You do not build a business; you build people and then the people build the business.
I know that as practice owners, you have experienced the pain that comes along with growing firm. From finding and keeping great people to building consistent processes for serving clients… The workload and responsibilities easily become overwhelming.
However, growth does not have to equal more pain.
The key is to start with the “end in mind:”
- What passive income do you want to earn and at what age?
- What Turnover and Net Profit will that be?
- What resources (staff and systems) do you need to support that turnover?
- Go to work, not to prepare a tax return, but go to work to build that picture/dream.
Then develop the blueprint and organizational structure to achieve the above. Your blueprint includes the key roles you will fill as you grow so you can approach growth with confidence instead of fear/ angst.
With the right organizational chart, you can grow with the right individuals in the right roles.
When you have a plan in place to grow, the next step is bringing in the right talent. Your team will have a variety of needs as things scale, and it is important to understand the strengths and weaknesses of your people.
Many accounting firms make the mistake when hiring or trying to find people that are like themselves or their existing team members. This mistake can be costly because the people you hire should complement you.
This means building a team with a variety of different skills and strengths. This includes creating a feedback mechanism for maintaining accountability for staff and client feedback.
Use systems and processes to maintain quality and sustainable growth without the pain
I hope this helps.
Ed Chan | Wize Mentoring | wizementoring.com
PS. If you’d like to receive a Friday tip from me every week to your inbox along with $10,000 worth of bonus growth tools, sign up to my FREE Friday Tip email newsletter at https://www.wizementoring.com/wizetip/
As a way of giving back to the Accounting Industry, Ed now contributes at a Board and Strategic level to many independent Accountancy Firms, helping them improve their efficiencies and run better businesses, resulting in better work-life balance through Wize Mentoring.
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