Every activity within your practice requires, at some stage, trust to let someone else handle it. From doing your client’s work to letting someone else do your own work.
My Division 7 work or “Accounts”, which involves bookkeeping is done by a person in the Philippines. It not only freed me from being a prisoner in my business but it’s a low-level activity that would cost my business a lot of money for me to do since I was the highest cost employee of the business versus producing more value for my business by working on other areas that grew the business.
Working “On” the business instead of “In” the business is a better utilization of the wages that were paid to me by my business.
Separating ownership from occupation will help put a value on your time.
“But what if there would be too much information disclosure?”
Yes, there are good and bad employees and it’s about identifying the right employees. This is the challenge that all businesses are faced with.
The focus should be on hiring the right employees rather than worrying about what a bad employee will and won’t do.
There are millions of businesses out there where certain employees have access to private information. This is not unique.
If you experience a bad employee, the success rests on being able to “get back on the horse” until the right employee is found.
Otherwise, you will never let go and stay a prisoner of your business.
P.S. Whenever you’re ready… here are 4 ways we can help you grow your Accounting or Bookkeeping business:
1. Download a free copy of our book – The Accountants 20 Hour Workweek
In this free book, we highlight the No.1 strategy that’s had the biggest impact on building our own practice to run without the owners – Click here
2. Join our free Wize Accountants Mastermind group
It’s our new free online community to share daily insights, tips and free tools to grow your practice — Click Here
3. Save $’000s in your practice every month with this new program
We’ve just released a new practice acceleration program which will help you save money and time every month whilst taking your practice to a new level of growth. See if you qualify – Click here
4. Build your firm to run without you
We have the step-by-step plan to grow a seven figure profit practice that can run without the owner. Would you like it? – Click here