Meet a $1.4 million company that was a partnership of two 2nd generation owners managing an aging client base, unenergized team, and lacked goals and a set of standards on fees, servicing, use of systems, and processes.
The owners were motivated by a strong purpose to:
- -make a greater impact with clients and community
- -scale the teams’ skills so they could take on work to free the C Suite to develop more business
- – increase profits to afford qualified help and systems
- – make business management easier
- – improve client service
- – improve the valuation of the company so the Gen 3 owner could obtain financing to buy out Gen 2
Initial Challenges
- – A shrinking and older client base
- – Unclear roles
- – Outdated technology
- – Inefficient and undocumented processes
- – Frequent misunderstandings and a lack of accountability among team members.
- – An inconsistent experience for clients, as each team member approached service differently.
- – Ambitious growth goals without a clear plan for staffing and operations.
- – Senior partner wanting to transition out of the C Suite and just serve clients
Leading Change in 9-Months:
Better Team
Using our Roles Responsibilities Map Technique, we co-documented authority levels, roles, responsibilities and identify gaps. This map identified a not-fit team member, created detailed job descriptions, and spurred delegation and learning new skills.
✴️ROI: the offboarded team member’s compensation went to hiring two energized, skilled team members for no additional expense and inspired them to invest in a contractor to take on higher-level technical work so the partners could focus on business improvements and development.
Optimized Tech
We moved them to an easy-to-learn CRM, integrated email and scheduling software, and redirected $20,000 of savings to buy marketing, compliance, and tax software to reduce work and offer more value and services to clients.
✴️ROI: reduced scheduling work by 50% and management of clients by 25% through CRM reporting and automating tasks.
Lean Processes
We documented the client experience from the moment the client was introduced to the business to the 2nd year of being serviced and eliminated or delegated 25% of the work to non-owners.
✴️ROI: saved weeks of training new hires and hours a week of business management time.
Productive, Transparent Communication
We taught how to run a productive team meeting, utilize the CRM for asynchronous communication of work assigned and progress made, and transparently manage business improvements through a PM board in Asana.
✴️ROI: allowed non-owner to manage the weekly meeting so owner could focus on business development and promoted self-accountability, which led to more work completed in shorter periods of time.
Realistic Goals
We helped the business adjust growth goals so they were realistic, measurable, accounted for hires as the business grew, and aligned with their profit and reinvestment wishes.
✴️ROI: accelerated decision-making to invest in the appropriate areas for long-term growth and stability.
Jump to Today
Takeaways
Unlocking the true potential of your business begins with scaling your operations and enhancing your skills for sustainable growth. By fostering strong team dynamics, bringing in skilled external partners, embracing innovative technology, and optimizing workflows, you can revolutionize the way your team collaborates and serves your clients.
With our strategic approach, we can help lead change to unlock your true potential and achieve similar transformative growth.
Will you be next?
At My Virtual COO, we help Holistic Health, Financial, and Law businesses and Non-Profits identify and implement improvements and techniques that accelerate business and team success.
- – Time and Energy
- – Plan of Improvements
- – Growth Goals and Finances
- – Team Design and Hiring
- – Processes
- – Client Experience
- – Utilization of providers
Ready for your own transformation? We would love to speak with you.
