Whether you’re a sole practitioner or running a business, there is always room to improve but can you realistically aspire to be best in class? In our view: a resounding yes! So, what are the elements that make you stand out from the crowd?
We believe the ‘three P’s’ offer a compelling set of characteristics and qualities that an aspirational bookkeeping professional can confidently aim for and then stand out from the crowd:
Professionalism. As a profession it’s encouraging to see that bookkeeping is really coming to grips with the importance of professionalism. For sure, this is often about perception of the person’s or the firm’s expertise, credibility or professionalism. A well-crafted profile of a professional or the firm does matter: for example a LinkedIn profile is one way of making a statement of your professional identity and reputation and an opportunity to demonstrate the value you bring to clients. (Hint: no boilerplate words here: convey a sense of the passion you bring to your work – professionalism is worth very little if not accompanied by passion).
Positioning. Just like auto mechanics who “specialise” in ALL makes and ALL models, the generalist service provide will struggle – if not now, almost certainly in years to come – particularly as technology and off-shoring continue to commoditise and consolidate previously rewarding areas of practice.
Think about it this way: if what you offer can be obtained from anyone at the click of a keyboard, you’re competing against ALL service providers.
Why not focus on being one of a few experts, or at least convey a clear point of difference from “ALL” other providers?
Positioning to be best in class or cheapest or whatever, is tough, but since when was being “best” easy? The rewards of truly offering best or being distinctive are manifold and well worth aspiring to.
Positioning as ‘best’ in class brings:
• Clients who seek you out (referrals or by expertise) and appreciate what you can do for them
• Better clients and more interesting work
• Knowledge about an industry vertical (as a “specialist” in that industry) and able to deliver value-add services such as benchmarking.
Not having a mission to be best or differentiated is a sure-fore way to remain on struggle street, if not today, then soon enough.
Profitability. You’re a self-employed professional or you’re already running a business: it’s the mission of business to maximise profitability. Given the reality of a competitive marketplace the job of maximising profitability is not merely about correctly pricing of services but ensuing that your bookkeeping business is being run as a business.
With innovative technology and expert information and resources available, there should be no barriers to achieve maximum efficiency and profitability for your firm; therefore able to deliver an efficiency ‘dividend’ not just to your bottom line but to clients:
• Achieving higher productivity levels with the right tools and add-on application
• Becoming more profitable with automated workflows that enable you to grow
• Mitigating against scope creep through clear engagement briefs to ensure that time on the job is financially productive.
Learn more about products that position your firm to stand apart. Check our resources on the site.