Growing a firm or starting out in business, there will be a lot of ups and downs. Ben Walker shares the common struggles he faced when growing his firm, Inspire Accountants. These common struggles can be the difference between a surviving and thriving firm. Here’s what he said –
Inspire 1.0 – Growing A Firm
I am wearing all the hats and I do everything. I’m doing the notice of assessment letters as well as the preparation of the tax returns for the group. There’s waves in workflows which causes the turnaround time to blow out. I didn’t love having a non-leveraged team.
Inspire 2.0 –Â Growing A Firm
It’s the opposite of Inspire 1.0. You’re the bottleneck for reviews and technical questions. You have to turn away clients or you’re taking ages getting their stuff done, which can damage the relationship.
Inspire 3.0 –Â Growing A Firm
New work comes in faster than your team can deliver. We still get waves with workflow, as I’m sure every firm will. At the same time, we are hiring new team members to deal with that capacity. You’re still on the tools way too much. The team is too big that you don’t have a handle on all jobs and all clients. Some clients come on board and I don’t even know their names. That was a really weird thing for me compared to Inspire 2.0 and not having that ability to know everyone.
If you want to learn how to grow a fun, super rewarding accounting firm that runs like clockwork, join our next High Performance Accounting webinar. You’ll learn the 7 Steps of creating your High Performance Firm.
