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3 Things I’ve Learned From Running My Own Business, The Outsourced Accountant

Three and a half years ago, back when I was running my own financial planning firm, we encountered some challenges related to administration tasks. So we thought of ways on how to flip it to make it more efficient. We ended up buying an accounting firm.

The Outsourced Accountant was created and born out of a need for accounting firms. It has, undoubtedly, one of the best and most fulfilling moments in my life. The Outsourced Accountant (TOA) was originally meant for our own firm to do the back office work. It then turned into a business almost overnight where other firms were coming to us saying, “we don’t want to reinvent the wheel. We want to put the back office team in you and build it out.” Fast forward 3 1/2 years, The Outsourced Accountant has now 600+ people and rapidly growing.

Today, I want to look back on the past couple years and share a few lessons I’ve learned as an entrepreneur, a business owner and a keynote speaker from various industry events. You might ask what our top secrets are but let me tell you that what we have are best practices.

Make your business a better business for your clients

One of the areas we truly focus on is adding value to our clients. Our vision for TOA is to have around 5,000 people in three years’ time. But then it’s not how many employees we have, but more of how many clients we are adding value to.

We bring significant value to our clients, the accounting firms, because our business allows them time to add value to their clients, the small businesses. They’re the drivers of our global economies.

 

“It’s about making your business a better business for your clients. What I’ve learned is the more value you add to your clients, the more value they add to their clients the more they need you.”

Create a “people strategy”

 

Nick Sinclair - small business accountingNick Sinclair values building trust among employees and making sure they feel appreciated.

 

We’ve built our business for accountants and our employees. And this is reflected in the way we build our facilities and manage our team. It’s of utmost importance that we build trust and make our people feel appreciated and included.

We involve our employees in the decision making process. We want them to be part of what we’re doing. We wanna help them grow. We think of it as a business growth strategy.

 

“When building a strategy, you need to look at it from a global perspective. Build this into your long term people strategy to meet the capacity needs of your firm and the growing and changing environment that you’re working in.”

Reach out. Network. Find a business mentor.

I’m fortunate to have been part of a group called Entrepreneurs Organization. It has exposed me to businesses throughout the world and allowed me to learn valuable lessons from successful peers.

Whenever I experience gaps or feel like there are some things I don’t know, I seek help. I reach out, network and find a mentor–someone who has been there and done it. It got me to where I am in my career. It helped me mature as an entrepreneur.

It doesn’t mean, however, that you should pattern your success to theirs. When it comes to growing a business, you ultimately go through the journey that you have to go through.

 

“I’ve learned that there’s someone that has always been there and done it before you. Reach out, network and find a mentor or people that can help you.”

 

To learn more about Nick and his offshoring journey, click here. Keynote presentations and educational videos included.

 


If you have capacity restraints, are looking to scale your firm, or just want to know what is possible with outsourcing, contact our local industry experts specialists for a consultation today at 1300 896 522.


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Nicholas Sinclair

I am an entrepreneur at heart known most for advising entrepreneurs and successful people with their accounting and financial advice needs. I am the President of The Outsourced Accountant, an outsourcing company based in the Philippines which sole focus is helping Australian and New Zealand accounting firms grow their businesses.

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