Is Growth in the Equation?
You’ve made it through yet another busy season. And now that you have some down time, all you want to do is recharge for the next year. You’re overseeing operations, managing staff, putting out fires and helping clients build their business - and that doesn’t leave a lot of time for you to think about how to grow your own. Even if you did have time to think about it, you likely don’t have time to execute. Here are some thoughts on how to grow, even a little bit.
Make ‘growth’ a plan, and a priority.
The first real step is to actively make growth a priority, and dedicate time to building and executing a plan. Schedule time for it, as you would with any other part of your business, then think about growth strategically. Map out who your ideal new clients would be, then look at your existing business and see if there are gaps that need to be filled in order to engage these ideal clients. This planning and prioritizing is also a great opportunity to really look at your business through a new lens, and make other decisions that can improve everything from HR and marketing to sales.
If it’s broken, fix it.
After you’ve done some planning and big picture thinking, you can now get honest with yourself about retooling systems you are currently working with. You can also talk to some valued clients about what they think of the way you work. Then seek out new, more efficient opportunities that save you time, add value to your clients and ultimately align with your new growth plan. Look for tools and technology that make it easier to share data and information in real time, and eliminate manual work. Take advantage of free technologies like Google Hangouts and aim to go paperless when you can.
Forward thinking clients for the win.
If you’re looking to grow, look for clients who also embrace new technologies like you do. The forward thinkers typically do business online, use digital platforms and require less face-to-face time. Long story short - they’ll make you money, and save you time. These progressive clients are a great way to diversify your audience, and help gauge what type of clients you want to have. If you have clients that are forward thinking, but aren’t quite there yet in terms of their systems, this is a great opportunity to help them transition to cloud-based accounting and support them. It’s a win-win!
Make it an inside job.
Growing is a team effort. And if you’re going to grow, it’s good to look at your team and see if you can leverage new skills from people who already work for you. You can also change a few roles, add more people to the team or dial in on the culture and brand to nurture growth. Maybe you have some business development stars on the team that are underutilized. Maybe you need to hire someone who is great at accounting, but also great with people. And while you’re hiring employees, maybe there’s an opportunity to create some new business incentives which will drive the entrepreneurial spirit of the group, or at least attract more entrepreneurial thinkers. Making “growth” a team effort will ultimately make everyone feel like they drive the success of the business. Because they do.
Lead the way
If you really want to set yourself apart from the pack, establish yourself as leaders in certain areas. Become experts in certain services or build a reputation as a great accountant with certain industries. By specializing and focussing your business, you can align your messages with certain prospects and also build stronger relationships. As a specialist, you can also start to target your marketing efforts and SEO strategy around specific audiences.
Revisit your brand
Brand always matters, even if you’re not running a sneaker company. Beyond your logo, your brand is the way you talk to customers, the colors you choose, and the entire experience customers get from the first meeting to signing their tax return. It’s an emotional connection that is (hopefully) made - one that requires thought, effort and care, 365 days a year. Maybe you don’t need a new name or logo, but perhaps “growth” planning is a good time to think about your story, and ultimately what you want your clients to get from working with you.
Set the right conditions
Like growing a garden, it’s important to make sure you’ve got the right environment for healthy growth. If you’re understaffed, overworked and under-servicing existing clients, maybe now is not the right time to go after new business. You want to go into new relationships putting your best foot forward so that you can positively impact your new clients business, without creating any disasters within your own. And if new business growth isn’t in the plans this year, think about adding some plants to the office. That’s a good start too.