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The three-point plan to turbo-charge your firm in 2023
accountants and bookkeepers

The three-point plan to turbo-charge your firm in 2023

To realise your firm’s full potential, you need a map to show you where you’re going and a plan for how to get there. A well-articulated strategy that outlines the goals for your business, and the different stages of your journey to realise them, are the best ways to achieve your vision.

This was the focus of a recent sell-out national roadshow hosted by Intuit QuickBooks, which was an opportunity for bookkeepers and accountants to come together to learn about how to position their business for a bright future in 2023 and beyond.

Scroll to the bottom of this story for more information about our next virtual roadshow event.

Of course, your plan doesn’t have to be set in stone. It’s important to have the flexibility to tweak it as your situation or the world around you changes. So let’s take a look at some of the steps to follow to set your firm on the path to great success.

Step 1: Define what growth means to you

Every accountant and bookkeeper has a different perspective of what growth means to their firm.

For instance, some firms may want to increase their revenue, others will be focused on lifting profits. Achieving a better work/life balance may be a priority for some practice principals. Others will have their sights set on selling their business within a certain timeframe, say five years.

No matter what your goal is, what’s critical is to be crystal clear about it. So, take the time to explore what it means to you. 

Step 2: Set out a clear plan

Once you have defined the growth path you wish to pursue, it’s time to set out measurable targets for achieving it.

For instance, let’s say your ambition is to increase the firm’s revenue. To help you achieve your targets, you can create SMART goals – those that are specific, measurable, achievable, relevant and with a timeline – so you and your firm are accountable to them. A SMART goal may be to win 20 new clients by the end of 2023. SMART goals set out clear steps to help you drive your revenue or other ambitions for your firm.

Another example of a SMART goal would be to increase revenue by $50,000 over 12 months. You can achieve your goal by signing 10 new clients who generate $5,000 in revenue each year over that timeframe.

Another example is if your aim is to develop new services for the fitness industry. Your 2023 SMART goal may be to develop a specialised accounting and bookkeeping package for personal trainers that includes BAS reconciliation and tax return preparation.

SMART goals make it easier to build your ideal business because you have a picture of what’s involved to get to your goals.

Technology can also help you grow. The QuickBooks suite has a suite of great tools to assist you to streamline your operations so you can focus on living your dreams. Check out how our great systems and processes can underscore your business performance.

Take the stress out of managing your firm

Step 3: Take action to achieve growth

Building your business means putting in place and executing great marketing and technology plans. Here are some of the techniques you can use to develop your ideal firm.

  • Refresh your website: Make sure it’s engaging so it’s easy for prospective clients to learn about your business and how it can help them. It’s important to list all your services, including expected outcomes, to attract your ideal clients. The site should also be visually appealing and demonstrate your personality.
  • Regularly seek and publish customer reviews: The more reviews you have, the higher your site will appear on search engine lists. So put in place processes to encourage clients to review your business online. For instance, always ask clients to provide a review at the end of an engagement. You can even include this request in your email footer to systematise this process. There are also tech tools such as automated SMS systems that can do this for you.
  • Make sure you recognise clients who take the time to write a review. Thank people who post positive comments and acknowledge the negative ones. This is an opportunity to turn anyone whose experience with your business has been suboptimal into a return client. The idea is to address their concerns and ask for another chance to do business with them.
  • Don’t balk at billing: It’s important to appropriately charge for your services. Do some market research and find out what similar firms charge their clients. Think through a strategy for raising your fees if they are below market rate.
  • Digitise your processes: Explore ways to automate routine tasks in your business. This is especially important if your growth plan is based on lifting your profits or freeing up time to get more balance in your life. Automation is the best way to give you extra time to work on wining new clients or on activities outside the business you enjoy.

For instance, you can use QuickBooks Tax to automate sending Notices of Assessment and reminders to clients to approve documents. Additionally, QuickBooks Online Accountant can help you can automate your fixed fee billing.

It’s also an idea to think through other aspects of your business to automate on an ongoing basis. Ask your team about which processes in the business can be simplified or improved. You may be surprised how their insights can help streamline your practice.

Tips for turbocharging your firm’s growth profile

  • Become laser focused on your growth goals and execution plans for them.
  • Don’t be afraid to step away from clients and plans that are not aligned to your future. Just like a plant, sometimes you need to prune your firm to help it flourish.
  • Celebrate your wins along the way.

Check out our growth hub for expert advice on how to grow your business today and in the future. It’s packed with eBooks, videos and guides to help you find more clients, add new revenue sources and build a future-fit business.

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