“Work Less, Make More!”
It’s what every tax business owner wants, but most believe it will never happen to them. They think it’s a pipe dream. They think it’s not reality. Well, I’m here to tell you, that you can make this four-word phrase a reality in your life. If you have the guts to do what I tell you to do, you’ll see a significant shift in your tax business and you WILL work less and make more money.
Most tax professionals think of their clients one-by-one. One client, then another client, etc. Meaning, you treat all your clients the same. If you have 100 clients or you have 1,000 clients, by most accounts, they all get equal treatment, right?
The truth is, they shouldn’t. Usually tax business owners spend approximately the same amount of time and resources and deliver the same follow-up communication with each client. That’s NOT a good idea. Why?
Because every client listed in your database has an UNEQUAL capacity, desire or even tax filing status for paying you more for your time and expertise. In addition, your clients will buy even more of your products and services, plus many other professional services you endorse, if you encourage them.
Treating all of your clients the same doesn’t make any sense. Allow your clients to make their own choices. They will tell you what they want by the money they give you when they buy more. The problem with most tax pros is they rarely sift and sort their client list with multiple offers on a year-round basis. So if you’re only making one offer, one time of year (tax preparation) I guess everyone on your list does look the same.
Go back to The 80/20 Rule. Tax pros understand the concept, but don’t apply it to their business in a practical way. Remember …
Eighty percent of your profit comes from 20 percent of your clients. Eighty percent of your stress, problems and headaches come from about 20 percent of your clients. The new clients who contact your office usually come from about 20 percent of your ads. If you have five employees, you and I both know that one of them stands out head and shoulders above the rest. (That’s one out of five or 20 percent.)
Let’s talk time. In your typical ten-hour work day, chances are high there’s about two hours in there where you’re most productive and the other eight hours are not as much. Again, this is all 80/20.
Now, I’m just broad stroking this concept AGAIN because I want you to understand where I’m coming from. Leveraging the power of The 80/20 Rule MUST happen with your clients if you truly want to work less and make more money.
As the owner, you’ve got to make some decisions. Which clients are you going to spend more of your time with? Which clients are most likely to pay you more, offering the highest margins? What products or services will you invest your time and effort into? What brings the greatest return when you get personally involved? And finally, what can you do to make your employees most effective?
Your Time and Tasks
And lastly, WHAT OFFICE TASKS, TAX SERVICES OR GENERAL BUSINESS DUTIES DO YOU NEED TO QUIT DOING ASAP IN ORDER TO BE INVOLVED IN MORE PRODUCTIVE PRIORITIES FOR YOUR TAX PRACTICE? (This includes figuring out what existing clients you need to pass along for someone else in your office to handle.)
Let’s look at your schedule. What projects are you working on? What kind of workload is normally on your plate? Are you mostly working IN your business or do you have consistent, large chunks of time where you work ON your business?
Okay, here’s the Million Dollar Question:
About those projects, tasks and whatever you’re working on, however you’re doing it …. Are they bringing you closer to your tax business’ goals or not?
I can tell you from many years of consulting and coaching tax business owners, they might set some goals, but tax pros rarely attach their time and task list for the current week to a specific, measured goal months or years away.
You might have some target goals you say are important to you, but how you spend your time and money leading up to those goals are different. Does where you invest your time and where you focus your energy match with reaching your stated goals?
Usually they don’t. So this lack of continuity obviously affects why you don’t get to where you say you want to go in your business.