As I wrote last week, I once owned several successful accounting and tax practices, and authored nationally published tax training courses. There was always a huge demand for my services at the end of the year to prepare tax returns for individuals and small businesses.
As much as I loved the attention and demand that came with being a recognized expert in my field, I disliked the intense service and preparation it required. I would spend weeks, even months, each year, studying and preparing to handle the changes in tax laws and IRS regulations. I would spend hours on each and every financial statement and tax return, and then after completing the work, the phone would start to ring.
“We found another invoice,” or “I think I forgot to tell you about some deductions, can you fix it?” I’d get a lot of these types of calls. Servicing my clients was very time consuming and labor intensive. I had to admit that I was in a high maintenance business.
When I added payroll services to my practice, I kept the maintenance issue very much in mind. I wanted my new business to include a system like franchises do, because systems make a business more successful. And I also wanted a business that was LOW MAINTENANCE.
I took all the lessons I’ve learned in the past from running successful businesses, and put them into my office processes and systems.
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I left no stone unturned. My I was so specific in what I wanted to do, I enven created a step-by-step manual for running my payroll business on a daily basis.
Is that a simple system, or what?
Next time, I’ll discuss another critical element of a successful business – “No Inventory.”
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