Have you ever considered that your mindset is the factor holding your business back? As an accountant or bookkeeper, you are working with numbers. How do you see those numbers? As costs or investments? Being obsessed with costs can prevent you from thriving. Today, we are looking at the importance of shifting mentally. If you can go from “What are the costs of this?” to “What do I really get from this?”, you could experience massive growth at a rate of knots.

This kind of entrepreneurial mindset can make you start thinking about the gains and return on investment. We’ve been there so here are a few lessons learned on this path of achieving a higher state of mind.

There is no easy way.

If you own an accounting or bookkeeping firm, who are focused exclusively on costs, this will lead you astray. Constantly trying to reduce costs, for example, by hiring under-qualified employees is going to take up a lot of your time. It requires supervising their every step, otherwise you would have to correct all of their mistakes. And what’s even worse is hiring under-qualified staff because that will reflect on your business and reputation. Although you would be paying them less, re-establishing a good reputation after several bad reviews is almost mission impossible.

Facebook ads can generate thousands of leads if you are ready to invest a few thousand pounds.
Do you think Facebook advertising is overrated? Or do you believe their ads are too expensive? An entrepreneur would say spending, let’s say, £1,000, can get them 500 leads, out of which 10 will book a meeting, and 5 will convert. These 5 clients are going to pay off the money spent on ads, but, most importantly – they are going to generate high revenue as well. Be mindful of ‘how you advertise’ as money spent on Facebook ads can be costly with no ROI. Either seek facebook guru groups as there are lots of FREE guidance to assist or Invest in someone who knows what they are doing!

How much do you value your time?

If you could hire someone to work on the same assignments as you but pay them a lower rate, then it would be absurd to work on your own. Hiring someone to handle some of the major tasks for you, or all of them, can give you more free time to do the things you love or to perfect your knowledge.

Paying someone is a cost but a cost that is an investment for the future in the first place. if you value your time over everything else, it simply makes sense to invest in training, advertising and new software. This is how entrepreneurs do and think. Investing your money wisely will make your business explode and give you a chance to spend your time doing what you really enjoy.

Investing in any aspect of your business is going to pay off, whether it’s marketing, paid advertising, software or tools. If you invest money in accounting software such as BookkeeperQuote, you can make your business more efficient, save up some money, set more realistic prices for your service, etc.

Summary

If you are doing nothing but trying to cut costs, it is highly likely your business won’t achieve growth anytime soon. But if you try to add value to your business and invest money into improving some aspects, there is no doubt you will get a higher return on investment. This is a simple yet efficient formula for explosive growth. It all starts with a change in your mind.

As an accountant or a bookkeeper, you should look for ways to increase the profitability of your business, and BookkeeperQuote software might be the solution that can take you there. Contact us for more info!