Ten Resolutions for Accountants in February

Feb 9, 2021 | Business Strategy, Key Business skills, Marketing and promotion, Strategy

Now that January 2021 is behind us, perhaps it is time to consider any resolutions or promises you might want to make to yourself. Certainly you should have more time now than you might have done at the turn of the year.  Here are ten resolutions that I think many accountants should consider making.

1. Reducing the January rush

Even though the pandemic didn’t help here, I will not allow so many of my clients to again delay sending me all the information I need next year. I have had enough of tough Januarys and will start planning now to ensure things change going forwards. (See: How was January for you this year?)

2. Cashflow and billing

I will bill more promptly for additional work. I will also release cash by reducing my lock-up to 60 days (or less) through more prompt billing generally and applying my standard credit terms whenever clients fail to pay on time. (See: 10 ways to get paid for additional work)

3. Services

I will build on the way I gave clients advice during 2020 to assist them during the pandemic. I will introduce and tell suitable clients about at least one new billable service option this year – over and above the recurring compliance services I have always provided. This will enable me to help my clients with their businesses and, at the same time, to become more profitable myself. (See: Remember these 4 Ps)

4. Marketing

I will stop wasting time and money on the newest ‘shiny’ promos that I see online or in my inbox. I will also stop chasing ‘instant’ and ‘immediate’ results as I know these never work in real life.  Instead I will plan my marketing properly by first addressing 3 key questions. (See: 3 questions you must answer before seeking out new clients)

5. Linkedin profile

I will add a current head shot photo and an up-to-date summary of my current experience and abilities to my Linkedin profile. This could make all the difference whenever someone is checking me out online: e.g. a prospective client, a prospective referrer or advocate, an ex-colleague or ex-client. (See: Linkedin – at least do your housekeeping)

6. Alliances

I will establish a business alliance that helps both my practice and my clients. Possible alliances could relate to any area of specialist expertise that some of my clients might need or I could form an alliance with a complementary service provider. We would learn how we can help each other’s clients and then agree to refer clients to each other. (See: Do you ensure your clients get the best advice or just your advice?)

7. Plan

I will create a one-page marketing and business plan setting out what I want to achieve in the practice over the next year and what I will do to make this happen. (See: 10 key actions you need to take when starting an accountancy firm)

8. Talk with clients

I will make appointments to speak with all of my best clients within the next three months, just to see how things are going for them. Many of these calls and meetings will lead to those clients asking me to provide additional advice and services – that I can bill them for.  (See: What do you say when you call clients to ‘Keep in touch’?)

9. Dump the duff clients

I will stop complaining about my three worst clients and will encourage them to find new accountants within the next few months. I will replace them with three new clients as I deserve to work only with people who appreciate what I do for them.  (See: Is now the time to drop problematic clients?)

10. CPD

I will expand the range of activities I commit to doing each month so as to secure relevant continuing professional development, beyond simply keeping up to date technically. (See: What counts as CPD? More than you might think)

So there’s my list of ten resolutions you might want to consider making this February. And if you do commit to any or all of them, remember to also ensure you reserve time to progress them in your diary!

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