Do you realize FEAR is preventing you from making more money in your bookkeeping business?
The fear can be anything including the fear of failure, losing revenue, clients and anything else associated with your business suffering in some way.
What if I said, by doing 3 actions, the profitability of your bookkeeping business would positively change forever?
Interested?
Great.
I’ll get to them in just a bit.
But, first, realize you’re not alone.
Our Pure Bookkeeping co-founder, Debbie Roberts, was just like you.
She had fears as well which handcuffed her from effectively growing her business.
She was a great bookkeeper, with over 20+ years experience, who was overworked and underpaid, but any clients she did secure, she was worried about losing them.
Fear of loss is a paralyzing thing much like most fears.
Over the years our Co-Founder Peter Cook worked with Debbie as her business coach, and they worked through what scared her and eventually created a 6-figure generating operation which pretty much ran without her after she hired 12 terrific bookkeepers.
If she can overcome her self-imposed limits, so can you.
Now is the time to take your business to another level.
A part of that is to dramatically increase your profits.
Here are 3 ways to get it done:
1) Raise Your Prices
When Debbie was first starting her business, she was concerned about hiking her fees because she was scared she’d lose her clients. After making the change, it didn’t sting as much as she anticipated.
Do yourself a favour, raise your prices to between $45-65 per hour right now.
Base it on your company’s needs (ie: paying bills, staff, paying yourself, etc)
It may be a shock to some of your clients, but if they truly value your work, they will pay up.
You just need to decide to do it and get it done.
Just like that, you’ll see an automatic flow of extra money to your business.
What are you waiting for?
2) Create Systems
When operating your business, it’s important to get more profit generating activities done in less time.
It’s all about efficiency.
How are you spending your time?
If you install multiple business systems it’ll make everything you do easier because there will be no wasted efforts in generating your desired results.
Pure Bookkeeping prides itself in creating the best way to manage your business’ bookkeeping, sales, marketing and hiring activities with the Pure Bookkeeping System (PBS).
“I love the Pure Bookkeeping System!!! I create systems for everything, and love having one created for me, especially the templates and resources. I know how long it takes to do, and can appreciate everything that has gone into this. The Pure Bookkeeping System is invaluable to our business.”
George Peppas
Pinnacle Bookkeeping
Once you have systems in place, you’ll have more confidence running and promoting your business and less stress wondering why you’re not making enough money.
So, how do you set up systems?
Well, you can certainly do them yourself by taking the time to identify what ways are the most efficient to produce your desired result. Then you break them down into easy-to-follow steps, so you can train others to learn the system as well.
You can also speak with fellow bookkeepers to see how they successfully systemise their businesses.
Or if you’d like to learn more about the Pure Bookkeeping System, you can click here.
Buy having stronger systems, you’ll be able to better organise and handle more demand thereby making more profit.
3) Duplicate Yourself
Imagine if you had 12 of YOU to help with your bookkeeping business.
You’d have 12 more people who could do the books and generate hundreds of thousands of dollars for your operation.
Having the ability to hire would be an absolute game changer for your business if you’ve never recruited staff before.
The thing is hiring usually FAILS miserably, but we will cover that in our next gift.
In the meantime, when hiring your staff, remember to make sure you’re full up yourself first then hire your first bookkeeper. When you do definitely use a skills and speed test to ensure you’ll have the best person possible for the job.
Hopefully, those 3 ways of profit generation are of value to you.
Remember, they’re only useful if you actually make the decision to follow through and do the work.
Once you commit, success won’t be far off.
Until next time, I wish you well on your journey!
Michael
Article by Michael Palmer
Michael is the CEO of Pure Bookkeeping, the host of The Successful Bookkeeper podcast and an acclaimed business coach who has helped hundreds of bookkeepers across the world push through their fears and exponentially grow their businesses and achieve the quality of life they've always wanted.
