What to Focus on When Starting a New Business
There are countless things to think about when starting your new business. From costs to clients, from office supplies to offices managers, you can waste your workdays worrying about all of them. Thankfully, not all of them are created equal, and if you focus on each and every one you will become overwhelmed and unproductive. You must limit your focus to a handful of issues that require the most attention in order for your startup to succeed:
1. Cash flow.
It’s important that you closely watch cash flow from the very beginnings of your business. Determine how much money must come in for your practice to be profitable. Only when you are properly managing cash flow can you know whether your current business efforts are successful.
2. Money-making efforts.
There are a lot of valid tasks you can perform in your business, but in the beginning you should focus much of your time and energy on money-making efforts. Of course that means you should perform as many billable hours as you possibly can, but in order to have clients for which you can invoice those billable hours, you must first market your services. If you haven’t yet developed a marketing strategy, now is a good time to decide which techniques you will use to promote your business to your target market.
3. Quality clients.
Especially when it comes to clients you should live by the adage “quality over quantity.” That may seem counterintuitive because in the beginning you will feel the need to secure as many clients as you possibly can in order to get your business up and running. But in the long run you will be grateful you spent your time searching for a few regular, high-paying clients rather than a lot of sporadic, delinquent ones.
4. Customer service.
Client retention has a lot to do with the customer service you provide. When you treat your clients with courtesy and respect, they are more likely to refer you to their family and friends. Also consider what they most need from a financial provider and do all you can to provide them with those services. If you can become a one-stop financial shop for your clients, they will often respond with increased loyalty.
5. Hiring good employees.
You may not need to hire employees initially, but when you do you must ensure that you hire well. Hold out for hard-working, qualified applicants before you make any decisions. You can lose more time and money revisiting the hiring process because you didn’t hire good employees the first time around.
6. What’s working.
You should expect to make mistakes a time or two as you get started. In fact, if you’re not making any mistakes it means you’re not taking any risks; you should attend to your mistakes and see what you might learn from them. In addition, you should focus on what is working. As you regularly assess your efforts, determine which are most profitable and continue or increase those efforts.
If you are ready to launch your tax practice full-time, you should consider adding accounting services to your menu. Not only will this attract more prospective clients, but it will ensure you have business year-round and not just during tax season.
The Professional Bookkeeper Program
You want your services to appeal to the greatest number of prospective clients. Over 85% of the opportunities in the accounting field are within small businesses. In fact, Universities prepare their students for corporate accounting which doesn’t address small business needs. Also more than 50% of small businesses fail within the first five years, and much of that failure can be attributed to lack of accounting expertise. Those small business owners need an accountant who can address their small business accounting needs.
When you enroll in the Professional Bookkeeper Program, not only do you learn small-business accounting, but you are trained how to become a company’s Profit Expert by using that accounting information to help these small businesses make informed decisions that increase their profitability which in turn increases your value to clients.
In less than 60 hours you could earn professional certification that demonstrates your newly-acquired expertise. You can do all this on your own time and at your own pace.
The Universal Practice Builder Program
You may be surprised to learn that most financial providers struggle, not because they don’t offer quality services, but because they don’t know how to effectively market those services. For over 25 years Universal Accounting Center has trained financial professionals like you in small business accounting. In all our years working with accountants, bookkeepers and tax preparers we’ve come to understand how to best market those services. We help you apply strategies and approaches that will grow your business to the point where you become so busy you may have to turn some clients away – that or consider increasing your staff in order to increase your capacity (and your bottom line!).
Our Universal Practice Builder Program will provide you with 12 marketing strategies that will enable you to secure 15 to 25 qualified leaders per month, a guarantee of $30,000 in new annualized billings in only 12 months, three months of master coaching, and access to a proven plan that will help you retain clients. Again, you can complete this amazing program on your time and at your own pace.
When you order these two programs together, you increase your service offerings and your ability to market them. Not only that, but both come with an iron-glad guarantee promising that if, after completing these courses, you feel they did not live up to your expectations, you can return the materials to Universal for a 100% refund. Not many organizations will back their training programs with that type of guarantee.
Take advantage of this marvelous opportunity to secure your new business venture. Order now!