Overcoming One Major Obstacle To Accounting Firm Growth
Picture this. You are sitting on a beach with powdery white sand and sparkling blue waters. You have a cold beverage in one hand while watching the sunset on the horizon. Wouldn’t that be the dream lifestyle? If only your accounting firm had all aspects of business in order then this situation would be a more common occurrence.
Holding You Back
What we’re seeing that’s holding back accounting firms from growing, more often than not, comes down to ‘desire’. The truth is accounting firms can make upwards of 250 thousand a month and even more without trying that hard. With that sort of income, you can have a reasonable lifestyle. Here’s a hypothetical situation. If you’ve been part of an accounting firm for 15 to 20 years, you’ve built up some assets. Most likely, you’ve grown the asset value of your property portfolio or your share portfolio. If you’ve got a family, you may have enrolled your children to private schools. Odds are you’re driving a nicer car than when you first started out working. Whatever it is, you’ve had a reasonable life. You’re earning more than a vast majority of workers in your country. This may not hold true for you or for other accountants like you but the point is that this is true.
As a consequence of this, what happens is some accountants in this situation develop a business that is very reactive in nature. Sticking to the usual laundry list of historical services, tax, and audit can net an accounting firm partner the profits that can be more than adequate to live a comfortable life. Referrals come. Charge rates go up one time or another. Everything is splendid. While going through the motions may earn a substantial amount of money, a push in the right direction can multiply this growth exponentially and empower yourself to achieve true work-life balance.
Pushing Yourself Forward
Why would you settle for anything less than your true potential? If that beach scenario in the beginning doesn’t do it for you, make your motivation that perfect getaway from the usual everyday life. Whatever that is, it should drive you to achieve what you would perhaps initially think is impossible. If you don’t think you can, you wouldn’t have started your business in the first place, right? Remember, your firm is a business. It’s a business to run and what it can provide is only limited by your imagination. It can be as big as you would want it to be. But you’ve got to be motivated to do what is necessary to achieve that goal.
Think of it this way. PricewaterhouseCoopers, Ernst & Young, or the other ‘Big Four’ started out with how many people? We all know how massive they are now. You too can scale your firm through effective capacity planning. All the strategies and how-methodologies in the world will never work if you are not motivated enough to make it happen. If the prospect of scaling up doesn’t motivate you. Think of building a business that really matters. Build a business that changes people’s lives for the better. Think of building a business that instead of writing up history is helping your clients make history. Make that your motivation. Being your client’s natural trusted advisor, you have the amazing opportunity to make real difference in your community and the world in general.
Would you rather just settle for the conventional or do you dare to realize your dreams?
More insightful reads await you in The Ledger. Subscribe NOW.
Listen to our podcast at The Offshore Accountant for more inspiring accounting firm success stories.
Build your high-performing offshore team that delivers results now.
Get in touch with global offshoring specialists at 1300 896 522.
Learn the essentials in building your own offshore team. Get a FREE copy of our eBook. Download NOW.