Get Yourself That Much Needed Raise
No matter age, experience, or occupation, most people are looking for a way to increase their bottom line. If you work in a 9 to 5 job, you try to get a raise to move to a position with a larget salary. If you own your own business, you try to increase the income your business is bringing in.
But how, exactly, do you go about increasing your income? You must encourage geometric growth within your own business. And what’s geometric growth? Linear Growth requires you to do even more work for the current clients, and while that’s great, linear growth slows doen over time. Geometric growth comes from many different angles: from existing clients, from new clients, from existing services and from newly added services.
Perform Existing Services For Existing Clients
If you own a cherry orchard as a business, you would sell as many cherries as possible to the customers you already have. Hopefully, this means that they would buy more than they are buying now.
As a tax preparer you want to prepare as many forms as possible for your current clients. This would also mean as you perform for them, they will see your talents, and (with the proper marketing placement of your additional services in finance) recognize the value of tax planning and ask for you to perform more services year-round.
As you do this and build your year round business, you will be able to not only gain the additional monthly income, but you will also be able, because of the services you’ve added, you’ll also be able to charge a bigger per month fee.
Perform Existing Services To New Clients
Following the cherry orchard example, the goal here is to find new customers for the cherries you are growing. This would be accomplished in using different business marketing strategies. The idea is to “sell more cherries” to the new customers.
This is the area which most think of when they look to grow their own business. This is the area that, done right, will provide the direct fuel to build your practice from a possible part-time effort to a full-time, burgeoning business.
Perform New Services For Existing Clients
Your cherry customers could have need for peaches, pears, apples and possibly many other contemporary products to the ones you already sell – maybe even canned cherries, cherry juices, pie crust and tins. Ideally, these new products can be produced by you as well. This provides additional sales through new angles.
Many of your existing clients could probably use general accounting services as well as your tax preparation services. Why let them go anywhere else? Imagine preparing financial statements, setting up you clients’ books, managing payroll for youe small business clients, and much more. Adding accounting and bookkeeping services to your menu enables you to become the one-stop financial shops for your current clients.
Perform New Services For New Clients
This means that you could also sell the peaches, pears and what not to new customers. As a tax preparer this means that you could then begin performing accounting and bookkeeping services for new clients as well as your current ones. Opening to you and your business a whole new world of profit centers and possibilities to capture the additional billable hours that make up the growth of your company.
By growing your business geometrically you increase the methods of generating income. If you’re a freelance tax preparer this just might give you the opportunity to quit your day job and work as a professional accountant and tax preparer. Or this might mean that you increase the income you generate on the side. However, you run your business, the bottom line of this is that much needed raise.
UAC can help you add accounting and bookkeeping services to your services menu For over 25 years, Universal Accounting Center has helped people like you start their own accounting and tax practices. We recognize that 85% of the accounting opportunities are with small business so our curriculum is designed to help you learn small business accounting. Think back to our recommendation to increase your income by performing new services for new clients. When you learn small business accoutning you suddenly make yourself available to new clients whil increasing the number of services you can perform. Give yourself a raise and become a Professional Bookkeeper today.