Profitability Growth: Jon Randall Fixes Advisor Capacity Bottlenecks for 5X Revenue | Ep. 199

Jon Randall: 00:00:00

It's about bringing something of value, right? Bringing something of value. When you talk to people every single time, the more often you do that, that's a huge part of the experience. Sure.

Intro: 00:00:13

But I am the world's biggest super fan. You're like a super fan. Welcome to the Business Superfans podcast.

We will discuss how establishing business superfans from customers, employees and business partners can elevate your success exponentially. Learn why these advocates are a key factor to achieving excell in the world of commerce.

This is the Business Super Fans podcast with your host, Freddy D. Freddy, Freddy.

Freddy D: 00:00:53

Hey, super fans.

Freddy D. Here in this episode 199, we're joined by John Randall and he helps financial advisors solve a challenge that can quietly cap growth, attracting better clients, improving performance, and building a practice that scales without losing focus. Too many advisors work hard without a clear path to extraordinary results.

of real world insights. Since: 2004

If you want to grow more than confidence, Claire, if you want to grow, if you want to grow with more confidence, clarity and consistency, this conversation will show you what's possible.

Freddy D: 00:01:47

Welcome, John, to Business Superfans Advantage. Great conversation we had before we started recording. You're in Greenville, North Carolina. My daughter went to ecu. Go Pirates.

And welcome to the show.

Jon Randall: 00:02:01

Thanks, Freddy D. It's awesome to be here. I love your podcast.

Freddy D: 00:02:04

Thank you so much. I appreciate that.

So John, before we start recording, you talked about that you started out in the financial industry and you've made a pivot to working with businesses. So let's go back to the beginning and how did that all take place and what made you change directions?

Jon Randall: 00:02:20

ed straight out of College in: 1999

s, early: 2000

we moved to North Carolina in: 2004

So I showed them best practices I grew really quickly when I came down here because I knew what worked and what didn't. So what it took me five years to build in New York. It took me probably a year and a half to build in North Carolina.

So people said, whoa, would you show me how to grow my financial advisor business?

he last bit of my practice in: 2017

Freddy D: 00:03:38

Yeah. Because I've gone to multiple networking events that I've run into a multitude of different financial advisors and they don't stand out.

I'm a financial advisor and I help people with money. Okay. Yeah. What makes you special? I pride to giving good service. Yeah. That's what the other 12 people just said. What makes you different? Why you.

Jon Randall: 00:03:58

You're so right. And it's a crowded space. Right. There's over 350,000 financial advisors in America now. That number is predicted to decline.

McKinsey came out with an interesting study last year, said there's going to be a 100,000 advisor shortage in the industry.

To get better at that craft, to sharpen the saw there, and to really focus on who's your avatar, who's your ideal client and how to duplicate those clients. That's really what the game's all about. And I tell you, advisors are always about the shiny new object, like most entrepreneurs. Right.

How do I get new clients? What is the way best ways to do that? And of course growth is really important, increasing growth rate for any business.

However, I find a lot of businesses, especially in the financial advisor business, they overlook easy wins that are sitting right in front of them because they're chasing the shiny new objects. So we've built our consulting program on the theory of constraints. What's actually holding practices back.

And it's part of why I got a PhD in psychology. I was trying to figure out why the heck aren't these advisors doing the things that work? They do other weird stuff that doesn't work, sure.

But it just has to do with being a human in psychology. But these constraints have helped them think differently.

So instead of just the best practices that help them acquire more ideal clients faster, there's other constraints that are going on in their Business that are actually the things that are holding them back, that are right in front of them that they don't realize.

Freddy D: 00:05:24

And that's really what you bring up there, John, is that's applicable really across a multitude of industries. Whether it's a professional services like a financial advisor or a trade service.

A lot of times they overlook what's in their backyard to leverage that as a growth engine.

And you're right, they're busy chasing the new shiny object, a new prospect and et cetera, but they're ignoring the fact that they've got a whole group of people that are already happy with them and they're not leveraging that and growing that to really take their business to a whole nother level without a lot of investment in new marketing costs for new customer acquisition costs. Yeah.

Jon Randall: 00:06:12

And one of the reasons I use the term enhance profitability because it's not just about top line growth, it's about bottom line growth.

There's a lot of businesses that seem great, that seem large, that have a lot of big numbers on the top line, but what's really going on the bottom line at the end of the day.

So you're right, there's a lot of businesses that could overspend to try and get new customers, but their cost of acquiring a client is really high and the lifetime value of the client isn't high enough to justify that. And so there's a couple particular constraints that I've seen that are the real things that are holding these businesses back.

So before you even get to the existing business that's available with existing clients, why is it that these businesses aren't getting a lot of organic referrals? Right. If you're doing a really good job for people, there should be a constant stream of new referrals coming in.

But if there's not what's going on with delivery that it's not referable enough, when I peel that back further, the number one constraint I could see is is capacity. And it comes in two forms. One is the owner, the founder having too much on their plate.

They really haven't grown and scaled and broke out of what is going to grow the business versus what is holding them back from grow the business. And there's so many books about this, some of my favorites. 10x is easier than 2x. Dan Martell's buy back your time.

They have great concepts for entrepreneurs of what you should be focusing on versus shouldn't.

But I find so many times that in many service businesses, which is what the financial advisor business is the owner just getting saddled with too many clients is huge. And all these industry studies are coming out which are very supportive as the organization does a lot of research on the financial industry.

They said that 91% of financial advisor businesses are reporting productivity issues mostly due to non ideal clients.

Freddy D: 00:08:07

Right.

Jon Randall: 00:08:07

So those clients they shouldn't be working with are just clogging them up. And advisors will hold onto them like a child holds onto a security blanket.

We're taught at the beginning just any client, any amount, you just do as much as you can. And we all do that. But then you hit a certain point in any business that does not work. So you've got to raise the floor.

And businesses become more about quality than they do quantity. So a business with a thousand small clients is a heck of a lot harder to run that a business with 100 of the best clients only sure.

Far easier to run.

Freddy D: 00:08:42

Yeah.

Jon Randall: 00:08:42

So capacity is a huge deal. Now the other side of that coin is if you're going to grow and scale your business. All right.

And I recognize a lot of services businesses are one individual. But to really, to grow and scale a business out, it becomes about other people. And I went through this personally at our coaching firm.

We have many coaches in our firm now, but for a long time it was just me. And so to really grow and scale a business, it is about other people.

And a key metric is what is your revenue per team member, what's your profit per team member?

Because if you can get other people to handle delivery and you can widen your profit margin on that, you can help somebody else make a better living than they could on their own. You can have a wide profit margin on that arrangement. Then it becomes how can I maximize how much they're doing.

So for example, in the financial advisor industry, according to investment new study that comes out every year, we buy it every year we buy a lot of research because it's helpful to know what the heck's going on in our industry. But they purport the average advisor that's working for a practice at scaling is producing over 1 million in revenue.

Or in other words, they're managing a million of revenue for the owner. So that's really what the scaling is really all about. How do you grow and scale it?

It really comes down to that the best practices, we work with some of The Barron's top 100 ranked financial advisors, that's all they figured out is that wow, if I give a million plus in revenue for another advisor to manage, they're probably going to make more than they could on their own, trying to go out and build that on their own. And you can have a nice profit margin on that arrangement. And the more they manage, of course they can make more.

But there's pretty wide profit margin there. And if you duplicate that over and over, that's somehow some of our eight figure, nine figure revenue businesses.

I've grown to over 50% profit margins, which is pretty nice margin in that size business. Sure.

Freddy D: 00:12:00

But you want.

Freddy D: 00:12:00

I want to go back to re emphasize the point that you brought up, which is sometimes you have to fire a customer. It's a hard thing to do because you go, oh my God, I'm getting rid of a customer.

But you know, sometimes that customer can drag you down with stuff that's unimportant, but it's always a little something. If something's not right, this little thing needs to be that. I have 57, seven questions on this stuff.

And you're busy trying to accommodate that person. In the meantime, you're missing out on all these other opportunities. They're going right by you or going to somebody else because you're too busy.

And I've had to fire customers in the past and it's hard to do. But once you do, all of a sudden you go, man, I should have did that a long time ago.

Jon Randall: 00:12:48

Right. It's the time it unlocks to do something bigger and better. To me, it goes back to psychology.

That's when I went the rabbit hole of getting a PhD in psychology, particularly performance psychology, to just really understand how we are as humans more and deeper. So the way the human brain is built, we crave equilibrium and it's a safety mechanism we have.

If we went through every day in our entire life with a ton of stress and things going on, it would be very wearing on the human body. So the brain craves routines when something different comes along. Your brain says, that's not quite the way we do things around here.

We do it this way. So we're predisposed as humans to hold on to those old clients, even though they're ideal.

I see Financial advisors will invent reasons why they should keep these people. Right. Oh, maybe one day they'll be a good client. Or is an 88% chance they're not ever going.

Freddy D: 00:13:40

Exactly.

Jon Randall: 00:13:41

But we invent these reasons that, oh, they're with me from the beginning. They're really nice. They don't take up that much time, even though they probably do. It's all these things that we do.

That's why I say we hold on to those people as security blankets. It's just being a human being is all that it is. But we need to build some awareness around that and why we carry excuses for ourselves.

And I find for a lot of businesses, especially the financial advisor business, if they can find that I can replace some revenue very easily with my ideal clients and replace more than half of my bottom clients, then there's some comfort in doing it. So it's a hard conundrum to just say I'm going to let go of revenue. No business really wants to do that. But I just find if you can have. Okay, I see.

I either captured or I can see how I can easily capture new revenue here with my very top tier of clients, then it's a lot easier to find a different home for those other clients. And there's other homes for them another advisor might take them on.

There's plenty of businesses out there that are built for scale, that have departments that are built to service smaller clients. They're just serviced in a different way than maybe the typical financial advisor services them. That's a great home for those people.

Freddy D: 00:14:55

Yeah, no, emphasize the fact that you said an important thing here, John, is the fact that once you have your ideal client profile and you attract your ideal client profile, your icp, more importantly, you have some commonality with that person. And so now the relationship changes as well. Because now it's not necessarily a customer as it becomes more of a friend.

You know, when I was selling into the manufacturing space back in the day, when in a computer aided computer CAD CAM marketplace, which was computer aided design computer manufacturing, most of my customers became friends. We would go out to dinner, we would build relationships.

I knew about their families and things like that and they became my growth engine because they would turn me on to somebody else that was another manufacturing company that could use the technology I was marketing. And what they were doing is they were creating an introduction.

So it wasn't even a referral, it was an introduction which is 10 times better than any referral you can get all day long. Because referrals, a name on a piece of paper with the phone number, you still got to go chase it.

And introduction is, hey, I want to introduce you to my friend John. Mike. Mike, meet John. John, meet Mike.

But now the conversation is already brokered, you take off running and most more likely that's you're going to do business with. Because I'm a trusted person that brokered a relationship.

So I want to just reemphasize for our listeners is that yeah, Sometimes you got to get rid of some customers so that you get your ideal customer as part of your group because that's going to free you up and actually generate more growth for you without a big investment.

Jon Randall: 00:16:45

Yeah, we see it all the time.

The practices that are able to find a better home for their unideal clients, it unlocks all this time for them to do the things that they could be or should be doing in their business. So it is doing more for better clients does lead to new clients.

In the financial advisor industry, 73% of new clients come from introductions from existing satisfied clients. That's a pretty big number.

Freddy D: 00:17:11

That's a huge number.

Jon Randall: 00:17:12

So all you have to do, just be really good at what you do. Right. And it will lead to new clients.

We host a large event for advisors every April and we had a panel of a few that are bringing in very large amount of assets. They bring in over a hundred million net in new assets every year, which is a lot of new revenue for a business in the financial advisor space.

And it was all organic, each of them. And it was neat because they all told the same story.

They worked through the scaling constraints of capacity, they worked on optimizing what they do for their clients.

And without even doing anything else, they just started to get their ideal clients started to refer other people just like them because they created super corny. They didn't have a corny script, it just happened.

Freddy D: 00:17:58

But what they did is they created super fans of their customers because they were appreciative of the work that they did. They saw the transformation financially for them and they stayed in contact with them.

Once you get a super fan think of a sports team, I always use the analogy, and I used a hilarious analogy of the Chicago Cubs. Okay, they had die hard super fans for the Cubs for a decades.

Freddy D: 00:18:26

Yeah, up and down.

Freddy D: 00:18:27

They were still die hard Cubs fan until they finally took them 100 years to win the championship, the World Series. But those fans for decades and generations stayed with them.

Once you create that super fan, whatever industry you're in here, we're talking about financial advisors, they stay with you, they don't leave.

Jon Randall: 00:18:46

Yes. Yeah. Really sticky. Really sticky. The stats in a financial industry, the clients are quite sticky, which is which, that's the name of the game.

But going back to the theory constraints, it's not just the shiny new object, how to get people, it's optimizing what you do with clients. And I find the biggest constraint is capacity. Too much on the owner's plate and not leveraging other people.

And enough which inhibits profit margin massively.

But when it comes to optimizing what we do with clients, something that hit home for me when I was a financial advisor and a lot of financial advisors have this trait. They have the heart of a social worker in the mind of a capitalist. So they're an entrepreneur.

They want to build their business, but they care about people. They're nice people. They want to help nice people. And in a way it works against them.

Of oh my gosh, I feel like I'm hurting this person if I'm not the one taking care of them. It took somebody helping me see and hit me between the eyes that, oh my gosh, I'm not helping these people that I don't have the capacity for.

In fact, I'm actually hurting them because I don't have the time and resources to help them. They're much better off in a better home that does have the resources to help them.

I'm better suited to help my ideal clients and I'm hurting those ideal people that really need me the most because I'm trying to do all these other things that really aren't me. And so many businesses fall in that trap. Right. We fall into that trap. But it really is about narrowing focus and raising the floor of quality.

What we do, any service business. It's really key. I'm telling you. Delivery becomes so much easier when you have less ideal people.

Especially when you start getting referred to similar type people. Delivery becomes easier and easier and easier.

And you can really define and refine what you do and then duplicate it over and over with very, very high quality. And you think about in the restaurant space, it's like going to a really nice restaurant that it's consistently awesome every time you go there.

That's hard to do. Sure. It's really hard to do. If any of us have cooked meals at home, it's really hard. Amazing that you.

Freddy D: 00:20:53

Yeah.

Jon Randall: 00:20:54

People want to come back to me. That's one of the most important parts. For anyone listening. It is about the quality.

Freddy D: 00:20:59

Yeah. And how you deliver that qual quality. And the experience too.

It's also part of the experience because quality is one thing, but experience is the thing. Because again, people will forget what you said and did, but they'll not forget how you made them feel.

Jon Randall: 00:21:14

So true. And so many people ask me, well, how do you really optimize what you do with your top clients?

And the number one thing that all the industry surveys for clients of a financial advisor. The number one thing in every single survey is I wish I heard from my advisor more often.

Freddy D: 00:21:30

One thing that goes across the board, unfortunately, it can be a plumber, it can be a pool guy, it can be a multitude of people. It's. They do a great job, and then all of a sudden, it's crickets.

You don't hear anything from them, and then they wonder why they're not getting any referrals.

Jon Randall: 00:21:47

Yeah.

Imagine if our doctors called us regularly, say, you know, I was reviewing your blood test and I found this little thing that could make you even better. You have just a couple minutes to talk about it. Yes, please. That would be so amazing.

It doesn't take that much time to do, but it's little things like that matter. And we find in the financial advisor industry, it is frequency of contact that matters.

Freddy D: 00:22:09

Right.

Jon Randall: 00:22:10

And it's not just calling, hey, how you doing? Freddie D. How family? How's your daughter? It's not about that. It's about bringing something of value. Right. Bringing something of value.

When you talk to people every single time, the more often you do, that's a huge part of the experience. Sure.

Freddy D: 00:22:26

And that is an excellent segue into. What I'd like to have you do is share a story of how you worked with a financial advisor that was struggling and you've helped them find their way.

And now they're basically a super fan of you and they're one of your biggest growth engines because they're telling everybody about how you've helped transform their business.

Freddy D: 00:22:52

Yeah.

Jon Randall: 00:22:52

One of my favorites is a advisor. His name's Pete. He's out of Atlanta.

And the reason I like Pete's story so much is we helped him overcome so many constraints and 10X's business, and he sold it. Now he's one of our many coaches on our team, and he helps other people basically do what he did. But Pete was the typical financial advisor.

He had more than double the amount of clients that the average advisor in the industry has and was completely clogged up. And because it was clogged up, he had one team member. It was just limiting his growth rate and his profitability.

So he had below average profit margin. He had below average revenue and assets per client. His pricing wasn't great. He was just caught in this hamster wheel of being busy all the time.

And when we got in there and looked at, from a capacity standpoint, what's industry averages, how many clients you should be working with, where's your revenue really coming from? And he figured out that out of his 350 clients, the top 150 were producing most of the revenue.

The other 200 really weren't producing that much at all. So what he did is say, okay, I'm not going to proactively do as much with those 200, I'm going to focus more on that top 150.

And then we looked at what are the opportunities with those people. How can we drive revenue per client higher? And there was lots of opportunities that he just didn't have the time to even see, let alone act upon.

So once he started to see them and once he started to systematize, I can talk to these people about getting their assets in a better place, making more services and products available to these people, he was really able to grow quickly and really in his first year, grew his business by about 50% because there were that many opportunities just sitting there that most advisors don't see. So we use a diagnostic tool that helps benchmark practices, that helps them see what these opportunities are.

So then after doing those, I mean, he had massive growth. And then he was able to find a home for those 200 unideal clients with another visor that gladly took them on. Everyone felt great about it.

Clients were happy, Pete was happy, other visor was happy. And then as Pete started to grow, he said, you know what?

Okay, now I see what revenue per team member is in the industry, which really drives profit margin. And he brought in his son and he really used his son to help build what they do as advisors. So they were both ex military and they were military.

Their standard operating procedures for everything. Right.

So his son started to document what dad does, and here's what he does with clients, and he organized it for himself so he could be better at being an advisor. And so it really led to Pete saying, you know what, I can bring people in and my son can do a lot of the delivery work with them at high quality.

He's basically doing what I've been doing now. I'm freer to go out and help grow this.

So he was able to work with this very small number of his top 150 and duplicate them and look at who had other people in the world just like them.

So Pete got back to what he was best at in growing the business and finding other ideal clients to work with, which really helped grow the business very, very quick.

So it wasn't too long before Pete doubled, quadrupled his business using these basic organic techniques, doing more with clients in a very focused way, which we call client optimization, and then duplicating ideal clients, which is a Huge part of growth. Pete was at about half million when he started with us.

He was able to build to a little over 2 million in this current model and then could see, okay, from here I can really grow and scale this. And saw that there was value in hiring other advisors on his team and then going out and getting more business faster.

So it wasn't just the organic growth then. Pete also had some opportunities to acquire other practices.

Now Pete was new at this and we have lots of ways we help advisors to acquire other practices. But he wasn't very good at first. Whatever he was saying to these people was like a repellent. It's like bat repellent, just get people away.

So we helped him with the techniques.

How you can lead somebody that's looking to sell their business, whether it's today or in the next few years, how to track them into your business to want to sell to you. Then it was a lot easier to say, gosh, I can go out and buy another million and pay this advisor we developed to run it. That becomes scalable.

So Pete grew his business using these techniques from about 500,000 to 5 million in revenue really within a five year period. And course optimizing team becomes a different part of the game that he didn't ever realize that would be part of the game.

So I just find each time the business doubles, they have a whole new set of problems they didn't even know that they would have.

So helping them through them in the circular topics that we help with of scale, client optimization, growth team optimization, you're able to do this.

So Pete was able to sell the majority of the business to his son Andreas, who's taken the business from 5 million to 10 million in the last few years, which is really exciting because the foundation of growth is there. Right. The foundation is built, the first floor is solid. They can build as many floors as they want on top of it, as fast as they want to grow.

And it's a very classic story, but it goes back to those constraints. There's very specific constraints that commonly hold advisors back.

Pete was just a neat story because almost every single one of these he was running into and he overcame them with some easy things that we try and shortcut for advisors in our industry to overcome them quickly, to grow their practice quicker. But not just, again, not just top line growth, profitability as well. And that's fun now for Pete to help other advisors do the same thing.

Freddy D: 00:28:29

Sure.

Freddy D: 00:28:29

But one of the things I want to reemphasize there, John, is the fact that once you got other advisors into part of the equation, it's also getting them onto the same page. So it's really important, I use the example of a racing rowing team.

You got the coxswain which is in charge of the boat, but then you got to get everybody in line and everybody has a single oar.

So you've got to get everybody in synchronization with what the mission of the company is, what the goals are, what your objectives of the customers are, et cetera.

So everybody's rowing and synchronization and that's how that business was able to scale because you helped put in systems and processes in place so that everybody knew what their role was in your organization. And once you get that momentum going, it just takes off because everybody's aligned. And that's the important part of the equation.

Jon Randall: 00:29:23

It is.

But what you bring up is when you get into more advanced scales or advanced constraints within scaling, it's not just capacity, the next one becomes what's the effectiveness of the people doing delivery.

Freddy D: 00:29:34

Exactly.

Jon Randall: 00:29:34

In this case financial advisors. So I'll be transparent. I went through this in the consulting business. Right. I mean it was just me and I had so much experience doing it.

I did it myself and I helped so many practices grow quickly. I knew how to do it, but it was all stuck here.

Freddy D: 00:29:50

Right.

Jon Randall: 00:29:51

I was all stuck here.

So I spent thousands of hours documenting, building a program, having step by step guides of what an advisor can do to overcome the common constraint that what are the best practices that they can get to and what's the steps to install them. It really wasn't until then that other coaches on our team could be effective and really do what I do.

Freddy D: 00:30:13

Because now your business becomes sustainable because.

Freddy D: 00:30:17

And you're not, you don't have to be.

Freddy D: 00:30:19

And you're not the bottleneck anymore. You're stepping out now. It gives you also time, freedom like Dan Martell talks about.

So now you can go to the point where you can actually step away from the business and go on a three week vacation. And guess what? The business is probably going to grow while you're gone because it operates with or without you. And that's the beauty of it.

Once you've got it set up properly, and that's what you're really helping a lot of these financial guys do, is first get themselves organized with the type of customers that they've got, then start helping themselves get themselves out of their own way.

Jon Randall: 00:30:57

Yeah. And it's. You look at extreme examples of this. My coach is Alex Hormozi in acquisition.com he's really dialed in so much of their program.

So does scalable and they have a lot of people on their team can deliver tremendous value because they've got a system organized, right. It's all documented. They follow a process and it works. And it's the same in the financial advisor business. Now it seems hard to do.

There's definitely some shortcuts that can be taken to help. Like for example, with Pete Andreas, his son didn't step in day one and know everything. Right.

So what's the easier things that come up the most often? How can we be really good at those things? So Andreas, year one could handle 80% of what a client needs and Pete was only needed for the hard 20%.

Right. Until Andreas could learn that. So it really is what's the highest volume things that go on? What's the highest volume needs of your customers?

How can people on your team learn less to deliver that component of delivery? And even if they help with a component of the delivery of clients, it's a little bit more scalable until they learn all the components.

But the more you can just download a little bit at a time out of your head, that helps. But it doesn't have to be you. As the entrepreneur, I get everyone listening as if that sounds painful to just stop and download this stuff.

I hear you. It was painful for me to do. But if you have another who on your team, they could do some of this for you.

So if you remember back to the story, Andreas did a lot of the documenting of what dad did. So he sort of built from his perspective what financial advisor does, how they deliver value to clients.

So when their third advisor came on Garrett, Andreas could show Garrett what to do. And it was even better than Pete showing him what to do because Andreas learned it and he documented, he could show other people.

And using others on the team can really help because they'll see from their perspective what it was like to learn or observe what you do and how you delivered value for the clients. They might have a bigger, better way of documenting it that someone else could learn quickly.

So it doesn't all have to be you, but it does have to be documented. Right. It's not real, it's not tangible to document it.

Freddy D: 00:33:06

Right. And. But that's what you're talking about there, John is applicable to really any business in today's world. I'm just going to go over the real basic.

Everybody's got one of these toys, right? So, yeah, so I could be the A Flooring person. And I could turn around and says, hey, John, I'm going to lay down the floors. Here, take your phone.

Videotape me putting down the floors.

Freddy D: 00:33:34

Okay?

Freddy D: 00:33:35

You just created a training video. Wasn't rocket science. It doesn't have to be perfect, it doesn't have to be Hollywood. Now you can go watch. Oh, this is the way you cut it.

This is the way you put it in. This is in place. It's the same thing if you're a digital marketing person. Hey, I'm going to set up all my Google AdWords. Okay.

I'm going to show you how I need to do this. It's the same thing if I'm a lawyer and I'm putting together documents.

This is what the documents are, this is your order, this is the verbiage we got to use, et cetera. That can all be documented. Really not that difficultly. And now you've got. Okay, it may not be perfect, but it's better than a blank sheet of paper.

Jon Randall: 00:34:15

Yes, it's something. And I think today it's so much easier to do this with the support of AI Right. Could record a meeting or a session. It could be transcribed.

I mean, heck, ChatGPT has been a huge part. It's one of our best team members. It can organize so much great information.

Freddy D: 00:34:34

I joke that there's five of me, myself and I, plus my two buddies, Chat and Claude.

Jon Randall: 00:34:43

There you go. Yeah, there's five.

Freddy D: 00:34:44

Got a five man team.

Jon Randall: 00:34:46

I tell you what, it is so powerful. What an age we've been in those last couple years to have that as an incredible tool.

I think that's one of the easiest ways to help anyone listening to make tangible how you deliver and to get some help with someone to organize it for you. I mean, that's a great start there. If you don't have anyone in that can document or maybe not everyone's good at documenting. Put it in there.

It's a great start.

Freddy D: 00:35:12

And those tools will take the transcription

Freddy D: 00:35:14

and create a PowerPoint presentation.

Jon Randall: 00:35:16

Yes.

Freddy D: 00:35:17

With the graphics and everything else.

Freddy D: 00:35:19

And talking minutes.

Jon Randall: 00:35:21

Yeah, it's so, so powerful. It's really important in this whole concept of scaling to really find ways as an owner to get out of.

What's the most time consuming thing is delivery. Right. And I like Dan Martell's a progression of getting out of administrative stuff. Then delivery is the most time consuming.

Then you can focus on marketing, sales, leadership, the more important things. But it's such a constraint, right? It's such a constraint for so many businesses.

Especially service businesses that rely on humans working with humans. It's time. It's how do you really leverage other people? The secrets are in here and the ones that have done it really, really well.

Like at Alex Hormozi@accent.com, oh my gosh, that's a massive, massive business. Last time was there, I learned they do about 450 million in revenue with 75 people on their team.

Freddy D: 00:36:07

I'm a big fan.

Jon Randall: 00:36:08

Pretty high revenue for people, pretty high profit margin.

Freddy D: 00:36:10

Yeah. It's amazing what he's doing and how he's doing it and at the speed

Jon Randall: 00:36:14

he's doing it, it's very impressive. He's got a lot of time to write content, to record videos, which is a lot of his day in his week. Right. He's everywhere. Big guy's everywhere. Yeah.

And he loves it. He loves writing content. He's on camera all the time and he enjoys doing it. It really works. So there's some good lessons into those.

And it's hard to duplicate what Alex does to just have the time to be on camera all the time for where you're at in your business. But just these small steps, right? These small steps to get yourself freer as an owner so you can focus on the things that will grow the business.

There's a small number of things that grow every business and having dedicated time to those activities, that's what matters.

Freddy D: 00:36:54

That's a game changer.

Jon Randall: 00:36:55

Until you can get free, until you can get free of those things, you are always the constraint. You are always going to hold back your business. Right. You're the growth engine. If you're clogged up, it's going to have a tough time going.

Sure, sure.

Freddy D: 00:37:07

Well, John, as we kind of come to the end here, great conversation. How can people find you?

Jon Randall: 00:37:12

Our website is XFA Coach. Just like you can see up here on this drum. I used to be a drummer a long time ago, but that's the easiest place.

We have a lot of free resources there, right on the website you can click to get some free stuff.

We also host scaling workshops about every other week and it's a great way for advisors that want to look at how can I really grow and scale my business, Work on these things of understanding capacity, understanding how they could do more with clients, understanding my favorite topic, how to grow faster with ideal clients or practice acquisitions. How do I optimize my team? That's the things we go through. And it's like a 10 to 3 workshop. It's not overkill kind of thing they're mostly virtual.

We have some in person around the country. But yeah, check out the website. There's free resources and everything I talked about and scaling workshop out every other week.

We'd love to see you there.

Freddy D: 00:38:00

And you've written a couple books.

Jon Randall: 00:38:02

I have, yeah. My latest book is called the Extraordinary Financial Advisor Practice which is right here. There's info about it on our website too.

y long long time ago. Back in: 2010

But this is more comprehensive. It really goes through the common constraints. Real examples of how advisors have overcome them is really what's part of that

Freddy D: 00:38:29

book and where can people find a book?

Jon Randall: 00:38:31

Amazon or website is easiest. Xava Coach A lot of people I find are preferring the digital flipbook with the audiobook so they can read and listen along at the same time.

If you're like physical book and like to check those out, that's fine. That's that's there on Amazon waiting for you. Great.

Freddy D: 00:38:45

We'll make sure that that's in the show notes. And again, great conversation. John.

Definitely you and I could talk about this for at least another five minutes and would definitely love to have you on the show down the road again.

Jon Randall: 00:38:57

Hey, we'd love to Freddy D. And love to have you on my podcast as well.

Freddy D: 00:39:00

All right, thank you.

Jon Randall: 00:39:02

Thank you.

Freddy D: 00:39:03

John reminded us that real growth doesn't come from chasing shiny new objects. It comes from focusing on your ideal clients, removing capacity constraints and delivering such a strong experience that referrals happen naturally.

That matters for service based business owners because profitable growth gets a whole lot easier when you stop trying to be everything to everyone. And that's exactly what I believe too. When you build a business around the right people and the right delivery, you create momentum that lasts.

Know another service business owner who could benefit from this? Send them the link and help them get one superfan closer.

If today's conversation got you thinking about where your business could be not just this year, but three years from now, don't let it stop here. Too many service based founders get stuck in feast or famine revenue marketing that doesn't convert and teams that depend on them for every decision.

That's exactly why I share weekly insights from my own years of experience and from interviewing more than 200 guests on his show and my Prosperity Pathway newsletter. You can try it at ProsperityPathway Tips. Thanks for tuning in today.

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We've got another great guest coming up that's going to drop some valuable insights, so I'll talk to you in the next episode. Remember, one action, one stakeholder, one super fan closer to lasting prosperity.

Intro: 00:40:30

We hope you took away some useful knowledge from today's episode of the Business Super Fans Podcast. Join us on the next episode as we continue guiding you on your journey to achieve flourishing success in business.