Inspired to grow your business
The possibility of turning your passion into a profitable business is exciting. Think of the moment when you realized there’s a way to earn income from doing something you love and how this fueled your desire to start now. For visionary accounting professionals, the idea to grow your business is the FUN part. This is where you thrive.
I’ve been there, too. The initial impulse is to throw away your current stream of income and get started now. I caution you to resist this urge; it’s not the best success strategy. This is like getting ready to leave your spouse. Suddenly the things you tolerated become intolerable. Your lowered tolerance feeds your desire to quickly quit, although it’s your primary source of income.
Unforeseen issues arise from acting too quickly and without a plan. It’s like walking a tightrope without a safety net. Cutting off one source of income when you’re first growing your business leads to cash flow issues. Something I wouldn’t want for you.
How to grow your business:
- Define. Clarify how you’d like to build your accounting practice. Exactly what is your vision?
- Discover. Gather as much information as possible about your ideal client. This will help to attract clients.
- Distinguish. Get comfortable explaining how your accounting practice differs from others. An advanced move to increase business is to highlight the unique qualities you offer.
- Develop. A network, referral partners and community helps with growing a new business and attracting clients. Seek out complimentary services which can develop into referral partners.
- Draw. Map out the client experience. Choose your service delivery model regarding programs and services. Then figure out how to spread the word about your accounting services.
Transition from the old to the new
A gradual transition from your current business to the new requires patience. You’ll continue to work in your current business as you grow your new business. Then as your new business gains momentum, your time shifts from the old to the new. This approach isn’t as sexy as diving into your new business. I get that.Avoid cash flow issues. Prosperity can’t flow to you when you’re magnifying everything that’s wrong. Read full post. #getpaidwhatyoureworth Click To Tweet
A steep learning curve is part of the start up phase. You don’t know what you don’t know. The start up phase includes ups and downs. There will be tough moments. Growing your new business is easier when you’re prepared for the ebbs and flows.
Manage your resources
Time and money are your primary resource. You’ll be investing both, time and money, as you grow the business. Typically, you’ll have more time, than money, in the beginning.
Accounting professionals experiencing the pressure from cash flow issues will make decisions they wouldn’t have made otherwise. During those challenging moments, be wary of negativity. Those critical thoughts are poisonous. That’s because prosperity can’t flow to you when you’re magnifying everything that’s wrong. I don’t want you to sacrifice your ideal accounting practice due to money.
Pursuing a passion is exciting. If you dreamed it, then your vision is possible. And yes, you will face unknowns along the way. Accept that challenges will arise as your build your practice. With that in mind, remain connected to your vision. Don’t allow obstacles to stop your momentum.
Mistakes are valuable
Starting something new is risky. Yes, mistakes will occur along the way. Success minded accounting professionals recognize the value of those mistakes.
Here’s where an open mind matters; whereas, self criticism is destructive. Mistakes are packed with valuable insight. They offer rich information regarding your success. Frequently your mistakes are a catalyst for success. Some of the best breakthroughs occur on the heels of a mistake. Dwelling for too long on the mistake can prevent you from noticing an opportunity. Think of this as the silver lining in clouds.Frequently your mistakes are a catalyst for success. Some of the best breakthroughs occur on the heels of a mistake. Read full post. #getpaidwhatyoureworth Click To Tweet
Seek out a trusted source
Instead of believing you need to do this on your own, seek out help and support from a trusted source, like a coach. The people closest to you may not truly understand how risk is necessary to grow a business. And that’s okay.
Success doesn’t occur in a vacuum. Follow these recommendations for your accounting practice to successfully grow without burning you out. Discover how to increase your revenue and attract high value clients. Right NOW claim your FREE RESOURCE to earn more while lightening your workload.