Firing Clients: It's Not You, Well...
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English - December 15, 2023 07:00 - 40 minutes - 37.9 MB - ★★★★★ - 60 ratingsEntrepreneurship Business Management cashflow finance budget Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Mark shares a trend he has become aware of in his business: his highest revenue clients are also his least time-consuming clients, and thus his most profitable clients. On balance, the clients who pay the least under his sliding scale fee structure end up taking the most time to process. This discussion begs the question -- when do you fire a client?
Jesse hashes out some ideas for a new fee structure so that Mark can retain higher-touch clients while incentivizing them to comply with the best practices that make them easier to process. They discuss the importance of focusing on the client's emotional state and how changing their behaviors to comply with Mark's system (such as opening accounts at banks that are easy to query for data, and minimizing the total number of accounts) can bring them value by reducing stress and increasing insight into the trajectory of the business.
Mark Butler, Virtual CFO
The Money School: https://moneyschool.works
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