How does True Advisory® enable Lifestyle Choices?
Most business owners yearn for a way of life that involves freedom from hassle and the ability to do what they want when they want.
Instead, they feel driven by:
Deadlines
Client demands
Staff unreliability
Flatlining sales
Rising costs
Cashflow
Systems failure
So, relaxation is difficult and may even induce feelings of guilt or even fear, when taken.
Reflections often turn to selling the business, tempered by a realisation that it wouldn’t fetch enough to retire in comfort.
So many feel stuck, especially in midlife when the growth urge has subsided but the way to a comfortable exit demands yet more growth.
So, let’s reflect for a minute on what a lifestyle business could look like.
For the owner to take quality time out with confidence. the following would need to be in place as part of a well thought out plan:
Steady sales
Reliable margins
Stable costs
Happy customers
Loyal staff and contractors
Quality products and services
Simple processing systems
Independent reporting
Remote access to data
For an accounting practice that means building a team of capable, steady and well-rewarded people.
Expect, therefore, a short term hit to costs but with payback starting in year 2.
The rest will fall into place as a direct result of having the right people working to the right plan. And especially, reporting systems that keep the owner informed, wherever they are in the world.
By year 3 s/he can start taking leisure time out, having built confidence in the team and what they are doing.
But the paradox is the need to work harder for a while in order to work less, later.
So, at the outset of a Runagood® Lifestyle project, I bottom out the owner’s true appetite for change. Because they may be too worn out to embark on the plan I’ve outlined.
Or disinclined to start by investing in a stronger team.
In such cases, we work out together how else to take the pressure off right now, so the owner gets a breather without the practice getting into trouble.
For example, filtering out worthless clients and unproductive employees and contractors helps a lot.
However we decide to approach the Lifestyle challenge we’ll do so through ‘evolution not revolution’. By which I mean setting out on a gradual journey of improvement along the Yellow Brick Road.
Spending 1-2 hours per week working together to adapt the practice into something that’s easier to run, financially, emotionally and remotely.
And stopping at any point when it feels ‘good enough’ which can range from being able to take weekends off to taking months off.
And remotivated, we may even then continue the journey towards True Advisory® City and a high value business when it’s time to exit.
Next step: to explore all that and discuss what your perfect lifestyle might look like Call me anytime.
