Transforming the bookkeeping industry one bookkeeping business at a time

We needed a plumber this week and I called on our reliable plumber we have used for the past 33 years who lives around the corner. After he did the job we chatted as we have done before, catching up on families and business. He started complaining about the plumbing industry and how people don’t seem to care about integrity, doing a good job and being reliable anymore and mentioned a number of projects he’s had to work on to fix the dodgy job that a previous plumber did. Some of them huge commercial projects costing tens of thousands to fix. Jobs that are supposed to be signed off by the plumbing authority but they condone self-assessment so each plumber signs a consent to say the work was done to the required standard. The problem is, he ...

Provide your clients with five star service to help you grow your bookkeeping business.

This is going to be a longer blog because I’m going to rant! Here’s the chalk - over three days last week I spent the best part of a full day in total trying to get my mum’s gas reconnected. She moved into a retirement village about 6 months ago and the gas and electricity were already connected and we were paying the monthly levy so didn’t think any more about it. Last Monday she tried to light the gas to cook dinner but no gas. The following morning I rang her old retailer, AGL, and they had no knowledge of gas being connected or disconnected to her property. The consultant suggested we ring SP Ausmet (the meter people) as they would know who ordered the disconnection. Turned out it was AGL! Her gas was disconnected without a bill ...

The Circle of Price – why you need to charge what you’re worth when growing a bookkeeping business.

I was mentoring a bookkeeper this week who was complaining that her clients didn’t value her so I asked her what she was charging. She said old clients were per hour and new clients . There were two problems. Firstly she is a Registered BAS Agent, has the required PI Insurance, undertakes ongoing professional development and provides her clients with reliable information so obviously wasn’t charging what she was worth.  And secondly we’d had this discussion about a year ago but she didn’t put up her prices then! You’ve heard me harp on about getting paid what you’re worth and by the end of our chat I think the message finally got through to her. If you need convincing that you should get paid what you’re worth you might ...

Are you prepared for a successful bookkeeping business?

I've made more mistakes growing my bookkeeping business than anyone. Well that's what it feels like anyway! And there were many times I seriously questioned whether it was possible to grow a profitable bookkeeping business. It took me six, long years to create the right model, develop the systems (which are still updated every year) and gather the right team. It was a rollercoaster and there were times I wanted to jump off the ride! But I persevered. And little by little I turned my business around. Along the journey I constantly battled what I call "brain farts"! Unhelpful thoughts that swam through my head as if they were the truth, but they weren't. "What makes you think you deserve success? You're no better than any other bookkeeper! You've ...

Avoiding issues when growing your bookkeeping business won’t make them go away.

When I first started my bookkeeping business I didn’t have much confidence and I didn’t say “boo to a goose” in those days so most of the time I just went along with what people wanted just to keep the peace as long as it didn’t bother me terribly. I’ve spoken before how that behaviour resulted in me avoiding lots of conversations that I needed to have. And not only was it a constant source of angst, it held my business back until I dealt head-on with the issues that I was avoiding. I was mentoring a bookkeeper this week who was just starting to use a marketing powerpoint presentation to help her explain to prospects about her services and how she was going to be able to help them. However she said that she noticed at the end ...

You’re not a bank. You can’t grow a healthy bookkeeping business allowing clients to pay you when they like.

I’ve lost count of the number of bookkeepers I have spoken to who allow their clients to pay them when they like. And unfortunately some don’t pay at all before they go into liquidation. A mistake I made several times. Sometimes we are own worst enemy though. I spoke to a bookkeeper this week who has allowed her client to rack up a ,000 debt to her! It was a rescue, they are nice people and they were desperate to get on top of their situation. She got caught up in the whole thing because she connected with their mission and wanted to help. Besides, she’s a nice person and didn’t want to seem to be money-hungry. So she made sure everyone else was paid and allowed her bills to accumulate. It’s interesting how we often create meanings ...

Are you worrying about how to grow your bookkeeping business?

I was mentoring a bookkeeper last week who was worrying about getting clients. She had all the marketing strategies she needed but rather than take action, she just kept worrying about not having clients. Then when she decided to give it a go she didn’t follow the strategies, rather it was haphazard and ineffective. And then she would say “see, I can’t get clients.” When I pointed out that she was spending her energy worrying and explained how that was distracting her from the very thing which would bring clients she was surprised. She didn’t even realise she was doing it. Dr. Robert Leahy Ph.D. says that “worry is epidemic. 38 percent of people say they worry every day. Worry persists, eats away at you, gives you indigestion, ...

Where do you find inspiration when you’re growing your bookkeeping business?

I held a webinar this week and interviewed Veronica Trethewey from Book Senz whose bookkeeping business has grown phenomenally since she started in 2010. Since about May 2011 when we first met she has kept me up to date with the growth. She hugely exceeded her goals for the first 12 months and is going to do the same in the second year exceeding k per month and now has a team of 5. I think she’s right on track to reach her goal of a m turnover in 5 years. While juggling the responsibilities of being a wife and mum to three teenage boys and picking grapes during the harvest on the family property! Her success is a result of her determination to achieve her goals and the right tools to help her get there. I think her story is worth telling ...

Growing a successful bookkeeping business takes courage

I wrote in a recent blog about my fear of having conversations which may result in someone getting angry. Because of that fear in the early days of growing my business, I would avoid conversations with clients about getting paid or treating me with respect until I couldn’t take it anymore and I would quit. However running away didn’t solve the problem. It was only when I faced that fear that things began to change. Wikipedia says that fear is an emotion induced by a perceived threat which causes you to quickly pull away from it and usually hide. It is a basic survival mechanism. In short, fear is the ability to recognise danger leading to an urge to confront it or flee from it (also known as the fight-or-flight response). I worked ...

Are you stopping the growth of your bookkeeping business because you’re chasing perfection?

I was mentoring a bookkeeper this week who had set aside time to work ON her business and realised in the process how much there was to do. She was working on her Vision and Mission, establishing her point of difference, creating a website she’s proud of, implementing systems in her business and desperately needed to recruit because she was flat out with client work. She wanted to get everything perfect before she put on a bookkeeper, but the reality is that she will spend her time frustratingly chasing that illusion. Wikipedia says that “perfection is, broadly, a state of completeness and flawlessness”. I don’t know about you, but I’m not perfect! As a great bookkeeper you have built your reputation on perfect bookkeeping which ...