The 3 Obstacles To Growing Your Professional Services Firm
At Affluence Chartered Accountants, we specialise in working with high-growth professional services firms in Perth, such as law firms, engineering and consulting firms, real estate agencies, etc.
Typically, our clients are young and ambitious and have put their firm on a high-growth trajectory.
In conjunction with a busy family life and personal financial pressures (mortgage, lifestyle, school fees, one main income), the rapid growth of your business comes with its own challenges.
Here are the 3 main obstacles we see with our professional services clients:
1) Technician Vs Manager
Many business owners started as ‘technicians’ – you have a passion for what you do and are at the top of your profession. You decided it was time to work for yourself and be the master of your own destiny.
But, growing and running a successful business is a different kettle of fish – you now have to ‘manage’ clients and their expectations, staff, suppliers, financiers, etc.
Perhaps this isn’t quite what you signed up for, as you spend less and less time doing what you love…
2) Lack Of Planning
It is both surprising and daunting to see how many businesses still do not engage in formalised and regular business planning.
Our view on this: failing to plan is planning to fail.
We recommend engaging in quarterly business planning that covers critical areas such as staffing, budgeting and forecasting, strategic planning.
3) Lack Of Working Capital/Cash Flow Pressures
Your business is growing rapidly, you are constantly putting on new staff, debtors are blowing out, tax obligations are catching up with you all the time…
Yes, you might be profitable, but why is there no money on the bank?
You are frustrated that you are not able to draw any profits.
How To Manage Growth In Your Professional Services Firm
We help our professional clients navigate these issues all the time, and provide valuable business advice rather than just tax and accounting services.
If any of these symptoms sound familiar, and you are in need of professional guidance and support, please do not hesitate to contact us via Mitchell@affluenceca.com.au.
Over the next few weeks, we will provide some further insight into how we assist our professionals services clients.