A recent study conducted by Entrepreneur.com contributor Chia-Li Chien, determined that truly successful business owners create greater value in their businesses by focusing on three things: drive, challenge and training.
Most entrepreneurs don’t think much about the value of their business when launching a company. In fact, many of them are more concerned with staying afloat than they are with increasing business value. The Business Value Drivers Study found that most business owners are “not aware of uptapped growth or value creation potential, settling for less-than-ideal results in the current environment, and limiting risk-taking in their leadership role.” Does that sound familiar?
Many business owners have decided to lay low in order to survive the recession. While that may appear to be a safe approach, it could ultimately remove you from the competition and fast-track you into an exit strategy. Regardless of the economic climate, you should continually look for ways to grow your business. Business growth hinges on business value. If you would like to experience more growth, it’s important that you look for ways to increase the value of your business.
It’s interesting that a business’s value is somewhat proportional to the owner’s passion about the product and/or service that’s being offered. Perhaps it’s because that passion propels us forward; without it we have no drive. If your passion has waned, it’s important that you reset it in order to rediscover your drive. This may require you to take additional risks in order to achieve what you truly desire; remember, there can be no growth without risk.
A business will become stagnant if it presents no challenge to the owner. Consider how your work could become more challenging, and ultimately, more rewarding. Chia-Li suggests redefining one’s mission and vision, increasing standards and changing one’s approach. All of these can have a direct effect on a business’s success and longevity.
Knowledge is a pricey commodity. Without it, you lose your competitive advantage and become less appealing to current and prospective clients. Whether you need to master the accounting software required to manage various accounting tasks or acquire small-business accounting skills, it’s important that you receive proper training. Doing so could be the difference between running a successful practice or running one that’s weakening.
It’s important for you to be a business owner more concerned with improving your practice than pulling it out of the red. With that narrow focus comes increased business value which is quickly followed by growth.
Increase Business Value with Improved Marketing Approach
In all our years working with accountants, bookkeepers and tax preparers, we’ve come to understand that most don’t know how to effectively promote their services. We do! And not only do we know how to market those services, but we know which strategies and approaches will grow your business to the point where you will become so busy you may just have to start turning clients away – that or consider increasing your staff in order to increase your capacity (and your bottom line!).
To share this priceless information we developed the Universal Practice Builder Program, otherwise known as Marketing on Steroids. You will learn how to increase your billable hours and get the monies you deserve by leveraging your time with techniques proven to get clients, allowing your firm to become the premier service in your area for accounting, bookkeeping (write-up) and tax. Your ability to market your business and network with key community players will promote your practice to those who need and appreciate it most.
But don’t take our word for it. Read what some of our students have said:
UAC is a great company with great staff, teachers & presenters. (Integrity in approach to accountants and businesses. Great knowledge of subject matter and how to market our skills.) I will recommend this to others – I thought the UPB exceeded my expectations. The DVD’s and binders are top quality and the one-on-one with the presenters and fellow attendees was fabulous. I was initially attracted to attend the program by the opportunity to have a good income from bookkeeping and accounting. – Vicki G.
UAC is the premier trainer of the accountants of the future. They truly understand how to differentiate their clients from the average accountants. To be honest, I don’t want anyone in my area to know about UAC. I think the information provided will truly separate my services from 95% of my competition.—Magnus E.
You guys certainly over-delivered. I now feel extremely confident to be able to sell my profession, knowing that I am truly providing a great value to my clients. – Igor P.
Universal Accounting is out to help accountants and bookkeepers to understand how to market their trade and to help their business clients become profitable. The training and programs are great. The materials and the presentations were very easy to follow and enlightening. All the presenters, the staff were great. It is comforting to know that I have this great company (UAC and staff) to provide support to me if I need it or falter. Thanks for a great job. – Anthony A.
Fast track your business to profitability and growth by broadcasting your business’s value through proven marketing techniques. Enroll in the Universal Practice Builder Program now!
Chien, Chia-Li. “What Drives Business Value?” 9 Sept. 2010 Entrepeneur.com