What's the 'Happiness Factor' of Your Business?
Gearing up for Fall? Now is the perfect time to sit back, take a deep breath, and re-evaluate your tax business and how it’s performing for you.
CPE Link instructor Dominique Molina points out, "They say an apple a day keeps the doctor away," and adds that a critical reassessment of the health of your tax business is just the apple you need for good financial health.
Molina points out just a few of the key questions practitioners should ask themselves:
- Do you know the value of a client?
- Do you have a dashboard to stay in touch with your business from anywhere?
- Have you created an individual, tailor-made business model?
Molina, co-founder and president of the American Institute of Certified Tax Coaches and an author and frequent lecturer, also urges practitioners to look below the surface at the "happiness factor" of their business.
That factor, she says, is made up of a range of variables that include "relationships, meaningful and important work, progress toward goals, and connecting to something larger than yourself."
In the more nuts and bolts area of running a successful and satisfying business, Molina says practitioners should consider whether they "offer real value" and also whether the values of their customers have changed over time.
She urges practitioners to be more eclectic, broaden their scope and offer an array of services so that they serve varying needs of their clients.
And she says that to keep your financial house in order, make sure you always have a clear view of which of your services and products are the most popular.
by Sue Anderson - Based on 30 years of experience in continuing education for accountants. Currently program director for online CPE provider, CPE Link. Formerly with the California CPA Education Foundation managing key operational areas including marketing, program development, and distance learning.