Overworking and undercharging?
How often do you find yourself working way more than you charged for?
If you work long hours, delegate very little, and do work that you don’t charge a proper amount for, you’re making the three mistakes that are killing most accounting businesses.
In fact, these are one of the most common problems that keep the people who come to me for help from growing. The good news is, your accounting firm doesn’t have to look like that forever.
Let me tell you a bit about my client, John, from Tallahassee, Florida.
When we first started working together, John was doing all three mistakes I mentioned above. He admitted that he frequently undervalued his time and got paid very little for his hard work.
What’s worse, because that was essentially his business model, as the number of clients for his accounting services increased, the problems multiplied.
And growing his team didn’t help much.
In 2017, he was at $1.7M in revenue and only $250k in profit.
After he contacted me, we started working on changing the things that were preventing his accounting business from increasing the revenue and profit earned.
Thanks to that, in 2018 he doubled his company profits to over $500K. All that while adding $400K in revenue.
Sounds impressive?
His forecast for this year is even better – the revenue is expected to reach $2.5 million with over $1M profit.
Surprisingly, despite the expansion, he managed to decrease his payroll – and expects it to go down by another $150K next year.
But he wouldn’t have achieved all that if he didn’t make a serious decision to improve his business.
In fact, one of the things that pushed him to reach out to me was that he knew what the previous 10 years of his accounting firm were like, and he couldn’t imagine doing things the same way for the next 30.
Of course, the change takes time – but if you’re ambitious and believe you’ve got what it takes to turn your business around, you can begin your application here:
https://robnixon.com/masterform/
Just keep in mind that the spots are limited – because of that, I can only take the most motivated accountants on board.
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PS. Whenever you're ready here are 3 ways I can help you achieve the results you deserve.
1. Download my latest ebook - The Naked Truth - and learn about the real financial performance of 32 Accounting firms. What they used to look like and what they now look like. Also a lot of detail on how they are achieving their results. Go to www.robnixon.com to download.
2. While you're on my website go to the BLOG and feast on dozens of articles and other content. https://robnixon.com/blog/
3. If you want me to work with you privately and coach you and your firm to success then let's start a dialogue. Send me a private message here on LinkedIn, tell me a bit about your firm and what you're looking to achieve. Ideally you're between $500K and $5M in revenue now. Message when you're ready
Business Development Specialist
5 年Really good article Rob - relevant and practical advice
Great post Rob. The same is so true of marketing consultancies and others of their ilk.
I help Accountants looking to buy, sell or merge.
5 年And those three mistakes are killing valuation and your chances of attracting the right buyer or successor - thanks Rob Nixon
?? C-Suite Human Resources & People Leader ?? Organisational Transformer & Designer
5 年Great article Rob, I have always believed it is not what you are paid it is the hourly rate one needs to focus on, even in the non- professional services.