1% Better Every Day: Lessons on Growing a Professional Services Firm

Allied Executives Trailblazers Series

We're excited to share highlights from our inaugural Allied Executives Trailblazer podcast, featuring Rick Nordvold and Molly Hiller of Growth Operators. This dynamic duo offered a wealth of insights on building and scaling a professional services firm.

Founded in 2010 by Rick as a solo venture, Growth Operators has grown into a thriving 65-person finance, accounting, and HR consulting firm serving the middle market. Rick and Molly shared vital lessons from their 14-year journey:

1. Bet the garden, not the farm: Rick started small but with a big vision, allowing the company to grow organically without taking on excessive risk.

2. Embrace the power of 1% daily improvement: Consistent minor enhancements compound dramatically over time. As Rick noted, "If you improve 1% every day for a year, you're 37 times better at the end."

3. Find the right leadership balance: Rick and Molly exemplify the visionary/integrator partnership. Rick generates big ideas and rallies the team, while Molly brings calm confidence and translates vision into execution.

4. Standardize for scalability: For Growth Operators' expansion, moving from customized approaches to standardized processes was crucial.

5. Create a "recurring revenue" model: Growth Operators have found a creative way to build ongoing client relationships in the consulting world by partnering with private equity firms.

6. Introduce junior talent strategically: Bringing in younger team members allowed for more cost-effective service delivery and created mentoring opportunities for senior staff.

7. Focus on your strengths: While experimenting with new service lines, Growth Operators ultimately found the most success by honing in on their core competencies.

8. Give visionaries space: Molly emphasized the importance of allowing creative leaders room to ideate while filtering ideas for practical implementation.

9. Invest in systems before drowning: Implementing a comprehensive ERP system ahead of explosive growth positioned the company for success.

10. Never stop learning: Rick and Molly emphasized their commitment to continuous improvement and adaptation.

The conversation highlighted the power of complementary leadership styles and the importance of balancing big-picture thinking with focused execution. As Rick aptly put it, "It's not the idea that creates value, it's the execution."

We're grateful to Rick and Molly for sharing their trailblazing story and providing valuable insights for fellow entrepreneurs and business leaders. Stay tuned for more inspiring conversations in future Allied Executives Trailblazer podcast episodes!

Hoofdstukken

1. 1% Better Every Day: Lessons on Growing a Professional Services Firm (00:00:00)

2. Growth Operators (00:00:03)

3. Early Success and Growth Strategies (00:03:57)

4. Accelerated Growth Strategies (00:14:04)

5. Leadership, Growth, and Systems Implementation (00:20:49)

6. Visionary and Integrator Partnership (00:29:43)

7. Entrepreneur Growth Strategies and Recharge (00:38:38)

8. Entrepreneurial Growth Strategies and Partnership (00:46:28)