How This Practice Broke 7 Figures through Rapid Experimentation

Podcast

Summary

  • How this firm accelerated Hypergrowth
  • Thinking through a pricing strategy
  • Using mentors and resources to grow the right way

Connect with Michael Payne, JD, CPA

Meet Michael Payne

Michael Payne, JD, CPA is a native Arizonan, where he is licensed as both a Certified Public Accountant and Attorney. Mike has over 12 years of experience working with business owners, individuals, and nonprofit organizations to meet their financial goals and compliance obligations.

As both a CPA and attorney, Boss Advisors helps firms with legal and accounting providing a full scope of professional services.

Boss Advisors has grown over 4 years to a team of 10, and is projecting to continue growth into 2022.

Massive Growth through Rapid Experimentation

For most firms, rapid revenue growth means adding many more clients.

For Michael and Boss Advisors, this was only one component. The other piece of the puzzle was adding in new services to existing clients.

For example, the firm recently rolled out estate planning services which can be introduced to anyone they work with for accounting work.

Mike put it this way, “We had been referring out about $20,000/month worth of estate planning work. We hired an attorney with that specialty and decided to be strategic in how we rolled it out.”

Rolling out new services

Boss Advisors has a unique structure in Arizona where they operate as a law firm and CPA firm. This gave them flexibility when they brought on an attorney to roll out estate planning.

The roll out was a big success. Mike said they are able to engage with current clients with a soft introduction, asking whether they’ve considered estate planning or succession planning.

If not, this provides a natural introduction to the services.

But even if your firm isn’t providing legal services, there are still lessons learned in rolling out new services.

Boss Advisors went through a similar transition in offering CFO services.

“At first we made a mistake.’ Michael said. “We didn’t define the industry or the service and it became too concierge.”

Mike said the CFO services became too custom to the point where the Boss Advisors virtual CFOs felt like part of their client’s org chart!

Lesson learned. Now all services are pre-defined with a pricing structure that ties with a scope that is fitting with the clients’ size and needs.

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Keys to Boss Advisors Rapid Growth

Boss Advisors has grown to a team of 10 full time staff.

They’ve seen annual revenue growth from $375,000 to $780,000 and are now on track to go over 7 figures.

A big part of this growth has to do with a good rapport and success with their clients.

At this time, Boss Advisors has achieved that rapid growth without investing in specific marketing campaigns!

How have they done it?

  1. Rolling out new services
  2. Referrals and word of mouth

While they intend to take a more intentional approach with marketing in 2022, the firm has been able to grow rapidly because of their great relationship with clients.

This means, not only providing a good service, but connecting with the clients on a level where it makes sense to softly introduce new services.

Key tip: Are you building lasting relationships with clients? By doing so, you create longer-term relationships and open doors for growth.

Don’t let your clients drive pricing

As Boss Advisors has growth, they’ve become more sophisticated in pricing. With subscription packages, the ideas is to become more simple and repeatable.

However, you can run the risk of allowing your clients to drive the package based on the pricing number they see.

Instead, Michael says Boss Advisors now focuses on understanding the situation and needs of their clients then prescribing a package that fits.

It’s a subtle difference, but the key is to make sure the package fits with the clients’ needs.

You don’t have to reinvent the wheel

Michael attributes much of the success of Boss Advisors to a tribe of coaches and mentors the team has learned under. And he would advise up and coming firms to do the same.

“You don’t have to reinvent the wheel,” Mike said. “Your business is not novel. Someone else has already gone through something similar. Learn from those people.’

Specifically, Mike mentioned several resources he’s leaned on or learned from to help with their growth.

One Habit to Kickstart 2022

Finally, Michael said in the coaching they’ve received the biggest takeaway is for better communication in the firm.

During a team retreat, the firm talked through how each person on the team likes to receive and give communication.

“It’s completely changed the way we handle meetings.” Michael said.

The point is, you need to listen more and ask questions. Then whether it’s a challenge or opportunity, the team can remain in sync.

You can listen to the full episode at the link above, and be sure to check out Boss Advisors and connect with Michael on LinkedIn!

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