What do you think leads to success in business? Have you thought about it lately? When you spend some time thinking about it, you can probably identify some important strategies and cause and effect actions that are probable, right? But do you think about it often enough and do you put into play the strategies that are most likely to fuel success?
You have to know your market and where you fit into it. Have you recently reviewed your products and services, determined which ones are the most profitable for you, compared yourself to your competition and developed a sales and marketing strategy that will differentiate you in the competitive marketplace?
Have you looked at your financial health and defined where you need to be in order to fuel growth, evaluated your ability to expand the most profitable segments of your business, defined your client base to such a degree that marketing to them becomes more obvious making your marketing efforts more focused on your ideal client and thus more successful per dollar spent.
Do you have a defined plan for your business? Are you constantly redefining it, measuring your success, doing the analysis that leads to smart, targeted decisions that ensure progress, focus on profits? Do you really know what you need to do to fuel real, scalable growth that will increase profits, profit margin and ensure it is sustainable?
If you answered no to any of these and think about it…..do successful, profitable businesses that fit into your life the way you want do so without a foundation and a serious plan? No, they don’t. It makes complete sense, right, that really successful businesses do it because of the plan behind them. You get caught up in the day to day and forget that there has to be a master plan, a clear vision and a path to get there or how the heck are you ever going to arrive?
When hiring a team, consider finding people who can buy into and support your vision. Ones that can impact that vision and accelerate the progression. If you do not have that team, go find them. On the financial end, bookkeeping is not enough. Bookkeeping is data entry. Successful businesses did not get there because they had the transactions entered. They used their financial information to find what would allow them to affect profits, fuel growth, find efficiencies so more time and creative energy is available for the real work of further defining your plan, your space in the market, your ideal customer…..you need to be free to make rain, not work in the back office.
Hire an accounting firm that will provide more than “bookkeeping”. That is just the first step to getting information. It is what you do with the information that is key. Find a CPA that offers more, has the skill set and the experience to act as your business coach as well as your trusted financial partner. You need to elevate your partnership with your accountant, make them an active participant in your success. Find a firm that can excite you with their passion for helping their clients achieve success through strategic thinking, taking your financial information and making it speak to what`s next, holding you accountable to success forward thinking and plans. It’s time for qualified, forward thinking accounting firms to communicate their ability to offer more than bookkeeping and tax returns. Those that are not building tech stacks, specializing in a few industries about which they can be experts, building their business coaching library, are not capable of being the transformation agent businesses need today.
Spend some time thinking about what it is that outrageously successful business did to achieve their success and be honest about what you are or are not doing that could make your business more successful. Find the someone who can coach you through the transformation in thought, mindset, and vision that you need to move forward. One of those people should be a someone like me……just saying. Let’s go find a good umbrella, because I feel some rain in the forecast….