Business tip of the month.

Keys to Business Profitability

Work on the business, not just in the business.

As accountants we can easily get mesmerized in the mechanics of doing the books for a company, and eventually get into a rut. Take time each day to identify ways your business can run more smoothly and profitably.

Build the business.

Always be on the lookout for new clients. Spend a few minutes every day marketing the business. Try out the marketing tip from this newsletter each week. Even if you’re satisfied with the clients you have, you never know when one might up and leave you. Furthermore, if you have potential clients “banging on your door” you can easily justify raising your fee, or hiring another freelancer to split the fee with — they do the work, you get half the fee.

Cultivate professional relationships.

Join a networking group or chamber of commerce and then get involved.

Under-promise and over-deliver.

Your greatest asset is a happy client. They’re quick to recognize the extras they’re given. Look for articles that will help them. Identify and share profit-building ideas with them. Point out trends, both good and bad, that they may not have noticed.

Delight your customers [clients].

Although this one is a lot like the previous one, it does mean taking customer service a bit further. Go out of your way to help them even more. Offer to prepare collection letters to their delinquent customers, search for better terms/pricing for some of their goods, even straighten the client’s company restroom when you notice it’s in need.