The single most difficult part about building a multi-million dollar tax and accounting practice is simply getting all the right systems in place.
When I decided to “go solo” and leave the firm that I was well established with and had helped build into a $2.5 million per year business, there was no question about how I was going to get started.
Sure, I’d fix some of the issues that prompted me to leave that firm in the first place, but the core systems and tactical methodologies would be retained. Why? Because they worked.
From my decision to start taking IRS representation clients to the $30,000 per month mark took less than 60 days, starting from absolutely zero prospects or clients.
This was proof positive that the systems worked. The checklists that I had developed at my old firm could be applied anywhere, pretty much at will. Want to know the even more miraculous part of this? During the majority of the time that this new tax firm was being birthed, I wasn’t even in the United States, and clients and prospects had no idea. That’s the real power of systems.
Important Announcement: I’d strongly encourage you to set aside next Tuesday at noon to attend a special teleconference call with myself and Salim Omar, CPA. We’re going to be discussing precisely the steps that Salim took to go from near-bankruptcy to a multi-million dollar accounting practice. I’ll be sending out a registration link later today or tomorrow, so be on the lookout for that.
Once you have systems in place, you can turn your business on or off at will. You can take a break if you want (like I’m doing now), and come back later and fire things back up with very little lead time. Systems also let you continue to grow to the limit of your own time and staff resources, and to whatever size you want to grow to after that.
Once you have your practice running smoothly with automation and checklists, new clients come in on auto-pilot. Case work gets taken care of in a methodical, pre-planned manner. Can you even imagine running your practice with absolutely zero fires to put out? When systemized, there simply are no “emergencies” to deal with.
So where do you start to make this all happen? First, you need to make a conscious decision regarding what you want your practice to look like. You need to decide things such as:
- How many hours per week do you want to work?
- How many employees, if any, do you want?
- How big of a physical office do you want to have? Do you want a physical office at all?
- How much take home income do you want?
Many people scoff at the idea of making any of these items into conscious decisions. But that is precisely what they are, and determining how you want to live your life is priority one. Remember, make your business work for you, don’t work for the sake of your business.
Even if you have a mortgage and a family to support, there is not reason for you to work 40 hours per week if you don’t really want to. You can can still take home a decent six figure income with zero employees, working from home, and working far less than “full time”. Hundreds of thousands of us do it already, and there is nothing “secret” or special about making it happen. But it starts with making the decision.
Only after you know how you want your life to look, and how you want your practice structured, does it become time to look at the “how to” of making it happen. Fortunately, that’s the easy part, because other people (myself, Salim, and others you’ll be introduced to over the next couple weeks), have already done it. You just need to “plug in” and apply the systems to your own practice.
More on that subject over the next few days. Stay tuned!