| Many bookkeeping business owners have not | | | | businesses that have larger than average |
| taken the time to really consider the three major | | | | bookkeeping needs. By marketing specifically to |
| factors that make up their total yearly revenue. | | | | these niches you have a much better chance of |
| Fewer still have taken the time to really make a | | | | increasing your average transaction size. One way |
| concerted effort to see how they might | | | | that many bookkeepers are reluctant to |
| maximize each of the three to push hard at | | | | implement is raising your rates. If it helps you to |
| maximizing their revenue and providing maximum | | | | think of it in terms of supply and demand, then |
| value to their clients. Let's take a moment to | | | | go ahead and use marketing to get more than |
| examine the three factors that make up the total | | | | enough clients and then raise your bookkeeping |
| yearly revenue for bookkeeping businesses and | | | | rates to bring the number back down to a |
| some ideas for maximizing each of the three. | | | | reasonable number for you to actually provide |
| The first factor, as you might imagine, is the | | | | service to. I will point out for those astute |
| number of bookkeeping clients that you have in | | | | readers that you do not need to use supply and |
| your practice. | | | | demand but can immediately start with higher |
| The more bookkeeping clients you have the | | | | prices successfully. Your price is more often a |
| better. So, what are a few ways that you might | | | | reflection of your beliefs and not really a true |
| increase the total number of clients that you are | | | | reflection of the marketplace. |
| providing your bookkeeping service to? | | | | Finally, the third factor that determines your total |
| There are four ways that immediately come to | | | | yearly revenue as a bookkeeper is the number of |
| my mind, as a marketing guy, on how to | | | | transactions per year that you average client has. |
| immediately and drastically increase the number of | | | | Increase the number of transactions along with |
| clients you keep the books for. The obvious one | | | | the other two factors and you will see revenue |
| is more marketing, but that is not the whole | | | | from your bookkeeping business skyrocket. But |
| story. Better marketing is also a key factor. As | | | | how do you do that? You probably already know. |
| an aside it is not enough to just make a one-time | | | | For example, you know that you need to provide |
| improvement in your marketing, but you should | | | | amazing service to your existing clients. Happy |
| be committing to a model of constantly improving | | | | clients will seek you out for more services. |
| your marketing. More and better marketing will | | | | However there are other strategies that can help |
| get the phone ringing, but it really also takes an | | | | increase the number of transactions you can see |
| improved prospect conversion to really make a | | | | from your clients like repeatedly marketing |
| drastic improvement in the number of | | | | supplemental services to your client list. Perhaps |
| bookkeeping clients as well. Finally, the last way to | | | | your clients did not realize that you offered |
| really increase the number of clients you have is | | | | additional services. Mentioning it one time on a |
| to provide work worthy of referrals... and here is | | | | brochure you gave them during the initial interview |
| the stressed part of the sentence... and ask for | | | | is not adequate. Try some type of monthly |
| referrals. Having systems in place to | | | | contact like a newsletter to remind your clients |
| systematically ask for referrals really does have a | | | | and prospects. Another way to increase the |
| major impact on number of clients over any | | | | number of transactions you do each year is to |
| significant duration of time in business. | | | | improve your sales and conversion process. |
| The second factor that contributes to your | | | | Become better at recognizing challenges that |
| bookkeeping business's total yearly revenue is the | | | | business owners have that you can help solve |
| average transaction per client. | | | | and learn to be a better presenter of your |
| Many bookkeeping clients will have a relatively | | | | solutions to those challenges. |
| static amount of accounting work that will need | | | | In conclusion, by actively working on improving |
| to be done and attempts to increase the average | | | | the number of clients, the average transaction |
| transaction size with them will be futile, but there | | | | size per client and the number of transactions per |
| are ways to focus on increasing the average | | | | client in your bookkeeping business will truly |
| transaction size. Consider, for one, targeting | | | | maximize revenue in your business. |