You can’t figure out why your bookkeeping business hasn’t grown the way you thought it would.
At this point, your business dreams of making $100,000 or more per year seem far from reality.
At Pure Bookkeeping Canada, we know what it takes to get you there thanks to our co-founder, Debbie Roberts.
Deb reached the 6-figure bookkeeping business mountaintop after years of struggling.
From her journey, here were some of the takeaways.
- Create Systems -- For Everything!
It’s the difference between chaos and harmony. Taking the time to assemble well thought out systems for doing the bookkeeping, marketing, hiring staff and acquiring referrals will save you time down the road. Systems, especially automated ones, will allow your business to be organized, more efficient and able to handle and appropriately serve the large amount of clients that will be coming your way.
The more customers you can help, the more money you’ll make, but if there are no systems then you won’t be able to keep up.
- Have Various Marketing Strategies
How can your business possibly generate 6 figures in revenue if nobody knows who you are?
Unfortunately, solely word-of-mouth advertising won’t do the trick. You’ll need to have more additions to your marketing tool belt.
Introducing the 7x5 Marketing plan.
It features 7 different strategies, if used properly, that will get you at least 5 new clients per year. The methods are: (a) talking to people you know, (b) networking, (c) mailing flyers or postcards, (d) door-knocking, (e) approaching accountants, (f) utilizing referrals and (g) using your website & online.
Many bookkeepers don’t like marketing, but if you truly want a 6-figure business, you’ll need to do things outside of your comfort zone.
Think about it like this, if you commit right now to doing things your competitors don’t want to do, you’ll later be living the glorious life they won’t have because of your commitment to marketing and other uncomfortable actions which helped your bookkeeping business flourish.
- Talk To Accountants
One of the most powerful parts of the 7x5 Marketing plan is meeting with accountants. This can be an absolute game-changer. If you have a good relationship with an accountant, it can fast-track you to a 6-figure business sooner since she can plug you into her extensive client pipeline which hopefully will eventually be yours too.
When attempting to contact accountants, we suggest you stay away from cold calling since they’re typically not fond of that. Instead, dip into your current client roster and find out if they know accountants you can approach. You can also ask family and friends too.
Once you secure an accountant meeting, make sure you’re ready beforehand with a presentation outlining what you offer and also don’t forget to mention you’ll be on the lookout for clients for the accountant’s business as well.
- Raise Your Rates!
To have a 6-figure business, you’ll likely need to increase what you charge.
You’d think that’s an obvious thing to do, but it’s surprising how many bookkeepers don’t.
Plenty of them undervalue their services for various reasons, but for you to reach your business mountaintop, those days must be over.
Remember, you help businesses thrive. Without you, many of them would be in financial trouble.
Trust me, you’re worthy of the raise.
Don’t be afraid to charge $50-65 per hour.
If you’re a great bookkeeper and your clients recognize how integral you are, they likely will agree to the change and not leave you.
- Add More Income Streams
Imagine if all McDonalds ever sold were burgers?
It would be missing out on millions, if not billions of dollars!
That’s why, “Would you like fries with that?” has proved to be such a money-making line for the restaurant chain.
It’s the offer of another product in addition to the signature option which provides extra revenue to the business.
What about you? What’s your added product or income stream?
Examples of ones you could add would include a financial report on the business detailing what kind of shape it’s in or even consulting.
Always think of additional income streams which can add more value for your clients.
Not only will you be helping them, you’ll also be heading closer to your 6-figure bookkeeping business dream.
- Hire Amazing Bookkeepers
Your marketing is working wonders.
So, many clients want to hire you, but you’re only one person.
If you take them all on, you’ll likely burn out.
Of course, you can’t afford that, so you decide it’s time build a team of bookkeepers.
The thing is, you’re not looking for just average ones, you want the best of the best!
By having a stellar cast of bookkeeping talent, they’ll be able to handle the increased workload and give clients the specific attention they need.
As for recruiting top quality bookkeepers, you’ll need a proven system which picks out the most extraordinary candidates and weeds out the bottom feeders.
When advertising your job posting make sure you’re very clear about what you’re looking for in a bookkeeper and what you expect of that person.
Also, during the interviewing process, it’s important candidates perform a Skills and Speed test to determine if they have the ability to do the job to your standards.
Once you hire an amazing group of bookkeepers, you’ll be able to serve more clients and generate more revenue while expediting your way to a 6-figure bookkeeping business.
Hopefully, this information serves you.
To your success,
Article by Michael Palmer
Michael is the CEO of Pure Bookkeeping, the host of The Successful Bookkeeper podcast and an acclaimed business coach who has helped hundreds of bookkeepers across the world push through their fears and exponentially grow their businesses and achieve the quality of life they've always wanted.