Episode 16: Renovating what you do every day to get time back in your practice
Sam begins the conversation around renovating what you do every day to get time back in your practice and ultimately, grow your business. Following on from the interview with Mark Calleja, Sam has put together the next few podcasts as a series to look at how to create space in your business to make the shifts needed to move from expert to advisor.
From the addiction most accountants have to the EOY workflow (see graph below) and how it gets in the way of business growth, to the power of making this renovation in small and incremental stages, Sam shares the practical steps and thought processes you can go through in each stage of the Job Workflow Blueprint.
You’ll learn the problem with the peak and trough cycle most accountants are on throughout the year, and where to focus to begin renovating mindset, behaviours and roles with the EOY processes. Plus, Sam covers the key stages in EOY jobs and how to measure and report on the changes as you make them.
Listen to a snippet
What we cover in this episode
An overview of the series covering the stages in renovating your End of Year processes
The power of making this renovation in small incremental stages
The reason you need to start repositioning the conversation in small stages in order to build more advisory work
Why the addiction most accountants have to the End of Year workflow gets in the way of business growth
The problem with the peak and trough cycle most accountants are on throughout the year
What to think about to increase the July-September quarter
Where to focus: renovating mindset, behaviours and roles within EOY processes
A warning around what can happen and what to look out for when you make this change
The purpose and benefits of having an End of Year process
The three key stages to all EOY jobs and what to include in each stage
How to measure and report on the changes to these internal processes
Quotes
“It's really important to make these sort of changes progressively and around what you do every day. Any kind of change or habit change needs to be done in small incremental stages.”
“I know I was subject to this as well. We’re really, as a personality type, addicted to that rush [of the lodgement deadlines]. If you remember back to Mark’s episode, this is where we start working those huge enormous hours as well.”
“The first stage that we always that you should look at when you start any interview job is planning and budgeting. If you can get this stage right, we know for sure that you can decrease your turnaround time significantly, and increase the write offs in the job exponentially.”
“The first year that you would go through this [renovation] is obviously a startup year and depending on where you start the processing, it usually takes a good two tax seasons to get the the really great results. But you'll almost immediately see results in your turnaround time and your production.”
“You can actually start looking at implementing a more proactive culture of execution and planning around what you do every day…But it’s important that we get right into the core of our business first, so we can start putting in place the changes that we need to be more agile going forward. So that we can have the practices that we deserve, and also reposition ourselves into be central advisors for our clients.”
Links
EOY Workflow graph
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