Thoughts on a Firm’s Business Model

Transcript: I’m smack dab in the middle of soaking in Deeper Weekend content, for this year, 2019, is going to be creating and running an EAO. An EAO is a term we made up. It’s called Entrepreneurial Accounting Organization. And it is going to have business model and canvas basics to it, that we’re going to be talking about. But it’s really getting me to think about a business model. We’re going to define that for people. We’re going to define entrepreneurship and growth. A lot of people say, “Do you want to grow?” And they’re talking about revenue. Well, that’s not what growth is. And we’re going to define that for people. I can’t wait to bring clarity to some of those concepts, as I’m learning a lot, and it’s bringing so much clarity to me.

But, as I’m thinking through the content and this this EAO canvas, we’re going to be presenting to everybody, I’m thinking about a business model. And there’s a lot of books I’m looking at. This one’s a good one, Running LEAN by Ash Maurya. Here’s what he says about a business model, and this was pretty enlightening. He says, “Your job isn’t just building the best solution or service for us accounting firm owners, but owning the entire business model and making all the pieces fit. Recognizing your business model as a product is empowering.” And so that’s huge. He basically says, “Your product isn’t your product. Your service isn’t your service. What’s your service? Your business model. Your business model is the thing you’re selling.”

And, we latched on to that many years ago and started restructuring our team, restructuring our revenue, how we deliver these services, how we capture our money from the client. All of these things became actually part of what we’re selling, not taxes, not accounting. That’s part of the things they get, but what clients come to us for in our firm, they come to us for a business model. They don’t know that, but we end up selling that. We say that we talk about our business model and why it’s valuable. And you know, we’re going to talk about some of that at Deeper Weekend. Actually, we get to talk about how we’ve done it in our firm and the ups and downs as to how we’ve done it and how it fits into this EAO canvas is going to be amazing.

But I just wanted to give you, as I’m diving into this, this information on a canvas and an EAO. I wanted to tell you what I’ve been learning about business models, and how they actually are the service or the product. And I thought that was kind of enlightening. I loved it, and I wanted to share that with you.

So, I hope you’ll come to Deeper Weekend. It’s going to sell out. It’s going to be amazing. The room this year is already bigger than it was last year. And so, it keeps selling out. And so you want to make it, because you’re gonna learn a lot. You’re going to go deep. And of course we do surveys every year to get… We make Deeper Weekend better every year because of what our attendees tell us, and so we listen to you guys. So I can’t wait to see you, meet you, see you again. And we’re going to all learn together on this EAO canvas in these business models. We’ll see you last week of October. Take care.

Contribute to the Conversation

Never Miss a Thrivecast Video