I’m pretty sure that making as much money as possible – by working as little as possible is the dream (and a new year’s resolution) for all of us!
After all, time is the most valuable we have. It is finite, it moulds the essence of our existence and really, there is nothing more important that spending it happy, with loved ones, doing what we love.
So then, how do we free up our time – while making MORE money?
Here are some tips that I’ve witnessed – and experienced firsthand – over the past 22 years designed to help you create a successful business that you’re essentially working ON and not IN…
(1) Streamline your operations
Step back – map out your systems and identify where and how things could be done more smoothly. This could involve automating repetitive tasks or reorganising workflows to reduce bottlenecks. While you’re there, review your expenses – particularly your recurring ones – are there any unnecessary subscriptions that you can bypass simply by streamlining your systems? This step may seem totally obvious however you’d be surprised how difficult it can actually be to set aside the time to actually take the high-level snapshot and analysis of your processes when you’re running a busy business. If your business is seasonal, use the quieter times of year to refine your processes – commit to at least partially sacrificing your “time off” – you’ll thank yourself later when you’ve successfully created a business that runs seamlessly without you!
(2) Expand your offerings
Think about what extra products or services you can offer your customers – that will generate you more revenue – but won’t really cost you much more to offer. For example – a lunchbox manufacturer also offering drink bottles, lunchbox cases, tupperware etc. Here at Freshwater, we offer all tax return clients the opportunity to chat with our mortgage broker, our self-managed super specialist, our financial planners, and a variety of other financial specialists. Not only will this practice (called “upselling and cross-selling”) increase your revenue, but it will deepen your relationship with your customer.
Think about what you do – your systems / processes- and how these service your current market. Are there new markets that these systems could also service?
(3) Improve your marketing & sales strategies
Optimise your marketing efforts by focusing on your target audience. This can lead to a higher conversion rate and increased sales without necessarily increasing the amount of time you spend on marketing.
Is your market scrolling social media? If so – what will your posts need to contain in order to cause your market to stop, scan your post and take action? Generally speaking you have a few seconds at most to capture the attention of your market – so be sure to use those wisely!
Customer retention: Invest in strategies to retain your existing customers. It’s often more cost-effective to keep a customer than to acquire a new one. Loyal customers also tend to spend more over time.
At Freshwater Tax, we are heavily focussed on the customer experience and on consistently providing the best possible customer service with every task and communication. Recently we have introduced text and Whatsapp messaging as a way to improve our connection with our clients and soon we will be bringing in accountant surveys as a further way of ensuring that we continue to bring you the best possible customer service in 2024 and beyond.
(4) Leverage Technology
These days especially, it is absolutely essential that you stay across all the latest technological trends in your industry – or you risk falling behind. When I started Freshwater Tax, almost 12 years ago now – we were one of very few, online Australian accounting firms. Back then, most people visited their accountant in person and video calls were rare / non-existent. Of course, as the years went on – especially when COVID hit – all of this changed. Nowadays, there are plenty of online accounting firms in our market and what I’ve specifically noticed is that if we don’t invest in Google Ads during tax season (like most of our competitors do)- our google statistics actually drop compared to other times of the year. More to the point though, I really find it crucial to stay across all the latest developments in technology for online accounting firms – and online businesses generally – in order to stay competitive and to be able to provide a seamless customer experience. Automation tools that save time and improve efficiency are absolutely essential for tasks such as customer relationship management, email marketing, and social media scheduling. Enhancing your online presence generally and exploring e-commerce options / selling products or services online can significantly expand your reach without requiring a proportional increase in effort.
(5) Strategic collaborations
Consider forming partnerships with other businesses that complement yours. Joint ventures can open up new markets, reduce costs, and lead to mutual business growth. Similarly, affiliate marketing programs where others promote your products or services in exchange for a commission on sales allows you to reach a wider audience without direct effort on your part. Again, our relationships with our external financial specialists mentioned above is a perfect example of how we make use of strategic collaborations here at Freshwater to assist our business growth.
(6) Love what you do – outsource the rest
Truthfully, I don’t perceive the activities that I conduct for our business on a daily basis as “work” most of the time. Why? Because I genuinely love what I do. It’s so important to discover a way to infuse joy and passion into your work, making it not just a routine but a source of excitement.
While outsourcing may initially cost you more, in the long-term it will enable you to work less and scale-up your operations significantly. Depending on where your business is at – and where you are at financially, it can be scary to take the first few steps towards scaling up. The key is to do it slowly and carefully, starting with outsourcing your most mundane and repetitive tasks (such as your admin or bookkeeping) first and moving up from there. You’re not going to achieve this overnight and patience is key!
If you’re currently running a business and feeling like you’re working too hard, for a low return, definitely stop and consider the strategies above. For more information, for the detail of our affordable bookkeeping & Virtual CFO program, or for a chat with our team – don’t hesitate to get in touch.
Happy New Year 2024 🚀
