Knowing when it's time to re-evaluate your bookkeeping business

What a roller coaster we are riding at the moment - times filled with a mixture of emotions and uncertainties. But what I have noticed mostly from my chats with dozens of bookkeepers over the past few weeks is the resilience that is being shown.

It is obvious everyone has been affected by this pandemic.  Not one bookkeeper I have spoken to has said I have not been, or will not, be affected by this. We are literally all in this together.

But from this experience we get to test ourselves and those of others based on what we all do next. Many of you have mentioned the worse and best character traits experienced from your clients.  Some bookkeepers have reported their clients have recognized the additional work required and requested the bookkeeper increase their monthly fee.  Some bookkeepers are identifying those clients they no longer want to work with based on their current behaviours.

It certainly is a time to re-evaluate your own values, your own business model, who you want to work with, what work you want to do and how you want your business to move forward from this moment on. I think in times of adversity our need to please others for the sake of pleasing alone, our need to say Yes to everyone and everything is questioned - to see instead, what is most important to me, my business and my family.

I am noticing some bookkeepers are seeing this as an opportunity to provide additional or totally different services to their clients – just as clients are pivoting and creating different income streams within their own businesses.

In my and Debbie’s discussions over the past few weeks we are hearing stories of resilience:

• Yes, some have lost a few clients but in the same week gained extra clients
• Seen the opportunity to work on their own business once the dust settles over the understanding and implementation of the stimulus packages and state government grants
• Seen an opportunity to assist their clients get set up for working remotely
• Give advice where needed and realized that they can and are offering advisory work (without realizing that is exactly what they are doing)
• Assist clients create their own new income streams

I think the biggest realization for me is how resilient and resourceful bookkeepers are in finding opportunities or staying positive at this time and not that it is only temporary.

I know for myself when I start to feel unsure or start to have negative thoughts, I think about all that energy used and lost to have those thoughts.  It takes a whole lot of energy to sit in one’s negativity - rather distract your thinking and possibly think about something positive.

Stay well.

Katrina Aarsman, CEO - Pure Bookkeeping