Charles explains why accounting firm owners get trapped doing the work instead of running the business. He covers systemizing operations, shifting from low-value to high-value services, and managing staff so the business doesn't own you.
Do you own your accounting firm or does your accounting firm own you? Let me explain. So when you first started working, you wanted to grow this big firm, have a couple employees, they do all the work, you get to receive all the money, right? Depends upon where you started. Big is relative. One of the most important things is during tax time or any other time of the year, can you take time off and things still get done? If the answer is no, you own a job and not a business. So what you need to do in order to move in from job owner to business owner is systemize things. Get the right policies, get the right procedures in place. And if you can't afford to hire the staff, then you need to change the offer of what you do. So many times people come to me and they say, hey, Charles, I just need to hire more staff. Well, if you hire more staff, you wouldn't have any money left over for you. That's because you're selling low value services instead of high value services. What I do is I show people I move from low value services like accounting and bookkeeping over to high value services like fractional cfo. All you got to do if you want to learn more is just follow along.
