I Love Bookkeeping

Latest Episodes:

How to Add Advisory Services with Hannah Yoder - Encore Presentation Dec 01, 2022

Show notes

Hannah found that with her previous business she was traveling a lot and wasn't able to spend much time with her husband. She was researching jobs that she could do from home at that time and came across the Bookkeeper Business Launch course on the Penny Hoarder website and decided to give it a try.

[6:10] Hannah serves around 12 clients at this point. There was a lot of fear originally, taking on a client beyond Hannah's husband who was her first, but she realized that she really did have all the tools she needed to be an exceptional bookkeeper thanks to Ben's course.

[8:35] All of Hannah's clients have come from LinkedIn mining, a special tactic that is covered in the course. She spent some money on Facebook but the stuff that has worked and gotten her paying clients has been completely free.

[9:20] Hannah originally started out working with farmers but quickly realized they are not clients interested in paying for a bookkeeper. She has since expanded to working with agriculture businesses instead.

[12:00] There is always another fear to break through. For Hannah, one of her greatest fears is one she has to overcome nearly every day; that her clients are not going to be happy. That one day she will send them an invoice and they will say she isn't doing enough for them and they won't want to pay.

[14:00] There are always things that we wish we could do differently, but those are the very lessons that got us to where we are. For Hannah, that came in the form of turning down a client that wasn't willing to pay the price for the service that he desperately needed. In that case, she was glad that she managed to avoid what would have been a big mistake.

[16:30] Some days the stress of owning her own business is too much, but at the same time, she couldn't imagine doing anything else. The best part of owning a business is the freedom to choose her hours.

[18:20] Hannah's current opportunity is adding cash flow as an advisory service to her business but she's not sure how to implement it or how to sell it.

[21:10] Everyone is motivated in one of two ways; they either want something or don't want something. For the client that has requested Hannah forecast their cash flow, they are trying to avoid debt. Before she adds a new service to her business, she should really understand what her clients are looking for and what they want. She should ask to talk to them for 20 to 30 minutes about their vision for their business and what they are trying to achieve.

[23:45] In Ben's experience, 98% of accounting professionals do not present their clients the statement of cash flows. The reason they don't is because they don't understand it. Hannah should continue to show the statement to each of her clients but also seek to learn what it means and how to explain the information.

[26:45] The most common questions that Hannah gets are basically "How much money do we have?" and "How can I pay these bills?". Most of Hannah's clients are somewhat financially savvy, but she's found that what they want is for Hannah to take care of everything. But what they really need is collaboration.

[29:00] Hannah is in a position where she doesn't have to take on new clients, that means she can filter through clients that are interested in collaborating rather than just dumping their financials on her.

[30:30] When looking for new clients, Hannah can look for people that are willing to pay for her advisory services, need them, and are willing to collaborate with her.

[31:50] Hannah should surprise one of her clients by just adding that service for free as a way to gain experience and feedback. The name of the game is simply listening to our clients and then giving them what they want.

[33:50] Data entry and figuring out problems are Hannah's wheelhouse. She's comfortable and confident in those skills.

[36:00] Hannah is hoping to take on a couple more employees so she can work in a more part-time role. To do that she's going to have to get clear on what she wants for her business, what it is that her clients want, and the sweet spot between the two.

[38:30] The first thing Hannah is going to do is talk to her clients, dig into what they really want, and then she is going to get to know the statement of cash flows. Next, she's going to make a big push for new clients that are interested in working with her in an advisory capacity.

[40:20] What are the roles that your potential clients are playing in their business that they don't want to? What are the pains they are experiencing? What are the things that they want?

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Quality Assurance with David Perry - Encore Presentation Nov 29, 2022

Show notes

David went to school to be a math teacher but ended up in engineering and getting a math degree. Due to the recession, he got laid off and found himself wondering what to do without a job. He started working at a church and did some of their admin work, which was David's first real exposure to bookkeeping. One bookkeeping gig turned into another.

[4:45] David realized that bookkeeping was a skill that he could start a business with and since he always wanted to start his own business he thought it might make a good fit. For David, one of his core motivations is building something new.

[6:50] David currently works with 16 monthly clients which he has acquired over the past 15 months since December of 2017. After his first gig with the church, David started searching for ways to create a bookkeeping business and that's how he found Bookkeeper Business Launch.

[9:40] David established his business and then started building relationships. Those conversations have naturally led to more opportunities with new clients.

[11:10] The only advertising money that David has spent so far has been on his website. Having the site is probably the most important thing he has done for marketing since he's started.

[12:40] There was a distinct point where David had to make a decision to either go find a job or go all in with his business. After discussing it with his wife they made the decision to jump in. They made a calculated risk and it has paid off for David and his family.

[15:30] The biggest game changer of running his own business has been his ability to spend time with his family and adjust his schedule. Flexibility and freedom are huge.

[17:20] There is tremendous opportunity as a bookkeeper and if you want to succeed, you have to be able to do a good job. Focus on whatever the next thing is that you need to do, don't get overwhelmed by all the different things you could do.

[19:50] David is now serving small retail operations and currently doesn't feel the need to hire someone, but if his business keeps growing he's going to need to bring someone else on and that's a big challenge for him.

[22:30] David and his wife decided to pick the income level they are going to live at. In terms of vision for what he wants for his business, David wants to be able to work 20 to 25 hours a week while maintaining his income level. You have to really visualize what a day looks like for you in the future in order to build your business in a way that allows you to accomplish your vision. Bring your compelling vision to life.

[28:00] You don't want to hire somebody, you want the result of what hiring someone will bring. For David, that means taking tasks off his plate that he's not excited to do. A lot of the everyday routine tasks are the ones that David doesn't enjoy. Before you can hire someone, you need to have processes in place that they can fit into and processes are one of David's current weaknesses.

[33:20] Screen capture software is a great way to create videos that convey your processes. For David, he can record the tasks that he normally does for his clients while narrating what he's doing. Once the videos are created, he can get them transcribed and create a checklist for each task. Cover the major things that need to be done and then you've got yourself a process that can be easily implemented. Store it wherever you and your team can access it online.

[40:35] Start with the processes that turn the dial in your business and the ones that you really don't like doing. Processes are your freedom lever.

[42:30] Transitioning from doing the work to review the work of someone else is a tricky thing, but it can be done. Once you figure it out, you can approach the work from the role of an advisor as well. Be aware that in the midst of the transition it feels like chaos, but it does pass.

[45:50] For each client, write down everything you do for that client over the course of a week. Assess the list for the things that fall under your unique ability, those are the tasks that you're good at and energize you. Then look for the ones that you are competent at, those are the ones you should start creating processes for and outsourcing to someone else.

[49:30] You're not looking for an employee in the beginning, you're looking for a virtual assistant that can handle the task. Start small with the tasks that you really don't want to do. You can hire them for only 2 hours a month if you need to do so that means you can avoid the pressure of having to keep an employee busy.

[51:50] What are the $10/hour tasks? $50/hour? $1000/hour? Start with the lowest value work at offload that so you can focus on the work that really adds value to your business and your client's business.

[55:30] An example task that David can hand off to a virtual assistant is managing email. For Ben, his assistant filters through his email every day and saves him 20 to 30 minutes a day. You have to be intentional about outsourcing, keep it simple or it will tend towards chaos. It starts with the task audit, but it's guided by your vision for your business.

[59:30] David's action items include doing a task audit, documenting his processes, and then finding someone he can give some of those tasks to. The big item on the list is the one that most people like to skip, creating the vision for his business is the first step.

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Hiring a High-Skill Level Team Member with Daniel Honan - Encore Presentation Nov 24, 2022

Show notes

After Daniel's last deployment he was looking to start his own business. He had some experience and education in accounting so that field made the most sense. When he discovered the Bookkeeping Business Launch program, he decided to take the leap.

[3:50] Painters were the niche that Daniel served, mainly due to running a painting business of his own in college and because he knew where to find them and no one was serving the market directly.

[5:10] Daniel planted a lot of seeds early on, including LinkedIn, guest blog posting, and more, that netted him his first few clients.

[7:00] Bookkeeping for the first time was the first challenge that Daniel had to overcome. Once he started taking on clients, finding good people to help him scale his growing business was the major hurdle.

[9:00] Daniel had to get himself out of the business so that it can continue without him due to having to deploy in the near future. This gives him flexibility once he returns to the business when the deployment ends.

[11:30] The value that Daniel's business provides involves advising clients on their own businesses. Daniel and his staff understand the back end of the painting niche so well that the relationship becomes more than bookkeeping. They provide consulting and advice on growing their client's business and the technology involved.

[15:30] In regards to feedback, knowing the important KPI's for the painting business, in addition to the bookkeeping, gives Daniel an edge over his competitors.

[17:10] System building is Daniel's focus, so much so that he's going to come out to one of Ben's events to show other bookkeepers how to do it.

[18:50] Daniel finds meeting with people and having conversations to be very fatiguing, indicating that he's probably an introvert.

[21:10] Niching is very important. If you figure out your target market first, you will see results earlier on. If you can't find a niche, find a client and figure it out later. Processes are important before you bring people on, get your processes 80% done before hiring.

[26:00] Daniel's current bottleneck is that his business needs more advisors in order to scale, and finding the right person with the right personality traits and knowledge base is quite the challenge. He uses the DISC personality test quite a bit to make sure that the team members in his business are working to their strengths. Without his current advisor, Daniel's business would seriously struggle.

[32:15] One is none, and two is one. Redundancy and cross training can mean the difference between a difficult challenge and a disaster. What Daniel should do is write out the activities that he needs to duplicate with his current advisor and prioritize them. If you're looking to hire, first you need to define the work that you need to have done.

[40:20] Daniel may actually be looking for two people. The interview process should ultimately represent the way they are going to be serving your clients.

[42:25] Before looking outside, you should look within your organization for people that could potentially take on your new role. If you can promote someone up, it's usually easier to find someone to take on the simpler role. Once you exhaust your low hanging fruit, it's time to put your posting out there in as many places as possible.

[47:05] It may make sense to split up the role into its component parts, especially if all together it would be very rare to find a single person with all the necessary skills. For Daniel, that may mean splitting the job up into a sales oriented role and a separate advising role.

[52:10] Sometimes you have to go back to the well and just do the things that worked before. But before you bring someone on full time, you have to really test out the relationship and make sure they are going to be the right one. It may take some time, but it's easier and less difficult than hiring the wrong person.

[56:50] As business owners, you have to figure out every new challenge that comes your way because the buck stops with you. Beware the anecdote, what works for someone else may not help for you. Take the advice and tailor it to your individual needs.

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Impacting Others with Amanda Dziubala - Encore Presentation Nov 22, 2022

Show notes

Amanda was a bank teller in the past, which is where she discovered her love of working with money. She started her bookkeeping business in 2017 after going through the Bookkeeper Business Launch program and has since built up a base of 15 clients.

[3:30] Amanda gravitates towards artists and creatives; 90% of the people she works with fall into those categories.

[5:15] Amanda didn't want to quit her job, but circumstances forced her hand to consider other options. She started looking for ways to make more money or save more. She ended up on the Pennyhoarder.com website, where she found one of Ben's articles which lead her to bookkeeping.

[7:20] Having a good support network was really important to Amanda when starting her own business. She was definitely scared about taking the leap. Going through the course really helped prepare her for what she needed to do while also giving her a good refresher on bookkeeping fundamentals.

[9:20] Employers feel like they are doing you a favor by giving you a job, but clients think you're the bee's knees. A great example of this is one of Amanda's very first clients who was nine years behind on his taxes. It took a month and a half to clean everything up, but the client was relieved of a lot of stress and anxiety.

[11:35] A huge part of being confident means getting out there, but that doesn't necessarily mean your local area. It's about getting in front of clients and having a conversation about what they need and how you can help. Every conversation gives you something to take away and will give you more confidence for the next one.

[14:05] Amanda tried advertising, but it didn't work out. She tried Facebook and Craigslist, but none of her clients have come from paid ads.

[15:20] Alignable was one of the ways she got a few of her clients. Other means include Craigslist, Upwork, and Facebook groups. Marketing is like planting seeds; you never know which message or channel is going to be the one that gets you your next client.

[18:45] Being able to pick up her kids has been an excellent part of owning her own business. Being a mom is especially hard when you also have to work at the same time. Having the freedom that comes with not having a boss is one of the best parts of running a business.

[21:50] Amanda wants to grow her business with a special emphasis on helping other moms that are dedicated to their work as well as their families. Eventually she would like for the business to not need her on a day to day basis and for her husband to be able to quit his job and stay at home with the kids.

[25:00] Journaling your goals can be very helpful in actually achieving them, but as with many things, it can be strangely difficult to do the things that are good for us. Making it fun can help.

[27:45] Over the last year, Amanda has tried every single app she could find to organize her business, but none of them have clicked with how she does things and she's defaulted to paper and pen. She needs something in front of her to let her know what she should be working on and in what order.

[31:40] The difficulty is that paper is limiting and prevents Amanda from being able to bring on new team members. Written tasks and instructions don't scale very well. Recording your tasks and turning them into checklists that cover the key elements are one way of turning a task into a process.

[37:40] You don't want to be too focused on the app or the software. You should think about what you want to accomplish with the software first. Define the process and then look for something that is going to help you facilitate that process. Sometimes the app can actually make your life more complicated.

[39:45] Ben uses a large dry erase board to track his major projects, but what works for him may not work for you. The key is to figure out what does work for you and not worry so much about whether or not you're using the latest technology. As you grow your business, you have to step back, look at your processes, and then look for the lever that will make things easier.

[44:20] Your success is not going to be limited by not having the right app. Amanda has a process that works and she should build on that.

[44:50] For action items, Amanda is going to visualize her goals and what she is building. She's also going to record her daily transactions and what she does for her clients and figure out how to refine her processes.

[46:50] It's always important to ask yourself the question "Do my clients care?" when it comes to how you get things done. As long as you deliver results, your clients don't care how you get the job done.

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The Importance of Support in Business with Jeremy Van Groll - Encore Presentation Nov 17, 2022

Show notes

In many ways Jeremy started his bookkeeping business on a whim. He encountered Bookkeeper Business Launch online and always had an entrepreneurial streak so it seemed like a good fit. The freedom to call his own shots and choose his own destiny is what Jeremy was looking for, combined with his appreciation for numbers and it just made sense.

[5:30] Jeremy currently has 8 clients, 6 of which he is working with on a monthly basis. On top of his bookkeeping business, Jeremy is also a Financial Manager at a publicly traded manufacturing firm.

[7:25] Jeremy is pretty passive in his marketing efforts. His first client was a referral from a former coworker and he wasn't really marketing at the time. Most people get their very first client in a similar way, basically talking to people and letting them know about their new bookkeeping business. Jeremy is also a member of a couple of formal networking groups and has dabbled a bit in Craigslist.

[10:40] Of the eight clients so far, Jeremy has only spent a few hundred dollars on ads. Sweat equity has been a key component in his growth.

[11:30] Jeremy made it very clear that flexibility is the most important aspect of the role so that has given him a leg up on dealing with all the moving pieces between work, family, and business. If you want your life to be better, you will have to make some sacrifices to get there.

[14:20] Jumping through hoops and giving value on the front end is one of the major challenges that Jeremy is experiencing right now. Bookkeeping is a relationship-first business and it takes time to build that relationship. Being an introvert makes the conversations a little more difficult as well.

[18:30] Jeremy's wife Katie has been very supportive in his move to start the bookkeeping business which has been key. Jeremy's vision for his business is to be the face of the business and away from the day-to-day tasks as much as possible in a much more strategic role.

[22:10] The goal for the bookkeeping business is to provide for his family and allow Jeremy to connect and spend time with them. It's important to be very clear what your business is going to do for your life and your spouse's life. Ultimately he wants to take his 9-5 job out of the equation and that's kind of scary.

[25:20] Taking the leap and going full time into the bookkeeping business is tough for Jeremy, he regular job provides a lot of stability and security that is hard to walk away from. They have to look at how it will change their lifestyle and how it will impact their family. It's good to have a counterbalance in your spouse, and if they aren't ready to take those risks that's a good sign that it may not be the right time yet.

[30:40] To replace Jeremy's current income he would need approximately 25 clients. It will take time and struggle to get to that point. You don't want to coerce your spouse into taking a risk that they are not ready to make. You have to start with why when working with your spouse on what the right decision is. The question is "how do we get from where we are today to where we want to be?"

[36:40] You want to get to the point where you both know exactly what criteria you need for everyone to feel comfortable with the decision. Make a visual representation of your goal and put it somewhere you can see often. Sometimes it's less about the numbers and more about the feelings around them.

[40:30] Jeremy recently brought on a friend as a contractor to help him with the workload. He may actually want for her to go through the Bookkeeping Business Launch program as well to gain some additional skill set. The people and systems Jeremy has now will not get him to where he needs to be so he's going to need more of both.

[44:25] In order to reach his vision for his business, Jeremy is going to have to build in processes and people that can get the work done. You don't want to build your life around your business, you build your business around your life. Jeremy has begun recording the tasks he does daily so that he can bring new people on and start setting up those necessary systems.

[48:05] In terms of action items, Jeremy has to have a conversation with his wife and really figure out where the transition point for the business will be and make sure everyone is on board with it. Step two is figuring out the path to get there, refining his processes, and further defining the market he serves.

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Your Vision for the Future with Kim Erick - Encore Presentation Nov 15, 2022

Show notes

Kim started in late August of 2017 after purchasing Bookkeeper Business Launch. Four days later she registered her business name and closed her first client, who later on became her husband.

[3:00] Kim had been in the banking industry for 16 years and knew that there was definitely a need for bookkeepers in business. When Kim's husband decided to start his trucking business, Kim made the choice to start her own bookkeeping business at the same time.

[4:15] Kim currently has 8 active clients. There are always ups and downs in the business, and clients come and go. She mainly focuses on transportation due to her insider view of the industry.

[6:05] Kim always had the desire to open her own business, but she never really knew what she wanted to do. The high costs of most business models made them prohibitive. When she discovered the idea of bookkeeping, it made a lot of sense given her background and experience. Time-freedom is the word Kim would use to describe the idea of running her own business.

[9:30] Retail banking is extremely time intensive, and Kim felt like she wouldn't be able to go much further in the industry without sacrificing more of her time. Instead of just working more, she wanted to find a way to make more money while working less.

[11:20] Sticking to her niche was one of Kim's first challenges. Many of the clients she initially took on were not the right fit because they were either too small or not appropriate. It can be hard to say no to a client that wants to work with you, but sometimes it's necessary.

[14:50] Kim's husband has been a very valuable insider who has helped shape her marketing and how she finds clients for her business.

[16:05] Take your time as you go through the learning process. While you're working your way through it, try to put processes in play that will make your life easier. In a lot of ways, time-freedom is a double-edged sword. It's all too easy to do work that doesn't actually build your business. Busy work is the work we do to avoid the work we really need to do.

[19:00] The biggest challenge today for Kim is that if her business continues to grow, it's going to take up more of her time unless she hires someone. The trouble is she isn't sure if she wants to manage people again.

[20:35] For Kim, success means the ability to do what she wants to do and having the means to do it. Reaching true financial security is when she would define success. Given that definition of success, Kim doesn't really need to take on more clients.

[22:50] One of the best aspects of the business for Kim has been the option of working as many hours as she wants. In terms of capacity, Kim could probably take on another 3-4 clients without eliminating the time-freedom that she values so much. At this point, she should focus on finding quality clients and upgrading her existing client base.

[26:40] When Kim hits a milestone, she takes a moment to enjoy her achievement but also look towards the next goal. She has to realize the pressure is off her. She can shape her business so that it fits her goals instead of doing things to generate an income.

[30:50] Paying off her mortgage and becoming debt free is one of Kim's major goals. The other question is how does she want to spend her time when she's retired. When Kim thinks about her goals, she always sees herself with other people and how she can help and serve them. To serve others, we have to serve ourselves.

[36:30] Whether or not you have team members, your business is a system. Systems are even more important than a list of clients. Once you define your processes and efficiencies, it pays off continuously over time. Start out where you are and map out your processes, and then think about how you can improve them. Processes revolve around your client; if they don't, then why would you do it?

[42:15] You can gain a tonne of momentum and leverage in your business by hiring a virtual assistant. We think we need a big team that comes with a lot of commitment but it's not necessary. You can take on a VA for only a few hours a week, and it can completely change your business. Before you hire a VA, you need to have your processes designed first.

[47:10] Since Kim works in the transportation niche, she has an opportunity to create a course that could help teach her potential clients how to grow their business. When they develop and grow, they could become Kim's ideal clients.

[48:30] Before working on a new business idea, it's good to vet the idea and make sure it's worth your time and effort. If someone else is already doing something similar, that's a good sign. Don't just take someone's word that they will buy your idea. It doesn't mean anything until someone is willing to open their wallet and give you their money. Before taking the leap on a new idea, make sure that the resulting business fits into your vision for your life.

[51:50] For new ideas, always start with the market side of things. Once that's in place, always undersell and overdeliver.

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How to Pick Your Niche with Kirstin Reeder - Encore Presentation Nov 10, 2022

Show notes

Kirsten took an accounting class in high school many years ago and she really enjoyed it. She eventually dropped out of college where she was studying accounting and became a mother. She was a stay-at-home mom for 18 years and tried a number of business ideas but none of them really resonated. She eventually got an email from Ben about becoming a bookkeeper, ended up on one of his webinars and ultimately took the course.

[7:40] Kirsten currently has four clients but has had up to nine at one time. Some of them Kirsten decided to fire and some have gone in other directions.

[9:00] Time management was Kirsten's first major challenge; homeschooling nine kids can make working from home fairly difficult. Being intentional with her time has been very important.

[11:30] When it came to getting clients, putting out content that would get someone interested in what Kirsten was offering without being too sales-y was tough for her. Her first client was a friend that she had known for nearly 20 years who owned a business. Three years later, just talking to people and word of mouth is still Kirsten's primary means of getting new clients.

[15:30] Kirsten wants to ultimately live someplace warm and run her business remotely. She wants to be able to travel and enjoy her family and that means she will need additional help taking on tasks within her business.

[18:35] One of the keys to serving clients is making sure you are serving a particular niche. When Kirsten first started her business, her niche was sustainable agriculture. She marketed to them for nearly a year without getting any clients so she switched her focus. Her first client was in the tourism niche so she started trying to target them instead and later pivoted to cannabis businesses. The cannabis industry is currently like the wild, wild west and bookkeepers need to know so much in order to do the job correctly so that proved a little too difficult to break into. Now, Kirsten is sort of nicheless and isn't sure which direction to go.

[25:15] Marketing is about three elements: knowing your market, knowing your message to that market, and the media. We get hung up on "industry" being the same as "niche," but that isn't necessarily the case.

[28:00] Figuring out which niche to target should be a priority, but it's something that will happen once Kirsten starts picking up clients and understanding which ones align with her vision for her business. Focus on the relationships first.

[30:40] It's important to go after people that we truly enjoy serving. When you're just getting started, it's natural to work with nearly anyone that is willing to give you money, but eventually you want to hone in and map out who your ideal customer is. Start writing down characteristics that describe them. When you understand your avatar it will make your marketing easier because you can speak directly to them.

[36:10] Slow down the process of bringing on a client. You should try to get a feel for what it's going to be like working with them before you bring them on board. You are going to be emotionally invested in this relationship so take your time.

[41:15] Start to find the pattern. Think of the relationships you do have and the qualities that you like in other people. You are not about serving the masses, you are becoming a trusted advisor to a relatively small number of clients that you should have deep relationships with. If you build your relationships on a human level, the bookkeeping becomes a natural extension.

[46:00] You are probably not doing any marketing because you feel stuck. Remember, it's about building a rapport with the people you want to serve. Find the groups you want to serve and become a contributor, give them value and use every medium at your disposal.

[49:00] A halfway decent message to the right market will do well, a great message to the wrong market will fall on its face every single time. Go to where your people hang out.

[52:25] The Irresistible Selling Statement is important, but that will come from understanding what clients Kirsten resonates with. She needs to sit down and figure out the characteristics of the people she wants to work with, find out where they spend their time, and start listening and contributing.

Link mentioned: The Customer Avatar Worksheet

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Team and Execution with Jaime Rodriguez - Encore Presentation Nov 08, 2022

Show notes

Jaime has been running his bookkeeping business for the past two years and has acquired 13 clients in that time. He's hoping to get more clients and continue growing, but it's a scary thing to think about.

[3:10] When Jaime first started, he was going to partner with a friend of his that had a degree in Bookkeeping. He discovered that a lot of random tasks end up on your plate as a bookkeeper and felt that he just didn't want to work for someone else anymore. His friend wasn't ready to make the leap at the same time though, and Jaime decided to go out on his own. He discovered that he was in over his head and looked for help; when he found Bookkeeper Business Launch it changed his business.

[7:10] After signing up for the course in April, Jaime got his first client in June. He reached out to his former colleagues who had ventured out to create their own firms and one of them said yes.

[9:00] One of his clients has been very influential in helpling Jaime find new clients. He has referred Jaime to a number of individuals and created new connections for him. It's important to have as many referral sources as you can.

[11:10] Jaime had to overcome his fear and negative mindset before starting his business. We are all limited by fear but we have to bust through it.

[12:20] One of Jaime's biggest challenges was something that many people might find easy, putting a photo of himself online. When Jaime got started, he didn't know that he would be serving attorneys but it ultimately worked out really well.

[16:00] Jaime enjoys putting the puzzle of a client's messy books together. It's one of the few tasks in bookkeeping that has a definitive end point. One of Jaime's least favorite activities is receipt management.

[19:10] Jaime has been really challenged with his systems recently. He recently lost a contractor and has found that the systems he has in place may not be sufficient. In many ways, this is actually a good problem to have and should be celebrated.

[23:00] Jaime started documenting things via screen sharing. He would record himself doing the task and then upload the video to Dropbox. Processes before people, the processes that Jaime has developed have been largely the same for all of his clients. It's important to limit the procedures that you have that are unique to one particular client, which is one of the advantages of operating in a specific niche.

[27:25] When handing off the receipt management task to a contractor, Jaime realized that he didn't really explain what he wanted accurately enough so he found the contractor was making a lot of the same mistakes. In the beginning, it's important to spend more time holding their hands and walking them through the way you want something to be done.

[31:00] We often try to bite off more than we can chew. You should offload one task at a time, not look for the perfect person for every task. When you bring someone on board, they will not care about your business as much as you do. Give them a small puzzle to work on and get rid of the tasks with the lowest hourly value first. Handing off too much at one time is recipe for disaster. Don't hire by client, hire by task.

[37:30] Overloading a new hire is a big mistake. Give them one task to master, then once they've got that down, give them more to work on.

[39:20] Jaime's first contractor was a virtual assistant that did some simple tasks like managing email that he found in a Facebook group. One of his favorite ways of getting to know a potential hire is asking them, "What Star Wars character would you be and why?" Ben recommends asking the unique questions because one thing he has discovered is that the people with prior bookkeeping experience usually come with bad habits that you have to work to fix.

[44:45] People want to work in fun places with people they like. Bookkeeping is a relationship business. Going after trained bookkeepers isn't the best approach. You may train someone and they leave, but that is just the nature of the game. Set the relationship up right before you hire, put them into real world situations that they will actually experience and see how they work.

[48:15] Never stop hiring, and never stop marketing. You never want your pipeline to run dry.

[48:45] Give your team a say in how the work gets done. You want your team to take ownership of their work and to treat your clients with respect. If it doesn't work with one person, you've learned something that you can take to the next person. Once you master this concept, you can scale up your business.

[51:52] Jaime's homework assignments are to celebrate his wins and start putting potential hires through the real world tasks they are going to be taking on.

hello@ilovebookkeeping.com

Processes for Sanity with Justin Boynton - Encore Presentation Nov 03, 2022

Show notes

When Justin was 19 years old, he was introduced to the idea of owning a business but he felt like he wasn't ready to go it on his own. He decided on a career in banking which worked out well enough for the first few years until his wife told him they were going to have another child. This led him to looking at how to make money on the side and eventually Ben's course.

[6:00] In early 2017, Justin was still working his full-time job while serving 11 clients, which was starting to burn him out. When he had the opportunity to take on a bigger client, Justin's wife gave him the push to go for it and make his business his full time occupation.

[9:20] Justin developed a good network while he was working and spent his time getting to know who he wanted to work with and asking for specific referrals.

[11:50] When looking at new potential clients, Justin wants to see that the client is coachable and open to suggestions. He's made mistakes taking on clients that weren't a fit. It's less about the niche or industry and more about the way the client works with him.

[13:45] The greatest challenge is to systematize processes. Once you get them done, it's great, but for Justin, he finds it difficult to get through.

[16:00] The favorite part of Justin's day is the ability to enjoy his time with his family and his wife.

[18:40] Justin's first homework assignment is to take stock of all the challenges he has overcome so far and appreciating how far he's come.

[20:20] Justin is in the process of onboarding three new clients so he's focused on systematizing their processes from the start. Now that he has a team member to help him with the workload, Justin needs to optimize the way work gets done.

[25:00] The goal at the moment to spend 20 to 30 hours a week in his business so that he can focus attracting and meeting new clients as well as more personal things.

[26:50] The vision for your business is a framework that you can use to evaluate everything you do. Is your action going to move you closer or further away from your vision?

[27:40] One is none, two is one. You should always duplicate your efforts and build in some redundancy into your business processes so you aren't in big trouble if somebody leaves. Finding team members using a service like Upwork can make the process simple.

[32:40] There lots of people who aren't interested in building a big business but still want to do bookkeeping for a decent rate. Justin found his first team member by posting that he was looking for some help in the Bookkeeper Business Launch Facebook group.

[33:50] Calling yourself a bookkeeping professional is key.

[35:50] Take the traits of your best team member and write them down. Those are the traits you should look for in potential hires. The 'whatever it takes' attitude is the biggest thing that Justin looks for in his team members.

[39:30] Be slow to hire and quick to fire. This goes for your clients as well.

[41:45] It's better to have two team members working 5 hours a week than one person working 10. Anything that the team member is going to be doing with your clients should be simulated during the interview. You should see exactly how they are going to do the job and interact with people before you bring them onboard.

[44:20] Add a little easter egg to your job posting that asks the person to include something in particular in their application so you know they pay attention to detail.

[46:15] Justin needs to find people that have the capacity to grow and are in the business for the long haul.

[48:50] If you want to scale your business, never stop marketing and never stop looking for good people.

[50:00] Finding a process to develop better processes can be tricky. Take your current bookkeeping professional and just document everything they do in the course of their work. Recording your screen while your working and narrating what you're doing is a simple way to document what you do. Every time you add a piece of technology or software you add complexity but it's the fundamentals that will lead to success.

hello@ilovebookkeeping.com

When, How and Who to Hire with Tracy Thomas - Encore Presentation Nov 01, 2022

Show notes

Tracy had been in the accounting world for 20 years and decided to leave the corporate world to spend more time with her kids. She ended up driving a school bus for a little while and decided that she needed to find a way to combine her love of numbers and spending time with her family. Tracy ran into Ben's videos online, and that led her to buy his course and begin her bookkeeping journey.

[4:30] Tracy officially opened her doors in June of 2017 and got started by subcontracting for her fiance's accountant a little after tax season. This was a good way to jump-start Tracy's career and shift her mindset from employee to business owner. There were plenty of times when Tracy felt like she was overwhelmed, but she was able to persevere and push through.

[8:35] She didn't start getting clients of her own right away. Tracy wanted to make sure she could do the job before getting in too deep, and working as a subcontractor gave her some people she could ask for help if she needed it.

[9:55] Tracy currently serves 13 clients through the accounting company. She works mainly in Sage but is transferring them over to Quickbooks. She also has 13 clients of her own.

[13:15] Tracy's second goal was to allow her fiance to get out of driving a truck for a living and bring him into the business she was building. She created the goal in November 2017, and as of January 2019, he finished his last day of work and has come on board.

[15:30] The business started off a little slow but it has grown quite a bit in the last half of the year. Now Tracy and her fiance are available to spend time with her kids and manage their own time.

[20:20] Thinking like a business owner is about knowing that you have control of your time. It's the flexibility of not just trading hours for dollars. One of the biggest challenges Tracy has encountered has been pricing her services. She usually starts them off at an hourly rate and switches them to monthly after a few months of service.

[24:50] The thing that we want as a business owner is flexibility but it's a double edged sword. You're not accountable to anyone but yourself, and for entrepreneurs, it can be really difficult.

[26:40] Tracy has experienced a lot of growth in the past few months, so marketing has slipped by the wayside.

[27:40] Don't stop and halt your marketing. It takes momentum to get the marketing machine back up; so you should keep it going. The best time to market is when you don't need clients, that way you can be selective.

[31:10] Helping people understand what is happening in their business is what Tracy loves to do when working with her clients. Doing her client's bookkeeping allows Tracy to get insights into their business and helps her deliver value to them by solving their problems.

[34:40] Before we start hiring, we should understand what our Unique Ability is and where we provide the most value. List out all the tasks you do, and figure out what you are the best at and where you provide the most value. Then, list the tasks you don't like doing.

[37:00] What are the things that you need to get other people to do? It's not who do you need to hire, but what tasks do you need to delegate? Finding a freelancer on Upwork and outsourcing just one task is the first step. Build out your team from a task perspective instead of a person perspective.

>[41:45] Find the simplest task you don't want to do and give it to a freelancer or virtual assistant. Don't look for bookkeeping experience, hire for attitude and resourcefulness. Training someone else will force you to think of and write down the exact process for that task which is how you start to create systems.

[47:50] Getting your processes down gives you a resource that you can use to bring on additional team members. This gives you a huge advantage when hiring in the future. Having great people is a luxury; having great processes is a necessity.

[51:45] Tracy's next steps are to continue with her marketing and networking efforts and break down her tasks. Then, find out what she's best at and what she should hand off to someone else.

[53:15] Find someone that will take ownership over the process. It's common to find people that can find better ways to do things, and there is always more you can learn.

hello@ilovebookkeeping.com

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