Why is it that the same tax return completed during busy season in 2 hours, takes 4 hours in the summer or fall? The deadlines and the assembly-line set-up create an extremely productive environment. This is the power of focus.
If you want to be more productive in the off-season, consider focusing your practice.
The more focused your practice is, the more productive it will be. Are you doing one summer audit just to fill the hours?…or maybe a handful of payrolls in the name of “full-service”? Too many accounting practice owners take on adjunct lines of business, whether in the name of diversification or in hopes of increasing revenues, only to find themselves frustrated.
There is a better way. Do more by doing less.
Here is an example taken from Accountant’s Flight Plan, Best Practices for Today’s Firms:
One owner, intent on focusing on his audit practice, sold the tax portion of his business. Years after the sale, I learned that his firm had experienced tremendous growth. He was working fewer hours annually and achieving much higher margins than he had when he was practicing in both areas of tax and audit. Just as importantly, he was experiencing greater satisfaction in his work—an intangible gift that usually comes with knowing that you are very good at what you do. I have had numerous owners who sold their tax business to focus strictly on financial planning report similar results.
The key is to first determine what aspects of your professional practice you most enjoy. Secondly, identify what you’re particularly good at doing. Here’s a hint: the two will generally go hand-in-hand. Pick an area that you are comfortable with and stick to it. Eliminate services that are not part of your practice’s core competency. Now, focus.
Click HERE to learn more about Accountant’s Flight Plan and our other resources to help you optimize your accounting practice.
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