I started out as a bookkeeper working out of my home office with just a handful of small clients and over the next decade, the business grew and I had to move out of my home office to accommodate extra staff and bigger operations.
However, as my business continued to grow, I started burning out by working too-long hours, doing too much work, and still be worried constantly about not being able to service clients or complete work on time and efficiently.
Eventually, I learnt from all the mistakes and wrong steps I took and came to discover the “secrets” to building a successful bookkeeping business the profitable way. And here I am to share with you, briefly, what I’ve learnt.
I identified 10 critical steps in that business owners should have in mind when building a profitable business:
Step 1: VISION
Having a big vision will help inspire you and your staff to create the best business model that can fulfil that vision, and that will suit your lifestyle and needs best.
Step 2: MISSION
Writing out a mission statement will help you clarify, in your mind and in your staff’s minds, how you will go about achieving and delivering the vision successfully.
Step 3: ACTION STEPS
Like a roadmap that tells you how to reach your destination, you want to create clear action steps towards building the business of your dreams. It tells you what you need to do weekly, monthly, quarterly, and yearly to achieve your vision.
Step 4: IDENTIFY IDEAL CLIENTS
Do you know WHO you want to work with? Aim towards knowing your ideal client profile inside out and develop a system to evaluate potential clients, rate them, and decide whether to accept them as a client or not. Remember, it IS okay to say no.
Step 5: MARKETING TO IDEAL CLIENTS
Knowing your ideal client allows you to market and sell TO your ideal client. You will be able to recognise who they are, what they need, and what steps they need to take to achieve their own goals. Knowing your ideal client will help you create marketing plans and sales strategies that are focused on them and on making it super simple for them to say YES to you.
Step 6: IDEAL EMPLOYEE
Identify who you want on your team so you have the best weapons in your toolbox to win at the business game. Knowing who they are will help you know how to attract them, monitor them, and reward them.
Step 7: AUTOMATED SYSTEMS
I’m a HUGE fan of automation and cannot stress enough the importance of effectively automating systems and processes to improve your business efficiencies.
Step 8: MINDSET
Get your mindset right – this is a business. Your business. It’s not simply a past-time, and neither is it a charity where you give away time and knowledge for free or for too little.
Step 9: MONITORING PERFORMANCE
Be intimately aware of your own numbers. You should be setting sales targets, looking for new ways to maximise your profits, setting KPIs around key factors such as staff, clients, and profitability.
Step 10: EXIT
Plan for the inevitable exit. Take control of when and how you exit your business, maximise your results, and walk away satisfied!
Here’s what I want you to take away from reading this post:
Building a successful and profitable business is a process. Not rocket science. It requires consistent action with the right strategic plan.
This is the whole purpose of Bookkeepers HQ – to help bookkeeping business owners realise the potential of their businesses by taking the necessary steps towards their vision.
Has this been helpful for you?
I’ve put these steps into a handy checklist for you to download. Print it out, stick it on the wall behind your computer, and use it to remind yourself of what you need to do!
FREE DOWNLOAD HERE
If you’d like to learn more about these 10 steps, join us in our Bookkeeping Business Mastery program. We’ll help you get out of the rut of “busyness” and into the work-life balance we all deserve!