5 tips for scaling your bookkeeping business
If there is one tough challenge small business owners face, it is how to grow their business. That includes bookkeeping companies. Owners often worry how to evolve their business, or even how to compete and beat the larger enterprises. Service businesses like bookkeeping firms are quite difficult to scale. As the business expands, it may be hard to retain quality. But with hard and smart work you can maintain consistent and high-quality service, especially during extreme growth.
South Australia’s Business Leaders group did some research examining different bookkeepers around the state. One that really stood alone was ProAMS in Unley. We took the liberty to visit their business address to find out how they had so much success in scaling their business. Be sure to check them out on Twitter, and their other social media accounts.
Ready to let that “baby” grow? Take these 5 tips into account:
Build a killer team
When establishing a business, most owners wear all three hats – finders, minders, and grinders. They do all the work themselves, from attending networking events and meeting potential clients to managing the client relationship and performing the necessary day-to-day tasks. But as the business grows, it is essential to delegate these activities. This could mean employing new staff. When hiring bookkeepers, make sure they are qualified, certified, and well-trained.
Create referral programs
Bookkeeping businesses grow by referrals. As you are the face of your company, it is important to keep clients satisfied. Clients expect you to be there for them and resolve any concerns or issues they may have. If you do this regularly – asking for input and responding fast to issues – your clients will refer other people to you. In short, they become brand ambassadors.
Change your pricing options
Chances are, you charge by the hour as many bookkeeping services do. But this pricing structure may need to change if you actually want your business to grow. You may want to try a new approach known as value pricing. This system will charge you clients depending on the value you are offering. If you prefer charging per hour, begin setting up new branches or offices so you can earn more per hour. The sooner you get a new system and/or structure in place that allows your business to scale – the better!
Quality customer service
Growing a bookkeeping business means getting more clients. However, getting new clients on board may bring stress. You have to establish new relationships and maintain the existing ones without sacrificing quality. In addition, you have to maintain excellent customer service. It is now time to hire more staff. Bring them on board, train them, mentor them, and equip them with the right tools and resources to do the necessary job. By assigning roles intelligently, you’ll get some of your time back, and have people, processes, and systems in place to handle the growth.
Probably the most tricky – but most important – part of growing your bookkeeping business is investing in marketing and advertising efforts. As you may know, high-level marketing is crucial for business growth. Having great online presence can help you maintain a competitive advantage against your competitors. An effective website will drive lots of traffic and convert multiple leads. This means more clients and more dollars.
Now you are ready for the scaling challenge! A bookkeeping firm with a professional team and a set of strong and proven systems is even more valuable, saleable, and of course, scalable.