Clarify Your Numbers
How do you measure what’s working? Do you focus on specific numbers, client referrals or something else? Each of those things do matter. What’s equally important for your accounting firms growth strategy, if not more so, is your mindset and how you approach the various aspects in your firm.
There’s a tendency for accounting professionals to complicate things by believing a complete overhaul is the only way to achieve results. That’s not true. Why make things more difficult than necessary?
You can achieve great results when you keep things simple and easy.
Sometimes a slight adjustment leads to a significant improvement. Review the list below, identify a change that you’re ready to make and then get started with making the necessary adjustments.
5 Steps to Nail Your Accounting Firms Growth Strategy
1. Measure the right things.
Measuring is absolutely crucial. What you pay attention to expands. Start out by identifying the things you want to keep an eye on. Then test each of those things to figure out whether they affect the big picture.
Of course, some metrics are more important than others. It’s easier to monitor your clients numbers than your own.
As you know, the numbers tell a story; they don’t lie. Don’t skip over your numbers simply because you’re busy. Set time aside to review them regularly to determine what’s working and what’s not.
Measure the soft areas
Let’s explore some out of the box areas for you to measure and which directly relate to your firm’s growth. I’m talking about your decision making process.
There are plenty of growth strategies available. Sometimes; however, the best opportunities challenge your limits. At that point, do you stick with the status quo or seize the opportunity?
Important decisions require courage, especially when there’s potential risk. And, what if you don’t have all the details and information available?
There came a point in my career where I didn’t want to continue as a sports psychologist. Although I didn’t know what I wanted to do next, I felt the need for change.
The search for my next best move began. My mind remained open to possibilities. Some were known; others were unknown to me.
Coaching found me. Before then, I didn’t even realize coaching existed outside of sports.
The bottom line is don’t leave your success to luck. Measure everything to gradually remove the guesswork. Then fine tune your accounting firms growth strategy.Don’t leave your success to luck. Measure everything. Then fine tune your #accounting firms growth strategy. Read full post. #getpaidwhatyoureworth Click To Tweet
2. The art of saying ‘no’.
There’s only so much you can do in a day, week, month, etc. Sometimes, you feel the need to say yes to new project because you don’t want to miss out on a lucrative opportunity. Other times, you get overwhelmed by the multiple directions you’re going in. It’s important to decide what’s effective so you avoid burnout.
How often have you felt like you’re being pulled in too many directions at one time? Learning how to say no resolves this issue. Even if you want to please everyone, it’s okay to say no when something isn’t a good fit for your firm or your schedule.
Yes, initially feels uncomfortable.
But when you’re ready to strategically grow your firm, you’re more likely to finish what you start. Otherwise you get confused, over-think things, waste precious time, and keep yourself busy with activities which don’t really advance your accounting firm.
Here’s where a business coach can help you define what’s slowing down your firm’s growth, which activities to prioritize and clarify your growth strategy.
3. The do it all by myself trap.
Accounting professionals tend to overwork – continuing to do it all. This slows down your accounting firms growth strategy because you never get enough time to work ON your firm.
Start by clearing your schedule of less important tasks. Consider getting some of these things off of your plate: administration, communication, and anything that can be automated or delegated.
What’s the obstacle to delegation?
There’s a mindset aspect to clearing your schedule. By delegating some of the things you’ve always been doing, you create space for more ideas, productivity and focus. Often, you need to let go of something before you can progress forward.
These 4 things typically interfere with a firms growth.
Let’s face it, doing it all yourself limits your growth. This blinds you to new opportunities that are right in front of your eyes. Don’t allow that to happen.
Open yourself up to bringing other people in, ask for advice, be okay with improving the firm’s culture and growing your team.
Planning, measuring and modifying your current methods is a big task. Expect moments to arise where you shift gears, although it doesn’t seem logical.
If you do what you’ve always been doing, you’ll realize the same results. You might even feel stuck at some point and not know where you’re limiting yourself or doing something which is ineffective. Flexibility is important. That’s because there are some things you’re unable to anticipate beforehand.
Flexible firm owners willingly adjust their approach, marketing, content, products, brand, etc to serve the highest good. It’s more important to pursue your path, align your accounting firm with your core values and fulfill your client’s needs, than to rigidly adhere to a specific plan.
Your accounting firms growth strategy is flexible. It evolves over time. And, you grow along with your firm.
5. Niche down.
When things aren’t going the way you want – and you’ll experience times like that – stop and reflect on the situation. Then, niche down to reveal the core issue.
Accounting professionals often tell me they want high value clients. But their messaging and websites, don’t fully communicate their value. As a result, they attract the wrong type of client.
Don’t accept everyone who’s willing to pay your fees. Maybe you’re attempting to solve too many problems. Remember, trying to accommodate every request causes you to stretch yourself too thin.The desire to be all things to all people makes your #accounting firm a generalist. Specializing in an area helps clients decide if you can help them. So niche down. Read full post. #getpaidwhatyoureworth Click To Tweet
The desire to be all things to all people makes you a generalist. Specializing in an area helps clients decide if you can help them. So niche down.
You hold the keys to your accounting firms growth strategy.
Don’t be afraid to get specific about who you serve, what you do and how that makes a difference. This strategic shift requires courage. Anything new requires risk; however, the results are highly rewarding.
Follow these recommendations for your accounting firms growth strategy. Discover how to grow your bank account and attract clients who happily pay your fees. Right NOW claim your FREE RESOURCE to earn more and lighten your workload.