You know you are in for some serious expansion when you are willing to invest more in the practice than you were before.
Whenever I see practices move into a position where they decide to purchase a software for the purpose of increasing productivity, where they decide to hire, or decide to expand their existing space or spend money on marketing -- even though the results can't be 100% guaranteed - I know they are headed for success.
This is when you know you've grown in your confidence - you don't doubt yourself as much, and thus stop operating the practice out of fear of "what if x investment does not work out?"
To create more income, one must invest more in the business and in order to invest more, one must increase one’s confidence. Those two are so interdependent!
Recall the last time you made a substantial investment in the practice, what was your confidence like at the moment you pulled the trigger? I am willing to wager it was at an all-time high!
Maybe not every investment you ever made in the practice paid off. But if you stopped making them, you would never “stumble upon” the investment that made the big difference to your bottomline. There is advice that is going around at the moment, to “fail fast” – but because so many have fear of failure, they often don’t take that action that could get them to the next level.
Getting to the next level is all about the confidence to take action. It is well known that a country's economy does way better when there is confidence in it -- either confidence because there is a new government, confidence because of a boost on Wall Street etc. Economists can’t always figure out the cause of the confidence in the economy that is driving a boom period, but one thing we know happens, is that confidence is contagious and very soon, everyone seems to be willing to spend more.... which further fuels the growth.
It’s the same with a business – it does better when the owner’s confidence in his ability to lead it and to make the right decisions towards expansion, grows. Staff and clients pick up on the positive cues and this positivism further fuels the momentum to grow.
Ciara MacMahon
Author Bio: Having worked with accounting practices since 1998, and prior to that working as an attorney in a set-up, very similar to a CPA practice, Ciara MacMahon, CEO of Phase Two Management Consulting, has successfully boosted revenues of accounting practices by 3 – 4X, while allowing the owner to take more time out of the practice. Accounting practice owners are faced with endless deadlines and the challenges of managing workflow, finding the right staff, staff training as well as securing the acquisition of quality new clients! They are also often tasked with the not too pleasant responsibility of imparting bad news regarding taxes due, that the unprepared client is unhappy enough about, to oftentimes ‘shoot the messenger’!
As no two practices are the same and each owner has his own vision for what he/she wants, the first step is a Planning Session to work out the owner’s goals and a strategy to obtain them, in the fastest time period, and for the highest return. To schedule your one on one complimentary practice analysis and consultation, email Ciara MacMahon at consultantciara@gmail.com today. www.PhaseTwoManagement.com