Two Ways to Grow an Accounting Firm
At a high level, I think there are 2 ways to grow an accounting firm:
Option 1: Fast & Furious
Option 2: Slow & Methodical
Fast & Furious looks like taking any client that comes along. Any industry. Any accounting software. Any size of company. Any owner personality type.
Slow & Methodical looks like being really selective on who you work with. Only certain industries. Only certain software. Only clients bigger or smaller than a certain annual revenue. Only personalities that jive.
Fast & Furious can take off fast. Cash starts coming in earlier, but the work takes a little longer because you have to learn something with each new client. Maybe you charge less because you feel less confident in your skills.
Slow & Methodical might start slower, but it’s also easier to hone your marketing. You have to turn more people (and money) away if they don’t fit your ideal client. Cash flow might take longer to pick up, but your workflows are repeatable between clients.
Here’s the thing…
Neither is right or wrong. I’m not trying to convince you to do either.
Fast & Furious might be right for someone who doesn’t know who they want to serve or what services they want to provide. It might be great for someone who needs an immediate source of cashflow.
Slow & Methodical might be right for someone who has a strong background in an industry and they know exactly what they want to do and who to help with their skill set. It might be great for someone who has the financial backstop and confidence to say ‘No’ to good (not ideal) prospective clients and let cash flow when cash flows.
And maybe you start off Fast & Furious, figure out what/who you like and move into Slow & Methodical…or vice versa.
You get to decide. There are no rules. There isn’t even failure. There’s just experimenting, learning, and changing directions if you choose.
Always rooting for you,
Erica
What’s Happening in Aligned
Offering Advisory & CFO Packages
Lots of attendance and good feedback on this one!
Anchor: Demo & Discussion
TODAY! Wed, Feb 11th - 11am MST > RSVP Here
MeetUp: Transitioning to Anchor
Wed, Feb 25th - 11am MST > RSVP Here
Not sponsored - based on the number of members that are looking to transition to this platform
Question of the Week > In honor of Valentine’s Day, what do you actually love about accounting?
Current Discussions On > offshore hiring, PCI compliance, poll on your own firm’s bookkeeping, CFP referrals, Financial Cents vs TaxDome vs Google Drive for secure document portal, and more!
Join the discussion with 170+ like-minded, non-scaling accountants / really cool humans in the link below. $75/mo, no commitment - come and go as you please :o)
Money back guarantee, if you get in there and don’t see the value. No questions asked.
More details in the link above.