When weighing whether or not to start a bookkeeping business, it’s important to begin with the end in mind.
Sure, the most important thing is to start working with clients and generating revenue. But setting out a long term vision for the business from the outset will make the bumps in the road you’ll inevitably encounter easier to manage.
In this blog post, we’ll explore the characteristics that distinguish a top-tier accounting firm from the rest and offer actionable tips for goal setting, based on an insightful interview with John Hewitt, CEO of Loyalty Brands Inc. If you’re considering starting a bookkeeping firm, Hewitt’s expertise offers invaluable guidance.
This interview was conducted by Roger Knecht, president of Universal Accounting Center, on the Building the Premier Accounting Firm podcast. Check out the episode in full here.
Characteristics of a Top-Tier Accounting Firm
In the competitive world of bookkeeping, distinguishing your firm as the premier firm in your area requires more than just technical proficiency. Hewitt highlights several key characteristics that set leading firms apart:
- Client-Centric Focus: Hewitt emphasizes the importance of understanding and prioritizing client needs. “Listen to your clients and tailor your services to solve their specific problems,” he advises. Top-tier firms excel at building relationships and trust, ensuring clients feel valued and understood.
- Adaptability and Innovation: In a rapidly evolving industry, staying ahead of the curve is crucial. Hewitt suggests that firms must be willing to adapt and embrace new technologies. “Innovation is the key to staying relevant,” he states. Leading firms invest in cutting-edge software and continuously improve their processes.
- Strong Team Dynamics: The success of a firm often hinges on the strength of its team. Hewitt believes in cultivating a supportive and collaborative work environment. “Your team is your greatest asset,” he notes. By fostering a culture of continuous learning and open communication, firms can attract and retain top talent.
Goal Setting for Success
Hewitt notes that effective goal setting is crucial for starting a bookkeeping business and growing a successful firm. Hewitt offers several tips to guide your journey:
- Define Clear Objectives: Start with a clear vision of what you want to achieve. Hewitt recommends setting specific, measurable, achievable, relevant, and time-bound (SMART) goals. “Having a clear roadmap helps you stay focused and motivated,” he explains.
- Break Down Goals into Actionable Steps: Once you’ve set your objectives, break them down into manageable tasks. “Tackle your goals step by step to avoid feeling overwhelmed,” Hewitt suggests. This approach allows for steady progress and quick adjustments when needed.
- Regularly Review and Adjust: Goal setting isn’t a one-time activity. Hewitt advises regularly reviewing your progress and making necessary adjustments. “Be flexible and willing to change your approach as circumstances evolve,” he recommends. This adaptability ensures your goals remain aligned with your business environment.
Taking the Next Step
Starting a bookkeeping firm can be a rewarding venture, and following Hewitt’s insights can set you on the path to success. Remember, building a top-tier firm involves focusing on client relationships, embracing innovation, and fostering a strong team. By setting clear, actionable goals and remaining adaptable, you can navigate the challenges of entrepreneurship with confidence.
Ready to take the next step and start a bookkeeping business? Contact us at 435-344-2060 to learn more about how we can support you in building your premier accounting firm. Your journey to success begins now.