Most contract accountants encounter a time at which they must decide whether or not they are ready and willing to grow their business by hiring a support staff. Some are satisfied with their current workload and income. Others realize that an influx of clients means more demands on their already limited time. These accountants realize that by hiring even one employee they may be able to increase their capacity and their bottom line. And if you already have a support staff, there may come a time when you must decide whether or not a new hire would be good for your business.
In a recent Entrepreneur.com post, author Wensdy Von Buskirk shares 4 ways to tell is your staff is stretched to the limit. Here we share three:
1. Are you experiencing business bottlenecks? If one or more of your processes is slowing down because there’s a point at which work builds up, it’s a good idea to hire an additional employee. As Von Buskirk explains, “This can have serious impact on an entire organization because everyone before or after the bottleneck is left in limbo.” If you can hire someone to focus on clearing that bottleneck and speeding up your productivity, it’s probably well worth the time and energy to hire someone.
2. Are you getting more client complaints? Anytime you experience an increase in customer complaints, it’s time to reevaluate your operating system. Often complaints are the result of unintentionally neglecting accounts because you have too many to personally manage. Could an employee help you better attend to client needs? If so, you should considering hiring an assistant.
3. Are you experiencing decreased productivity? According to HR expert Margaret Greenberg, increased hours and workload often mean decreased productivity. She explains, “You’ll see people that are just chained to their desk and don’t feel like they can leave. They think ‘If I just work longer and harder, I’ll get more done and catch up’ when in fact that’s a fallacy.” If you find yourself and/or your staff overloaded and, perhaps, nearing burnout, it’s definitely time to consider hiring extra help.
Growing your business by hiring a support staff takes time and considerable forethought in order to ensure you’re taking the necessary precautions as you move forward. If you answered ‘yes’ to any of these questions, it’s probably time for you to begin the search for the perfect applicant to help lighten the load and increase your practice’s profitability!
Market Those Skills
Unfortunately some financial professionals struggle—not because they cannot perform the required tasks—because promoting their business and securing clients is somewhat intimidating.
In order for your practice to thrive, you must break through that barrier, learning and using effective marketing strategies to target those small businesses owners most likely to retain their services. But how do you do that?
The Universal Practice Builder Program is designed to help financial professionals learn the art and science of getting and keeping clients. This online program will teach you 12-proven marketing techniques that will help you secure 15 to 25 qualified leads per month. Not only that, but you will hone your presentation skills and be trained in organizing valuable seminars through which you can retain even more clients. You’ll also have 3 months of free master coaching where UAC professionals will help you set and achieve your business goals.
Call Universal at 1-877-833-7909 to enroll in this program now, and ensure the likelihood of your practice’s success!
Von Buskirk, Wensdy. “Staff Stretched to the Limit? 4 Ways to Tell.” 5 June 2013 Entrepreneur.com