“You don’t need more clients… you need more-better clients,” I told Mark and Dan, partners in a successful financial advisory firm.
Bad English, I know.
On purpose to make a point.
A Client MRI revealed that two thirds of their clients were requiring 62% of their time and their team’s time to service.
Here’s the kicker…
Those clients, who were taking 2/3 of their money, time and effort to service, were producing about 13% of their income.
They were caught in the paw trap!
The monkey paw trap…
The idea is to hollow out a coconut, fill it with a treat the monkey likes and chain it to a stake.
The hole is big enough for the monkey’s pas to go through (empty handed), but too big to fit back through with a clenched fist full of treats.
Trapped… or at least if seems so.
The only way out is to let go.
The only way to enjoy a business with qualified clients you love is to… let go.
Be willing to let go of the less-than-ideal clients.
We designed a strategy to help the past clients get taken care of and replace the income for Mark and Dan.
You ready to let go?
The first step is a Client MRI.
Determine how much money, time and energy is your bottom 80% taking? How much of your total revenue are they producing?
Ready to let go?