So here's an interesting observation about Fractional CFOs:

Most say they want to hit a million-dollar run rate.
Few are willing to do what it takes.

What is it that must be done that few are willing to do?

Prospecting.
And lots of it.

Let's just start by saying this out loud: prospecting sucks.

But I’ve developed a secret weapon that guarantees I do prospecting every day - which means I consistently hit my client growth goals and my revenue goals.

This weapon completely changed my firm when I introduced it, and it can do the same for you. 

What is this secret weapon? The Battle Board.

The Battle Board is a visual accountability tool that tracks your daily prospecting and sales activities. It forces you to do the work that gets you more clients. 

Why is it called a Battle Board? Because you’ll head into battle to get those clients every day.
(And frankly, because it sounds cool.)

A Vision Board Shows You What You Want.
The Battle Board Shows You What To Do.

I’ve lost track of how many gurus have told me to “create a vision board” to “manifest your dreams into reality.” 

The vision board is supposed to have photos of, like… a Ferrari?
A mansion?
A bathtub that’s inexplicably sitting outside on the beach?

Here’s my problem with vision boards. The photos of luxury vacations and private jets can remind you of what you WANT. But they don’t show you what to DO. You end up motivated but directionless, like a car that’s spinning its wheels without gaining traction.

After a few weeks, the vision board doesn’t motivate you. It haunts you. It mocks you. In contrast…

The Battle Board Compels Daily Action

The Battle Board breaks down your daily prospecting tasks to keep you focused on exactly what you need to do. It removes the guesswork from prospecting and lights a fire under you. The Battle Board is your eye in the sky that keeps you dialed in on what matters most: numbers, actions, and results. 

I'll show you how to build your Battle Board below. But first, let's go over why you need a Battle Board. 

Treat Your Prospecting Like a P&L

Think back to the last time you landed a new Fractional CFO client. Which financial reports did you open up first? I’m willing to bet the P&L was one of the first.

Nothing beats a P&L for revealing the revenue that’s coming in the front door, the many ways revenue gets spent in the business, and how much profit remains.

The Battle Board is sort of a “Prospecting P&L.”

But instead of:
Revenue - Expenses = Profit

The formula is:
Leads - Lost Leads = Clients

Like revenue enters a business, leads enter your pipeline. But not all leads stick around. Many drop off because they’re broke, because their books are a mess, because they don’t have a team, or because they were never seriously interested. 

Nevertheless… a few remain.

We call those new clients. 😎

The next level of the Prospecting P&L is margin analysis. Yes, you can analyze the margins of your prospecting activities! Ask questions like:

• What percentage of leads become clients?
• Given this closing percentage, how many leads do I need to hit my client growth goal?
• Or if I couldn’t get any more leads, how much would I need to improve my closing percentage to achieve my client growth goal?

 Do you want to get more clients? You really only have two options:

1. Increase your close rate
2. Find more leads

Most fCFOs are not stellar at finding more leads. For most of us, the easier lever to pull is labeled INCREASE YOUR CLOSE RATE.

When Prospecting, You Get Unlimited Attempts

Have you ever watched the MLB Home Run Derby? At this year’s Derby, the Seattle Mariners’ Cal Raleigh won by hitting 54 home runs off of just under 100 pitches. 

Prospecting is like a home run derby with unlimited at-bats. The more swings you take, the more home runs you hit. If you strike out—it doesn’t matter! Get swinging again!

Most fCFOs step up to the plate, take two swings, and wonder why they haven’t hit anything.

You’ve heard it before, but it’s true: Prospecting is a numbers game. You don’t need to be perfect. You don’t even need to be good. You just need to dedicate yourself to stepping up to the plate every day, time and time again.

I know some of you fCFOs reading this newsletter haven’t even had 5 quality conversations with prospects in the past 3 months. You’re frustrated, burnt out, and feeling stuck.

I know that feeling, because I used to be the guy reading articles like this, hoping for a breakthrough.

Here’s my encouragement to you. I want this to be the last article you read today. You don’t need any more knowledge—you need more conversations.

Yes, I know you’ve been “planning” and “strategizing” so you can be “effective.”

But if you’re reading this article and you haven’t had 20 quality conversations in the last month, you probably need to do less planning and get more accountability.

Time to build your Battle Board.

How to Build Your Battle Board

Grab a piece of butcher paper. (You can also use a whiteboard or a poster board.) Write “Battle Board” at the top in huge letters. Add columns for your daily prospecting activities:

• Connection Requests Sent
• Follow-Up Messages Sent
• Discovery Calls Had
• Sales Calls Had

Make a new row by writing today’s date in the left-hand margin. Then track your progress with big tally marks, every day, without exception.

Hang up your Battle Board where you can’t ignore it. If you have a team, put it where everyone can see it.

That’s it. Simple but effective. You’re ready to do battle.

Somebody once asked me, “Who am I battling against?”

You’re battling against procrastination.
You're battling against the discomfort.
You're battling against "later".

Prospecting sucks. Getting it done daily is a battle, but it’s a battle worth fighting because your bank account needs cash (and because your clients need you to find them).

How I Use the Battle Board in My Prospecting Power Hour

What does it look like to use a Battle Board in real life? 

When you're trying to grow, set aside an hour every morning (first thing!) for prospecting.

We call that our Prospecting Power Hour.

No matter what the rest of the day holds, we grab our coffee, park our butts in seats, and start prospecting.

I’m typically on LinkedIn, connecting with potential referral partners and prospects and continuing conversations from the day before.

When someone’s interested, we schedule a Zoom call, or even hop on Zoom right away. It’s not rocket science. But the Battle Board holds us accountable to do the work.

Your Battle Board will build accountability into your system. It will keep you disciplined and fire you up to hit your numbers every single day. Every day, you will look up at the Battle Board and the Battle Board will look back down on you.

The tally marks (or lack of them) will stare you down.
There’s nowhere to hide.

When I first put up the Battle Board for my team, it was like flipping a switch. We had clarity, urgency, and accountability. We had a consistent reminder of what we were actually doing (and what we weren't doing).

Accountability is everything when it comes to doing things you hate, but that you know you have to do. 

• When you feel the pressure, you do the work. 
• When you do the work, you hit the numbers. 
• When you hit the numbers, you get more clients. 
• When you get more clients, the flywheel starts spinning.

You gain momentum.
You get better at prospecting.
You get better at sales.
You get closer to your big goals.

Eventually, you can hire people to prospect for you, and you never have to stare at a Battle Board again.

The choice is yours. You can keep winging it, dabbling with prospecting, hoping your 3 leads will turn into 5 clients.

Or you can put up your Battle Board, start swinging for the fences, and feel that sweet sweet taste of victory.

I'll leave you with this:  

Prospecting is awkward.
Being broke is also awkward.

You get to pick your awkward.