As we near year’s end, if you are like most business owners, your main goal for the upcoming year is to increase profits. However, unless you have laid out a detailed plan, that is easier said than done. Here are three tips to help you grow your practice.
Review Your Metrics
When was the last time you reviewed your firm’s metrics? What worked when you first started your business or even a year ago, may not be applicable to your business now. Have your expenses increased or (hopefully) even decreased? Are there certain business practices that you have or could implement to help improve productivity? Factors such as these should be examined when reviewing your profitability metrics. Take the time to evaluate your target numbers. More than likely you’ll need to adjust them, especially if you want to see an increase in profits.
Review Internal Processes
How are you currently managing your business? Unfortunately, many firms are stuck in the past with hard copy files and stationary accounting systems. Such antiquated business processes greatly limit flexibility in daily operations, negatively affecting staff productivity and ultimately client services. If your firm is going to be competitive, it is imperative that your processes are as efficient and cost effective as possible. Implement options such as cloud accounting to safely store and easily access data. Another option to consider is outsourcing. If you’re trying to manage every aspect of your business, you’re doing it wrong. Outsource tasks such as marketing or administrative assistance to freelancers or contract professionals. This will free up your time to attend to the most important aspects of your business—client services and business development.
Review/Increase Client Services
Whether you currently have five or 25 clients, chances are that you are not doing all that you could for each of them. Take the time to visit with each of your clients to discuss their goals. Assess their needs and how you might best assist them, beyond what you are currently doing for them. Maybe you have tax clients who could use your help with strategic planning or bookkeeping clients who are ready to expand their business, but not quite sure if it is feasible. Take some time to meet with each of your clients to assess their current goals and any barriers that they may be facing. As their financial consultant, you have the unique opportunity to help their business grow beyond their accounting needs.
What steps will you take to grow your firm in the coming year? Share your suggestions in the comments section below.