5 Big Mistakes to Avoid
The recession is making everyone nervous, especially small business owners. And as a result, many are taking a cautionary approach to business management, which, in the end, will threaten their ability to outlast the recession. If you’re interested in gaining momentum in these difficult times, you’ll be sure to avoid the following 5 big mistakes:
1. Stop Marketing
While you may need to reevaluate your marketing approach, you should definitely continue to market your services. Determine which tactics have worked well in the past and repurpose them for the current economic climate. Too many small businesses are decreasing their efforts to promote their businesses which will only enable their competition to eclipse them in the long run. Now is the perfect time to heighten your efforts to market your business and gain more familiarity with prospective clients.
2. Mind Your Own Business
One of the worst things you could do is ignore your competition and their response to the recession. You’ll gain a competitive advantage by monitoring their efforts in marketing, networking, retention, and service offerings. Only when you’ve research the competition can you be strategic in your attempt to outlast them.
3. Wait to Self-Assess
Now is a good time to assess your efforts, determining both your strengths and your weaknesses in order to improve your business. Prospective clients are tightening their purse strings and will be even more deliberate and thoughtful when selecting a tax professional that best suits their needs. Your willingness to advance your business despite the recession will demonstrate your professional dedication.
4. Minimize Networking
While networking may take time, it doesn’t require a lot of money. You would make a big mistake in minimizing your networking efforts during a recession. You can learn a lot from other professionals weathering the economic storm, and as you continue to network, you’ll be exposed to good advice, helpful tips, and potential referrals.
5. Sit Tight
Now is the time to make all necessary efforts to improve your appeal to prospective clients. When you sit tight, you surrender the advantage to your competition and lose precious ground. Look for ways to enhance your service offerings and marketing advantage. When you do, your business will quickly become the premier financial provider in your area.
UAC’s Training Programs Will Catapult You Ahead of the Competition
It doesn’t take a rocket scientist to realize that by expanding your service offerings you can quickly expand your client base and, consequently, your bottom line. As a tax preparer, adding accounting and QuickBooks services to your menu will not only attract more clients, but it will enable you to easily expand your seasonal business to a year-round venture.
Universal’s Professional Bookkeeper Program and Professional Bookkeeper’s Guide to QuickBooks are perfect recession-proofing training programs. They will bolster your business with valuable services that every small business owner needs.
For more information on these two programs and their ability to strengthen your business and help you outlast the recession, visit Universal Accounting Center today!
Now, more than ever, you need your business to stand out. People are being more selective when looking for financial professionals who can meet their every need, conveniently and for a reasonable fee. Many, especially small business owners, are interested in a tax preparer who can also manage their accounting needs. Small-business accountants who can consult with owners on increasing their business’s profitability are very appealing.To truly make your business stand out you must become the premier financial provider in your area, expanding your services to include small-business accounting and QuickBooks services. When you do, you’ll find your business becomes more resilient and outstanding, pulling ahead of the competition in order to dominate in a recessive market.
Market Domination
The best way to secure your foothold in a recessive market is to add complementary services that are required by the majority of your clients. And small businesses are required by law to keep financial records. Your services become even more appealing when they’re coupled with informed reporting that will help your clients make more profitable business decisions based on the sound accounting data you provide.
Small Business Accounting
Small business accounting is a valuable niche market. In fact, over 90% of accounting opportunities can be found in the small business arena. Universal Accounting Center (UAC) has been training professionals like you in small business accounting for over 25 years because they recognize what many do not; most universities and trade programs are teaching students corporate accounting which isn’t preparing them for the typical, real-world accounting experiences they will encounter.
Becoming a small business accountant doesn’t require years of your valuable time. UAC’s Professional Bookkeeper (PB) Program is not only reputable, but it’s self-paced, enabling a busy professional like you to take your time or complete the program quickly, in less than 60 hours.
And when you take this program you are trained to act as your clients’ Profit Expert. What is a Profit Expert? A proactive accountant who realizes that the information he/she generates provides crucial data that can make or break a business. It’s the accountant’s job to share this data with business owners, explaining it in such a way that they both understand what the information indicates and can use it to make informed business decisions. The PB Program will train you how to do that.
You will gain the confidence and skill necessary to start and manage nearly every client’s books, and when you have a question, our follow-up program enables you to call and ask one of our seasoned professionals.
QuickBooks Services
By why stop with accounting services? Increase your business’s appeal by offering QuickBook services as well. UAC’s Professional Bookkeeper’s Guide (PBG) to QuickBooks will help you master this accounting software, and once you do, you can offer QuickBooks setup, help and consultation services, charging $45 to $75 per hour.
Becoming a QuickBooks Specialist would provide you with numerous ways to bring in more business, increase your income, and make your job easier. You’ll find companies who want to do their accounting tasks themselves, but need help in configuring QuickBooks to meet their needs. And once you’ve helped a company set up its initial QuickBooks system, who do you think they’ll turn to for help? You, of course! After all, you’ll have the training and expertise they’ll need whenever they run into a problem.
Tough times require strategic measures. By turning your tax service into a full-service financial provider, you get your game on, working year-round for clients that not only need your services, but value them enough to tell their friends and family about your business! Take the initiative and learn more about these two programs. It won’t be long before you can dominate in a recessive market.
Without a sense of urgency, desire loses its value. – Jim RohnPeople who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents. – Andrew CarnegieBe miserable. Or motivate yourself. Whatever has to be done, it’s always your choice. – Wayne Dyer.Desire is the starting point of all achievement, not a hope, not a wish, but a keen pulsating desire which transcends everything. – Napoleon Hill
They say tough times bring out the best in people. We’re guessing our current economic slump qualifies as a tough time, especially for small business owners like you. Is it bringing out your best?
A recession will test your character, and your response will determine what you’re made of. Will you advance or retreat? Whatever your response, it will be determined from by your internal motivation. Steven Covey once said, “Motivation is a fire from within. If someone else tries to light that fire under you, chances are it will burn very briefly.”
The last thing you should do is allow the recession to dictate how successful your business is. Rather than hunker down to wait out these tough times, you can take initiative and empower your business with a competitive edge, making it the premier financial provider in your area. But that choice is yours. Will you make it?
Increase Your Services
Increasing your service offerings makes your practice more appealing to prospective clients. Nothing will complement your tax practice more than Professional Bookkeeping services. By increasing the number of products you offer, you’ll not only be able to provide your clients with a complete financial service package, but you will also be able to generate a better income for you and your family as well.
You already know that the income from a tax preparation business peaks during the first four months of the year. Many professional tax preparers bill at rates of $100 per hour or more, enabling them to work 4 to 6 months per year and semi-retire the rest of the year. But in these financially troubling times, that might not be enough to support you and your family. By adding bookkeeping and accounting services to your menu, you’ll create a stable income stream for your business that will be consistent year-round.
When you enroll in the Professional Bookkeeper Program you have access to the following:
- A self-paced program you can complete in as little as 60 hours
- Practical, hands-on training that will prepare you for typical day-to-day small business accounting functions
- The ability to earn the Professional Bookkeeper (PB) designation
- 6 months of follow-up support with our trained professionals
- 12 valuable instructional DVD’s and manuals designed to help you continually review and master concepts
- The confidence to become the premier full-service financial provider in your area
- An iron-clad guarantee that makes the PB Program a risk-free professional investment
Implement Effective Marketing Strategies
When you employ proven marketing techniques in order to promote your practice, you gain a competitive edge that enables you to grow your business and your bottom line. The Universal Practice Builder Program was designed to train you how to put your practice on top, attracting quality clients using cost- and time-effective techniques.
This program offers the following:
- $30,000 in new annualized billings in only 12 months
- Tactical goal planning and setting
- The ability to generate 15 to 25 qualified leads per month
- Phone marketing instruction and training
- Training in the benefits of newsletters and websites
- 12-proven marketing strategies
- Five business assessments
- A customized business website
Most of your competitors are just as shell-shocked by the recession as you are. Most of them are also lying low and hoping their businesses can weather the economic storm. You will gain an advantage by improving your business by becoming a full-service financial provider. The Professional Bookkeeper and Universal Practice Builder Programs will enable you to do that. By enhancing your services and implementing effective marketing strategies, your tax practice will quickly become the premier financial service provider in your area.
Don’t cower to the recession. Take action and advance your business now. Register today!
5 Tips in Boosting Your Practice during the Economic Slump
Has your business taken a turn for the worst? Or perhaps you’re just noticing a decrease in your practice’s profits. Regardless of the reason, the economic slump is causing many business owners to revisit their financial standing to see how they’re faring. The following five cautionary steps can make or break your business.
1. Write/Update your marketing and business plans
If you haven’t written one yet, shame on you. We’re just kidding. But it’s never too late to benefit from solid business and marketing plans. And if you have one, an annual revision is in order. Your business and marketing plans will assess your current standing and consider how to improve things this year. A clear vision and a plan to accompany it will enable you to keep on track.
2. Meet with employees
If you have employees, it’s good to present your business and marketing plans to them and ask for input. You may be surprised at the quality feedback you receive. Also, depending on your situation, you may need to reevaluate just how much each employee contributes to your business’s profitability. At some point you may need to let employees go in order to see your practice through a successful turnaround.
3. Meet with clients
Your clients may be privy to rumors that your business is failing. It does you no good to ignore the rumor mill. Meet with clients and be honest with them about your business and any steps you’re taking to rectify problems. In fact, this is a good time to ask clients for suggestions. Taking this one measure may prevent them from leaving your practice to look for a more stable accountant.
4. Streamline your expenses
When business gets bad it’s time to look at your spending. Can you cut back and leave more money in the business?
5. Invest in your business
This may be the best time for a change in course. And investing in your business may be just the answer. Consider earning adding complementary services and getting professional marketing help. Both will inject your business with a profitable infusion that’s sure to help you ride out the recession in comfort.
The Professional Bookkeeper Program
As a tax preparer, we already know that numbers come naturally to you. Now all you need to do is find your inner accountant. If your client roster currently contains small business owners, becoming an accountant would prove more lucrative than you can imagine. These individuals need help analyzing their financial data so they can make more profitable decisions and achieve true success. They’ve already trusted you with their financial information so it wouldn’t take much to convince them that you could also work as their accountant.The four modules in this training program will enable you to target your services for the very valuable small-business market. From creating books from scratch to growing your accounting practice, this program has it all. Not to mention, you’ll receive 6 months of free follow-up support and a customized website for your business. Upon completion you’ll also be able to test for certification as a Professional Bookkeeper (PB), a designation you can include in all your marketing materials as evidence of your expertise.
The Universal Practice Builder Program
Your business will never become profitable if you are unable to successfully market your services. For over 25 years Universal Accounting Center has trained financial professionals like you in small business accounting. In all our years working with accountants, bookkeepers and tax preparers we’ve come to understand that most don’t know how to promote their services to this niche market of small businesses. Fortunately, we do. Not only that, but we know which strategies and approaches will grow your business to the point where you will become so busy you may just have to start turning clients away.When you enroll in the Universal Practice Builder (UPB) Program, you’ll receive a guarantee of $30,000 in new annualized billings in only one year, 12 marketing strategies that you can implement immediately, and a process which can produce 15 to 25 qualified leads per month. And that’s just the beginning.If your business is failing, don’t despair. The best thing you can do to advance your practice is take action! Invest in yourself and your business to increase your profitability now. Enroll today!
We know that right now you’re probably thinking about what you’re going to do for Thanksgiving. Will you be eating with the in-laws? Maybe you’ll be inviting friends over for a feast at your house? Or perhaps you’ll buck tradition and order pizza? Regardless of how you choose to spend this holiday, we’d like you to think ahead to the next one.
Things may be a little tight this Christmas. The kids might be asking for a Wii, your parents may want a Caribbean cruise, and you may just want a little peace and quiet. While all those things are great items for a Christmas wish list, we’d like you to consider giving yourself the gift of a more lucrative future.
Whether you prepare taxes on the side or run a tax practice year-round, you can benefit from adding complementary services to your menu. What client wouldn’t be interested in taking their finances to a practice that could perform all their accounting and tax needs? You can gain that accounting expertise in less than 60 hours, all spent on your own time and at your own pace, when you enroll in Universal Accounting Center’s (UAC) Professional Bookkeeper (PB) Program.
Accounting Expertise
The PB course will supply all the know-how and confidence necessary for you to start and manage the books of current and prospective clients. You will learn the day-to-day accounting functions required by small businesses, something not offered by most university degree programs. You will gain a competitive edge that you will use with effective marketing strategies UAC will also provide.
The course consists of the following four modules:
Module 1-Accounting Made Easy. You will master the tools, procedures, and underlying principles that make up the bookkeeping processes of all businesses. You will also understand the core building blocks of accounting and bookkeeping.
Module 2-Practical Small Business Applications. You will apply your understanding of the core accounting principles to specific industries. You will learn to set up books from scratch, do payroll like a seasoned pro, and much more.
Module 3-Advancing your “Account-Ability.” You will learn sure ways to set up complete bookkeeping systems and manage the books for a variety of more sophisticated industries.
Module 4-Building a Successful Accounting Service. You will learn the steps to finding paying clients. Upon completion of this module you will be able to start and grow an accounting practice following a proven program tested and perfected since 1979.
Upon successful completion of the course you can earn valuable professional certification, demonstrating your expertise.
In addition to all this, the PB program comes with the following iron-glad guarantee:
“If, after completing the course, you feel the course didn’t live up to your expectation, simply return the materials to Universal, for a 100% refund of any monies paid.”
QuickBooks Services
Adding accounting services to your menu would definitely expand your current offering and enhance your overall appeal. When you add QuickBooks services to your menu, you become a full-service financial provider that also offers QB setup, help, and consultation services.
Consider this, Intuit charges $75 an incident and $349-$600 per year for QuickBooks support. That’s too pricey for most small business owners, 85% of which currently use QuickBooks software; you could offer QuickBooks support for a more reasonable fee and draw in more clients in need of a little QuickBooks help. Becoming a Quickbooks Specialist will enable you to bring in more business, increase your income, and make your job easier.
This program comes complete with eight sessions that will train you in the following:
Sessions 1-3. The fundamentals of daily bookkeeping tasks, enabling you to gain a better understanding of the tasks that a bookkeeper performs. You will learn the key indicators of a company’s financial health, how to calculate them, and what they mean to your company. You will learn to interpret financial data in order to turn it into actionable business wisdom.
Sessions 4-6. The must-know principles of marking down assets and how to depreciate them for the largest tax advantage in as little time as the law allows. You will learn methods of depreciating fixed assets and how to calculate allowance for bad debts. You’ll learn the benefits of each business structure and which form will legally allow you to pay the least taxes possible.
Session 7. The technique that will enable you to navigate the debit/credit maze and learn to use the accountant’s troubleshooting tool. You’ll be introduced to preparing financial statements and will be taught how to interpret them into practical steps you can take to increase profitability.
Session 8. Gross profit-what is it and what does it mean to the financial condition of your company? You will learn how the income accounts connect into the balance sheet.
These two programs will enable you to expand your business in 2009! By enrolling in these courses today, you invest in the financial future of yourself and your family. While most Christmas presents can wear out or break altogether, this gift of valuable career training will be a holiday investment you will never regret.
Enroll today and get your Christmas present early this year!
While it may sound counterintuitive to increase your service offerings during economic turmoil, in the long run, it can be the one thing that will ensure survival for your tax practice.
The longer the recession runs, the more competitive the market will become. A prospective client will have less money to spend, and he’ll be looking for a financial provider that can give him more bang for his buck.
Consider the accountant who has access to much of the same information you do. If that accountant offered tax preparation services in addition to accounting services, might you lose a client to a financial provider who is not only more convenient, but perhaps more cost efficient?
You gain a competitive advantage by becoming a one-stop financial shop for prospective clients.
Accounting Services
Thumb through your local phone book to see how many small businesses exist in your area. Consider that all these businesses are required, by law, to keep an accounting record. Most small business owners don’t have the expertise necessary to effectively manage their own books. If you could perform those accounting services while increasing their profitability and decreasing their spending, your fee would be worth its weight in gold. And you would have a competitive advantage.
UAC’s Professional Bookkeeper Program is designed to teach you how to start a business’s books from scratch. Whether you’re an experienced accountant or a beginner, this course will enhance your knowledge and confidence in order to add accounting services to your menu. You can earn valuable certification demonstrating that you have the expertise required to manage a business’s financials. Add to that the training you will receive on marketing your new skill set and you have a program that’s practically risk-free!
Here are what just a handful of graduates have said about the Professional Bookkeeper Program:
This is the best investment for the money and for my future.- B. Davies
We would like to thank you for the opportunities you uncovered for us through your excellent accounting course. – S. & C. Scharp & S. Young
Having been a CPA in ‘Big 8 Firms’ and a top level executive in bluechip companies I especially appreciate your ability to simplify the subject. You definitely are providing a greatly needed service to people who are interested in being independent. – D. Bird, CPA
Watch video testimonials here!
QuickBooks Services
By why stop with accounting services? Increase your business’s appeal by offering QuickBook services as well. UAC’s Professional Bookkeeper’s Guide (PBG) to QuickBooks will help you master this accounting software, and once you do, you can offer QuickBooks setup, help and consultation services, charging $45 to $75 per hour.
More than 85% of small businesses use QuickBooks to manage their accounting. That’s a large percentage of your target market! And once you’ve helped a company set up its initial QuickBooks system, who do you think they’ll turn to for help? You, of course! After all, you’ll have the training and expertise they’ll need whenever they run into a problem. And it won’t be long before they realize that it will save them more time and money to let you manage all their accounting and tax needs.
Take advantage of this package deal and enroll in UAC’s Professional Bookkeeper Program and its complementary course the Professional Bookkeeper’s Guide to QuickBooks. Not only will diversifying your services enable you to wait out the recession, but it will enable you to grow your business and gain a competitive advantage. Order now!
Many small business owners have made a conscious effort to “go green” by lessening the impact of their businesses on the environment. Whether big or small, any business can take steps to protect the environment and make their facilities healthier for employees and patrons. Not only that, but there are considerable tax benefits to be had by the owner of an environmentally conscious business. Here are 8 things to consider in making your business greener:
1. Review ISO 14001
The International Organization for Standardization has developed a set of environmental management standards called the ISO 14001. It specifies the standards small to large businesses can follow in becoming more environmentally sound. Including specifications on things such as information security, education and transportation, the ISO 14001 is a great place to start in building your environmental awareness.
2. Recycle
This is an easy step any business can take. In creating a company recycling policy you can make a big difference in the amount of waste your business expends. Fortunately, most recyclables can be found in any business:
o Newspapers
o Unbroken glass bottles
o Aluminum cans
o Some plastics
o Empty metal cans
o Mixed paper
3. Look at alternate energy sources
This can be a large investment; but it has big payoffs in the long run. Whether you are building new facilities for your business or you are considering remodeling current facilities, you should evaluate alternate energy sources that could lessen your impact on the environment. Solar panels, ground-source heating, wind and waterpower are all options worth considering.
4. Cut down on energy consumption
Business.gov has many recommendations on making your business more environmentally conscious. One suggestion they offer is to apply energy-saving tips regarding the use of office equipment. You can purchase Energy Star qualified products which are more efficient than those available through standard retail.
You can also cut back on energy consumption by using a laptop rather than a desktop computer. Also consider unplugging office equipment when not in use. Regardless of what you may have heard, these machines still draw power even when they are off. Consider using power strips that can be turned off, preventing any phantom energy drains.
5. Consider a hybrid vehicle for your business
If you drive a vehicle for your business you should consider purchasing a hybrid. Not only could you benefit from potential tax benefits, but you’ll save a tremendous amount in gas.
6. When possible, cut back on your trash
Often we throw away more than is necessary. Take a look at common items in your trash. Is there anything you could reuse or repurpose in order to cut back on waste?
7. Rub shoulders with other green businesses
When you interact with other green business owners you will get ideas that you may have been unaware of previously. You’ll also appreciate the ability one business has to make a difference in preserving our resources.
8. Research government grants
The government offers grants to assist businesses in their efforts to go green. The Sustainable Development Fund, the Energy Savings Trust, and the Environment Action Fund are just three examples of such grants that can help fund company efforts to make their businesses more environmentally sound.
As a business owner you have many things to worry about, and you may have been avoiding these environmental issues because you don’t think you have the time or money to make a difference. The truth is taking baby steps over a long period of time can make a substantial difference. While you don’t have to incorporate all eight tips at once, picking one or two is a great start. It can also help your employees and your customers better appreciate your efforts to preserve our resources. And who wouldn’t want to do business with someone like that?
Introduction to the Professional Bookkeeper Program
If you interested in increasing your marketability as well as your environmental consciousness, you should consider The Professional Bookkeeper (PB) Program as an option for increasing your services as well as your bottom line. This course will teach you everything you need to know about accounting, and more specifically, small-business accounting, because most organizations have less than 500 employees. Most accounting professionals have been trained in corporate accounting which doesn’t address the unique needs of these small businesses.
Not only that, but in taking this course you could also receive professional certification, evidencing to current and prospective employees your newly acquired expertise and skills. And if you approach your employer, you may find that they are more than willing to pay your tuition. To learn more, watch our video “Introduction to the Professional Bookkeeper Program.” Order the video today or watch it online for free.
References
“Energy Saving Tips: Office Equipment.” Business.gov
International Organization for Standardization – Details the environmental management standards.
Sustainable Build – Descriptions and links about government grants for businesses looking to go green.
Countless individuals have successfully started their own businesses. Countless individuals have tried and failed. And even more have done both. From those who have experienced both the ups and downs and are still around to tell about it, we offer the following advice:
“For us, our most important stakeholder is not our stockholders, it is our customers. We’re in business to serve the needs and desires of our core customer base.” John Mackey”There are a lot of good new ideas out there. What differentiates companies and makes them great is the execution.” — Anonymous”The biggest obstacle to wealth is fear. People are afraid to think big, but if you think small, you’ll only achieve small things.” T. Harv Eker”A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” — Jeff Bezos.”Innovation distinguishes between a leader and a follower.” — Steve Jobs”Next to doing the right thing, the most important thing is to let people know you are doing the right thing.” – John D. Rockefeller”The way to get started is to quit talking and begin doing.” – Walt Disney
What advice will you contribute after successfully starting your own accounting and tax practice? If you’ve been thinking about taking that leap to entrepreneurialism, now is the time. A brighter future awaits you. Universal Accounting Center (UAC) will help you find that future.
A Ready-Made Business
You already have skills in tax preparation. You are good with numbers and would enjoy managing a business’s financials. All you need now to become a full-service financial provider are two things: small-business accounting skills and the ability to market those skills. Once you have both you can start your practice.
The Professional Bookkeeper Program
There are countless small businesses that need a Profit Expert, an accountant who understands their unique needs and can help them make informed business decisions. A Profit Expert knows how to watch key indicators and use that information to increase a business’s profitability. A Profit Expert does more than just manage a small business’s books; a Profit Expert plays an integral role in enhancing a small business’s standing and longevity.
Only one program will enable you to become both a small-business accountant and a profit expert. The Professional Bookkeeper Program is designed to help you take advantage of a key target market: small business owners. While you may believe that big money is with big businesses, they represent less than 15% of accounting opportunities. The remaining 85% resides with the small business sector.
Adding accounting services to your menu will enable you to remain busy year-round and not just during tax season. The quality of your services will also ensure your ability to retain clients. But in order for your business to succeed you must first secure those clients.
The Universal Practice Builder Program
For over 25 years Universal Accounting Center has trained financial professionals like you in small-business accounting. In all our years working with accountants, bookkeepers and tax preparers we’ve come to understand that most don’t know how to promote their services to this valuable niche market. We do!
Not only do we know how to market those services, but we know which strategies and approaches will grow your business to the point where you will become so busy you may have to turn some prospective clients away – that or consider increasing your staff in order to increase your capacity (and your bottom line!).
To share this priceless information we developed the Universal Practice Builder Program. Here’s just a sampling of what you will gain from enrolling in this phenomenal program:
- A guarantee of $30,000 in new annualized billings in only 12 months
- The skills to become a Profit Expert for each of your clients
- 12 marketing strategies that you can implement immediately
- A process which can produce 15 to 25 qualified leads per month
- 3 months of coaching via telephone and Internet
- Training on a computerized database tracking program
- A presentation DVD to show potential clients
- Training to use QuickBooks to attract more clients
- Access to a plan proven to help retain clients
These two programs will enable you to start your business venture with confidence and ease. For a minimal initial investment you can become a successful entrepreneur. Not to mention both programs carry our iron-glad guarantee: if, after completing the programs and applying their principles you feel they did not live up to your expectations, you can return all materials for a 100% refund of all monies paid. That makes these two programs practically risk-free.
It’s time you invested in your financial future. Take the first step to realizing your dream of becoming a successful entrepreneur. Enroll today!
What to Focus on When Starting a New Business
There are countless things to think about when starting your new business. From costs to clients, from office supplies to offices managers, you can waste your workdays worrying about all of them. Thankfully, not all of them are created equal, and if you focus on each and every one you will become overwhelmed and unproductive. You must limit your focus to a handful of issues that require the most attention in order for your startup to succeed:
1. Cash flow.
It’s important that you closely watch cash flow from the very beginnings of your business. Determine how much money must come in for your practice to be profitable. Only when you are properly managing cash flow can you know whether your current business efforts are successful.
2. Money-making efforts.
There are a lot of valid tasks you can perform in your business, but in the beginning you should focus much of your time and energy on money-making efforts. Of course that means you should perform as many billable hours as you possibly can, but in order to have clients for which you can invoice those billable hours, you must first market your services. If you haven’t yet developed a marketing strategy, now is a good time to decide which techniques you will use to promote your business to your target market.
3. Quality clients.
Especially when it comes to clients you should live by the adage “quality over quantity.” That may seem counterintuitive because in the beginning you will feel the need to secure as many clients as you possibly can in order to get your business up and running. But in the long run you will be grateful you spent your time searching for a few regular, high-paying clients rather than a lot of sporadic, delinquent ones.
4. Customer service.
Client retention has a lot to do with the customer service you provide. When you treat your clients with courtesy and respect, they are more likely to refer you to their family and friends. Also consider what they most need from a financial provider and do all you can to provide them with those services. If you can become a one-stop financial shop for your clients, they will often respond with increased loyalty.
5. Hiring good employees.
You may not need to hire employees initially, but when you do you must ensure that you hire well. Hold out for hard-working, qualified applicants before you make any decisions. You can lose more time and money revisiting the hiring process because you didn’t hire good employees the first time around.
6. What’s working.
You should expect to make mistakes a time or two as you get started. In fact, if you’re not making any mistakes it means you’re not taking any risks; you should attend to your mistakes and see what you might learn from them. In addition, you should focus on what is working. As you regularly assess your efforts, determine which are most profitable and continue or increase those efforts.
If you are ready to launch your tax practice full-time, you should consider adding accounting services to your menu. Not only will this attract more prospective clients, but it will ensure you have business year-round and not just during tax season.
The Professional Bookkeeper Program
You want your services to appeal to the greatest number of prospective clients. Over 85% of the opportunities in the accounting field are within small businesses. In fact, Universities prepare their students for corporate accounting which doesn’t address small business needs. Also more than 50% of small businesses fail within the first five years, and much of that failure can be attributed to lack of accounting expertise. Those small business owners need an accountant who can address their small business accounting needs.
When you enroll in the Professional Bookkeeper Program, not only do you learn small-business accounting, but you are trained how to become a company’s Profit Expert by using that accounting information to help these small businesses make informed decisions that increase their profitability which in turn increases your value to clients.
In less than 60 hours you could earn professional certification that demonstrates your newly-acquired expertise. You can do all this on your own time and at your own pace.
The Universal Practice Builder Program
You may be surprised to learn that most financial providers struggle, not because they don’t offer quality services, but because they don’t know how to effectively market those services. For over 25 years Universal Accounting Center has trained financial professionals like you in small business accounting. In all our years working with accountants, bookkeepers and tax preparers we’ve come to understand how to best market those services. We help you apply strategies and approaches that will grow your business to the point where you become so busy you may have to turn some clients away – that or consider increasing your staff in order to increase your capacity (and your bottom line!).
Our Universal Practice Builder Program will provide you with 12 marketing strategies that will enable you to secure 15 to 25 qualified leaders per month, a guarantee of $30,000 in new annualized billings in only 12 months, three months of master coaching, and access to a proven plan that will help you retain clients. Again, you can complete this amazing program on your time and at your own pace.
When you order these two programs together, you increase your service offerings and your ability to market them. Not only that, but both come with an iron-glad guarantee promising that if, after completing these courses, you feel they did not live up to your expectations, you can return the materials to Universal for a 100% refund. Not many organizations will back their training programs with that type of guarantee.
Take advantage of this marvelous opportunity to secure your new business venture. Order now!
5 Steps in Gaining an Edge
Successful businesses must always look for ways to gain a competitive edge. This does not have to be a lengthy or expensive endeavor. In fact, in implementing the following five steps, you could find your businesses leading the competition with higher earnings and a larger, more expansive client base:
1. Create a board of advisors.
You will be able to make informed business decisions much more quickly when working with a board of advisors. To do so, select 3 to 10 individuals with expertise from which you can benefit. Also select those who would find your expertise equally appealing. While you are not required to compensate members of your board, the partnership is only attractive if you can offer something in return. Consider working with legal representatives, business insurance representatives, banking representatives and, perhaps, an accountant. With a board full of individuals with broad and deep expertise, you’ll find your business better equipped to increase its profitability.
2. Research the competition.
Whether or not you like it, you are competing with other tax preparers for clients. You offer similar services to a shared target market, meaning you are one of many options from which that target market can choose.
In order to be a good competitor you must know your competition. How does the competition market their services? What benefits do they offer? To which demographic are they marketing? Are their marketing approaches affective? You must answer all these questions and more by performing simple research.
First, determine which of the tax preparers in the area are prominent. Then study their marketing strategies. Talk with your board and other professionals to see which of these competitors are getting rave reviews and determine why their services are most popular.
3. Practice stellar customer service.
Good customer service doesn’t ensure that you’ll get along with all your clients all of the time. But it does show them that you’re invested in their satisfaction and will do your best to serve their needs. And because of that your clients will feel valued. Those valued clients will then become key members of your marketing team, sharing your contact information with friends and family. And nothing speaks louder to potential clients than a current, satisfied customer.
4. Gain an advantage.
A competitive advantage is gained when you offer your target market something a competitor cannot. When you market using that competitive advantage, you are able to edge out the competition. In order to become the premier tax preparer in your area, you must achieve a competitive advantage and incorporate it into your marketing strategy. The best way to do that is by offering complementary services to your clients. By adding small-business accounting to your menu, you are able to attract and retain clients interested in working with a full-service financial provider.
5. Forge strategic partnerships
Also called “natural business relationships,” strategic partners are business professionals who share your target market but do not offer competitive services. They are individuals with whom you can share ideas, advice, and yes, referrals. But more than that they literally become a work force that buoys your business, enabling you to labor more efficiently and enjoy great profitability.
Strategic partnerships are scalable, meaning that depending on the size of your practice, you must pick professionals who are compatible with your business size and type. Occupations that correspond well with tax preparation include loan officers, checking representatives, financial planners, insurance representatives, lawyers, etc. If you were the CEO of a large tax firm then you would try to connect with leaders of organizations that complement your business’s size and prestige. If you are an independent tax preparer with a handful of clients then you would look to other small business owners or employees of like organizations.
In order to be successful, these strategic partnerships must be symbiotic, meaning they are beneficial to both parties. Before approaching a potential partner ask yourself the following three questions:
1. What will they get from this relationship?
2. What will you get from this relationship?
3. Are they the type of person who will give you referrals?
Are they the type of individual who will provide referrals?There is no use wasting your time on individuals who are not interested in participating in this type of relationship. While it does not require an abundance of time and energy, it does involve the commitment to meet regularly and help one another. These questions will enable you to screen those who may not be ready for this type of collaborative effort.
Gaining a competitive edge requires you to do all those things your competitors are not doing. While the above 5 tips may take time and energy from your busy schedule, they ultimately pay large dividends and place you at the head of the competition.
Start Today!
If you are interested in adding accounting service to your menu, order our DVD, “Start Today and Have Your Own Bookkeeping Service,” and learn everything you need to know to begin. This video will show you that growing your own accounting practice is achievable, profitable, and easy. For less than $10 you can discover that adding bookkeeping services to your menu is definitely within your reach. Order today! Or watch the video online now for free.
