For many accounting professionals, the journey toward establishing a practice is far from linear. It's not uncommon to stumble into an accounting or bookkeeping business unintentionally, similar to Patricia Hendrix's journey to founding Ten Key Business Solutions. However, a thriving practice demands more than accidental success; it requires intentional planning and the right focus, particularly on the kind of services you offer. This is where the concept of 'Ideal Services' comes into play, a vital aspect of Woodard's 7 Components for building an Ideal Practice.
The Inception of Ideal Services
The term 'Ideal Service' isn't just a label; it's a comprehensive approach towards defining what your practice should be offering. Unlike accidental service development, which Patricia touched on in her article, 'Ideal Services' should align with your vision, mission, and purpose. They are not just the services you can offer but the services you should offer, given your unique value proposition and the demands of your ideal client base.
Qualities of an Ideal Service
- 1. Vision-aligned: The first quality of an ideal service is its alignment with your overall vision for your practice and life. If a service doesn't resonate with your 'why,' it's likely not an ideal fit for your practice.
- 2. Mission-specific: Your services should be refined enough to fit within the broad strokes of your mission statement, serving as an executable plan to achieve your overarching objectives.
- 3. Purpose-driven: The ideal service will help fulfill the change you wish to enact in the world. Whether you aim to simplify accounting for small businesses or help large corporations optimize their financial strategies, your service should serve as a means to that end.
The Benefits of Defining Your Ideal Services
Defining your 'Ideal Services' serves multiple goals:
- Client Alignment: Ideal services naturally attract your ideal clients, forming a strong client-practice relationship based on mutual benefit.
- Wealth Creation: These services not only bring about monetary gains but also contribute to the intangible wealth of both the provider and the client, like work-life balance, stress reduction, and fulfillment of shared goals.
- Profitable Pricing: Ideal services allow you to move away from the outdated hourly billing model, enabling value-based pricing that reflects your true worth.
- Scalability: When your services are ideal, they can be more easily standardized, automated, and, therefore, scaled, liberating you to focus on higher-level tasks to propel your practice forward.
Your Next Step
As you refine your services to align with your ideal model, it's equally important to be willing to discontinue services that don’t fit this vision. Inventory your current offerings, and don't hesitate to transition away from services that are not congruent with your practice’s aspirations.
Interested in diving deeper into shaping your ideal accounting practice? The Woodard Ideal Practice Symposiums offer an invaluable platform for you to learn, adapt, and excel. Through these symposiums, you'll not only understand how to define your 'Ideal Services' but also gain insight into the other six components crucial for building your ideal practice. With four events scheduled this fall, this is a golden opportunity you won't want to miss.
Learn more and secure your seat here.
Empower yourself to transform your practice from accidental to intentional, from viable to optimal. Your journey towards an ideal practice is a blueprint only you can draft, and it's time to get started.