When you went to school, you learned how to be an accountant, how to post debits and credits, and how to create understandable financial reports.
When you went out into the big wide world of accounting, you worked as an auditor, or a junior professional, doing the assignments that produced billable hours.
Never did you learn how to run a business, and what was involved in the building of a self sustaining enterprise. You learned production processes and techniques for a profession, with almost no emphasis on management skills. You most likely do not own a business. You are a ‘freelancer,’ or in current hip terminology, a ‘gigster.’There is one simple test for whether you are operating a business, or whether you are a contract employee: Will the operation of what you consider your business continue if you are not there? Click To Tweet
There is one simple test for whether you are operating a business, or whether you are a contract employee: Will the operation of what you consider your business continue if you are not there?
If you cannot leave your practice for an extended period of time, and have your practice continue to provide services to your clients in exactly the same manner as it does when you are there, then you do not have a business. You basically have a series of freelance jobs which you alone can perform.
Without a real business model and structure, you do not have anything you can sell beyond a client list, and most likely you’ll have to sell that with the proverbial ‘guarantee’ that lets the buyer avoid paying for any client where they screw up and lose. Something that becomes out of your control the minute you sign the sales agreement.
There is only one way to progress beyond this situation and actually have a real life, gosh darn it, business.
And that is to build it to the point where your practice can support employees and you can leverage your employees so that your income comes from a business profit rather than your direct efforts.
You can learn business management. After all, that is what the accounting detail you create is supposed to track.
So, what’s the main skill you need in order to build your practice into a ‘real’ business? Marketing, silly. Marketing.
How else are you going to generate enough revenue to be able to support a staff that you can leverage in order to generate profits in excess of their costs? Do what the old timers advise you to do, wait for clients to find you?
Well, yes, and no.
The height of accountancy marketing is in the ability to get clients to seek you out. That can be done, even if you are cold calling and contacting them first. It takes a process, and it includes developing your reputation as an expert.
That’s the part that the old timers leave out, that you have to get the word out that you are an expert. Being an expert is what makes you a professional and what sets you apart. The greater your expertise, the larger your inventory of marketable skills, and the better positioned you are to market your services.
Join us here at Practice Builder Publishing and become a part of the community, whether you become a contributing author, a peer recruiter, or merely a raving devotee of the Practice Builder Publishing resources, I'll work with you personally so you can reach the goals you set.
Best to you and yours,
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