Running an accountancy practice is no easy task.
As the practice owner you’re not only responsible for delivering client work, you also have the responsibility of managing your over-reliant team and trying to grow the practice at the same time.
And this can often lead to huge amounts of stress and overwhelm for the owner.
But what if I told you that (in its most basic form) there are only 3 things standing between you have a practice where you are:
- Frustrated, stressed and overworked
- And you having a practice where you have complete freedom of both time and money
Freedom Or Frustration?
Would you rather freedom or frustration?
The answer is fairly obvious.
Yet most of the accountancy practice partners I meet and speak to are stuck in frustration..
Let’s look at your practice.
Are you in this place of complete freedom, where everything can happen without you being there, your practice takes care of itself leaving you the time to relax and spent time enjoying life with your family and friends?
Or, are you stuck in this place of frustration, there’s high levels of stress, alarm bells are constantly ringing, you never stop feeling tired and quite frankly, you’re not enjoying things all that much?
If the latter is more your sense of reality then the ‘model’ that you’re operating in is broken.
Today I want to share with you 3 signs of this broken model, and when you fix them it will shift you from frustration to freedom in your practice.
Sign 1 – Hoping For Growth
So the first sign of this broken model is that you’re ‘hoping for growth’.
Are you always hoping for the next client? Not quite sure where they’re going to come from? You don’t really have a growth strategy in place for your practice?
Truth is, when we are in this place it leads to a lot of uncertainty.
It’s not a great feeling – I’ve been there!
So the shift we want to make here is from ‘hoping for growth’ to ‘predictable growth’.
In other words we’ve built the machine, it’s running without me and the growth is happening.
And that’s a great place to be in, because this creates certainty and the ability to grow much more consistently.
And eventually this will lead to freedom.
Sign 2 – Over-Reliant Team
The second sign of this broken model is when our team are ‘over-reliant’.
In other words they don’t quite do what they say they’re going to do, you don’t know if you can really trust them to do everything without you being around, and it always seems to come back to you one way or another.
Ultimately, you’re so busy fire-fighting and being overworked that you don’t really have the time for your family, or even yourself.
So the shift we want to make here is from this ‘over-reliant team’ to a ‘self-reliant team’.
Because when we’ve got a ‘self-reliant team’ in place, they just take care of it, it’s happening whether you’re there or not.
And that leads to freedom.
Sign 3 – Sweaty Systems
So the third and final sign of this broken model is what I call ‘sweaty systems’.
Now obviously you’ve got systems in your practice because you haven’t gotten to where you are without them.
So how do you know if you’ve got sweaty systems in your practice?
Ask yourself, do the systems in your practice run smoothly day-to-day, doing the heavy lifting for you with no issues coming back to you or your partners?
Or, do the systems in your practice make you sweaty, because you’re the one doing the heavy lifting, constantly fixing things, dealing with issues and trying to stay one step ahead of the next thing to go wrong?
So the shift we want to make here is from ‘sweaty systems’ to ‘scalable systems’.
Because when you have ‘scalable systems’ in place in your practice, it underpins everything that happens.
And when that’s in place, it will lead to freedom.
What does this mean for you?
So I have 2 questions for you to think about…
1. How many of these 3 ‘signs’ currently applies to you and your practice?
2. Which of these is currently giving you the most pain, and taking the most time and energy?
The key to freedom is to make these 3 shifts, and build a hands-off practice that works for you, not the other way round.