Reflecting on a Year of Growth

For small business owners, the end of the year is a time for reflection—an opportunity to celebrate milestones, evaluate progress, and look ahead with renewed purpose. For TRS Planning, 2024 was a transformative year, marked by significant growth in revenue, client relationships, and operational capabilities. 

Here’s a look at the key highlights of 2024 and the lessons learned along the way.

Scaling Revenue and Profit

When TRS Planning began in April 2023, our company was supported primarily by one key client in the financial services industry and a handful of smaller engagements through a freelancer platform. By the end of 2024, our revenue had increased by an incredible 450%, with net profits growing by over 500%.

This financial success was fueled by prayer (we are a Christian company) and strategic efforts to diversify revenue streams and improve operational efficiency. For instance, transitioning freelance clients to long-term partnerships created a stable foundation for growth. Additionally, new client onboarding mid-year and late in the year ensured consistent momentum, setting the stage for sustained profitability in 2025.

Expanding Client Relationships

While scaling revenue is important, it’s the relationships behind the numbers that truly matter. In 2023, TRS Planning’s work centered around a single client in the financial sector, supplemented by a variety of freelance projects. This foundational client was integral to our early stability.

But, in 2024, we prioritized deepening and broadening these relationships:

• Two clients transitioned from freelance engagements to regular partnerships, reflecting trust and satisfaction with our services.
• We worked simultaneously with our three core clients early in the year, paving the way for mid-year retention and the onboarding of three additional clients.
• By year-end, we had built connections across six distinct industries, showcasing our ability to adapt and deliver tailored solutions.

These partnerships were more than business transactions; they were collaborations built on mutual trust, shared goals, and a commitment to excellence. This client-focused approach was instrumental in driving stability and long-term success.

A Brief Detour and a Key Lesson

From August 2023 to May 2024, I (Tedd) also operated a second business as a financial advisor (IAR) for a registered investment advisor (RIA) firm. During this time, I provided financial coaching and advising, helping individuals navigate their financial goals. But, this experience taught me the value of focus…While rewarding, balancing two businesses diluted my energy and efforts. By May 2024, I chose to close my financial planning business and dedicate my full attention to TRS Planning.

This decision was pivotal. And, it reinforced the importance of aligning efforts with long-term goals and underscored how focus can amplify impact and drive success.

Strategic Investments for Growth

Revenue growth is exciting, but it requires careful reinvestment to scale sustainably. TRS Planning’s expenses grew by 160%, reflecting deliberate investments in the business:

• Facilities and Subcontractors: New spending categories emerged in 2024, such as facilities rental and adding people to the team. These investments were instrumental in managing increased workloads and maintaining quality.
• Technology: Software expenditures increased nearly fivefold, underscoring the importance of leveraging tools to enhance productivity and service delivery.
• Client-Focused Spending: Categories like marketing and professional certifications ensured that we continued to deliver exceptional value to our clients.
• Intern Contributions: In 2024, TRS Planning was fortunate to host a summer intern who contributed valuable insights and content. One highlight of their work was a blog post on project management, which can be read here.

Despite the rise in expenses, careful financial management ensured that costs remained a small percentage of overall revenue, showcasing operational efficiency.

Lessons Learned

Reflecting on our journey, several learnings stand out:

1. Diversification is Key: Expanding our client base across industries mitigated risk and created new opportunities for growth.
2. Relationships Matter: Building trust and delivering consistent value turned one-time engagements into long-term partnerships.
3. Focus Drives Success: Dedicating full attention to TRS Planning allowed for greater impact and alignment with long-term goals.
4. Invest Wisely: Strategic spending on technology, subcontractors, and facilities paid dividends by enabling us to scale efficiently.
5. Focus on Outcomes: Operational efficiency and clear communication with clients ensured that increased revenue translated into tangible results.

Looking Ahead

As we step into 2025, the focus remains on growth—but growth aligned with purpose and sustainability. With the groundwork laid in 2024, TRS Planning is poised to deepen client relationships, explore new industries, and continue its journey of providing tailored, high-value solutions to its partners.

To all our clients, collaborators, and supporters: thank you for being part of this journey. Here’s to another year of growth, learning, and success!

If you’re a small business owner looking to scale your operations or take your business to the next level in 2025, I’d love to help. Let’s connect and discuss how TRS Planning can support your journey toward sustainable success!