Are You Ready to Hire a Practice Manager?

Recruiting - Attract & Secure the Right Person for The Job

If your goal is to scale up your bookkeeping business, expand your team and your client base, you are likely going to get to the point where you find yourself juggling multiple roles — managing your team, addressing client needs, handling daily operations, and keeping up with compliance requirements, not to mention also being the marketing manager, chief networker and finding time to spend working on your growth strategy. If you're feeling overwhelmed and struggling to keep all these balls in the air, it might be time to consider bringing in a Practice Manager?(PM).

Here are some signs that the time is right to bring in this crucial support role.

You’re Constantly Overwhelmed

If you’re feeling overwhelmed by the sheer volume of tasks on your plate, it’s a clear sign that you need help. When you're bogged down with managing the team, dealing with clients, and handling day-to-day operations, it becomes nearly impossible to focus on strategic growth. A practice manager can take over these responsibilities, freeing you up to focus on growing your business.

Your Team Needs Strong Leadership

Your small team may be efficient, but they also need a strong leader who can guide them, resolve issues, and keep the workflow smooth. If you find it challenging to provide this level of leadership because you're too busy with other tasks, a practice manager can step in and fill this gap. They can ensure that your team stays motivated, productive, and aligned with your business goals.

Client Satisfaction is Slipping

Maintaining high levels of client satisfaction is crucial for the success of your bookkeeping business. If you're noticing a decline in client satisfaction because you can’t give each client the attention they deserve, a practice manager can help. They can manage client relationships, ensure compliance, and address any issues promptly, ensuring your clients remain happy and loyal.

You’re Missing Strategic Opportunities

If you’re too caught up in the daily grind to pursue new opportunities, network, or plan for the future, a practice manager can provide the support you need. With them handling the operational aspects, you can concentrate on the strategic growth of the business.

Once you make the decision to take this next step in your business, there is certainly a lot you need to consider… I definitely struggled to “Let Go” when I first engaged a practice manager, and looking back I realise it must have been so frustrating for her!? Learning how to delegate and trust another person to have the same level of commitment and dedication to my business, my clients, and my team was hard.? But a few years on, I now know there is no possible way for me to run my business without my Practice Manager!

When looking at engaging a PM here are some qualities you should consider:

• Experience and Qualifications: Of course, they need to hold the right qualifications, they should have a solid background in bookkeeping, and must have good experience working in a multi-client capacity in a practice environment.
• Leadership Skills: Look for someone who can lead, motivate, and manage your team effectively.
• Client Management: They should be adept at maintaining client relationships, able to deliver on compliance, and ensuring high levels of satisfaction.
• Trustworthiness: This role requires a high level of trust, so ensure they are someone you can rely on to represent your business well.
• Passion for Your Goals: They should be genuinely interested in helping you achieve your business objectives and passionate about your success.

Before you go out and recruit, if you already have a Team, consider whether an existing employee has the potential to become a successful Practice Manager. Promoting internally can be a worthwhile option, as the candidate is already familiar with the business, clients, workflows, your way of doing business, and your core values, and you already have a gauge of their level of skill, fit, and dedication to the business. If looking at an internal candidate, still assess them against the job scorecard and job description you would use to recruit externally, noting any:

• Skills gaps (technical, operational, or leadership skills).
• Training and development requirements.
• Impact on team capacity (i.e. if they take on the Practice Manager role, you will need to find someone to backfill the Bookkeeping tasks they will need to let go of).
• Onboarding and handover requirements (be careful not to assume that just because they have worked in the business, they will know everything – they still need to be onboarded and trained up effectively).

This month in Academy, I am providing some tools and templates for my members that will help them create a Job Description, Job Score-Card, and some Skills Testing Templates to use through the recruitment process, to help them hire the right person. As with any new hire, preparation is key! If you are interested in finding out more about the Tools & Resources available to my Academy members, please PM me.

Keep Thriving!

Martine