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RECENT POSTS
From Fire Breathing Dragon to Tamed Business: Two Essential Tools for Small Business Owners
Bill Baylis discusses how many business owners eventually find themselves burdened by the day-to-day management of their business, turning it into a "fire breathing dragon". He provides two tools to control the business: proper factory management (process) and fiscal financial responsibility (running the business by the numbers). By implementing these tools, business owners can turn their "fire breathing dragon" into a tame and easy-to-manage business.
The Ill-Informed Walrus: A Short Parable About Living in The Truth (How It Affects You and Your Clients)
The Ill-Informed Walrus is a parable that can be used as a tool by CPAs to help clients understand what they need to know about their business. The story emphasizes the importance of facing the truth and not sugarcoating the situation to avoid discomfort. Clients need to be aware of the reality of their business situation to take the necessary steps to improve it.
The Minds Eye of Your Dream Client
Bill Baylis challenges the common perception that the job of service providers is to make their clients happy. He argues that creating good feelings, which is different from making someone happy, is the key to success in service-based businesses. According to him, clients are looking to feel taken care of and understood, much like a patient with a doctor. By guiding them through the process and making them feel better off with the service provider, good feelings are created. Bill emphasizes the importance of understanding what clients truly want and delivering it in a way that creates positive feelings, leading to successful outcomes.
The Bell Curve - A Powerful Visual Tool
Bill Baylis introduces the "Bell Curve metaphor" to identify where a business stands in its journey. He states that out of 100 businesses, 10-20 are going out of business, 10-20 are dominating the market, and the rest (70-80%) are just above water, surviving but not thriving. Baylis encourages businesses to evaluate where they are on the curve, identify their strengths and weaknesses, and work with their CPA to develop a plan to move towards dominating the market.
