As an accountancy business owner, there are numerous demands on your time, focus and money. But knowing where best to invest them isn’t easy.
“Do I really need a business coach to help me grow my accountancy firm?” “Will I see a return on my investment?” These are typical questions from accounting professionals. And this guide will show you the benefits of business coaching for accountants.
A business coach can help you to reach your business goals, as well as your personal goals. So if you want to scale your business, make it more profitable, improve efficiency or become a better leader, you’re more likely to get there with the help of a business coach.
Do I really need a business coach to help me grow my accountancy firm?
I’m going to be frank. You may be an accountancy mastermind, but that doesn’t make you a brilliant business owner and leader. But when you run your own practice, you need to lead and manage that business and the team members within it. That’s a very different skill set from being a professional accountant or bookkeeper. You have to reframe yourself as the firm owner and business leader first and foremost.
How reassuring would it be to have a good coach to guide you through that business journey? Someone to advise you, to keep you on track and point you in the right direction. You may get to where you want to go all by yourself. But I’m pretty sure you’ll get there faster and better with the help of a qualified business coach.
What are your business goals?
I’ve worked with many accounting business owners. Whilst they may be very different people, I see common issues amongst accountancy firms. These are some of the key areas of concern:
Business development: how do you grow and scale your accountancy firm to the next level?
Improved profitability: are you and your business partners earning what you should?
Win new business: how to attract new clients?
Client retention: how to keep existing clients?
Hire the right team members: do you have the right people to support your business day to day?
Work-life balance: is it possible to reclaim weekends and personal time away from work?
The right business coach will work with you to achieve any, or all, of those business goals. Yep, you can scale your business, grow your client base, and improve your work-life balance.
How can business coaching improve the efficiency of my accounting practice?
As a business coach, I can help an accounting firm streamline processes, increase productivity, and improve workflows to become more efficient and effective. I’m here to keep you accountable – that means focusing on the high priority tasks and ensuring they’re done on time.
These are important ways that a business coach can help to transform your accountancy firm.
Improving efficiency
Often, I find that accountancy practices rely on older systems that can impact workflows. Using clunky, outdated account management software isn’t cost effective. It takes your team members longer to complete a process than with the latest versions. Investing in effective accounting practice management systems can bring rewards.
When you optimise and streamline workflows, you can manage client work more effectively. This is particularly important at busy times of year like tax season.
Defining a clear strategy
Many accountancy firms lack a business plan. Without that clarity and focus, you can end up overworking and burning out without achieving much. A business coach can help you to step back and look at your accountancy firm objectively. Together, you’ll create a roadmap to direct you to your business goals. This kind of support is a game-changer for business owners aiming for effective growth.
Holding your team members accountable
Just because it’s your own business, it doesn’t mean you have to manage everything yourself. Learning to delegate is your key to letting go of day-to-day tasks and focussing on business strategy. But you have to have the right people in place. Hiring good, trusted team members who are able to manage aspects of your business will transform your work life. I can help you to create a business that can work without you – imagine that!
Increasing your pricing and profitability
You may be an accounting professional, but I find that many firms don’t have the right pricing structure in place. And the firm owners often aren’t earning what they should.
A business coach can help you to identify the ideal clients to target for maximum profitability. I can also ensure you’re onboarding them effectively.
With better pricing and profitability, you can start earning a salary that reflects your value. And that will give you peace of mind too.
Enhancing customer service
Accounting businesses are renowned for being poor communicators and slow to respond. Why not be better than the rest and stand out from the crowd? Provide better customer service than your competitors. Manage your clients’ expectations – if you can’t give an answer immediately, let your client know that and provide a guideline on when you can.
Check your numbers!
This last point may be a bit controversial, but hear me out. Not all accountancy firms are efficient with their own finances. They might be great with other businesses’ accounts, but slack with managing their own cashflow and payment processing. It’s often the case. You may find a decorator with half painted walls or a plumber with a leaky tap at home. We don’t always practice what we preach.
Working with a business coach, you’ll be encouraged to analyse your own numbers instead of just your clients’!
Accountant testimonial: Cain & Co
I worked with Paul Cain of the accountancy firm, Cain & Co based in Faversham, Kent, to drive his business to the next level. His firm had hit a plateau, and was losing clients as quickly as it gained new ones. With my help, we kickstarted business growth. Paul says, “We’ve changed from a business that was almost at a standstill to a business that’s growing every month.”
A key strategy for change was introducing a money back guarantee marketing initiative. That increased conversions and enhanced client trust. In addition, by delegating and prioritising effectively, Paul reduced his working hours. With a clear plan to follow, he’s been able to focus on strategic growth.
“I was working most weekends whereas now I’m not. That’s a direct response from working with Phil, ActionCOACH, who’s one of the best out there.”
Take a look at more of our success stories
Evolve your accountancy business with my coaching services
Do you think business coaching could be the next step for you and your accountancy firm? I truly believe in its transformational power. I love seeing business owners who have worked with me reach their business goals and improve their work-life balance.
I’m a qualified, experienced and award-winning business coach who’s helped hundreds of entrepreneurs and small business owners to evolve and improve their business. Connect with me here or on LinkedIn to find out more.
