The accounting industry is ever-changing.
Right now, we’re experiencing…
- A mass transition into the cloud
- The introduction of MTD
- A shift in focus from compliance to advisory
…along with so many other things.
And what I find happening time and time again is that practice owners get so bogged down in this stuff, that they completely forget about the basics.
Now I’m not saying that these external changes aren’t important. They are, and they should be taken seriously.
But if your practice is currently…
- Low in profitability
- Has a team of below average players
- Clients that aren’t properly cared for
- Requires you to turn up every single day
- No strategies for bringing in new clients
- Systems that simply aren’t scalable
- Fees that are too low
- Debtors and WIP that is through the roof
- Etc Etc
… then you absolutely need to focus on getting the basics right first.
These are all things that can be remedied fairly easily – with the right tools, approach and time to implement.
And when you spend time fixing them, your practice is not only going to be more profitable, more scalable and vastly improved, it’s also going to be in a much better position to deal with everything else.
What you have to realise is that there are always going to be new and interesting external challenges/trends to deal with.
As soon as you’ve dealt with one, another is going to appear.
Picture it like this…
There is a wall of boulders in front of you blocking your way forwards.
Each boulder represents one of these external trends/challenges.
Currently you only have a hammer and chisel to get through (this represents a practice that hasn’t got the basics right). So, by the time you’ve chipped and chipped away at one boulder with your hammer and chisel, another has fallen down into its place, blocking your way.
On the other hand, if you had a much better tool i.e. a sledgehammer (which represents the practice that has mastered the basics), then you can smash through the boulders in much less time and keep moving forwards.
The point I’m making here is…
If you carry on as you are, without spending any time to get the absolute basics right, then your practice will struggle to move forwards long term.
Whereas if you spend the time now to absolutely master the basics, then you will be in a much better position to deal with everything else, and your practice will keep moving forwards.
So what exactly do I mean by ‘the basics’?
In its simplest form, the basics are:
- Having a self-reliant A+ team in place that frees up your time to spend growing your practice
- Scalable systems that enable the practice to run more profitably and efficiently
- Developing a predictable growth strategy that brings in a regular stream of new clients, regardless of how little or much you work
If you want to find out more about how to master those, you can register for a free online training session here.