3 Unusual Tips for Accounting Professionals
Some people mistakenly believe that a firm owner’s life is easier. But often, we encounter the same issues as large accounting firms. Customer satisfaction, growth strategies, delegation, administrative work, finance and legal issues, team communication. Business coaching shares 3 tips for accounting professionals which address growth challenges.
Even if you’re the only one running the show and haven’t made your first hire yet, there’s a lot going on that’s similar to what happens daily in a large firm.
Let’s simplify your life a bit. You deserve time for other important things such as family, traveling and doing activities you enjoy. Instead of figuring it all out on your own, follow the tactics of successful entrepreneurs.
Here are some business tips that you can try today.
1. Create themed days
This is something Jack Dorsey, founder of Twitter and Square, does. Know, I don’t suggest you follow his insane work schedule. That’s because he spends 8 hours in the first company and another 8 in the second, every day of the week.
Dorsey’s mastered productivity and personal organization to reduce overwhelm or related health issues. One thing he’s implemented, that can work for you too, are themed days.
Some things are counter-intuitive. Switching back and forth from one activity to a completely different one isn’t efficient. Our brains don’t operate that way. Plus, attempting to concentrate on something for long periods of time doesn’t really work for most people. Ideally, you want to concentrate on a project for 45-55 minutes. Then build in short breaks.
Switching back and forth from one activity to a completely different one isn’t efficient for #accountingprofessionals. Our brains don’t operate that way. Click for the solution. #getpaidwhatyoureworth Click To Tweet
But what if each day of the week was dedicated to one activity related to your firm? Well, themed days offer the perfect solution.
Yes, you still need to get everything done. However, this specific approach is easier to follow and highly effective.
Here’s an example of how it works. One day is dedicated to meetings and networking. Another day focuses on marketing. Then, there’s the day especially for growth and sales, and the one for product development.
Jack Dorsey devotes his Fridays to company culture. And his Mondays are dedicated to management and running his companies.
Give this a try to see how it goes.
2. Ditch some of your activities
The Pareto principle states that only 20% of what you do gives you 80% of the results. This rule typically applies to time management; however, it extends beyond that. Apply the 80/20 rule to improve profitability in your accounting firm.
First, let’s talk about clients.
When you take a closer look at your reports, you’ll notice that 80% of your revenue comes from 20% of your clients.
This might be surprising, but it’s true.
Accounting professionals typically do most of their work for a few big clients. Your smaller clients don’t significantly contribute to the bottom line, but still require a lot of time.
If you’re networking in many different groups, you’ll notice that only one or two bring in solid referrals. In this case, it’s better to leave the other groups and focus on the ones that deliver results. Focusing on what works means you’ll get better results with less effort.
Such business tips for accounting professionals aren’t something you’ll hear often. Unfortunately, it’s also safe to say that many firms set fees which don’t reflect their value.
Ditch the variety of things you’ve been working on that don’t lead to your #accounting firm's #businessgrowth It’s a bold, smart move. Read how to do that effectively. #getpaidwhatyoureworth Click To Tweet
Strategically ditch the variety of things you’ve been working on that don’t advance your firm. It’s a bold, smart move. Spend more time on proven growth activities. Effective strategies free up your time to actually enjoy your life.
3. Be okay with failing
You will fail. So instead of turning failure into a dead end, you want to shift your mindset about it.
The dead end approach to failure has you believe it’s the end of the world. You never try again after failing one time.
Growth-minded accounting professionals view failure as an opportunity.
- Decide to learn from your mistakes.
- Analyze what occurred to make sure you don’t repeat the same mistake again.
- Continue to take risks that will potentially grow your business.
- Know that this time you’ll be wiser, better prepared and more confident in your abilities.
Any successful firm owner you’ve ever heard of, who made it to the top, has failed multiple times before that. Here are 29 of them if you need some inspiration.
Remember that failure is a necessary step to building a profitable business. Furthermore, it takes courage to always try one more time, to keep your hope alive, to never listen to the naysayers, and to tell yourself you can do it.
Overall, these qualities form the mindset of a growth minded firm owner. So every time you make a mistake, learn from it and move on. Realize you’re building discipline, taking responsibility, and mastering the art of growing a successful business.
Hope these business tips will make your journey a bit easier.
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