I had a very interesting conversation today with a prominent authority from within the accounting industry, who has worked closely with many accountants for over two decades.
I was explaining about how we operate at My Accountancy Place and the fact that every month…
- Our accounts our reconciled on the last day of the month.
- Within 5 days of month end, a full set of monthly management accounts are produced.
- A snapshot video is sent out to the Directors ahead of the board meeting so we have a firm grasp of the numbers and where we are in relation to our goals.
- We have a board meeting at the end of the week 1 of the new month.
- In that meeting we review our top line figures against our projections for that month and for the year.
- We look at how many new quotes we have out, how many clients we’ve signed and how we’re now giving more value to our existing clients (the only things that can actually grow your firm.)
- What we’re going to do by the end of next month to keep us on track towards our goals.
So in my conversation today, I asked how many firms of accountants out there, did he THINK were doing the same.
He said “I KNOW how many are doing it…… less than 1%.”
I was shocked.
For me, this is the level 1 of what an accountancy firm needs to be doing if they’re going to survive.
If you’re not sold on keeping on top of your own accounts, having a rapidly produced set of management accounts, setting growth targets, achieving those targets, having monthly board meetings to keep yourself to account and making adjustments to reach your goals……. how can you possibly sell the same services to your clients.
The answer is… you can’t.
The first sale you always have to make is always to yourself.
If your firm isn’t sold doing this for itself, then you won’t be able to sell it to your clients OR properly deliver on it.
If you want your firm to improve, take your own medicine.
Become your own client.
Buy your own services.
And stop using the ‘Cobblers Children’ excuse as to why you’re not doing it, because it’s cobblers and you know it.
If you truly believe in the medicine you’re selling, then take it yourself…..
….. and start today.