Many find that while their business is making enough to get by, it isn’t growing; it’s stuck. If you find your practice in a rut, it may be time to assess the situation and determine what might get you out of it!
In a recent Entrepreneur.com article, author and business owner, Chad Cox shares “7 Reasons Your Business Isn’t Growing.” Here we share 5 of those potential holdups:
1. Tracking down overdue payments. Your time could definitely be spent on more lucrative tasks. Consider making this duty easier by sending automated reminders and enabling payment through online technologies.
2. Not asking for referrals. Building your client base through referrals is one of the most cost-effective ways to secure quality customers who are credible and trustworthy. Often we are uncomfortable asking our friends, family, and current clients to refer others our way, but there’s no reason to be when you offer the valuable services you do.
3. Chasing Whales. As Cox explains, “If we learned anything from Captain Ahab and Moby Dick, it was don’t let the pursuit of the whale drag you under. While on paper a big contract looks very appealing, the energy and resources required to attract, win and keep those once-in-a-blue-moon opportunities could put your entire company at risk.”
4. Reluctance to outsource or partner with complementary businesses. Small-business owners must track the daily tasks that eat up their workday, because while there are core functions to any business, entrepreneurs often become distracted, and sometimes consumed by, necessary tasks that could be done just as easily, and probably more economically, through outsourcing.
5. There’s no obvious reason to choose you over the competition. There needs to be something that sets you apart and makes your service offerings more appealing than the competition. Maybe it’s the fact that you’re a full-service financial provider or that you offer business assessments or act as a QuickBooks Specialist. Whatever the case, you need to ensure that you stand out as a premier financial professional.
Making these necessary, yet relatively small changes to your practice could be all it takes to launch your business to the next level.
UAC’s Training Programs Will Catapult You Ahead of the Competition
It doesn’t take a rocket scientist to realize that by expanding your service offerings you can quickly expand your client base and, consequently, your bottom line. As an accountant, adding tax and QuickBooks services to your menu will not only attract more clients, but it will enable you to strengthen your competitive advantage.
If you’re interested in strengthening your business, visit Universal Accounting Center to sample our online training for FREE. Or see what our graduates have said about their experiences!
Cox, Chad. “What’s Holding You Back? 7 Reasons Your Business Isn’t Growing.” 7 March 2014 Entrepreneur.com