Today I want to share with you exactly why you’re stuck in your practice, and what you can do about it.
And I promise it’s going to be a real lightbulb moment, so stick with me on this one…
But before I do, I want to tell you about one of my new BlackBelt clients.
To respect his privacy lets call him Kevin.
Kevin is a Sole Practioner based in North London turning over £2Million a year.
So a few weeks ago Kevin came to me and he said “Rudi I know that my turnover is great, and I don’t have any major concerns about my profitability, but I’m working 60+ hours a week, I’m constantly fire-fighting dealing with other peoples problems and it’s leaving me overwhelmed and frustrated. I’m completely stuck, what can I do about it?”
The truth is, Kevin is no different to many of the accountancy practice partners that I meet.
Sure his practice might be different, he might make more or less money than others, but his problems are the same.
He’s overwhelmed, tired, frustrated and ultimately stuck!
Why You’re Stuck In Your Practice
So in order to understand why you’re stuck, let’s look at the model below.
In the model you will see that there’s 4 quadrants.
Top Left – E
Bottom Left – SE
Top Right – BO
Bottom Right – I
Understanding The Model
So what do they stand for?
Top Left – Employee/Employed
Bottom Left – Self-Employed
Top Right – Business Owner
Bottom Right – Investor
So this is how I think life works.
We start by going to school, and then after school at some point we become employed.
Now at employment level you’re doing something with your hands.
You’re an apprentice, you’re learning how to do something brand new and you do it with your hands.
And this is the same whatever you do after school, whether you’re a bookkeeper, an engineer, or a plumber – you do it with your hands.
And then one day you make this big jump to self-employment and start working for yourself.
At first this is great, you’re your own boss, you’re in control of when you work and when you don’t work and you feel empowered.
But after a while, you realise that being self-employed is actually not too different to being an employee.
You still have to work with your hands to get the work done – if not work harder to make sure there’s enough work in the first place!
And then the next big jump is from self-employment to business owner.
And that is where most of my BlackBelt clients are.
Because at business owner, something really interesting happens…
We take these hands from in front of your body that you’re so used to doing work with, and we tie them behind your back.
And then we say, “Hey, run this practice of yours the same or better than before with your hands tied behind your back.”
And this requires a completely different skill set.
Because what we have in this quadrant of business owner is two things.
One is People, and the other one is Systems.
You need the right people behind you and the right systems in your practice, and as you put them in place, at some point, you’re able to create this machine that works without you.
And once you have a machine, with the right people and the right systems in place, that runs with your hands tied behind your back, then you can make the final jump to Investor.
And this is a place of freedom of choice.
It’s a place where you’re not exchanging your time for money anymore – you’re exchanging money for even more money.
Some of my clients have done this jump and they said “You know what, I’ve had enough, I’m going to sit on a beach for 6 months a year”
And that’s what they choose to do.
Most of the others, I guess at this stage they start playing monopoly.
Because now you know how to do it, whether you start a business from scratch, or buy another business, you know how to build a machine that runs without you. And that is a great place to be in.
Which Quadrant Are You In Right Now?
So, the question to ask yourself is..
In which quadrant at the moment am I spending most of my time? And which quadrant would I like to get to?
I know for me, what I love doing and what we do with our clients is to help them find the right people, and implement the right systems in the business owner quadrant, so that they can build a hands-off practice that operates like a machine without them.
Whatever your choice, you need to make a decision, to draw a line in the sand and to say “enough is enough, now is the time to change”.