Do you offer more than one service to your clients? Are all of them necessary? Are all of them successful?
Once a quarter, I advise my clients to check in on their services to make sure they are helping your business move forward. One system I have for my clients is I come at it from a different approach to just looking at the money aspect.
I do a really simple process that I want to show you now. I put the information in a spreadsheet. Here are the steps:
1. If this is your first time doing this, create a new spreadsheet called Services Check In. If have already created it, open it up.
2. Create a new tab and name it today’s date.
3. Create the column headings in Row 1
- Column A – Service
- Column B – Revenue Rank
- Column C – Profit Rank
- Column D – Time Rank
- Column E – Popular Rank
- Column F – Enjoy Rank
- Column G – Value Rank
- Column H – Total Rank
4. In the next several rows, list out your Services in Column A
5. For all your services you are going to rank each service. Answer the following questions and put a number in the specified column.
Column B – Revenue Rank
How much revenue did this service bring in? Put a 1 next to the service that brought in the most revenue last quarter? Ranks the others
Column C- Profit Rank
How financially profitable is this service to your business? Put a 1 next to the most profitable service and rank the rest.
Column D – Time Rank
Which service takes the least amount of time? Put a 1 next to the service which takes the least amount of time to complete.
Column E – Popular Rank
Which service is the most popular? Put a 1 next to the most popular and rank the rest.
Column F – Enjoy Rank
Which service do you or your team enjoy doing the most? Put a 1 next to the service you most enjoy and rank the rest.
Column G – Value Rank
Which service gives the most value to your client? Put a 1 next to the most valuable and rank the rest
Column H – Total Rank
Add up columns B thru G for a total rank for each service. Note: Put the following formula in cell H2, then copy the formula for the rest of the services in the H column cells: =sum(B2:G2)
Then go to each column and the cell with the 1 in it, fill the cell with a green background. The one with the biggest value, create a light red background. This visually points out the top rank in each category.
Now look at the results. Does anything stand out to you?
This exercise doesn’t mean that you get rid of the service with the biggest total in the H column. However, if a service has a ton of red cells, you may want to review this service to see if it is worth it to carry the service.
Also, make sure your the service with the most green cells is the service you always talk about to your potential and existing clients.
I hope this quick exercise had value to you. Once you have done this exercises for 3 or more quarters, you will start to see some patterns forming. Usually those patterns jump out at you and tell a story of what services you should or should not offer.
Let me know after doing this, does it paint a different picture than what you originally thought before you did this exercise.