Episode 59: Creating a Scalable Bookkeeping Business Model: A Step-by-Step Guide

Mar 27

Heads up: I use affiliate links for my fave products. If you click and purchase, I may receive a small commission at no extra cost to you.

Conquering Workflows & Systems for Bookkeepers & Accountants podcast with Alyssa Lang, founder of Workflow Queen and Magnetic Bookkeeping & Consulting. Episode topic: Creating a Scalable Bookkeeping Business Model: A Step-by-Step Guide

In this solo episode, Alyssa Lang covers the essential elements of creating a scalable business model for your bookkeeping firm from standardizing processes, building the right team and implementing strategic growth strategies.

In this episode you’ll hear:

How to standard your processes and systems to make things more efficient
How to build a hig-performing team by cultivating a powerful company culture
How to implement growth strategies that will take your business to the next level

Resources mentioned in this episode:

⚙️ Loom

⚙️ Scribe How

⚙️ Asana

💻 Kickoff with Asana for Bookkeepers & Accountants

💻 Workflows in a Weekend for Bookkeepers & Accountants

💻 Breakthrough for Bookkeepers & Accountants

⚙️ Zapier

💻 The Motherload of Email & Form Swipe File

⚙️ Bookkeeper Launch

Listen to the Full Episode here 👇🏼

🎧 Listen on iTunes ⇨ Click here

🎧 Listen on Spotify ⇨ Click here

🎧 Chose another listening platform ⇨ Click here

If you're sitting here thinking, “what actually makes for a scalable bookkeeping business?”, then this is for you. I'm going to be breaking down the nitty-gritty for what it takes to be a scalable business. That means taking your business to the next level and breaking through all of those different barriers and all those different issues that really take you to that next notch up.

The Three Pillars of Scalability

In the world of bookkeeping, growth isn't just about adding more clients to your roster; it's about building a solid foundation that can support expansion without causing you to burn out. Let's break down the three core strategies that can take your business to the next level:

1. Standardizing Processes and Systems

First off, let's talk about the backbone of any scalable business: standardizing your processes and systems. If you've ever found yourself redoing tasks because you forgot how you did them last month (come on, we've all been there), then you know the importance of having a set process in place.

Imagine having a playbook for every task in your business, from onboarding new clients to reconciling bank accounts. Not only does this save you time and prevent headaches, but it also makes it a breeze to bring on new team members. They can hit the ground running without you having to hold their hand through every step.

Documenting Your Workflows

Start by mapping out every task you perform, from client onboarding to monthly reporting. Use tools like Loom for video documentation or Asana for written procedures. This not only helps you stay organized but also makes it easier to delegate tasks later on.

I once spent an entire weekend documenting my workflows. It was tedious, but the next time I had to onboard a client, it was a breeze. I simply followed my own instructions, saving time and avoiding errors.

Creating Templates and Checklists

Develop templates for repetitive tasks and checklists for complex processes. This ensures consistency and quality in your work, regardless of who's doing it.

For every new client, I use a standardized onboarding checklist in Asana. It's like my secret weapon for never missing a step, from setting up their cloud accounting software, to scheduling the initial review meeting.

Leveraging Automation Tools

Identify tasks that can be automated, such as data entry, invoice generation, or even email responses. Tools like Zapier can connect different applications to automate workflows, saving you countless hours.

Automating my invoice reminders transformed my cash flow. No more awkward follow-ups, just smooth, automated emails that politely nudge clients to pay on time.

Remember the time I tried to onboard a client without a standardized process? It was like trying to bake a cake without a recipe. Sure, I had all the ingredients (client information, software access, etc.), but without clear instructions, I ended up with a mess that took twice as long to clean up. Lesson learned: document, document, document!

2. Building a High-Performing Team

Now, onto the game-changer: building a high-performing team. I know, I know, you started this business to be your own boss, and the thought of managing a team might seem scary. But hear me out. A team doesn't have to mean a huge office full of people; it can be as simple as one or two individuals who complement your skills and help carry the load.

The key here is to find people who share your vision and values but bring their own strengths to the table. And remember, hiring is more of an art than a science. It's about finding the right fit, not just filling a seat.

Hiring for Fit and Skill

Look for individuals who not only have the necessary skills but also fit your company culture. Use detailed job descriptions and structured interviews to assess candidates thoroughly.

My first hire was more about gut feeling than fit. It didn't end well. Now, I use a combination of skill tests and culture fit interviews, which has significantly improved my hiring success rate.

Training and Onboarding

Develop a comprehensive training program that covers your business's tools, processes, and expectations. This makes sure new hires can contribute effectively from the start.

Investing time in creating training videos and documentation paid off when I hired my second team member. They were up to speed in half the time it took to train my first hire.

Fostering Team Development

Encourage continuous learning and development within your team. Regular feedback sessions, performance reviews, and opportunities for professional growth can motivate your team and improve their performance.

Implementing bi-weekly check-ins with my team led to a 30% increase in productivity. It created a space for open communication and quick resolution of any issues.

Here's a Fun Fact:

The first time I hired someone, I was terrified. Would they get my vision? Could I trust them with my clients? Fast forward a few months, and I couldn't imagine running my business without them. They brought fresh ideas to the table and allowed me to focus on growth strategies instead of getting bogged down in day-to-day tasks.

3. Implementing Growth Strategies

Last but certainly not least, let's talk growth strategies. Scaling your business isn't just about working harder; it's about working smarter. This means setting clear goals, exploring new markets, and maybe even niching down to serve a specific type of client.

But here's the kicker: growth strategies are not one-size-fits-all. What works for one business might not work for another. The secret is to keep testing and tweaking until you find what works best for you.

When I decided to niche down and focus on serving creative agencies, it was a game-changer. Not only did it make marketing easier (I knew exactly who my ideal client was), but it also allowed me to become an expert in a specific field, which, in turn, attracted more clients.

Setting Clear Goals

Define what success looks like for your business, both in the short term and long term. Break these down into actionable objectives.

Each quarter, I set specific growth targets, such as increasing revenue by 10% or adding five new clients. This keeps me focused and drives all my strategic decisions.

Exploring Expansion Opportunities

Look for new markets or niches that align with your expertise. Consider offering new services that complement your existing offerings.

When I noticed a trend in e-commerce businesses needing bookkeeping services, I dove in. Specializing in this niche doubled my client base in six months.

Leveraging Marketing and Branding

Develop a strong marketing strategy that highlights your unique value proposition. Use social media, content marketing, and networking to build your brand and attract new clients.

Starting a blog on bookkeeping tips for small businesses not only positioned me as an expert but also led to a 40% increase in inquiries from potential clients.

Wrapping Up

Creating a scalable bookkeeping business model doesn't happen overnight. It requires strategic planning, the right tools, and a team that shares your vision. By standardizing your processes, building a high-performing team, and implementing strategic growth plans, you're setting your business up for sustainable success. Remember, the goal is to work smarter, not harder, and these steps are your roadmap to achieving just that.

So, what's stopping you from taking your bookkeeping business to the next level? Let's chat in the comments below or hit me up on social media. I'd love to hear about your journey and maybe share a few more embarrassing anecdotes along the way, HAHA!

Thanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me, @workflowqueen For more information about the Conquering Workflows & Systems for Bookkeepers & Accountants Podcast or interest in our programs or mentoring visit our resources below:

Visit our website: workflowqueen.com

Follow the Blog: workflowqueen.com/blog

Connect on LinkedIn: linkedin.com/in/alyssa-lang-wq

Connect on Instagram: instagram.com/workflowqueen

Connect on Facebook: facebook.com/workflowqueen

Podcast Publishing Tools we use: