2023 Resolutions: Increase Profit and Work-life Balance

January tends to be a tale of two halves. It might feel like a drag, with festivities behind us. Or you might be feeling refreshed, excited to make positive changes for the new year. Either way, you want your firm to be as organised, competent, and efficient as possible. Here are five tips you can add to your resolutions list to save your firm time and automate your admin, to keep on top of your 2023 workload.

Reflect on your rates

Considering we’re in the middle of a cost of living crisis we’d advise taking a serious look at your profit margins. Have your rates remained the same as they were in 2021, or even 2020? If so, consider tweaking them this year. Costs have risen in all sectors and industries, and it’s only right for your firm to reflect that. Sadly, prices won’t be going down anytime soon, and you don’t want your firm to be operating at a loss. To start making evidence-based decisions, take a look at your performance reports from last year and let the data do the talking.

Tweak your service offering

Once you’ve reflected on your rates, look at which services are supporting (or dragging down) your firm. Which of your services were most profitable last year, and which ones barely made the cut? Analyse the ones that aren’t serving your firm anymore and start prioritising the ones that’ve been working. Aim to reduce your unbillable hours to start off the year on the right foot.

Another angle could be to review the skillset of your staff for missed opportunities. See which services you could add based on their experiences to diversify your income. You could then schedule a chat with your most profitable clients and ask them what you’re missing. Maybe they’re looking for someone to process their payroll or more regular financial reporting. Look for any overlaps between your staff’s skillset and your clients’ needs. If possible, upskill where you can too. Developing soft skills such as communication and leadership will service both you and your clients in the long run.

Be clearer in communication

Sick of waiting donkey’s years for clients to get back to you? We believe there’s always room for improvement when it comes to communication. Rather than typing out emails frantically to get clients to send records, invest in software to do it for you. With Bright’s practice management solution, AccountancyManager, you can set up automatic reminder emails to go out to clients as their deadlines approach. Just pick a pre-made template or create your own, and choose who you want to send it to and when. This can really free up time in the week and lets you dive into more important tasks at hand.

For more important deadlines, like self-assessment, why not set your own deadlines instead? While the deadline is October 31st, you could set an earlier deadline and put strong boundaries in place your firm can stick to. If you use our practice management software, there’s no need to print and scan documents either. Clients can just sign and upload files to the client portal from their browser. This removes mountains of paperwork from the office, saves you time, and provides a much smoother flow of communication.

Fill your own cup first

It’s no easy task running a busy practice, and if you’re overwhelmed, clients can pick up on that. Ignorance isn’t always bliss and not facing challenges can just make things worse. Take some time, even if it’s just a few minutes each day, to fill your own cup. This will keep you happier, balanced, and less prone to burnout.

Fresh air, exercise and some upbeat music can do wonders. Note how you’re feeling and if you need a break, take it. Make a playlist with your favourite songs, take some deep breaths, and go for a 10-minute walk around the block. Trust us, you’ll thank yourself later.

Invest in technology that supports you

Lifestyle changes are amazing for your health and wellbeing. But when it comes to your workload, investing in smart technology is key for achieving a long-term and sustainable work/life balance. Create a solid tech stack that automates processes and streamlines tasks. Why not start with practice management software? See how AccountancyManager can support your firm, save you time, and streamline your admin by booking a free demo below.

This content may have been developed with the assistance of AI tools. Content is reviewed by a member of the Bright team before publication. Guidance on legislation can be obtained from your industry body.