five action items to take.
by jackie meyer
we’ve explored the spark that ignited your entrepreneurial journey. now, let’s give that spark direction and purpose. building a successful advisory practice isn’t just about working hard; it’s about working smart. and that starts with having a clear vision.
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vision is more than just a lofty idea; it’s a necessity. it’s the guiding force that dictates not only what you want, but also what your team should strive for daily. your vision is the picture of your ideal practice, your ideal lifestyle and your ideal impact. it’s your north star, providing direction and inspiration – especially when day-to-day challenges feel overwhelming.
vision vs. mission – know the difference:
- vision is your long-term aspiration. it’s where you see your practice in the future – the big picture, the dream. vision is aspirational and inspirational.
- mission is your present-day purpose. it’s what your practice does now, for whom and how. mission is focused on action and execution.
your vision provides the “why” and your mission defines the “what” and “how.” both are important, but it’s the vision that will pull you forward when things get tough.
backing into goals: a clear vision is the foundation for setting actionable goals. here’s how to translate your vision into concrete objectives:
- annual goals: what do you want to achieve in the next year to move toward your vision? these should align with your long-term vision. examples: a revenue target, a number of new advisory clients, hiring a key team member, launching a new service line.
- quarterly goals: break down your annual goals into 90-day chunks. quarterly goals provide focus and allow you to track progress in shorter sprints. example: if your annual goal is $500,000 in revenue, a quarterly goal might be $125,000, plus signing x new clients or implementing one major system improvement.
- weekly goals: every week, identify the key tasks that will drive you toward your quarterly goals. this keeps you grounded and ensures you’re making consistent progress. example: “this week – finalize our new pricing brochure, reach out to five client referrals, complete the workflow documentation for onboarding.”
these smaller goals are the consequences of your vision. they’re the tangible steps you take to bring your vision to life. without a clear vision, your goals can lack direction and purpose. with a vision, each goal is a meaningful milestone on the way to your dream practice.
defining your ideal practice (and life)
it’s time to do a little dreaming. imagine it’s three to five years from now and everything has gone as well as it possibly could. what does your life look like? consider these aspects:
- ideal practice: what kind of work do you want to do daily? how large is your firm (a boutique solo practice, a team of five, a firm of 50)? what services are you offering and which have you stopped offering? what is the culture of your firm?
- ideal clients: who are you serving? what do your clients value most about your services? how do they behave and communicate?
- ideal schedule: how many hours are you working per week? which days are you off? what does a “workday” look like for you? (remember, my book is about potentially working four hours a week, so don’t be afraid to envision a very light schedule if that’s your goal!)
- ideal income: what personal income are you drawing from the practice? how is your income structured (steady salary, profit distributions, etc.)?
- ideal lifestyle: what does your work enable in your personal life? more time with family? travel? health pursuits? community involvement?
take some time to write down your vision of an ideal day or week in this future. the more vivid, the better. this isn’t daydreaming – it’s strategic. when you articulate exactly what you want, you can start working backwards to make it happen.
the pitfall of taking “any and every” client
one of the most common mistakes advisors (and really all service professionals) make, especially early on, is saying “yes” to any client who comes knocking. the logic seems sound: “i need the revenue,” or “work is work, i shouldn’t turn it down,” or “i have some extra capacity, why not fill it?” but building a practice (versus having a stressful job you created for yourself) means being strategic about whom you serve.
taking on bad-fit clients will do more harm than good. here’s why:
- increased stress: difficult, unaligned clients drain your energy and test your patience. life is too short to deal with clients who make you dread your own business.
- opportunity cost: every minute spent on a bad-fit client is a minute not spent courting or serving an ideal client. bad clients crowd out the good.
- reputation risks: problematic clients can result in problematic outcomes (unreasonable demands, dissatisfaction despite your best efforts, etc.), which can affect your reputation.
- reduced satisfaction: working with clients who don’t value you, or whom you simply don’t enjoy working with, can make you question why you started this in the first place.
learn to say no – refer out the rest: it’s better to have fewer, great clients than a horde of mismatched ones. this is where having that clear vision helps. when you know your ideal client and ideal services, it becomes easier to recognize “this prospect is not for me.” and you can say no gracefully:
- define your ideal client: start pondering: who do you love working with? what characteristics do your best clients share? (industry, personality, revenue level, mindset?)
- trust your gut: if a potential client gives you a bad feeling or clearly doesn’t align with your values or process, trust that intuition. politely decline or better yet, refer them elsewhere.
- build a referral network: develop relationships with other professionals who serve different client types or provide services you don’t. when a misfit prospect comes your way, refer them to someone who’s a better match. you’re not leaving them in the lurch; you’re guiding them to the right provider. plus, referrals tend to come back around.
by saying no to non-ideal clients, you make room for the yes that matters: the clients who do fit your vision and whom you can serve exceptionally well. early on, turning away business feels scary, but it is one of the key moves that separates struggling practitioners from thriving firm owners.
use pre-qualification to screen clients
to further ensure you’re only onboarding ideal clients, implement a pre-screening process:
- pre-qualification questions: develop a short list of questions for any prospective client to answer (could be a form on your website or discussed in an initial call). ask about their needs, expectations, budget, business stage, values – whatever factors are important for you to gauge fit. for example:
- “what prompted you to seek a new advisor at this time?” (are they growth-minded or just shopping for the lowest fee?)
- “what are your goals for your business in the next one to three years?” (do they align with advisory services?)
- “have you worked with a tax advisor before? if so, what did you like or dislike?” (red flags for unrealistic expectations can surface here.)
- “how do you prefer to communicate (email, phone, in-person) and how often?” (ensures your working style aligns.)
- personality and values fit: some advisors even incorporate personality assessments (like a quick disc profile or simply observational cues) to understand if a client’s personality will mesh well. for instance, an extremely last-minute, urgency-driven client might clash with an advisor who values planning and steady pace. it doesn’t mean one is bad and the other good – just a mismatch. recognize it early.
by filtering prospects through a pre-qualification lens, you’ll save yourself countless headaches. it’s much easier to not engage a client in the first place than to fire them later.
these questions serve several purposes:
- qualify leads: they help you quickly assess whether a potential client is a good fit for your services and pricing structure.
- set expectations: they communicate your specialization, pricing and process up front, saving time and filtering out unqualified leads.
- gather information: they collect essential details needed to provide accurate advice and proposals.
- establish urgency: they help you manage your workload and prioritize clients based on their needs and timelines.
here is my own pre-qualification exact questionnaire:
thank you so much for reaching out to (firm name). we specialize in executives and high net wealth with unique all-inclusive monthly packages (starting at $600 p/m) tailored to those that want innovative paperless technology, streamlined proactive communication, and tax savings more valuable than your investment in us! would love to hear more about you and see if we are a good fit. can you spare a few minutes to return these questions this week?
also please review our package offerings, and let us know any initial feedback or questions for jackie. she will recommend a custom package: http://www.meyertax.com/packages
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- tax bracket or expected income this year:
- have you used a cpa before?
- what are complex areas of your return? for example, rental property, stock incentives at work, or k-1s.
- what is your current address?
- where does your estate plan stand? we can assist in updating this with your attorney, especially important when your net worth is over 5 mil.
- please attach your most recently filed 1040 and any business returns.
- any significant events impacting your income or deductions this year that we should be aware of?
- we currently have a waiting list for potential clients, so please let us know your urgency and timeline so we can try to accommodate you as soon as possible. returning these questions and providing a copy of your last filed return will expedite your request.
we are excited to hear back from you and see if there’s an roi in our tax strategies. in the meantime, you can read testimonials from current clients here: http://www.meyertax.com/testimonials/
sincerely,
clarifying your core values
your vision sets your destination, and your values guide how you travel the road. core values aren’t just corporate fluff; for a small firm, they are deeply personal and highly practical. they help in decision-making, hiring (or not hiring) staff and clients, and maintaining your integrity under pressure.
take a moment to define three to five core values for your practice (and yourself). examples might include integrity, excellence, family, innovation, balance, service, transparency, etc. think about what principles you refuse to compromise on, even if there’s pressure to do so.
once defined, these values will act as another filter. for example, if “family” and “balance” are core values, then a client who expects you to drop everything and answer calls at 9 p.m. on a sunday is not a fit. if “innovation” is a value, then clients who only want the most traditional approach may not excite you (and vice versa).
you can even share your core values with clients. it sets the tone that you run your firm with intention and may attract like-minded clients who appreciate those values.
exercise: write down your top values and for each, add a sentence of what it means in the context of your business. e.g., “family – we prioritize family and understand our clients do too; we don’t expect communication outside of business hours and we take time to recharge so we can serve better.” these become part of your firm’s narrative.
you should be gaining a clearer picture of what you’re building and why. you’re not just creating a job for yourself; you’re designing a business that serves your life. with a compelling vision, defined goals and a commitment to only work with the right clients in the right way, you’ve laid the cornerstone of your future seven-figure firm.
action items: (yes, actionable homework – because a vision without action is just a daydream.)
- write your vision statement: draft a short vision statement for your firm. make it inspiring and specific. for example, “to be the go-to tax advisor for health care entrepreneurs in the midwest, working three days a week while doubling their bottom-line savings,” or whatever resonates with you.
- envision your ideal day: write a one-page narrative of your ideal workday and ideal non-work day. include details from morning routine to whom you interact with, to when you unplug.
- list your core values: identify three to five core values for your practice. write what each means to you.
- create pre-qualifying questions: jot down at least five questions you will ask every prospect to ensure they align with your vision and values.
- craft your “ideal client” profile teaser: write two to three sentences describing who you’re looking to serve. you can even add this as an “ask” in your email signature or linkedin profile (e.g., “now accepting: tech startup founders seeking proactive tax strategy”). this will start signaling to the world who should come your way.