Marie Condo goes through homes clearing out anything that isn’t essential unless the client can honestly answer the question ‘Does this bring me joy?’
My suggestion is that we should do the same with our businesses. Weighing up profit and passion.
Some work we do because it is highly profitable but, if you’re like most business owners, there’s probably some work that barely breaks even. You can either stop doing it or find a way to do it more profitably, perhaps by automating it? This may be the nature of the work or the particular clients, so it is worth reviewing both each year.
Some work we do because we love it. Coaching is my passion, and I love seeing the result of my advice in clients reclaiming their work-life balance or taking holidays after making their businesses more profitable.
Ideally you would only do things that fall into both categories but sometimes they only manage one. Once you’re making enough money to cover your essentials I’d focus on your passion. If we do this, we will generally do a better job and be able to increase our fees.
If something is neither profitable nor enjoyable then you should stop providing that service or pass on that client. And you should carry out this review each year until you have a profitable business that you love.