I Love Bookkeeping

Latest Episodes:

Turn your Practice into a Business with David Cristello - Encore Presentation Feb 09, 2023

Show notes

David started out like most entrepreneurs, looking for painful problems to solve. He worked as a freelance marketer and saw a lot of accounting firms struggle with various aspects of their business including project management.

[3:45] He realized there was a gap in the market because if you're a firm owner with a number of clients to manage, the average project management tool is not client centric at all. Sales tools are built for handling a pipeline, not for dealing with tasks. A conversation with one of his first customers lead to the genesis of Jet Pack.

[5:40] Creating a solution and then searching for a problem is a recipe for bankruptcy. David is trying to instill that idea culturally into his business and is always trying to identify the pain that they are working to solve first.

[6:25] By interviewing people in a specific niche and trying to solve their problems, you begin to learn the language of the industry and really understand the challenges they face. If you're in the world of business, do more interviews and listen to them.

[8:45] The bad news is that there are many challenges, the good news is they are common challenges to the business. The big shift happens when you go from an owner that does everything to being able to articulate the right process for your team to follow. The most successful firm owners begin to think of their business as a product and understand that the quality of their product is determined by their workflow.

[12:10] When something goes wrong, always go back to the workflow that lead to that result. The SAT framework (Standardize, Automate, Track) comes into play when you're hiring and scaling clients. If you don't know where to start, begin with the tasks that have the biggest revenue impact or take up the most time. If you can't get the process out of your head, have an assistant interview you.

[14:50] None of us want to be micromanagers. If you can't step away from your business without having a panic attack, it probably means you don't have the right set of tools to give you the visibility to feel comfortable about the progress of the firm.

[16:50] Every business has three systems: the deliverable, the marketing, and operations. Within each system there are processes that instrumental to the successful function. Simplicity is key in your checklists.

[19:20] Whatever muscles you build today are going to be the muscles that you're using when you hire somebody. If you start building up the discipline of documenting your processes today, you will have those muscles in place when you need them. Anything you ignore in your business accrues, at some point you will have to deal with it. When you start learning you will discover patterns that will make it easier.

[25:00] If you are already using a task management tool and it's working well, keep using it until the cracks start to show.

[26:30] The more you can systematize your business, the more valuable it is. Nobody wants to buy a business that is basically buying a job. The more days of vacation the owner can take the higher the potential value of the firm, it indicates that there are processes and systems in place, and those are key to living a lifestyle you enjoy.

[30:30] Planning your month in advance is one of the most freeing things you can do because you can see where you are each week and if you're reaching your goals. We're always a work in progress, you always have to reevaluate the structure of your workflow and integrate what you've learned. If you're not seeing the information in front of you it's impossible to improve it.

[34:15] You don't have to bring all the business improvements to the table, you should rely on your team to bring ideas on how to make things better. Don't be afraid to ask your clients how you can serve them better. There are innovations in the minds of your clients as much as there are in your team.

[37:50] More often than not, the insights are sitting outside of you in the connections and people you know and work with.

[38:40] The Net Promoter Score is a simple system for pulling insights out of your clients. You will get a lot of feedback from your clients using that tool that you may never hear otherwise. It's amazing when you listen to your people and what they will tell you. Insights from the Net Promoter Score will uncover the client experience so you can deliver a great workflow.

[43:20] Create a guarantee that will hold you to being able to deliver on the goods. The industry is moving incredibly fast so if you don't stand out from the pack you will fade into obscurity. A guarantee will highlight your marketing and force you to sharpen your workflow.

Mentioned in this episode: Growing Your Firm podcast Double Your Accounting Firm by David Cristello Jetpack Workflow

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You're Doing Too Much in Your Bookkeeping Business with Randy Ballen - Encore Presentation Feb 07, 2023

Show notes

Randy started her bookkeeping business after the age of 50. She had been working in a dance studio for over ten years until things went awry, and she felt that if there was no security in the traditional job market anymore she might as well do things her own way.

[3:25] Freedom means being able to go out for lunch with her son completely unplanned, without having to run it by a boss first.

[4:25] Randy is currently working with attorneys and has between 15 and 20 clients, depending on how you count. Trust accounts are the number one reason that attorneys are disbarred so Randy feels like she is doing the most good she could do.

[6:10] Randy is a big fan of Bookkeeper Business Launch. It gave her the security to know she wasn't alone and didn't have to reinvent the wheel. Being an entrepreneur is a rollercoaster and this really helps limit the lows.

[7:50] Overwhelm is a very prevalent feeling in Randy's life with her business. She feels like she has so much to do and never enough time to do it. Her vision for the business has changed from what it started out as, but now she has client work that takes up the majority of her time.

[10:30] Productivity is not about doing more in less time, it's about doing less in less time.

[11:10] Randy's unique abilities have to do with client relationships which gives her business a lot of security.

[12:30] If you're feeling overwhelmed, the first thing to do is to find one hour a week that will allow you to start taking back your time. Overcoming overwhelm is about intentionally setting aside time for the important things. The first thing to do is create your "do not do list" and keep it in front of you all the time. What of those tasks are the easiest that you can hand off?

[15:30] To hand off a task to a VA, have the person watch you do it via screen share so they can see the work as it happens. Record the video and then use it as a reference for later on.

[18:30] Work expands to fill the allotted time. You have to be aware of how much time you allot to certain tasks and ask yourself what your 80/20 activities are. You want to eventually give yourself fewer activities and less time to do them in so you maximize efficiency.

[22:25] The longer you are on your entrepreneurial journey, the more you realize that there are only a couple of things that you are really good at.

[23:35] Randy's business has been life changing for her. She realized that she would have to go out and meet people, and every day she is doing something outside of her comfort zone. The small amount of discomfort is outweighed by all the benefits that come with it.

[26:15] Quick recap on the lessons learned today. Do less in less time, take the time to celebrate how far you've come, and take things one hour at a time.

[28:05] A common objection is that we can't afford the time to offboard a task to someone new, but the truth is you can't afford not to.

[29:20] The difference between being excellent and your Unique Ability is that your Unique Ability is something that charges you up and could do all day. Everything else is something that you should give to somebody else.

[30:30] There is always another challenge to overcome, and there will always be people who want to take your time, but you have to keep pushing and refining. It's about being effective and not just efficient. Before you do things well, you need to know what things you need to be doing in the first place.

Mentioned in this episode: Ballen Bookkeeping

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How To Get More Done In Half The Time - Process Optimization - Encore Presentation Feb 02, 2023

Show notes

Once you've documented your processes and created the checklists, you need to put yourself into a different frame of mind and ask "how do I improve on these?"

[0:55] One of the biggest traps that people fall into is documenting their processes while trying to improve them at the same time, which is a recipe for disaster. You have to clearly distinguish between documenting your processes and working to make them better.

[2:00] Just like advisory services, you need to set aside time when you have the highest level of energy and bandwidth to work on your processes. Go back to your video recording and watch yourself do the task and start looking for the cracks.

[3:05] You can't do this right after you record the process because you need to have as fresh a set of eyes as you can manage. Ask yourself if there is a piece of technology that you can use to make the task more efficient.

[3:50] It's important to remember it's not all about technology and apps, it's about the process. Apps and technology will come and go but the process will still remain essentially the same.

[4:25] The second place to look at is where the bottlenecks within your process are. If you're working with other people, this is easy to identify. If you have to continually give review notes to the person you're working with, you probably have a process problem, not a people problem.

[5:20] The main questions you should be asking yourself when improving processes are "how can I do this better?", "how can I do this quicker?", and "how can I be more efficient?".

[5:40] The most powerful way to improve is to ask someone who is five steps ahead of you outside of your organization to review your process.

[6:50] You need to have a process control document in place because improvement is not a one and done activity. You should look at the critical processes that really turn the dial in your business every 90 days.

[7:50] Give your team the responsibility to question how they do things and give them permission to suggest improvements on how things get done.

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How to Effectively Document Processes - Encore Presentation Jan 31, 2023

Show notes

One of the most common questions that Ben gets is around documenting processes because they are often all over the place.

[0:35] The first thing to do is to distinguish between process documentation and process improvement. Whether or not you have your processes written down, you will have processes in place on how you do things.

[1:00] The reason you want to document your processes is to do more with less time and improve the quality of the services that you offer your clients. It also opens up the opportunity to offer additional services because of the increased efficiency.

[1:35] Even if it's just you in your business, it's still important to document your processes, but once you bring on other people, it becomes crucial.

[2:10] The first step to documentation is to list out all your processes in your business. For every deliverable in your business, there is a process. Once you've listed out the meta-processes, you can break them down further into tasks.

[3:05] The next step is to take one of those tasks and actually do it. Go through the physical steps of the task while using a screen capture software to record exactly what you're doing.

[4:30] While working through the task and recording it, you should be narrating what you're doing at the same time, preferably in a way that a sixteen year old could come into your business and do the task the same way that you are.

[5:20] Once you complete the recording, you get a video file that you can use to create your process. Take the audio and get it transcribed by a service like Rev.com and then edit the transcription down to the key elements.

[6:30] Once you've done that, you have a video that shows you how to do the process as well as a Word document that allows you to read how to do it. Once you have those, you can turn the document into a checklist.

[7:05] The checklist has to pass the Cessna 172 test and fit entirely on one side of a folded piece of paper. The checklist should only address the big things involved in a task, the stuff that absolutely has to be done in a process. There should be no more than 5 items on any given checklist.

[8:10] Improving your processes is a different process altogether. Start with the simpler tasks on your list and then work your way up. Just by working your way through the documentation process, you will reap tremendous benefits in your business.

[9:10] List your processes and start documenting one. Don't worry about the quality of the recording or how you sound. The point is to get started.

Mentioned in this episode: Rev.com Snagit

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The Pros and Cons of Working with Startups with Jessie White - Encore Presentation Jan 26, 2023

Show notes

Jessie has a background in education and actually worked as a history teacher. One day in her third year, she wanted to teach some new classes and was given a flat refusal from her boss. At that point, she realized her days as a teacher were numbered. She stumbled upon Bookkeeper Business Launch on the Penny Hoarder and it seemed like a good fit. She enrolled in the course in August, launched her business in October and got her first client in November.

[5:25] Before jumping into bookkeeping, Jessie was considering other jobs including different teaching positions. Once she learned what bookkeeping really is, it checked all her boxes. Going through the modules in the course was challenging initially but she benefited a lot by discussing the contents in the modules with her husband.

[8:00] Jessie's first client was a startup that just needed some help with their setup. She was close enough to actually meet in person so she drove to her place to do some training with her before landing her as a client. She now has 15 monthly clients with a few others who require different services.

[10:00] The first client and the majority of the subsequent clients were mainly found through LinkedIn. Building relationships with a couple local CPAs has also been helpful by referring clients and offering help. You never really know where the most valuable relationships will come from.

[12:45] The business of bookkeeping can become a monster if you let it, so Jessie books time every day to make sure that she has time to herself. Even with that challenge, Jessie considers herself completely unemployable at this point.

[14:20] There were three major struggles that could have ended Jessie's business. One of her lowest points involved getting fired by her second client. There are many reasons to quit a business but you have to remember why you started it in the first place.

[16:25] In terms of vision, Jessie would like to move into more of a manager role. She would like to be able to work more with the clients and help them grow.

[19:00] Jessie loves working with startups but it can be difficult because they have so much on their plate. It's a challenge to know what to charge and get their attention because they tend to be overwhelmed. It's a lot easier to help a business grow in the beginning than it is to jump into a big business that has never done their books at all.

[20:50] It's very important to work with the right kind of startups. The ones with no money and no direction can be a major headache. The best kind of startup with whom to work are the ones with funding. If they don't have money because they're bootstrapping, it's probably going to be an issue. Vet and qualify your potential clients on the front end based on their capital structure and business model.

[25:25] Most of Jessie's clients reach out to her within their first two years of business and the majority of them don't really do much beyond a box of receipts in terms of bookkeeping. The optimal time is probably around the one-year point. That's when it will be obvious if the business model is sustainable.

[28:00] Jessie's niche is health and fitness but it really comes down to the personality of the entrepreneur that she's looking. It's important to write down the specific attributes of your ideal client and what motivates them. Start with your favorite clients and what they have in common.

[31:20] Based on your avatar of your ideal client, think about who already has their attention. For Jessie that means CPAs and people in the banking industry. That can also mean attorneys, podcasters and authors as well. Those are the people with whom you want to establish relationships. It doesn't take too many of those to start getting clients. Keep in mind that the best way to get a referral is to give a referral.

[35:30] You should try to get in the frame of mind of the referral partner and what they need from the relationship.

[36:40] Jessie could also get a list of recently established business owners and create a piece of content to serve their needs then put that in front of them.

[38:10] Jessie should strive to be known as the Startup Bookkeeper. It won't be a rapid process. but by creating content that actually helps her avatar achieve what they are trying to accomplish, she can become a trusted authority. Most of the people with whom you get connected will never pan out, but the ones that do work with you will pay off.

[40:20] Startups have a particular set of challenges. By creating a lot of content and doing the work upfront, Jessie can create a tribe that will be much more inclined to become her clients when the time comes.

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How to Double Your Revenue with Brooke Swan - Encore Presentation Jan 24, 2023

Show notes

Brooke started off in the industry as an account manager with a construction company, until one day she got fired which was a first for her. Brooke was a day trader for a few years after that but once that became stale, she started looking for other opportunities. She had always wanted to start a business and after doing some searching, she found Bookkeeper Business Launch and decided it was the right fit.

[4:10] Brooke's business is now one year in and she serves a number of clients, some of them are other Bookkeeper Business Launch members.

[5:50] Brooke really enjoys bookkeeping so she'd be happy to just do it all for a while, but she knows that eventually if the business keeps growing, she'll hit a wall. Training a team to take some of the work off her hands is probably going to be in her future.

[7:00] In terms of income, Brooke is still trying to boost revenue but she's specifically focused on increasing her average client billings first.

[8:10] Higher-end, service-based businesses are the niche in which Brooke focuses. Working with motivated business owners is one of the best parts of working with her clients.

[10:00] Freedom is definitely Brooke's favorite thing about the bookkeeping business and being able to shape her work around her lifestyle. At this point, she can't imagine working for someone else, which is a very different perspective from what she had when she was younger.

[11:55] Not knowing what you don't know has been one of Brooke's biggest challenges with growing the business. Being able to reach out to the Bookkeeper Business Launch group has been extremely helpful in understanding what to do next.

[14:00] Brooke really likes cleanups while at the same time kind of hates them because of how crazy they can be, but once the books are reconciled and everything balances, it's very satisfying.

[15:30] In terms of activities that Brooke avoids, it's more the business-owner stuff that gets pushed off, partly due to uncertainty and partly due to a general dislike.

[17:10] By this time next year, Brooke is hoping to double her clients and hire two other bookkeepers and outsource the work to them. She wants to have the right pieces in the right places before she starts to scale.

[20:15] Brooke's struggle is whether or not to hire someone to run her business for her or should she hire bookkeepers so that she can step into the business owner's shoes. In every business, there are only three parts: marketing, administration and operations. Whenever you bring someone on, they should complement your weaknesses.

[21:50] One of the things that distinguishes business owners is our ability to market and get clients. When you're getting started, you shouldn't outsource your marketing because no one will have the same vested interest in your business as you do.

[23:10] Finding the time to work on her business has always been difficult due to Brooke's workload. Ben recommends booking four, one-hour sessions into your calendar next week where all you do is plan your business; preferably at a time when you are at your sharpest.

[27:30] You may have to retrain your brain into being able to work on the high-level activities that move the needle. Sometimes the easy things we love to do are the ones that get in our way.

[28:25] Do a task audit and list every single activity you do in your business and then assign a dollar amount to each one. The point is to not get bogged down doing the low-dollar work and focus on the activities at the top of the list. Once you've got your list, look through all the tasks and try to identify your unique abilities; the things that you love to do and could do all day. Everything else are tasks that you should be looking to eventually get off your plate.

[30:55] Acknowledge what you have done to get to where you are. This helps build your confidence and to be grateful for what you have.

[34:40] Make your business building work environment a special place that is physically separate from where you do your usual work. Take your vision for your business and then figure out how to connect where you are to where you want to go.

[37:00] Brooke is the one running the show in her business. If she wants to do the bookkeeping, then that's what she can do. She gets to decide what her business looks like.

[38:15] The lowest-level activity on your task audit is a prime candidate for outsourcing to a VA. The best time to document your procedures is right before you hand it off to someone else.

[40:30] One of the biggest mistakes that new business owners make is to hire someone and then throw some clients in their lap. Always start with a task and then once they have that down, you can start giving them more work.

[41:20] Brooke's action items include booking the business building hours into her calendar and to complete her task audit. One of Ben's tips with regards to to-do lists is to put an "I" or an "O" next to each item: "I" for "in the business" and "O" for "on the business." This will give you some perspective on where you are actually spending your time.

Mentioned in this episode: Clarity Bookkeeping

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How to Create Consistent Systems with Simplicity: Dave Rice - Encore Presentation Jan 19, 2023

Show notes

Dave and his wife have been working together for a long time. She took on the bookkeeping side of things, while Dave had been running his pharmacy. After selling off the business and traveling for a while, they got into real estate investing and eventually started looking at bookkeeping itself as a business.

[4:30] Dave knew what his niche was going to be even before signing up for Bookkeeper Business Launch. As real estate investors themselves, they understand their needs and pain points, and currently work with 22 real estate investing clients.

[6:15] There was no secret to Dave's success. They found their first client on LinkedIn and after working with them for a few months, that client referred another one. Since then, they have referred at least seven other clients as well.

[7:20] Dave eventually migrated away from LinkedIn to Facebook and is a member of a number of real estate investing groups where they post semi-regularly. Dave also managed to get onto his real estate mentor's podcast and that has resulted in a number of other investors reaching out to them.

[9:40] Dave doesn't pay for any marketing or advertising. They simply make themselves available on Facebook groups and respond to inbound inquiries. Dave has a one page website that is focused on one thing, to get someone to book a call.

[13:15] In terms of work hours between Dave and his wife, they probably work an average of 50 hours a week. Their goal is to maximize their income over the next 8 or 10 years, and they want to keep most of the business in-house.

[15:50] It's important to manage your clients' expectations. Rarely is anything in the business truly urgent, so it's not necessary to be taking phone calls at 9 pm.

[17:10] As Dave and his wife started figuring things out and writing their processes down, they realized that they did things differently depending on the client. They have started documenting everything, and are in the process of turning processes into concrete procedures.

[19:20] Processes allow them to get the most amount of work done in the least amount of time. It also allows their service to be uniform across their clients. Another big tip is realizing that niching down allows you to become much more efficient.

[23:30] The struggle is mainly taking time out of the day to actually create the document itself while doing the tasks. At the same time, how they do things is still evolving and you can't document a procedure until you've figured out what the procedure is. Dave has started recording some smaller tasks to begin the process.

[26:30] Start with the low hanging fruit, and document the simplest and easiest processes that can be outsourced to a virtual assistant. Each task may only take you a couple of minutes to do, but they add up to hours over the course of the month.

[28:45] Dave has a checklist for his onboarding that he follows every single time. Since Dave only onboards a couple of clients a month, he still uses the checklist even though that's one of his main focuses in the business.

[30:20] Mundane and repetitive tasks are the first ones you should hand over to a virtual assistant. Just by documenting your procedures and systematizing your business, you will reduce the amount of time you need to complete tasks by 20%.

[31:30] Document your processes as they are, not as they should be. Once you've done that, then you can start to improve them. It's important to have a separate space to work from when you are working on your business.

[34:10] Once a client gets into maintenance mode, the amount of time it takes each month to service them gets really low. The majority of the time spent in the business is on cleaning up new client's books and getting things in line. Getting the documentation from a new client is one of the best examples of a task that can be turned into a process and outsourced. Break down each major activity into smaller, more discrete tasks.

[39:50] Don't let perfection be the enemy of getting started and getting things done. Document collection is the area of Dave's business that he's going to focus on first.

[41:10] Sometimes it only takes a single nugget of wisdom from something to change everything about your business. Always take notes and write down action items when learning new things, and then actually execute on them as soon as you have the chance.

[43:30] The business model of bookkeeping is spectacular. Dave's first rule of business is to get paid before you do any work, and once that's done, overdeliver on the results.

Mentioned in this episode: REI Bookkeepers

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How to Document & Offload Processes with Kevin Schmidt - Encore Presentation Jan 17, 2023

Show notes

Kevin has been hustling his entire life. Multiple streams of revenue have always been a focus for him and that has manifested into multiple businesses during his adult life.

[6:00] Math had always been a favorite subject for Kevin, and he worked with his father in an accounting role during high school and college, but eventually wanted to do something different. He decided on teaching as a profession and did that for a few years while growing his side businesses at the same time. Bookkeeping was a natural fit as an additional source of revenue, so Kevin started looking for clients and now it's his full-time gig.

[10:40] Kevin discovered Bookkeeper Business Launch through a simple Google search and enrolled while still working full time. In the interim time since starting the course, Kevin has picked up 26 clients, some of which have multiple entities.

[15:30] Kevin attributes his success to his hustler mentality, but he also believes that anyone that is looking for an additional source of income or a new career could be a good fit for Bookkeeper Business Launch.

[17:05] Kevin's goal is to find someone to work for him that can take some of the tasks off his hands so that he can focus on growing the business. The trouble is that each client seems to do things a little bit differently which can make it difficult to establish a process that someone else can take care of.

[20:15] Kevin currently does not have a niche, which is one of the reasons he's experiencing challenges. Niching down streamlines things when trying to establish processes since the clients are somewhat the same, but Kevin doesn't plan on niching down at this time.

[22:25] We always think people are our answer to feeling overwhelmed with work, but it really starts with processes. Start with the tasks that are pretty much always the same no matter the client and begin documenting those. They are the low hanging fruit for creating processes.

[25:20] There will always be unique aspects to every client, but ideally that should only comprise a maximum of 20% of the total work. You have to identify the processes that are common among all clients and start with the easiest. They may only take a few minutes to do but over the course of a month and multiple clients it can add up to hours.

[27:20] Once you complete the task audit, rank them in order of easiest to most difficult. Once you identify the activity that's common to all clients ask yourself whether you can stop doing it, whether it can be improved, whether it can be automated, or if it can be outsourced.

[29:30] Virtual assistants are the next step. Take one of those tasks and send them to your VA first, then once they've mastered that, go down the list and keep giving them more tasks to do.

[31:20] To document your tasks, get a screen recording software and record and narrate yourself doing the task. Send the video file to Rev.com to get it transcribed. Now, you have multiple formats for someone to understand exactly what they need to do for a given task.

[34:50] Don't record your tasks as you want them to be, record them as they are. As you become more familiar with the tasks and get in the groove of someone else doing them, you can start to look at ways of improving those processes.

[36:30] For unique clients, just refer to a client-specific process in the task. Unless those clients are large, the extra processes should be very small. The bulk of the training should be in the common processes among all clients.

[40:00] Kevin's first goal is to go through his clients' common tasks and start making the recordings for them after figuring out the tasks that are the easiest to outsource. He's also going to go through Outstanding Processes and Procedures to get a head start.

Mentioned in this episode: Books by Schmidt

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Creating a Vision for Your Bookkeeping Business with Kevin Sterling - Encore Presentation Jan 12, 2023

Show notes

Kevin started off in the IT world and he quickly got pretty tired of getting yelled at all the time. One of his friends started a business, and Kevin started doing the IT stuff for it, which eventually developed into business management. After that Kevin went back and got his MBA, graduated in 2016, and along the way, dabbled in real estate. The real estate led him in a roundabout way to doing a few bookkeeping jobs via Upwork, and finding Ben's Bookkeeper Business Launch course.

[8:20] In addition to bookkeeping, Kevin's business offers clients office set up and business analysis, and process development services. Bookkeeping can be a great entry point to offer additional services.

[9:25] Even if a business owner has someone doing their books they are often a mess, even CPA's can drop the ball when it comes to bookkeeping.

[11:20] Kevin's favorite part of the business is the freedom and autonomy involved. He can basically work from anywhere as long as he has a wifi connection. The most frustrating part about having a business is that there are so many things to do, and it feels like there is not enough time to do it all.

[13:40] Kevin tries to focus on things that yield an instant result, and things that will grow the business instead of just getting tasks checked off the list.

[15:15] Kevin currently has 21 official clients, with two more onboarding in the near future, plus nine of his own with his other business.

[16:10] If you're considering bookkeeping as a lifestyle for you, you have to ask yourself if you are self sufficient enough to put in the hours to make it work.

[17:40] In terms of vision, Kevin wants to have a sellable business in the next five to seven years. When you build a business to be sold, you create a lot of sanity for yourself by necessity and conscious design. The desired outcome is essentially a profitability goal, which Kevin can then work back from to figure out what the business needs to be to reach that goal.

[21:50] When thinking about your vision, imagine what you want your day to day life to look like. You want your business to support the lifestyle you want to lead, and the reason you should start with your vision is that cold numbers are not going to motivate you and get you through the tough times. It's also important to make sure your spouse understands your vision for your business, and is on board with what it will take to get there.

[28:45] Start with your why, write it down, and keep it in front of you. It will keep everything in focus and reinforce why you are working towards your goals. Coming up with a vivid vision gives you and your team guidelines and helps them to buy in. It also helps you figure out if something or someone is a fit for your business. Share it with everyone you work with.

[32:15] Get granular with your vision in a way that resonates with your life directly. Our brain has a hard time latching onto abstract concepts, but it can latch onto the desire to take a trip across the country.

[33:10] Kevin has nailed his niche, but he's got a second one in his back pocket, in case he needs to find some new clients. He's also refocused the business into primarily a bookkeeping and accounting style company that offers a few additional services.

[34:25] Everybody needs help with bookkeeping, they just have to get to the point in their business where they realize it. Our challenge as bookkeepers is to change that mindset and help people move closer to that realization.

[34:55] Ben encourages people to acknowledge what they have achieved, and recognize their accomplishments.

[36:05] Your vision has to be as specific as it needs to be for it to get you there. Keep describing until it hooks you.

[37:05] The biggest win for Kevin in finding the group is joining a network of bookkeepers. Having the ability to chat with like minded individuals has been a game changer.

Mentioned in this episode: Centrosome Inc.

hello@ilovebookkeeping.com

How to Work with High Quality Clients with Annette Woods - Encore Presentation Jan 10, 2023

Show notes

Prior to bookkeeping, Annette was a dental hygienist for 35 years. Her life was very structured, and every minute of her time was accounted for. Her journey into bookkeeping was pretty tumultuous. After her husband suddenly died, at the age of 56, she took over his business and realized that the books were a mess. In the process of trying to figure everything out, she saw Ben's ad for bookkeeping, and it seemed like a way to kill two birds with one stone.

[5:35] Eventually, the chemicals in the office took their toll on Annette, and her doctor basically told her that she couldn't work anymore. At that point, Annette was working with two bookkeeping clients. She decided to make it her full-time business and to dive right in. She now has 11 clients and serves dentists, exclusively.

[8:00] Don't compare your daily life to someone's highlight reel. Everyone on the podcast has their own problems to deal with.

[9:40] When you first start your bookkeeping journey, it's like going into a foreign country without knowing the language. It takes some time to learn and be able to talk intelligently about what you do, but you can get there.

[11:50] Realize that the power is in your hands, once finances are not the main drive to grow your business. It will come through in your marketing and messaging, when you aren't driven by fear and scarcity.

[13:20] Annette's goal is to have 20 to 30 clients and, eventually, to get rid of the more tedious tasks involved in the business. Ben recommends flipping the thought process. She doesn't want 30 clients. Annette wants what 30 clients will do for her and her business. Get crystal clear about the lifestyle you want, and then figure out what your business has to look like to facilitate that vision.

[17:30] Going through programs is the easiest way to hack the learning process. You can spend a lot of time figuring things out on your own, or you can pay someone a comparatively small amount of money and learn it now.

[21:20] Annette's main challenge, right now, is a lack of self-confidence. Conveying her value in her marketing is difficult because she feels like she's still missing something. She spent a good amount of money trying things that you really shouldn't do.

[24:30] Putting out blog posts on LinkedIn has been one way of generating leads, but the response has been erratic. Also, it really depends on the subject. She's currently having four to six conversations a month with potential clients.

[27:15] There are two cardinal rules in business. You should never stop marketing, and you should always be looking for good people.

[28:15] Realizing that you don't need to land a client will really minimize the desperation that can come across when talking with a lead. Starting out with questions about their business and how they do things is a good way to convey what you can do for a client. Lead with the reasons they started their business and what they are trying to achieve because no one has ever asked them these questions. Getting them to talk openly about the business will set you up as the authority.

[33:10] Don't start with bookkeeping questions because if they don't know the answer, they will just feel stupid, and that will derail the conversation. Lead them to the discovery of how they can achieve their vision by getting in charge of the finances.

[35:10] Your clients have to be able to make good decisions. How can they make good decisions about their finances, when their financial picture isn't accurate and they are getting the numbers three months late? You want them to have the realization, on their own, about what they need, instead of you pushing something on them.

[37:20] The consultative close is where you prove what you can do by helping the client in advance. Show them what they need to do to achieve their vision, and then offer to help them, if they want. Don't be afraid of revealing your "secrets." They don't have the time or inclination to do this themselves, and it shows that you can actually help them.

[42:20] Give your clients the plan in a variety of mediums. If the client is worth the effort, demonstrate your value, and leave them in a better place.

[43:35] Bonus tips: Record your consultation (after getting the client's approval), and then listen to the recording afterwards. Listen to yourself, and assess how confident you were and what you can improve on. Name your plan that you're providing them, and make it something proprietary. Also, talk about minimums, in terms of price, so you can at least eliminate the people that are doing price comparisons.

[45:45] For action items, Annette is going to rework her presentation and incorporate the ideas talked about in this podcast. She is also going to focus on building her confidence around what she can deliver to clients.

Mentioned in this episode: Bookkeeping Aesthetics

hello@ilovebookkeeping.com

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