5 priorities to focus on after freeing up your time by outsourcing your year end accounts
You’ve started outsourcing to free up your time to grow and work ON your accountancy business. In this article, we discuss what is the best use of your new free time in order to run your practice.
Create more capacity by sorting out your systems, processes and workflows
We find that many practice owners use their newly freed up time to move into aggressive new business winning mode. Whilst, we are not saying this is wrong, our argument is that perhaps there are other smarter things you can do first. Our recommendation is to initially spend some time identifying ways to increase the capacity and efficiency of your practice. This will potentially release even more of your time and other members of the firm. This extra free time can then be put to even more good effect.
Reduce your hours
Who said that you need to free up your time to grow your practice? How about freeing up your time so you don’t need to work so hard going forward? At the end of the day your practice is your practice. Therefore, use it to achieve your life goals. Does this mean working largely school hours? Or does this mean having a team to do the lion share of the work for you? Life is for the living, so why not let our team take the strain so you can enjoy more of life.
Increase your cash flow
Have you noticed that the last personal tax return you often file is your own? The thing is, very often the business we need to help the most with profitability and cash flow is not a client’s business but our own: Cobblers’ children and all that. So, take the opportunity to use your new free time to hit your debtors list and do a client portfolio analysis to see where there are clients who need to be paying a larger fee. Everything is just that little bit easier with more cash in the bank. Cash that you can use to pay for help with marketing. Which brings us onto…
And finally, focus on your marketing
Whilst you may not be wanting to massively grow your practice, it is always helpful to be marketing your practice to get the right clients through the door. With a steady trickle of good new clients you can afford to selectively exit the low fee, low recovery type of clients. Or the new clients can replace those clients who you are losing because of natural wastage such as people exiting their business. It might not even be new clients that you focus your marketing on. How about using your freed up time to upsell your existing client base to your new advisory services?
Outsourcing can free up your time and your fee earner’s time to focus on the important but not urgent tasks you and your team have always been meaning to get around to.