Cooler evenings, changing leaves and pumpkin-spice everything can only mean one thing: fall is coming!
For business owners and tax professionals, fall is also the perfect time to step back from the daily grind and make a few strategic moves before year-end.
Here are 10 things you can do this fall that can strengthen your business, increase profitability, and make your life easier going into the new year.
1. Review your profitability.
Look at your revenue by service, client and staff member. What is actually making you money and what is consuming time without producing enough return? Identify one or two changes you can make before December 31.
2. Look for new revenue opportunities.
What additional services could you offer to the clients you already have? Tax planning, advisory services, business consulting, bookkeeping, or year-round tax support can create meaningful recurring revenue without requiring you to find an entirely new client base.
3. Build a year-end tax planning process.
Fall is prime time to move beyond tax preparation and into proactive planning. Review your business clients now and identify opportunities to reduce their tax liability before year-end. The earlier you start, the more options you have.
4. Evaluate your pricing.
When was the last time you reviewed what you charge? Look at your most valuable services and consider whether your pricing reflects the value you provide, not simply the hours required to deliver them.
5. Identify what you should stop doing.
Not everything on your to-do list deserves your time. Look for repetitive, low-value tasks that could be automated, delegated or eliminated. Your calendar is one of your most valuable business assets.
6. Strengthen your team.
If too much depends on you, start fixing it now. Determine which responsibilities could be handed off to employees, contractors or technology. Building capacity before busy season is far better than trying to do it in the middle of one.
7. Define your ideal client.
Get specific. Who do you serve best? What problems do they have? What do they value? What are they willing to pay for? The more clearly you define your ideal client, the easier it becomes to market, sell and deliver the right services.
8. Ask your clients what they need.
Your clients can tell you exactly where your next opportunity is. Ask what frustrates them about their current tax and accounting experience, what they wish you offered, and what would make working with you more valuable.
9. Build your social proof.
If you don’t have enough current reviews and testimonials, start asking. Positive client experiences are one of the most powerful ways to differentiate your firm in a marketplace where prospective clients have plenty of choices.
10. Plan for next year, not just your year-end.
Don’t wait until January to decide where your business is going. Set revenue goals, identify the services you want to grow, determine what you need to delegate, and decide what you want your work life to look like next year.
Fall gives you a valuable window between the chaos of tax season and the rush of year-end.
USE IT.
Take a hard look at your business. Find the opportunities you’ve been overlooking. Make the changes now that will allow you to enter the new year with greater revenue, stronger client relationships, and more control over your time. At AICTP, tax planning makes our members’ lives easier.
And when the workday is over, close the laptop, put down the phone, and enjoy the season.
A better business should ultimately give you a better life.
