TX from May 15-17. 2024 andΒ learn how to get more clients, increase your pricing, and close more sales! Get your ticket here.
  2. The Inner Circle - every month my team and I go live and share the most impactful lessons we've learned in our journey to start, scale, and optimize our own CFO firm (including live Q&A). Plus you'll get access to our private community of overΒ 200 Fractional CFOs.
  3. If you'd like more amazing (and free!) content about starting, scaling, or optimizing your Fractional CFO firm check out The CFO Report.

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