I know all too well how easy it is to almost be running a busyness, not a business.
There’s one reality check that I like to share with business owners, to help them recognize their busyness, and it’s this one question…
What significant, measurable progress have you personally made to your business in the past 3 months?
Three months may seem too short of a time frame, but if you were carrying out a project on your home, that time frame would seem like an eternity wouldn’t it?
In my 22 years of mentoring, I’ve witnessed incredible changes in businesses in 3 months, so it’s a good time frame to consider.
The problem in business isn’t a lack of time, it’s a lack of priorities to what will improve a business to begin with.
Business owners often aren’t clear of their priorities, in terms of a specific strategy to implement to improve their business.
Before looking at the strategies, or priorities of time usage, something else is usually lacking. It’s the WHY behind the strategy, and as Simon Sinek the author says, “We need to Start with Why.”
What’s your VISION of your practice? What’s your Why?
How clear and compelling is it?
A lack of a clear and attractive vision that pulls a person towards it is why so many business owners just go through the motions in their busyness.
A crystal clear vision of your potential future needs to be 20/20 in your mind’s eye. It has to be seen as real life images. See your practice with “x” number of employees. See the joy of employees and clients in your mind. See how happy clients are from your firm’s services.
If right now you feel like you want more emotional drive, or invigoration, start by defining your vision. Document what it will look like and the lifestyle you are living.
You’ll find that the more effort you put into defining your vision, the clearer it will become and the more real.
The more real it becomes, the more it will attract you and then you’ll want to seek out the strategies to achieve it and will make time to implement them, because they will become a priority for your time.
Significant business growth starts with a clear and compelling vision. It creates the emotional fuel necessary to overcome the habits maintaining the present situation.
The HOW doesn’t matter, until the WHAT and WHY is established.
What do you want your business to look like in 2 and 5 years - that will emotionally and physically fulfill you?
Why are those things important to you?
And who do you want to be in the role of ‘business owner’ in your life?
Getting back to basic, but important questions like these helps to reinvigorate oneself.
Here are a few more questions:
- What attracted you to becoming an accountant in the first place?
- What made you decide to have your own practice?
- In what way did you want to contribute to the community with your practice, for what reasons?
The “What” questions are a great place to begin – they lead into “why” questions almost automatically.
When you focus on what questions and why questions, you’ll find yourself more energized. These are the questions all entrepreneurs’ minds are “hard-wired” by.
These are also right brain dominant questions, whereas “how” and “when” are left brain dominant questions.
As an accountant, you’re constantly dealing with left brain function, which can make it hard to concentrate on a vision, which is right brain thinking. It’s the same with most business owners who are very ‘hands-on’ in their technical roles.
Become Reinvigorated!
Do you feel it may be time for a reinvigoration for your practice, or for yourself?
Is your business growth slow or stagnant?
Are you striving for growth, but without evidence being seen within a 3 month time frame - with significant, measurable results?
Example Accounting Firm Success
A client of mine, Colin, owns a practice where his average client fee is $13,200. Not due to exorbitant fees, but because the practice is very comprehensive with its service offerings.
Colin chose to target medical professionals and offer a complete, full-service solution by providing for all financial services including bookkeeping and invoice payments for clients. He believes medicos are best at being medicos and supports them in being that.
His firm’s client numbers are small, but the service is exceptional as he or a team leader is available on mobile and returns every phone call within minutes or hours. The practice grows by referrals because of his service specialization. Due to the dedicated attention his firm provides, he never loses a client.
Colin’s business also has the highest net profit percentage of any businesses I’ve ever seen at 72% with a revenue well above one million. His recipe works!
His vision from the start was to assist medical and white collar industry specialists to be the best professionals they can be.
What vision could you have for your practice?
This article is one of many topics discussed in the book 5 Growth Opportunities for Accounting Firms in 2019. You’re welcome to download a free copy.
Tim is available for discussions by Zoom if you’d like to ask any questions. Book a call for a 10 minute chat at a mutually convenient time.
Tim Stokes
Author Bio: Tim Stokes is a 36 year experienced business owner and builder of 7 in service industries. In 1997 he began mentoring business owners in all aspects of business growth and lifestyle success with results published in national magazines. He’s no accountant, but he brings a fresh, very practical, intelligent point of view to growing businesses that his principal clients enjoy. He’s authored 12 books and The Academy of Business Mastery business management course with its systems and management tools. He’s respected for his contribution to clients of accounting firms who see the results. Tim believes the most important figure in businesses is the net profit percentage and specializes in increasing it with a full suite of time-proven strategies. Visit Tim's website to learn more about him.