Equity > Pearls
Having great equity (client retention) in a business serves as one of the greatest skills a professional can ever hope to master. Not only does having great equity mean effective client management, sales expectations, leadership, and vision, but more importantly it signals consistent quality of performance.
There are a million and one ways to grow a business. There are a few dozen principles however that govern growth in performance. You can study and improve performance metrics yet, with business, there’s no true skill to learn. Rather disciplines need to be learned like marketing, finance, accounting, supply chain. And the core chops of business that truly make a difference, is gained through experience not textbooks/podcasts.
With great equity comes great understanding in business along with all the necessary business disciplines to be successful at work. These topics are important to always study, grow, and master overtime.
When a business is experiencing good to great equity, client retention and referrals are high, further growing the monthly run rate of the business ensuring more revenue and profit. That’s a positive feedback loop if I ever saw one! Shareholders and investors will be quite happy.
Take Aways:
In my experience, if you have great equity, work is much easier. The types of stresses and problems to solve are better suited for your growth, rather than the pain of learning new things over and over again. When equity is good to great, client’s spirits are higher and lowes (opportunities disguised as problems) are never as bad as you imagined. Professional growth and learning is much faster because those critical learning iterations occur with greater frequency. This quickens the learning curve in any new skill or new situation while simultaneously deepening the understanding of established skills and knowledge.