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Aug 17, 2020

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:

  1. You should be able to describe your ideal client.
  2. Your vision informs everything, including who you hire.
  3. 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: