Last month, I started working with a CPA, a new coaching member, Jane, and the 3 things I share with you that I helped Jane with over a Game Plan call.
I have used this in my own CPA firm and have helped many practice owners through it.
A little about Jane...
She had started her practice several years back and she had grown it to $50k/year.
She had hired a p/t person that quit on her at the beginning of tax season.
She was not able to grow it beyond the $50k mark regardless of what she tried.
She got so fed up with the whole process that she let the clients go.
She came across me through my book: The Ultimate CPA Practice and reached out to me for help. But this time, she wanted to do it in a different way.
Here's a powerful formula I shared with Jane to help her take her practice to new heights:
#1: Create the vision
Cliché. But it is important to have one. One that excites you and is worthwhile to go after.
Jane’s vision is to create a $5M niched practice.
She is passionate about children and her niche is Day Care centers in the 1/2 Million - $5M revenue range located in the U.S.
ADVICE: It is easy to get bogged down in the day-to-day and to lose sight of it. It is important to have an end goal, a vision. Create a vision that excites you. One that you are passionate about. It will have a financial aspect to it like a revenue goal BUT it will also have an IMPACT aspect to i.e. the difference your firm will make for the clients it serves, the community it operates out of.
#2: Chunk the big goal down. The 1st goal is to get to $250k
It becomes more doable. Something you can get your hands around.
It helps to focus and build the systems in place to get to that.
In Janes's case, we started putting a Client Attraction system in place to bring 25 day-care centers paying $10,000 in fees.
ADVICE: Chunk down your big vision into 12 months and then 4-month goals. This will help you to get focused. The vision has to be big, the goals for the shorter-term need to be precise and realistic so they can be executed and measured.
#3: The Entrepreneurial journey consists of ups and downs
This was a piece of advice that Gerber had shared with me many years back.
It is important to enjoy the UPS and manage the LOWS.
When you are UP, it is important to appreciate them and don’t take them for granted. Live with gratitude.
When you are LOW, manage them so you don’t throw in the towel when things will get tough.
ADVICE: Be aware of the ups and downs. Enjoy the ups, manage the lows.