Josh Brown reminded his followers yesterday as Bitcoin’s price went up 40% within 40 hours about Charlie Munger’s related line on the subject:
“Someone will always be getting richer faster than you. This is not a tragedy.”
Slow down. Don’t worry about how others are doing. Focus on running your race as best you can. Inner scorecard > outer scorecard.
…is retention. Are you able to keep your current clients?
Josh Brown states his case here in reference to financial advisory firms, but I think this perspective can be adopted by any service business.
Focus on overdelivering for the clients you have, and odds are others will recognize the value of your product/service when you inquire about working with them too.
The three bullet points I liked best from Josh’s post:
— Tell the clients what you are going to do and then do it
— Turn away potential clients whose objectives are not within your circle of competence
— Standardize the process, customize the advice