It’s normal to make mistakes. It may cost you money, time and effort. However, the lessons you learn from such mistakes are essential for both your professional and personal growth. In any case, it will enable you to avoid committing the same mistakes a second time.
Also, such experiences can teach you how to approach a situation or problem from several angles. So, don’t be disappointed if you made an error of judgement. Consider it as a lesson on how to do things better.
So, here are some of the typical mistakes to avoid that can help you run your firm more efficiently and effectively.
1. Making rash decisions
In the accounting industry, you’re expected to make decisions. However, when you’re in a rush to meet deadlines, you can commit to action without evaluating all the facts.
Fortunately, you can learn from such experiences. So before making a decision, consider the ramifications before making your choice.
How can you avoid repeating past mistakes? You can follow this method:
- Listen.
- Think.
- Decide.
- Respond.
- Take Action.
Making sensible business decisions often means considering all the possible options. So, consider avoiding hasty decisions; it may mean fewer headaches in the future.
2. The consequences of hiring without verifying
When hiring an accountant or other office personnel, you’d like them to fit in your company’s culture. Unfortunately, the nature of your work may pressure you to hire the first available person. That could be a mistake. Even if they have the right skills and attributes, your candidates should be able to work comfortably with others.
If not, you can expect personality clashes from your people. Such disputes in the workplace should be avoided at all costs.
So, how can you ensure that you have the right person for the job?
Traditionally, you can set up a ‘help wanted ad’ in a newspaper or most probably online. However, why not consider consulting with a financial personnel recruiter? They can help you search for the most talented candidate, who’ll also fit in your firm. For example, a financial service recruitment site, such as Stellar Select, allows you to find and match the best candidates for your vacant position.
When hiring people, consider if:
- They can reasonably perform the specific duties you’ll assign them.
- Their personality is a perfect fit for your company.
Try not to hire people because you’re in a hurry to fill a position. If you do, it will only put undue pressure and stress on the new person.
What you should do instead is ensure that you have the available people before the work starts piling up.
You may think that maximizing the efficiency of current staff can help your personnel shortage. However, you’re only subjecting your people to fatigue. Also, you’re risking a reduction in productivity and a decrease in the quality of their work. When that happens, clients will be unhappy with your work.
3. Delegation is necessary
As the head of the firm, you’re used to making all the decisions. However, there are many things to do, such as:
- Search for new clients.
- Deal with current clients.
- Write and offer proposals.
- Provide financial and tax services to clients.
- Bill clients.
With this many tasks and responsibilities, it would be foolhardy not to assign some of them to others. It can also help you and your firm to hire the best people. Don’t hesitate to take on board those who are more talented than you. Remember, you’re entrusting them with duties that will help your company gain more clients and revenue.
It’s better for you to work smarter rather than harder. Focus on the work that you’re good at or that needs your input. You can then delegate the other tasks to those members of staff who can presumably do it better than you.
4. Taking on too many clients or projects is bad for business
It’s understandable to take on every client wanting your services. However, if you’re having difficulties accommodating them all, it’s better to consider dropping some of the load.
There are also instances where a particular client has a set of expectations you can’t reasonably fulfill. So, rather than taking on such projects and failing miserably, present them with realistic options. If they agree with your counter-proposal, you can work out a mutually satisfactory deal. If not, you can tactfully back out of the project.
Furthermore, you’re also probably taking on projects based on the amount of profit you can take in. However, if such an undertaking doesn’t capture your interest, there’s a risk that you’ll get bored with the work. This may result in haphazard work and disgruntled clients. To prevent such occurrences, consider taking on projects that will ‘ignite your passion’ or at least the will to complete it satisfactorily.
5. Listen to your gut instinct
Sometimes a project seems too good to be true. If a prospective client shows up at the office with an attractive deal, consider making due diligence first. You can make enquiries with associates and friends to verify their identity and business. If all things check out, you can proceed. If you identify red flags, proceed with caution and decide if it’s still worth the effort.
Remember the saying ‘There is more than one way to skin a cat?’ For example, everybody in your industry is using the same formula for performing particular work. However, your mind or instinct is telling you that there’s a better way of getting the job done. Don’t hesitate to follow your inner voice and see where it leads you. If it fails, at least you tried, but, if you succeed, the end result can be financially and emotionally rewarding.
Conclusion
As an accountant, you’re used to making business decisions in a timely manner. While you may make mistakes along the way, you can gain some insights from them. Don’t view your past mistakes as failures. Instead, see them as an educational experience. Furthermore, it will help you avoid committing the same mistakes in the future.
It also pays to follow your instinct and not blindly follow the advice of others when carrying out your work.
Author’s Bio: Lauren Walker works for Stellar Select as its marketing administrator. Stellar Select are a financial services recruitment agency providing mortgage and financial service candidates with employers.