{"id":80456,"date":"2020-12-01t12:00:59","date_gmt":"2020-12-01t17:00:59","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=80456"},"modified":"2020-12-02t12:03:57","modified_gmt":"2020-12-02t17:03:57","slug":"are-you-running-a-default-practice","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/12\/01\/are-you-running-a-default-practice\/","title":{"rendered":"are you running your practice by default?"},"content":{"rendered":"

\"sad<\/a>here’s how to start turning it around.
\n<\/strong><\/p>\n

by matt solomon<\/i><\/p>\n

if you\u2019re like most accountants i\u2019ve worked with, it\u2019s probably not in your nature to rock the boat. you much prefer the tortoise\u2019s \u201cslow and steady\u201d motto to the energetic but erratic pace of the hare. you\u2019re methodical and thorough, and those qualities make you an excellent accountant.<\/p>\n

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but any strength can become a weakness \u2013 and for accountants, those same qualities that help them execute compliance work can also be dangerous. i\u2019ve seen too many accountants whose firm is far from what they envisioned when they first set out to create their own company and the main culprit is simple, you\u2019re running a business with a \u201cworker bee\u201d mentality.
\n
\nwhen you were inspired to go out on your own, it probably looked something like this: you were working hard for someone else and knew you could earn just as much, if not more, on your own. the problem is that outside of the inspired action, little changed.<\/p>\n

when the \u201cworker bee\u201d builds their own firm, they get as many clients as they can, keep their fees competitive and lean into their strength, which is … to get to work. the problem is, working with your nose to the grindstone doesn\u2019t leave much room for dreaming or designing a lifestyle or a highly profitable firm.<\/p>\n

what is does lend itself to is what we call the \u201cdefault practice,\u201d a term our founder rick solomon came up with many years ago to describe what happens when an accounting firm owner pops their head up after years (or decades) and wonders why they are still working so hard, with clients who are less than ideal, still putting in lots of hours, and feel they\u2019re not getting paid their value or doing work that is challenging enough.<\/p>\n

what exactly is a default practice? it\u2019s the business you get if you\u2019re not making decisions that move you toward a clear goal or vision of what you want. it\u2019s a place of status quo, the company you get when you are unintentional. it\u2019s ultimately the result of a lack of consciousness.<\/p>\n

it\u2019s important to say this now: having a default practice is not your fault. you are operating with an outdated model, but that\u2019s because nobody ever showed you a different way. chances are, even your most cherished mentors were operating with an outdated model, too.<\/p>\n

so how did we get there? it starts out innocently enough, long before you become a business owner. as early as three or four years old, your parents make the choice for you to go to preschool. you don\u2019t have a whole lot of say in the matter, and that\u2019s appropriate for a toddler. then, your parents and the government determine that you need to attend elementary school, and you go to school for the next 12 years.<\/p>\n

from there, you made the choice to attend college and pursue accounting. while you have some say in the matter, there\u2019s likely a certain amount of expectation for you to get a college degree. you\u2019re on a track that\u2019s sensible and stable, and once you\u2019re in school for accounting, you might just show up and do the curriculum.<\/p>\n

next, you graduate with your degree and get your first job. whether it\u2019s a big firm or a small one, you show up every day and do the work you get assigned. the profession doesn\u2019t leave a lot of room for big ideas or significant change \u2013 you\u2019re more likely to be rewarded for putting your head down and getting the job done.<\/p>\n

at some point, you decide you want to go into business for yourself. this is a major decision, and it is definitely intentional. you want to make more money, do different work, find better clients, have more autonomy or all of the above. maybe you\u2019re interested in stepping into the role of advisor or fractional cfo. it feels empowering and exciting to consider what\u2019s possible.<\/p>\n

but once you set up shop, you realize you\u2019re not sure how to get yourself from a to b. you want a different kind of practice, but you don\u2019t know exactly what that looks like. you\u2019re unsure about how to communicate your value. you\u2019re lacking education and training in key areas that could help you stand out, and you don\u2019t have the knowledge or skills to effectively price, sell and deliver your services.<\/p>\n

because you don\u2019t know how to get it done, you start to fall back into old familiar patterns. it feels hard to find advisory work, so you start taking on more tax returns. your ideal clients aren\u2019t materializing, so you take on a bad client or a small project. you negotiate against yourself and end up doing more work for less money. your business starts to grow just enough for you to get by, so you put your head down and do more of the things that are helping you eke out a living. you\u2019re in survival mode, and without realizing it, your business is moving in a direction you didn\u2019t choose.<\/p>\n

five years later, or 25 years later in some cases, you look around and you\u2019ve got a default practice. you\u2019re tired and burnt out. your company feels like a prison of your own making. it\u2019s not very lucrative, and if you are making decent money, you do it by making tradeoffs that affect your lifestyle: time with your family, vacations and downtime, even your health and well-being.<\/p>\n

if you\u2019ve realized that you\u2019re running a default practice, one that just \u201chappened to you,\u201d don\u2019t despair. you can transform your business, starting today. awareness is the critical first step.<\/p>\n

but now that you\u2019re becoming aware of a better way to operate, it will be your responsibility to make choices that lead you to greater possibilities.<\/p>\n

take action:<\/strong><\/p>\n

block off your schedule for 30 minutes.<\/p>\n

ask yourself these questions about your practice:<\/p>\n