With Christmas fast approaching, and kids writing their Christmas Wish Lists, I thought it was appropriate to write my own list this week.
Background in creating this list
When I was in practice I had a focus of 50% profitability. I know from experience that when one starts at 38% it can be hard to imagine 50% being achievable.
What is interesting, is that once you make 50% your focus, your decision making begins to transform. Then certain fundamentals become more important and you prioritise what activities are completed first each week.
In other words busy-ness doesn’t stop you from implementing strategies.
Unfortunately, I never had a proven process to follow. My process was made up along the way which meant that mistakes cost us time and money. For example, the year we ditched timesheets, I believe it cost us $250,000 whilst we worked out how to monitor productivity in the business.
Now I can look back, and apply what I’ve learned, with certain adaptions for the current market.
I’ve used this hindsight and experience to write the following list. This can be used as a checklist on the journey to creating a premium practice. A practice that will achieve the holy grail of 50% profitability
The 26 Point Checklist for Accountants to Reach 50% Profitability
- FREE yourself from client day to day, create time – [TA60] The Service Concept that is Costing You Money (& we all do it)
- Transition yourself from compliance mindset to strategic thinking in order to deliver clients with the high end value solutions – [TA23] How to go from a Compliance-Based Practice to Business Advisory Firm
- Prioritise strategic work – make it your focus, not an after thought – [TA41] See where your firm sits between compliance and VAS with this Simple Tool
- Get implementable advice, instead of more education – [TA51] Why Accountants don’t need another Education Model
- Become a Premium Leader: develop confidence in your leadership – [TA44] Do you have the Critical Mind required to build the Practice you want
- Create a culture of farming for growth – [TA29] Proven method for achieving practice growth in the next 30 Days
- Work on your exit strategy now, and make decisions that enhance this rather than diminish it – [TA27] Weathering the Storm with a Solid Strategy
- Write an action plan instead of a ‘to do’ list – [TA61] Achieve 30 percent Growth in 2015 with this Activity Plan (involves your whole team)
- Learn how to maintain high service delivery standards with team handovers – [TA52] -Why repeatable processes are the key to delivering the best client solutions
- Ditch small to medium projects that are costing you money – [TA48] Are Projects killing your Business
- Stop doing Projects and create packages & products which deliver consistent, high value service to clients in the most efficient and profitable manner – [TA54] Achieving Strategic Mindset Shift in busy time Part 2
- Identify the clients who can reap the biggest benefits from your VAS products – [TA29] Proven method for achieving practice growth in the next 30 Days
- Aim for maximum clarity in presentation of your service offerings – [TA59] Premium Branding
- Learn how to hold conversations that engage your clients – [TA22] How to Add Value By Creating a Valuable Conversation With Your Clients
- Price right, don’t make the same mistakes everyone else is – [TA38] Accounting Partners must read: Are you making these Pricing Mistakes?
- Create and stick to systems to deliver repeatable processes – [TA52] Why repeatable processes are the key to delivering the best client solutions
- Stop selling (and upselling). Have real conversations with clients, on their own terms – [TA50] The Strategy which saves you from Selling and why Upselling is Wrong)
- Be a real leader of people and delivery on; Mentorship (Thought Activator), accountability, guidance (vision)… – [TA47] Make your partnership great
- Build an organisation model that positions strategic solutions, and buy back your time with true leverage – [TA43] Insights from Practice Growth Formula Workshop
- Develop ‘laser’ focus with a champion mindset that engages the team, and allows you to let them loose on client day to day – [TA58] How to build your winning team
- Learn how to attract the right people for your firm, and hire strategically – [TA49] How to Avoid the Hiring Mistake Every Firm Makes
- Position yourself, your firm and your team as strategic business advisors – [TA23] How to go from a Compliance-Based Practice to Business Advisory Firm
- Learn how to nurture and develop your dream team (and mitigate against the risk of your dream players becoming your competition) – [TA58] How to build your winning team
- Utilise the essentials of marketing & selling for Accountants so you can implement what works for you – [TA50] The Strategy which saves you from Selling (and why Upselling is Wrong)
- Educate your client on the value you bring to their business (how you can build their bottom line) – [TA22] How to Add Value By Creating a Valuable Conversation With Your Clients
- Write your 3 year plan, now – [TA61] Achieve 30 percent Growth in 2015 with this Activity Plan (involves your whole team)
If you want to make 50% achievable for you, start with number 26 and work your way through the list.
Look out for my first TA in 2015 as I will be sharing all the mistakes and wins I had in practice, that created a Premium Practice for me.
Get clear on your Activity plan for 2015 (book now before the end of the year)
There are still a few opportunities available to get your 2015 Activity Plan started in a free, personal session with me before the end of the year.
This is an obligation free, short, casual chat that will quickly determine whether I can help your firm grow. (If I can’t help you right now, or you’re not ready, I’ll say so up front & point you towards a more appropriate course of action.) You have my personal guarantee that this chat will be one of the most valuable discussions you have in planning for 2015.
All you need to do is find a time in my diary and book yourself by using the link below.
If you’re not ready for a chat in-person, you’re welcome to reply to this email with the biggest growth challenge you’re facing. I’ll create a specialised list of my most recent TA’s that will help you, and get my assistant to forward it to you.