joe montgomery: find the sweet spot of the right clients, right services and right prices
an engaged team with a great culture is better than landing at the perfect ratio of payroll to revenue.
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before joe montgomery started his firm, he had an epiphany.
he asked himself, “why would i ever want to own a firm, if that’s what it looks like?”
he saw firm leaders chained to their desks, working long hours and dealing with waves of turnover.
“there’s got to be a different way to do it,” he thought.
after too many 100-hour weeks with a wife and three kids he never saw, he reached his breaking point and exited his family firm to start his own firm and his coaching business,groupup.
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his focus in his accounting firm and in groupup is finding that sweet spot of the right clients, right services and right prices. the first step is “making sure we have the right people in the right structure with the right motivators behind it. those three components can build an unstoppable team,” montgomery explained. next, he said, “on the client side, we do the right service that’s in our wheelhouse, that we can consistently deliver to the right client…and for the right price, so we have enough money coming in the door.”
with that structure in place, montgomery said, firm owners “can get out of production and lead the firm,” changes that can lead to “you running a firm that gives you more freedom.”
a key to making those changes is to be willing to delegate and empower. “we advise our clients to outsource and grow and scale their business,” montgomery said. but many firm owners fail to practice what they preach. by failing to build out an empowered team, he explained, “we have a bunch of worker bees, and we become extremely busy, too.”
12 more takeaways from joe montgomery