During this episode of The Confident Advisor Practice Podcast, Bill Bush, Chad Soileau, and Pete Bush talk about the importance of knowing when to say no to a business opportunity.
Episode Highlights:
- 01:17 – They discuss why saying no is important in running a practice because you can't take on every opportunity that comes your way.
- 03:59 – Practices should have a defined vision to avoid a catch-all strategy.
- 04:40 – If you don't make a clear choice about who you want to serve, you have to be able to provide mixed service levels to clients with varying needs.
- 05:44 – Chad talks about the importance of describing your ideal client.
- 06:46 – Pete talks about hiring the right person for your organization.
- 07:34 – All of your business decisions go back to your vision.
- 08:59 – What are some tools or resources to figure out your strategic planning?
- 11:04 – Talk to practice coaches and talk about what you really want.
- 12:05 – What are some times where you said yes to something, or knew that you should say no because they weren't the right fit?
- 13:32 – It's hard not to have FOMO, or fear of missing out, on a client.
- 14:06 – You can lean on your outline of an ideal client and your vision when you have to say no to a client to demonstrate that it isn't personal.
3 Key Points:
- You should be able to describe your ideal client.
- Your vision informs everything, including who you hire.
- Speaking to coaches is a great way to develop your strategic plan.
Tweetable Quotes:
- "So that forced people into saying yes to a lot of things because they generated revenue, that maybe if they were thinking like a business person, they would have passed on." –Bill Bush
- "The vision doesn't just focus you in looking for the right clients, it actually attracts the right people to show up to help you develop that business." –Pete Bush
- "I can certainly think of client situations that I thought looked really good on the surface that as you got into them, weren't a right fit." –Bill Bush
Resources Mentioned:
