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SUCCESS = 5% Good Ideas / 95% Execution

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Good ideas are a dime a dozen. Good ideas don’t make businesses great. Now don’t get me wrong, you want really good ideas to help you move in the right direction and make you better. But good ideas are only five percent of the equation.

 

Ninety-five percent of running the successful tax business you’ve always dreamed of is on the execution side. The next time you are in a business meeting, don’t spend the majority of your time trying to come up with good ideas. Figure out your top three objectives and then spend MOST of your time and energy on implementing those good ideas successfully.

Communication

After several years of seeing significant improvement in almost every area of our tax business, we started to level off. When tax season came, our execution was lacking. We were not hitting most of our goals in the same way we were before. And as the leader, I was at a loss. What was the problem?

Then one day it hit me.

WE WERE NOT COMMUNICATING WELL.

We had no organized process (system) for HOW we communicated within our company.

It was my job to make sure everyone was receiving proper communication in multiple different formats. I needed to ensure all my employees were crystal clear on what we were doing, why we were doing it, and the expectations involved in making whatever we were doing a success. You might think this doesn’t sound like that big of a deal. But it was a huge step forward in our organization, and we saw better results immediately once we better formalized our communication processes.

Lack of Accountability

One of the hidden problems we found was a lack of accountability on the front line of our tax business. Let me say it straight: if you want to achieve your dreams in your tax business, you better have a significant focus on accountability. I’m talking about for you personally and also your business. You will make great strides as the owner if you formalize some kind of accountability structure for yourself. In addition, some type of rewards-and-consequences system must be embedded into the fabric of your business as well.

One of the hidden problems we found was a lack of accountability on the front line of our tax business. Click To Tweet

If you want to take your tax business to the next level of success, there must be consequences and rewards for all of the important projects you’re working on – daily, weekly and on a monthly basis.

When I talk about accountability in the seminar room, most times I’ll see eyes glaze over. Tax pros don’t always want to hear this. However, to people who are living their dreams and achieving their goals and ultimately enjoying the fruits of their labor, accountability is high on their priority list.

Wisdom

You’ve got to have wisdom when deciding how you spend your time. If you’re going to achieve the dreams you have for your life, you want to be very careful about what you agree to. Opportunities are everywhere. But you only have so much time, and the time you do have must be viewed through the window of your purposed lifestyle desires.

Wisdom says you’re only one person and you can only do so much. You must have a plan related to how you’ll spend your minutes, your hours and each of your days.

The same holds true with your opportunities. There are some opportunities that are really good, but they don’t fit in with what you say is important with your business and your lifestyle choices. By the same token, when other opportunities pop up, they completely align with what you’re trying to do, so it’s easy for you to say yes.

Remember, you’re building your business so you can enjoy your time building relationships with the people you love. You don’t want to make business an idol so you have no life outside of work. Some tax professionals don’t realize that they have no life until they look around and notice they have no outside activities other than work. Soon owners understand they must better balance the way they’re living their life. Don’t wait until a personal crisis pops up in your life to restructure some of your lifestyle and business commitments.

I recommend you make the changes best for your life – now.

Chauncey Hutter, Jr, is a best-selling author and leading marketing consultant and success coach to the tax industry. Mr. Hutter grew his father's $50,000 per year tax preparation business to a multi-million dollar empire with 24 locations, 400+ employees and over 27,000 tax clients all coming from his marketing campaigns. For a free copy (electronic version) of his new book, BLOCKBUSTER: How to Build a Million Dollar Tax Business, go to book.taxmarketing.com/claim-free-book

 

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