Accounting practice is on a progress march, and while the hot topic of conversation is to work towards the complex advisory path, it might not be a suitable option for everyone. Embracing cloud technology has already turned the accounting landscape over its head, and has proven to be a performance booster. The popular use of smart accounting processes, like QuickBooks hosting solutions, has improved collaboration among team members.
While it is important to embrace the change and grab the opportunity to be successful on this path, your success is not defined only by your advisory journey. Identifying your strengths and working to add value to the community with your services is an essential task. Also, you might have found a specialization for you that has a potential to grow, even if its local. If you are comfortable with your current scenario, then it is great.
Work smarter, not harder – that is the key to improve your practice. No need to add on to your already piling workload this tax season if it will not help you professionally. Although cloud accounting and the ease of internet has made work more manageable, here are few steps to achieve the much coveted work-life balance.
1. Find an expertise
While it is good to be the “Jack of all trades, master of none”, it is not very practical in the accounting landscape. Yes, it is a lucrative idea to offer all kinds of services, but becoming an expert in one field and making your name for it offers another opportunity. Select one (or two) complex services to make your specialty and advise your clients on.
Many firms offer to do your taxes in the tax season — they promise to help save your money for a price. And, their marketing strategies to reach the target audience through radio and internet are taking the cake. Management is easier with cloud based QuickBooks. The thing to learn here is, know what your clients need and find your expertise.
How is this related to work-life balance? Well, a balanced work practice will resonate a balance home life. Thus, it is crucial to have a stable workflow that eliminates financial stress and provides satisfaction.
2. Create your clientele
Once you have made a foundation and discovered your niche, next is creating a client base. Be proactive in how you manage your client base, make your expertise your selling point. Target the type of clients you want, manage the messy ones, continue to acquire more — this is a certain way to ensure continuous growth of your revenue.
Another upcoming trend is to specialize in an industry, a vertical niche. A few firms do this, and they do it really well. For example, if you have many restaurants and cafes as clients, you can call yourself an expert for the restaurant business. This means you have a deep understanding of the work processes, budgets, and profits so that you can advise them for their business growth accordingly. Once you establish yourself as an expert in a particular area, people from that industry would prefer to be a client of your firm as you endorse better handling of their business process.
3. Priorities and Choices
It may seem difficult to achieve that work-life balance, with so much to be done and so little time. The primary thing is to clear your priorities. Do you really need another house? It is your choice to make your life smooth or keep it a constant struggle. Your priority must be to plan your life keeping in mind the daily activities and responsibilities — both at home and in the office — and weave your long-term goals in between. Financial trouble must not strain your daily life.