This time of year is hectic for tax preparers. Meeting with clients, doing research, and preparing returns are vital to the business. Often we hear that Pros are so focused on working in their businesses that they don’t take time to work on their business. It’s important to slow down and to consider how to grow your practice.
Accounting businesses are often cyclical – they have a busy season, and a very busy season. Managing staff, fighting fires, overseeing projects, and finding new business take a lot of your time and effort. If you find time to consider how to grow your practice, you most likely don’t have any time left to implement your vision. It’s important to make a plan so you can succeed.
Being strategic doesn’t just happen, and it’s not something you can just fit into your day. You have to schedule time to focus on your strategy, really consider where you want to take your business, and look at the big picture.
Your plan needs to include considering whether you have the right processes in place, the right staff on your team, and the right clients coming through your door.
Are you as efficient as you can be within your organization and with your clients? Do you effectively collaborate, saving time and frustration for yourself, your staff, and your clients? Some things to consider:
- Meet face-to-face in your office as often as you can.
- Take advantage of technology to contact clients and colleagues, including chat and video platforms.
- Reduce manual data entry as much as you can.
- Use more efficient systems to lower internal costs, create time, and grow your practice.
The people you hire will affect your profitability, culture, and brand. When you’re recruiting, look for people who are proficient, will make your clients comfortable and happy, and can help develop new business and grow your practice. Paying bigger salaries for key talent isn’t always possible, so you may need to consider offering unique benefits, like a flexible workplace, allowing employees to work wherever or whenever they like. Offering flexibility will not only help attract the talent you want, but can drive a culture that people want to be a part of.
It’s possible that when you first opened your practice, you welcomed anyone who walked through your door. Now that you’re trying to grow your practice, make sure you consider these things as you search for new business:
- Economies of scale – Repeating certain tasks and developing systems to deliver projects faster provide you with proficiency that allows you to increase output and save costs at the same time.
- Expert capabilities – Developing an in-depth understanding of certain industries could allow you to become special for businesses in those areas.
Being busy may grow your revenue, but it might not be profitable. If you want to control the future of your business, make sure you are taking time to look at the big picture and develop a strategy for growth.