Here’s How to Plan a Bookkeeping Business in 2021

How do you create a strategic plan for the Bookkeeping Business? What’s the best way to come up with your primary offering?

To locate new clients, market your bookkeeping services. You are choosing the appropriate technologies and so much more! But all things start with a good Strategic Business plan.

Create A Strategic Plan

In this chapter, I’ll show you how to make a fundamental strategic plan to help you get your full-time or part-time business up and operating in your first year.

You’ll start with a long-term vision of what you want your company to accomplish and move backward to determine current objectives.

You’ll have a clear roadmap for your firm in its first year after finishing this stage.

Step 1: Establish Your Goal

You should probably know why you’re launching an accounting business in the first place if you’re beginning one.

This “why” is your company’s mission, and it must be crystal obvious to you, your staff, and your clients.

For Example

When I decided to open an accounting firm, I wanted to make accounting and bookkeeping painless and straightforward for small business owners.

This single remark served as the checkpoint for all subsequent business choices. I’d be piloting a ship without a rudder if I didn’t have it.

Writing down your business’s mission should be the first stage in your strategic plan in your first year. Also, don’t overthink things. It should be clear what you’re trying to achieve.

Step 2: Establish A Target Market

After you’ve established your firm’s mission, you’ll need to figure out what your ideal client profile looks like early on in your first year.

When it comes to how to establish an accounting firm, I propose creating a persona for your ideal client:

• In which industries do they work?
• What difficulties do they face?
• How many people do they employ?
• How much money do they make?
• What are their thoughts?
• What do they value the most?

You’ll better focus your marketing activities, which we’ll explore later if you create a transparent target market.

Step 3: Establish A Long-Term Goal

Prioritizing choices, projects, and initiatives become complex if you don’t know what you’re working towards down the line.

To set a long-term goal, do the following:

1. Set a deadline for yourself. It may be five, ten, or twenty years. You choose the day that is most convenient for you.
2. Consider what you want your bookkeeping or accounting firm to do by that deadline. It should be a quantifiable and ambitious objective. Perhaps it’s a monetary goal, such as generating $1 million in revenue or servicing 1,000 small companies.
3. It might also be something less quantitative, such as Susan G. Komen for the Cure’s goal of “a world without breast cancer.”
4. Please choose a quantifiable long-term goal. It’ll be simple to tell if you’re on track or not.
5. Please make your own and include it in your strategic plan.

Step 4: Make A One-Year Plan

You’ll work backward to build a one-year plan for your full-time small business once you’ve defined a long-term goal for how you want to start an accounting firm.

To do so, follow these steps:

For Example

• You can opt to finish your initial 1-year plan after your fiscal year or calendar year. It may happen in as little as six months.
• Estimate the amount of money you’d like to make at that time in the future.
• Calculate your profit margin at that time in the future.
• You should almost certainly back it up with a prediction.
• Make a list of 3-7 concrete, measurable, and realistic goals to meet by that date.
• These short-term goals will keep you on pace to meet your 1-year plan, which should align with your 10-year destination.

Here Are Several Examples:

• Employ a personal assistant.
• Obtain 50 new customers
• Create a website

Some Words of Wisdom:

• The more projects you add, the more difficult it will be to complete them all. As a result, it’s preferable to concentrate on only 3-7.
• Make sure your objectives are clear and quantifiable. It’s difficult to dispute the examples I presented above. You either got them or didn’t get them.

Step 5: Create Your 90-Day Rocks

Let’s break down your one-year strategy into 90-day priorities (aka rocks): Select a future date, just like you did previously. It will most likely happen after the next fiscal or calendar quarter.

Break down the 3-7 goals you set in your 1-year plan into 3-7 precise, quantifiable, and realistic priorities for you to tackle in the following 90 days.

For Example

If one of your 1-year objectives is to acquire 50 small companies by the end of the year, one of your goals for the following 90 days may be to attend 15 networking events and create ten blog articles to aid with prospecting.

Write down your rocks to finish your simplified strategic plan on establishing a bookkeeping business, accounting firm, or CPA firm.

How to Start a Bookkeeping Business: Rinse and Repeat?

Don’t worry if your small business plan for beginning an accounting firm isn’t flawless. Starting a new full-time business and implementing a new business structure isn’t simple.

Every 90 days, you’ll revisit your strategic plan to revise it and reset your rocks.

It is only the first step in learning how to start a bookkeeping business or an accounting firm. Let’s move on to the next chapter.