Many accountants that are "solopreneurs," or who run small practices, face the challenge of what I call "growing pains." It's when you get to the point where you have more work than you can handle but want to continue to grow your business.
Bandwidth bottlenecks are a common problem for small businesses. Moreover, when you have work that needs to be handled meticulously without error, as is the case with accountants, you need to find ways to increase your output without sacrificing accuracy and quality.
While there are no easy fixes to the issue, I have some ideas that might help.
Six Ways Small Accounting Firms Can Keep Up With Demand and Grow Their Businesses
1. Outsource tasks that don’t require your personal attention or that someone with specialized skills can do better and more efficiently.
In addition to work for clients, there is always a long list of business to-dos that need attention, too. Make a list of everything that needs to be accomplished and determine what must be done by you and what you can delegate to another resource with the skills and knowledge required. Some common items that might be good candidates for outsourcing include:
- Bookkeeping
- Marketing (for example, writing, social media, graphic design, website management)
- Appointment scheduling
You may feel more comfortable outsourcing different tasks to different companies or individuals that specialize in a particular type of work, or you might find a virtual assistant that can capably handle a variety of responsibilities.
2. Hire temporary, part-time or full-time help.
Depending on the extent to which you need support, hiring an employee (or employees) might make more sense than outsourcing. Before crossing that bridge, make sure you become educated about the many laws and requirements that employers must comply with. Using a staffing firm is one way to navigate the process if you’re not well versed in the rules, which differ from state to state, that employers must follow.
3. Partner with other QuickBooks ProAdvisors to help with the project or take it off your hands.
Because certified QuickBooks ProAdvisors have had expert training and have proven they know how to use QuickBooks software like a pro, you can feel confident in their abilities to help you serve your clients. Or, you can add ProAdvisors to your referral network for when you believe it’s best to direct a client elsewhere. You can find QuickBooks ProAdvisors near you through the Intuit QuickBooks website.
4. Focus on your niche.
Startup businesses in all industries sometimes fall prey to trying to be all things to all customers. But accepting work from clients that don’t fit the criteria of what you consider your ideal customer can result in inefficiencies and frustration. It usually pays to be a little choosy rather than cast a wide net. So what do you do about customers that don’t fit your ideal client criteria? Read on to my next tip!
5. Build your referral network.
This tip is a must when you act on tip number 4. When turning customers away who fall outside of your niche, you can maintain goodwill by referring them to other capable providers. This requires building your referral network so that you have a list of trusted, skilled individuals and companies to whom you can direct customers that don't fit your ideal client criteria or that you just don't have the bandwidth to serve well.
6. Join a partner program that has a referral network.
One way to find more of your niche clients and find accounting professionals that can serve customers that are outside of your niche is to join a partner program. With a membership of qualified professionals that bring diverse services and strengths to the table, these programs offer great value as they instantly expand your network while delivering other benefits to your company. One of those perks might include extending your revenue stream through reselling services or extending your suite of services through the partner.
Growing Doesn’t Have to Be Painful
By strategizing how to manage your business growth, you can take your accounting firm to the next level painlessly. When you assess your personal strengths, take stock of your business responsibilities, focus on your ideal customers, and establish strong professional connections, you’ll be on your way.
Author Bio: Nellie Akalp is a passionate entrepreneur, small business advocate and mother of four. She is the CEO of CorpNet.com and recently launched a partner program for the accounting community. Accountants, CPAs, Bookkeepers and other professionals can offer business incorporation and compliance services to their client to extend their services but CorpNet does the work. More info at: CorpNet.com/partners