Taking time to work ON your business is far more valuable than the time spent working IN your business.
Now that the tax universe convention season is all wrapped up, and firms that go on annual retreats have most likely returned from those, it’s time to focus entirely on YOU.
Where do YOU want your practice to be a year from now?
How are you going to achieve YOUR personal income goal?
What is YOUR exit strategy for your practice?
These questions, and more, are the questions that you need to answer in order to establish a tax practice that works the way YOU want it to work, not the way your clients and staff dictate the way they think it should work.
This isn’t just motivational speaker mumbo-jumbo. If you own your practice, then you are the person that needs to be in control. You should run your practice on your own terms, and your staff and clients should either be on board with this 100%, or they shouldn’t be your employees and clients. If this is a difficult idea for you to conceptualize, I would highly recommend reading No B.S. Ruthless Management of People and Profits, by Dan Kennedy. This book is must reading if you have to manage other people, client relationships, and profitability — which you do if you own a practice.
You should take time to lay out your own goals, and how you’re going to implement them. During this time, you establish priorities, lay out your marketing objectives, select your marketing pieces, sequences, distribution dates. You review your staffing needs and existing staff members. You fire and hire. You review your clients — and select those that you are going to cease doing business with, for whatever reasons you wish. You look at the systems and processes that your practice runs on, and if they don’t exist, you develop them.
This is a process you can do yourself in one day. In fact, it’s a process you should do regularly, multiple times per year.
The is time to focus entirely on you. This is selfish time. Making critical decisions about how much time you want to work, how much time you want to play, how much money you want to make, when you want to cease working and how.
This process is easy to go through, once you’ve seen how it works. There are numerous books on the subject (the Dan Kennedy book above is a great starter resource). Getting together with a small group of other tax practitioners is another great way to get “you” time. Seeing how other people are implementing best practices in their tax firms, and having the opportunity to bounce ideas off other success-oriented practitioners is not only an eye-opening experience, but also an extremely productive use of your time.
In the coming weeks, there are two amazing opportunities to get together with other tax professionals to spend time working ON your business.
On Oct. 27 and 28, my friend Salim Omar is hosting his “Ultimate Practitioner Lifestyle Workshop“. Registration for this event is still open, and is something I would highly encourage you to attend.
The very next week, I’ll be in Kahului, Hawaii, on the island of Maui, for my final trip of the year before buckling down for tax season. During the weekend of Nov. 3-4, I’ve decided to host a small gathering of tax resolution professionals to spend the entire weekend working on optimizing our tax practices.
If you’re interested achieving greater systemization and process optimization for your tax resolution practice in two days than you’ve probably ever achieved before, I’d like to invite you to join me in Maui. This little workshop will be focused strictly on tax resolution services. I’ll be breaking each day into a series of two-hour topical segments. I’ll provide background instruction for about 20 or 30 minutes on each topical area, and then we’ll spend the rest of the two hour block actually implementing that topic into a plan for your tax resolution practice.
We’ll do at least four, if not five, of these sessions each day. They’ll be intense days, and we will do lunch as either a brown bag type of thing or all go out to a nearby restaurant that can accommodate a small group, because we’ll still be working.
I am not going to set a fixed price for this workshop. It will be based on the number of attendees and will simply be an even split of the cost of our meeting space. If you are interested in attending, please email me and let me know.
This will be an unprecedented opportunity for you to not only have unlimited access to me for two entire days, but also to brainstorm and IMPLEMENT with several other highly motivated tax resolution professionals.