Succeeding as an Accounting Entrepreneur
As an entrepreneur, managing your business can be made simple. With a little knowledge, expertise and some sound practices and motivation, Accountants can run a successful business and remain in practice for the long haul.
Finding the formula to success requires having the right employees, the right habits, and the necessary tools. Learning from already successful companies and having sound business practices in place is essential in creating a profitable accounting practice. Here are eight guidelines to help you achieve this.
1. A compass for your business
According to a study conducted by the Harvard MBA programme, writing down goals for your business will make a huge impact on your success. Firms without goals experience significantly less growth than firms that have written goals and plans. However, your entire team needs to be on board with these goals, so engage your employees with an inspiring vision and clear objectives.
2. Tech-up your operations
Digital transformation continues to be top of the list of priorities, enabling a business to continue operating in today’s fast-paced digital environment. Digitisation should include continued remote working capabilities, digital marketing tools, cloud-based accounting software, and enhanced cyber security. Firms must adopt an online platform where customers can easily do business with them, for example, a website and social media platforms.
3. Hybrid working conditions
Accounting firms will need to consider adopting a hybrid working environment, as some clients will operate online, but others will prefer more traditional ways of conducting their financial affairs. Remote working can help with the needs of the business and its clients, as well as for employees.
A significant positive of remote working is that business owners can now offer their accounting services beyond our borders to other countries. It also means that local businesses can now employ staff remotely, as their location is not important in many instances.
4. Branding trends
Customers are omnichannel these days, meaning that they engage with businesses through various channels including different social platforms, text, email, live chat, and others. By providing quality omnichannel support, you show them that you value their business. As you begin, you may not be able to sell everywhere, so scale your omnichannel strategy as you learn more about your target audience.
5. Listen to your customers
Listening to feedback from your customer base is crucial. In studies conducted, a good portion of a company’s business comes from customers who are referred by current customers. Happy customers will also be recurring customers; people are 10% less likely to shop around if they’ve used your company before and were satisfied with the experience.
6. Broaden your horizons
By diversifying your services, you can appeal to a broader customer base. For example, if you only provide bookkeeping services to small businesses, your clients can’t refer you to friends who need personal tax returns done, or to larger businesses who need a range of accounting services. When customers see that you can handle all aspects of accounting, they will see you as an expert in your field.
7. More business from current clients
Firms that offer diversified services can offer multiple services to the same customer. This allows your business to maximise its potential profits while making you a convenient one-stop shop for all of your customers’ accounting needs. Suddenly, your profits from a single customer increase significantly.
8. Work-life balance
Accounting professionals have a reputation for working long hours. While working overtime is sometimes necessary, it’s important for employees to have a good work-life balance. A survey conducted in top accounting firms showed that having work-life balance as a top priority leads to happier employees, which in turn leads to higher profits, more sales, greater customer loyalty, and increased productivity.
Every accounting firm has an important role in our economy. Running a successful practice can be challenging, but keeping an eye on your business goals, diversifying your services, equipping your business with the right technology, having the right people, and keeping your customers happy, are good habits that will lead to a successful business.