Step 1: Pick a Niche
Step 1 to scaling your accounting practice is to pick a niche. This is when you decide to focus your skill set on a particular industry.
This is a counter intuitive approach that almost all accountants miss out on. There is a saying in marketing and sales and it’s “the riches are in the niches.”
Picking a niche allows you to get incredibly good at doing 1 thing! So what do you have that no one else has?
With focus you can learn absolutely everything there is to know about 1 niche. You then solve higher quality problems in exchange for higher returns.
Once this is done we move to step 2.
Step 2: Create Standard Operating Procedures
Step 2 to scaling your accounting practice is to create SOPs. Now an SOP is a Standard Operating Procedure.
SOPs are where you create a step by step instructional manual on how to fulfill the work. This is how you will hand over or outsource the work and ensure the same STANDARD of quality that you expect from yourself.
By picking your niche, you’ll encounter the same problem over and over again. And then by creating SOPs around everything you do for a client you’ve now solved your fulfillment problem.
Plus you can now onboard a new employee or outsource and conduct training without being so hands on. Can you begin to see how you can scale a practice like this?
I’d just like to point out here that it’s important to have clients working with online accounting systems where you have access to their books and they can upload any documents.
This doesn’t mean you’ll never see the client or have face-to-face meetings, it means saved costs on travel and time for you and the client. If you’d like to conduct online meetings, I would suggest making use of a software called Zoom. You can read about Zoom and other tools to conduct your business online in this blog article here.
Which brings us to step 3.
Step 3: Virtual Assistants and Employees
Step 3 is all about VA’s and employees. In case you’re unsure a VA is a Virtual Assistant. Again we are speaking to the power of remote working and online systems.
By having your SOPs in place, you’re now able to bring on a VA or an employee and have them fulfill the work for you.
If employees don’t have to be at the office then allow them to work remotely. A responsible employee will work diligently and hard whether they are at the office or at home. The power is in who you hire, not where they do the actual work.
You do not need to hire the most skilled person or the person with the most experience, you have SOPs to make up for all of that.
If your SOPs are created well enough, anyone who can diligently follow a step by step instruction guide can do the work.
With that being said, when hiring someone to fulfill the work, you want to hire someone who is detail orientated.
If you’re the business owner, in all likelihood you are not detail orientated but probably goal, big picture or people orientated. We all have to varying degrees all of the above but we all have one that rings more true than any other.
You probably do not want to hire yourself. You want to hire an employee or a VA that loves step by step instructions.
Once you have all 3 steps done, you can now really start to scale your accounting practice like never before!
Does this makes sense to you and can you picture yourself scaling your practice?
Well if this is something that resonates with you and you believe you will need some help on this journey, feel free to schedule a FREE needs analysis call where we will discuss getting you new clients and scaling your practice. Click the button below to schedule your FREE call
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After having spent 3 years auditing at Grant Thornton in South Africa I packed my bags and left to go on a journey to the epicenter and the hub of the financial world, New York City.
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