know the pitfalls … and how to avoid them.
by w. michael hsu, cpa
are you working tirelessly but not seeing the benefits and results you deserve? essentially, do you feel trapped in the cycle of your business? if so, you’re not alone.
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many firm owners, as well as the entrepreneurs they serve, feel exhausted by their business, but it doesn’t have to be that way.
in this article, we’ll identify common signs that your business is trapping you, and show you how to optimize for freedom. by addressing these issues and implementing some simple strategies, you can reduce stress, achieve more and live a life you love.
- doing everything yourself: many firm leaders fall into the trap of doing everything themselves in their practice, thinking that it’s the best way to maintain control and save money. however, this approach can quickly become overwhelming and exhausting, resulting in feeling trapped and unable to grow.
to avoid this, learn to delegate tasks to those who can help you grow your business faster and reduce your workload. this can include hiring employees or contractors, outsourcing tasks to freelancers or using automation tools to streamline your workflow.
your newer staff, in particular, have skills and ideas. how are you leveraging those powers? if you are the firm owner and still practicing, what is your strength? delegating and using the power and skills of your staff, or even outside partners, will not only make you a better leader, but it will also build a better cas practice.
- not maximizing technology use: finding the right technologies to get the most out of your cas practice, or any aspect of your firm, can be daunting. however, investing well in this area can help you optimize your business, save time and reduce stress. for example, you can use project management tools like trello or notion, social media scheduling tools like hootsuite, and automated email marketing software like active campaign to streamline your workflow and improve your efficiency. by using technology to your advantage, you can work smarter, not harder.
in the same right, technology is not always the answer so look at your own processes and see what can be made better by technology. moreover, be honest about what can be, quite simply, a better process.
- lack of goals: one of the biggest mistakes firm leaders make is not setting clear goals for themselves or the practice as a whole. without clear goals, it’s easy to become overwhelmed and directionless, and it’s difficult to make any progress.
one effective way to set goals is by using the smart criteria. for those unfamiliar, that’s specific, measurable, achievable, relevant and time-bound. instead of setting a vague goal like “increase sales,” you could set a smart goal like “increase sales by 20% within the next quarter by launching a targeted email marketing campaign and offering a discount code to new customers.”
in building a cas practice, you need to have a destination. if it’s money, then how much? if it’s more freedom, what will you do with that time? in short, know what success means to you.
- poor time management: if you feel like you’re constantly busy but not making progress or find yourself working long hours and feeling overwhelmed, it’s likely that you need to improve your time management skills. one of the best ways to do so effectively is the pomodoro technique, which involves working in focused 25-minute intervals followed by short breaks. this can help you avoid burnout and stay productive throughout the day.
it’s also important to allocate your time wisely and avoid multitasking, as this can lead to decreased productivity and increased stress. instead, focus on one task at a time and give it your full attention. in this regard, does your cas practice have a leader or leadership team? do you have a vision or a direction? it all goes back to delegation and knowing who is doing what.
- neglecting your well-being: what good is running a cas practice if you yourself feel run down, burnt out or simply not taking time for yourself? take the time each day to exercise even a little, meditate or do something else that makes you happy. prioritizing your own well-being will not only make you a better firm leader, but it will also help you feel more fulfilled. there is little that is more important than that.
by measuring your time, identifying your priorities, using the 80/20 rule, eliminating distractions, automating repetitive tasks, delegating tasks and taking breaks, you can optimize your productivity and reach your goals.