Where Do I Start?
Recognising that your accountancy practice isn’t working the way you want is the first step.
At this point it’s natural to feel a sense of overwhelming anxiety and think “where do I start?!”
It can feel like there’s so much to do and that it all needs to be done at the same time.
This happened to me a few years ago. My practice had increased fee income by 30% in less than 9 months, but I’d neglected to plan for this, I hadn’t taken on additional resources and I was already at full capacity.
This meant that in July 2017 I was hit by a sudden surge of increased work (we all know an increase in clients doesn’t always see an immediate increase in work – that follows later). Year end accounts and tax returns, vat returns for the new and existing clients were piling up.
It peaked when I went on holiday in and spent the first 3 days working.
Not good? It was ridiculous!!
What was I doing?!
This was my business which was supposed to allow me to enjoy a better work/life balance!
It was no way to live.
So as soon as I was back at work, I set about making changes to make sure this never happened again.
I identified 5 key areas:
- Systems and processes – these needed to be improved and standardised
- Clients – I needed to be more selective and only work with clients where there was mutual respect, who I enjoyed working with and could add real value.
- Services – I had to make sure the services provided were what I felt comfortable delivering and were what clients needed.
I wouldn’t offer services I couldn’t deliver properly at the same time I wouldn’t ignore additional services clients needed. I’d make sure we had relationships with specialist providers.
- Pricing – I needed to have a standardised pricing model. Something that would enable me to price consistently and could be revised and updated easily.
Not to price ‘on the fly’ – quote a figure to a prospect off the top of my head and then realise once the prospect became a client that I’d got it very wrong.
- Team – I needed more and better support. I’d been trying to do too much myself. I took on a new member of staff and far too late I took the decision to outsource.
I’ve covered what I did in these five areas in far more detail in my e-book
5 Ways I Transformed My Practice
So, I had a plan in place, now I just needed to deliver it.
This is when I took the decision to work with a coach. Someone who could hold me accountable to delivering on my plan. Someone who could support me and provide advice when I needed it.
Someone who could help me run the practice I wanted – the way I wanted.
So, if you’re at the point where you know your practice needs to change:
- Get a plan in place to make your business the one you really want to have.
- Implement the plan – straight away.
- Stick to it – no falling off the wagon. Make sure you review and update it regularly.
- Get a coach to hold you accountable. Having someone outside of the business supporting and guiding you makes success far more likely.
If you’d like help to make the changes to your practice to make it the practice you really want, then please get in touch.
We can have a chat, I’ll ask a few questions, give you some advice and maybe we’ll decide to work together.
But whatever happens – just make a start on those changes!
If you’re ready to start or are already running your own accountancy practice, here are 5 ways I can help you run the practice you want, the way you want:
1. Get in touch and arrange a free 30-minute discovery call.
2. Read my e-book about how I transformed my practice.
3. Attend one of our free Mastermind Events.
4. Join one of our Mastermind Groups.
5. Work with me on a 1-2-1 basis.