Create an Autonomous Bookkeeping Business (that doesn't need you)
Jul 03, 2024When building a business that you want to support your life (not rule it), operate efficiently and effectively (even when you're not there), allow you a degree of freedom that you can't get when employed, and potentially sell down the track, one of the most important things you need to master is the ability to...
“Stop making your business all about YOU!”
I learnt this hard lesson after a few years of running myself ragged in my own bookkeeping practice.
I realised that I had created a business was all about ME, rather than because of me. And I had failed to realise, or respect the line that lies between creating a business that reflected me, my values, my brand, & my work, and one that relied on me.
By building a business model that was all about me, and relied 100% on me, I backed myself into a corner. People were referring ME (not my business), clients were expecting and demanding ME (not my team), staff were relying on ME (for every little decision). And, if 'ME' didn't show up, it all ground to a halt.
And this was not because my business wasn't successful, or my team weren't capable. It was purely because I had created a business model that relied on me being right at the centre of it - constantly spinning that wheel.
When I did try to move clients over to a team member, I was often met with responses like...
We only want to deal with you.
We've always worked with you. They don't know us, and we don't know them.
But, you were referred to us, not them.
I was trapped (and so was my business)! I couldn’t grow, couldn’t scale, couldn’t delegate, couldn’t spend time on the business rather than in it. I was like a mouse stuck on a wheel, and my business was at a stalemate.
This also had a huge impact on me personally...
- I was on-call to ALL clients, ALL the time, as they didn’t want to deal with anyone else. And not because my team wasn’t great (they were), but I had set this expectation that I was now held to.
- I struggled to take holidays, and if I did, I still had to make myself available to my clients.
- I was exhausted, working weekends and late nights, as I felt obligated to do it all myself.
- I started to resent my business and clients, as I felt so trapped and controlled.
- I had created a business that was not really SELLABLE. If a business is completely reliant on a person, rather than a system, it will be difficult to sell. It will also likely to come in at a low valuation due to the probability of low client retention if the business owner exited the business.
So, I flipped the switch, and realised that I needed to make the business about the BUSINESS and not about ME. My business was because of me and reflected me, though it wasn't about just me.
HOW I CHANGED MY MINDSET (& THAT OF MY CLIENTS)
- When having initial meetings with clients, I made sure I communicated the value of the entire team – reinforcing their qualifications, strengths and value, and building them up as an equal part of the offer.
- I changed my language. I stopped referring to 'me' and 'I' when talking about the business - instead always referring to 'we' and 'us', and using my team members' names as much as possible.
- I expressed the importance of always have two team members across each client as part of our Risk Management process. If someone was off sick or on leave, (or left the business), the client wouldn't be at risk of tasks/payrolls not being done, as there is always going to be a back-up.
- I shared our internal processes with my clients, reinforcing that the team allocated to them is as knowledgeable about their business needs & processes as I was, and just as committed to helping them meet their business objectives.
- I shared my core values, mission and vision with my team, and trained them to service and communicate with clients in the same manner that I would.
- I reassured my clients that, whilst I may not be the ongoing primary bookkeeper, my team would take as much care of them as I would.
- I communicated to any referring partners to please refer the business and team (not just Martine).
- I systemised and documented my procedures, so that all of the above promises could be delivered on!
For those of you who don’t have a team yet, you can still put these measures in place and start setting expectations with your clients. It will make it a lot easier when/if you do expand. Not only will it save you a lot of time and stress down the line, it will also put your business in a better position for sale or investment (if that's something you are interested in), as potential buyers will want to see that the business can operate without you in it.
Register for Martine's Next Free Webinar
Designed to help you build a scalable and profitable bookkeeping business (that you actually enjoy rocking up to every day).
Stay connected with news and updates!
Subscribe to Martine's newsletter to receive her latest news, tips and insights.
We value you too much to spam you, and won't share your details with any third party.