You can apply the principles of leverage to the provision of professional services.
For example. A client requests that you take a look at her personal assets position in order to minimise inheritance tax when she dies.
You undertake the research and link up with a trust lawyer to provide just the solution she required.
The client is delighted and is happy to pay the fee you quoted for the work. As a bonus you agree a bi-annual review of her IHT position to ensure that the planning is not eclipsed by changes in her circumstances or legislation.
You file away the research notes and move on to the next problem… And then your partner has a discussion with you about leverage.
Here’s what her partner said:
“Have you delivered a piece of added value advice recently that we could package and offer to other clients in similar circumstances?”
As a result of their conversation a number of specialist services were created for the practice including the top level IHT review. NO additional research was necessary. The partners were able to leverage the work already done and earn more fees from the initial effort. Sure, they would still need to deliver the service, but the investment in time taken to create the service was already paid for.
In this way you can turn a one-off service provision into recurring income streams – you can benefit from leverage.