Start-Up Success: 5 Business Owner Responsibilities to Note
Being a business owner is a far cry from being an employee. Your responsibilities are piled upon one another as you try to be on top of every small detail in your firm. From client relations to payrolls, you have to ensure that everything is working smoothly. Indeed, starting an accounting business is no easy task. Here are some key responsibilities you should note to become a fast-growing startup firm.
1. Being the principal strategist
Have a clear vision of your firm’s purpose and objectives. Do your research and follow a strategic plan for your business decisions. You have to think smart to minimize mistakes and unnecessary costs. A properly laid out plan and strategy will help you envision your firm’s growth and the concrete ways to achieve it. Compile all of this information in a business plan to help you (and your partners) track the development of your firm.
2. Marketing your firm
Especially for smaller businesses, building a client base takes time. In doing so, you have to promote not only your services, but your firm as well. Provide offers that make you stand out from other firms in the industry. As a start-up, you can offer lower prices for your accounting firm services to attract clients. Then, provide output and performance well beyond the client’s expectations. You may not have a huge initial return of investment, but in the long run, this will help you create a name in the industry.
3. Choosing the right client
The success of your firm relies more on the quality rather than the quantity of your clients. You may have a long roster of clients, but they may not be the perfect fit for your firm’s expertise. While it is good to have a wide range of skills, it is more advisable to develop a specialty to play more to the strengths of your people. Having a well-defined niche will help you choose the right client for a harmonious relationship.
4. Hiring and leading the right team
Your people are an integral part of your firm’s success. Aside from their academic achievements, look into their attitude towards work, their communications skills, and their drive to achieve your company’s goals. The success of your business relies heavily on a strong foundation -- one that your employees will build. As a business owner, it is your responsibility to establish meaningful relationships with your employees. This way, you can properly assign tasks to the right people to achieve optimum results.
5. Being a business owner first
It is common for new business owners, especially previous accountants, to have the itch to do accounting work for their firm. However, as a business owner, you should understand that your responsibility is to trust your people and delegate tasks for them to accomplish. Let go of the accounting work and learn to focus on the business aspect of your firm.