I Love Bookkeeping

Latest Episodes:

How to Hire and Fire Employees Quickly and Decisively Aug 18, 2022

Show notes

Want to know how you can make your hiring and firing process as seamless and frictionless as possible? Co-hosts Hannah Robinson and Melissa Honan break down the key components of hiring the right employees and letting go of unproductive team members professionally without the emotional blow-up.

Hannah asks Melissa which is easier: hiring or firing an employee - Melissa points out that both are hard as they all come with their own set of challenges.
Melissa reveals that she's always had trouble firing people and sometimes holds on to unproductive employees a little too long.
Melissa explains why she believes the "slow to hire but quick to fire" mantra is super effective, especially when running virtual teams.
Hannah explains the first step to hiring an employee is identifying the role and then reviewing the job description according to your need.
Hannah and Melissa go through the process of crafting a clear and concise job description - as well as a smart way to attract top-shelf candidates.
Melissa describes the framework she implements in her business to guarantee a seamless onboarding process for new hires.
According to Hannah, one of the best ways to make a new hire feel comfortable is to ensure that everybody follows the same rules and that all team members are held to similar standards.
Melissa dissects the dos and don'ts of new employee training - and how to give new hires the tools they need to succeed on the job.
Hannah and Melissa analyze some tell-tale signs that it's time to let go of an employee.
Melissa talks about the benefits of setting clear expectations and giving employees several chances to improve before letting them go.
Hannah shares her thoughts on why most managers and business owners struggle to let go of unproductive employees.
Melissa reveals her go-to process for firing underperforming employees - and how she keeps the firing conversation professional without the emotional blow-up.
Hannah and Melissa agree that firing an employee should always be a face-to-face affair - Melissa also adds that letting go of someone via email or Slack is disrespectful and inappropriate.
Melissa highlights that underperforming employees aren't always lazy or unproductive; they may be nice, committed individuals who don't have the skill or support needed to succeed.
According to Melissa, it's always a good idea to have quantifiable metrics that justify your decision to fire an employee.

Key Steps on How to Start Scaling Your Business Aug 16, 2022

Show notes

Not sure about the exact steps you need to follow when scaling your business? Co-hosts Hannah Robinson and Melissa Honan go through the key steps to scaling a business and how you can develop a process that ensures lasting and profitable results.

Hannah explains why she believes the first step to scaling a business is realizing it's time to scale, then committing to scaling effectively.
Melissa lists the steps she went through during the initial stages of scaling her business.
Melissa goes through the primary reasons most bookkeepers struggle when it comes to scaling their business.
Hannah describes why it's extremely important to perfect your product or service before deciding to scale. Melissa agrees and adds that maintaining the quality of your product or service leads to successful scaling.
Hannah shares her thoughts on the benefits of having regular internal check-ins even when you're not scaling.
Melissa points out that you must understand your capacity to maintain a scaling business before making any changes.
When asked about the benefits of hiring a coach when scaling a business, Melissa reveals that having a dependable third-party partner enabled her to scale successfully.
Hannah asks Melissa what she does to consistently evolve her business even when she has no intentions of scaling.
Melissa admits that scaling a business is tough. However, sometimes the best way to gain clarity on scaling is to take a break from the business.
Melissa reveals that she is not a big fan of business process consultants. Instead, business owners should invest in "done-for-you" processes and dive deep into the implementation themselves.
Melissa describes how business owners can use scaling to uncover the strengths and weaknesses in their business processes.
Melissa shares the amount of time and effort it took to build a clear and detailed hiring process.
Melissa talks about the struggles of developing a business process and constantly having to refine it every time things change in the business.
Hannah and Melissa go through the key activities business owners can implement to determine what's working and what's not.
Hannah and Melissa go through scaling mistakes business owners make, especially when managing virtual teams.

How to Make the Transition from Growing to Scaling a Business with Serena Shoup Aug 11, 2022

Show notes

When should you make the transition from growing to scaling a business? Co-hosts Hannah Robinson and Melissa Honan talk to Serena Shoup from Of Course Bookkeeping - they discuss how bookkeepers can transition from growing to scaling a business, eliminate the growing pains, and maximize their chances of getting it right.

Serena Shoup is the Host of the Ambitious Bookkeeper Podcasts and the Owner of Of Course Bookkeeping. She's on a mission to mentor bookkeepers and accountants so they can leave behind the stress of working their 9 to 5.
Hannah asks Serena why she decided to start a business midway through a successful corporate career.
Hannah asks Serena about the time it took growing the business before she felt it was eventually time to scale. Her response is scaling takes time, but there needs to be a good reason for it.
Serena explains that following a path of careful, calculated growth is smarter than scaling a business you already can't handle.
Melissa is intrigued by Serena's work-life balance and how her systems make it easier to run a successful company without compromising on time with family.
Serena describes why scaling a business is more than just acquiring more customers - scaling is all about creating a system to serve more customers with little to no additional resources.
Serena goes through how impulsive hiring can cause so many problems, especially if you decide to hire a friend just for the sake of it.
Serena points out that making mistakes during the growth phase of your business is okay, as long as you don't make those mistakes define who you are.
According to Serena, scaling a business is not something you do once - it's something you'll have to manage throughout the life of your business.
Melissa and Serena agree that some business owners avoid growth because they don't want to deal with the heartache that comes with running a larger business.
Hannah and Serena talk about the major mistakes she made during the initial stages of growing her business.
Serena shares why she believes building relationships is extremely important if you want to scale.
Melissa asks Serena what she does to ensure her business continues to scale sustainably - Serena explains that building a self-sufficient team and having a careful understanding of your customers can not be overstated.
Melissa and Serena explore the benefits of treating your employees as your number one client.
Serena reveals the key to staying motivated in business is allowing yourself space to feel unmotivated - also, remembering your team depends on you makes it easier to get up in the morning.

Mentioned in this episode:

Serena Shoup on LinkedIn

The Ambitious Bookkeeper Podcast

Of Course Bookkeeping - ofcoursebookkeeping.com

What's the Difference Between Growing and Scaling a Business? Aug 09, 2022

Show notes

Is there a difference between growing and scaling a business? Co-hosts Hannah Robinson and Melissa Honan expand on this introductory episode to their scaling your business series and talk about the difference between growing and scaling a business.

Hannah explains the difference between growing and scaling a business - and why business owners need to learn how to differentiate the two.
Hannah asks Melissa the first action steps she took when scaling her business.
Hannah and Melissa go through the key signs that confirm it's time to scale your business - they also acknowledge that it's okay for some business owners not to want to scale their businesses.
Melissa breaks down the first measure business owners should implement when scaling their business - she also explains why reverse engineering your goals makes them easier to archive.
Melissa reveals strategies business owners can use to cope with the growing pains of scaling a business.
Melissa explains why getting rid of employees and clients who no longer serve the company is crucial to scaling a business.
Hannah asks Melissa about the essential milestones she set out to achieve in the first few months of scaling her business.
Melissa reveals that moving from a contractor to an employee-based model was one of the most important foundations of scaling her company.
Hannah and Melissa agree that having a contingency plan is a brilliant business plan in case things don't work out when growing a company.
Melissa explores the benefits of having flexible systems that can easily withstand the pressure of exponential growth, without harming the profitability and efficiency of the business.
Hannah asks Melissa about the areas in her business that caused a lot of growing pains.
Melissa shares the must-have processes you need to scale a business - and how great processes drive business growth.
Melissa reveals what she did to guarantee high-quality services and outstanding customer experiences when she decided to grow her business.
Melissa goes through strategies she used to keep her costs down when scaling her business.

How to Scale Your Business Effectively Aug 04, 2022

Show notes

Do you want to scale your business? How big do you want to be, and how quickly can you get there? Co-hosts Hannah Robinson and Melissa Honan share insights into the most important aspects of scaling a business and how to dodge the vulnerabilities that arise from super-fast growth.

Hannah asks Melissa about the exact moment she decided it was time to scale her business.
Hannah explains why she believes the first step to scaling a business is bridging the gap between where you are and where you want to be.
Melissa illustrates how having a consistent business process is all you need to achieve consistent results.
Hannah and Melissa go through the benefits of consistently showing up in your business, even when you don't feel like it.
Melissa explains why sometimes it's okay to just "wing it" in your business and figure things out as you grow.
Hannah describes why she feels having a well-defined business process makes it easier to identify the cogs in your systems that need changing or updating.
For Melissa, learning never stops when running a business - sometimes you learn lessons the hard way, but the trick is not making the same mistake twice.
Melissa goes through why your objective as a business owner is to go after explosive growth - however, super fast growth can come with its own set of struggles, which you should be prepared for.
Hannah and Melissa agree that the key to maintaining business growth is to have scalable and replicable processes at all levels of the business.
Melissa explains that growing a business means working with more clients, data, and resources - your business should be able to handle all these new responsibilities before you decide to scale.
Hannah reveals that one of the most painful parts of scaling a business is acknowledging that the business will outgrow some employees, and you'll have to let them go.
Melissa shares how hard it can be to let go of employees, no matter the reason - but letting go of people has to be done nonetheless.
Hannah asks Melissa if she has a business coach to guide her through the process of scaling her business.

Mentioned in this episode:

success@ilovebookkeeping.com

How to Sustain Your Business While Saying No to Clients Outside Your Niche with Brandy Derrick Aug 02, 2022

Show notes

Scared to niche down? Wondering what to do with the clients outside your niche once you niche down? Co-hosts Hannah Robinson and Melissa Honan talk to Brandy Derrick from Legal Ease Bookkeeping - they discuss the benefits of having a niche, what to do with clients outside your niche, and the only time it makes sense to fire a troublesome client.

Brandy Derrick is the owner of Legal Ease Bookkeeping - she helps attorneys grow their law practices by making financial statements easy to understand while teaching accounting professionals the ins and outs of legal bookkeeping.
Brandy shares her journey into bookkeeping and what she learned running books for her father's multiple businesses.
Melissa asks Brandy about the benefits of running a virtual bookkeeping business - and what it's like to serve clients in 27 states.
Brandy describes the moment she decided to niche down and what she did to gather information about attorneys and businesses in her niche.
Hannah asks Brandy what it's like working with people who know the law from A to Z.
Brandy shares how she got started in bookkeeping - and why she decided to start her own company with a specific focus on providing bookkeeping to attorneys.
Hannah asks Brandy how she finds new bookkeeping clients and the places she believes her accounting leads like to hang out.
Brandy reveals the pain points she endured during the first few months of her niching journey.
Melissa and Brandy agree that trying to retain clients who cause a lot of friction in your business is never worth the trouble.
Brandy reveals her favorite part of running a business - she also admits that running a business is not easy but can be a very rewarding journey.
Melissa asks Brandy what she would recommend bookkeepers do when diving into the world of legal bookkeeping.

Mentioned in this episode:

Brandy Derrick on LinkedIn

Legal Ease Bookkeeping - legaleasebookkeeping.com

success@ilovebookkeeping.com

Becoming an Expert in Your Niche: How Deep Should You Go? with Brooke Swan Jul 28, 2022

Show notes

Do you really need a niche to grow your business? If so, how deep should you go? Co-hosts Hannah Robinson and Melissa Honan talk to Brooke Swan from Clarity Bookkeeping - they discuss the process of finding a niche, how long it takes to build a strong brand within your niche, and break down a simple strategy you can use to generate more business referrals.

Brooke Swan is the Owner and CEO of Clarity Bookkeeping and Consulting - she has helped hundreds of business owners reach their goals and even enjoy accounting.
Hannah asks Brooke what made her want to niche down and why she settled on service-based businesses.
Brooke describes how her business has evolved since the last time she was interviewed on ILB.
Hannah asks Brooke how much time it took to completely niche down in her business.
Based on her experience finding and working in one specific niche, Brooke believes building your business around a niche almost always guarantees business growth.
Brooke explains the challenges of adding new services to your business - and what it means to uniquely position yourself based on price point, service quality, and service offering.
Brooke reveals that her favorite thing about having a niche is the confidence that comes with understanding all types of client needs.
Hannah underlines the benefits of being detail-oriented as a bookkeeper.
Brooke talks about the pains of working with service-based industries - and the level of detail that goes into bookkeeping for businesses that still believe in brick-and-mortar accounting.
Brooke shares her experience using Content Snare to onboard clients, collect documents, and process queries in her business - she also reveals some of the other tools she uses to serve her clients better.
Brooke talks about how she built a thriving business based on referrals - and how referrals from the BNI community almost tripled the size of her business.
Melissa asks Brooke what she would recommend for new bookkeepers to guarantee business growth.
Brooke reveals that, as an introvert, she's not a big fan of networking events but attends them nonetheless, for the sake of her business.
Hannah, Melissa, and Brooke agree that the easiest way to get the most out of networking events is to go after building relationships instead of trying to sell.

Mentioned in this episode:

Clarity Bookkeeping - claritybkpg.com

success@ilovebookkeeping.com

Why It's Important to Define Your Bookkeeping Niche with Tyler Otto Jul 26, 2022

Show notes

Niching down in your bookkeeping business is important. But how do you go about finding and growing a niche? Co-hosts Hannah Robinson and Melissa Honan interview Tyler Otto from Speciality Bookkeepers – they define what a business niche is, why you need to build your business around one, and how to find a niche that's perfect for your brand.

Tyler Otto and his wife are the owners of Specialty Bookkeepers, a firm that specializes in serving medium to large hospitality-based businesses. His company leverages technology to simplify clients' financial processes and drive profit.
Tyler shares his origin story on how he transitioned from a corporate finance job into running a bookkeeping business.
Hannah asks Tyler why he decided to focus his business on a particular niche and why he chose the hospitality industry.
Melissa strongly believes the more successful bookkeeping businesses focus on one specific niche - Tyler is quick to agree and explains the drawbacks of running a business that serves all types of clients.
For Hannah, marketing to a particular niche is all about going to where your client goes and getting in front of them.
Melissa asks Tyler how long it took him to completely niche down and primarily focus on hospitality clients.
Hannah describes why bookkeepers must niche down once they hit a specific level of business growth - she also adds that niching down means focusing more on quality rather than quantity of service.
Melissa asks Tyler how new bookkeepers can find the right niche, attract new clients, and run successful marketing campaigns in their new niche.
Tyler reveals the true meaning of his company culture, "Flexible Schedule Employer" - and why today's employees are more interested in flexibility and great working environments.
Based on his experience running an accounting business, Tyler believes scaling a company and successfully delegating duties is the most difficult thing to get right.
For Tyler, successfully scaling your business will only occur when your team no longer depends on you for leads and new business.
Hannah, Melissa, and Tyler all agree that the bookkeeping community is truly special based on how businesses collaborate with each other.
Tyler explores how building strong relationships with both clients and employees is critical to growing healthy businesses.

Mentioned in this episode:

Tyler Otto on LinkedIn

Specialty Bookkeeping - specialtybk.com

success@ilovebookkeeping.com

How to Keep Your Originality Within Your Niche Jul 21, 2022

Show notes

How important is originality in your bookkeeping business? Are you constantly looking for unique ways to innovate and develop new ideas within your niche? Co-hosts Hannah Robinson and Melissa Honan discuss how bookkeepers can build authenticity and originality in their niche and develop new, creative ways to serve their clients and create content.

Hannah explains how the foundations of originality in business are built on consistently trying new things, and on being okay with things not working out sometimes.
Melissa talks about authenticity within your niche and how creating authentic content drives audience engagement.
Hannah asks Melissa how she effortlessly manages to stay original in her business. Her answer is she focuses on being as authentic as possible.
Melissa describes the benefits of coming up with original ways to serve clients as a small business owner. She also shares how you can build originality & uniqueness in your branded elements.
Hannah and Melissa agree that taking risks when creating content is the fastest way to originality in business. They also outline a simple way to bridge the gap between idea generation and actual implementation.
Hannah shares her thoughts on originality and why this critical skill is often overlooked in business.
Melissa explores the benefits of collaborating and brainstorming with other content creators in your niche.
Melissa explains why making mistakes is okay, as long as you learn from them.
Melissa describes her content creation process, and she explains why she believes success demands patience and trusting your ability to make things happen.
Hannah and Melissa reveal effective strategies to help you overcome an idea drought and develop new ideas.
Hannah and Melissa agree that people lose originality when they start comparing themselves to others.

Mentioned in this episode:

success@ilovebookkeeping.com

Tips For Getting the Most Out of Trade Shows Jul 19, 2022

Show notes

Would you like to get the most out of your next trade show and walk away full of leads, prospects, and new connections? Co-hosts Hannah Robinson and Melissa Honan discuss how bookkeepers can get the most out of trade shows, maximize their presence at exhibitions, and ensure they achieve a positive ROI.

Hannah and Melissa talk about how intimidating it can be to run an exhibit at a trade show, especially if you're an introvert.
Melissa explains the difference between selling a product and selling services at a trade show.
Hannah describes easy ways to gain the most from a trade show even if you're operating on a budget.
Hannah and Melissa agree that you don't have to exhibit at hundreds of trade shows to drive leads to your business - sometimes simply going to the right ones is more than enough.
Melissa reveals simple strategies you can use to minimize costs and still stand out at a trade show.
Hannah and Melissa go through display tips and ideas to help your exhibit stand out at a trade show. They also describe the proper way to arrange your booth for approachability and friendliness.
Hannah reveals why it's always best to manage your expectations when determining the ROI from a trade show.
Hannah describes why it's never a good idea to jump into sales mode whenever a prospect steps into your booth. She explains that the first step is to build a relationship and then pitch your service.
Melissa goes through simple but fantastic promotional giveaways that make it easy for people to remember you. She also shares her go-to memorable giveaway that always leaves an impression on prospects.
Hannah asks Melissa what the proper attire for a trade show would be. Melissa's answer is simple: don't overdress and keep with the theme of the trade show.
Hannah and Melissa discuss the dos and don'ts of following up and nurturing leads after a trade show.