All of a sudden you found yourself having to find clients and then develop systems and processes to serve them.
You needed to find staff who could run your systems who needed vetting, training, disciplining and everything else that comes with employing people.
And as a business owner, your primary goal is now to make money.
But it’s very different being on the sharp end of having to be profitable rather than just advising others on how to do it.
Now it’s life or death.
And the worst part about it is that being profitable is the ONE thing that you must be able to demonstrate as an accountancy firm, because as a client… I want you to help me to do the same.
TAKE YOUR OWN MEDICINE FIRST
You wouldn’t be a nice car off a salesman who drove around in a banger, because he clearly doesn’t believe in what he is selling.
You wouldn’t seek medical advice from a doctor who was always ill, because she clearly doesn’t take her own medicine.
And you wouldn’t take financial advice for your business from an accountant who isn’t profitable, doesn’t know how to charge properly and is terrible at getting money from you.
Maximising your profitability is your ethical obligation because fundamentally, that is why your clients come to you.
Your clients don’t care about balance sheets or P&L.
They care about making money
And very often, when accountants struggle with this, they hide behind reports, balance sheets and P&L, because it’s where they feel comfortable; it’s what they’re qualified in.
If you want to provide your clients with maximum value, you must be helping them to maximise their profits. But you can’t do that until you’ve maximised yours first.
In this Keynote Talk I gave for Sage last year, I outline the 9 Musts Of A Profitable Accountancy Firm.
Put your profits first, and everything will change for your firm…. AND your clients.