What Services Are You Providing?
You must have at the top of your consciousness the main services your tax business provides that puts “food on your table.” If you are not CLEAR IN YOUR OWN MIND what your main services are, this will cause multiple problems.
Not only will you NOT be able to adequately target the right market for your services, but your message to them will not match properly because of the uncertainty in your own head. If you don’t KNOW what you do well, or you are not concentrating on ways to find more people that want what you are good at, your overall marketing plan will be weak and ineffective.
Maybe the biggest hazard to watch out for when you don’t know where most of your money flow comes from would be TIME COMMITMENT. If you are spending most of your time helping clients with services that are bringing in the fewest amount of dollars, you need to take a step back and reevaluate your priorities!
I see some tax business owners trying to make extra money in the tax business by offering other simple services on the side. They offer copying services, package and shipping services and even notary services. The problem with all this extra stuff is it spreads the “small tax business operator” out too thin. They end up spending 40% of their time for net profits at the end of the year, equaling less than 5%!
This is a TIME allocation problem and should be reevaluated! You think you are making more money because your gross sales have increased. But you are not looking at the bottom line. Your annual net profit could be increased if you “dumped” those services and used that same time learning how to market your existing “bread and butter” services more effectively!
If I’m talking to you on this one, go look in the mirror and admit it. DUMP your time wasters and start weighing the “opportunity costs” you are missing out on!