Your business can be as big as you want it to be, as long as you let go. -Jason Blumer
We recently teamed up with Jason Blumer, owner of Blumer CPAs, to write an ebook series about running a virtual tax practice. The most recent and final ebook is all about growing your virtual practice.
The first way to start growing your tax practice is to separate from it. You, personally as the owner, and your practice, as a separate entity, will come to need different things, at different times, in different ways. For example, you are human and at some point will want (or need) a vacation. Your practice, on the other hand, does not take vacations. It never stops providing service to clients, and it shouldn’t stop when you’re gone. So what do you do if you choose to go on vacation and your clients still need the practice to meet their needs? You have a few options. You can:
- Stop going on vacations for a time
- Make your vacations shorter while you grow your business
- Hire other people who can lead the practice while you’re away
A Tip from Jason: A business has to be able to live on its own to grow, and the owner is the only one who has the ability to let go.
When to Start the Separation
You’ll know you’ve reached the time for you to start separating from your business when growth has reached a level that you can’t maintain on your own. This may be when your team reaches a certain size that you can’t meet the management needs of, or it may happen when you can no longer manage all of the clients you help.
Once you feel you have hit a growth ceiling, it’s time for you to separate and let your practice become something separate from you personally.
Your New Role
As you begin to let go of the duties you started out with, you’ll move into the role of CEO. A CEO who prepares tax returns doesn’t provide the leadership required for growth. Your new duties should include:
- Planning and strategy
- Developing new ways to add value
- Implementing growth
- Leading and training the team
- Helping the team deliver outcomes
- Maintaining your practice’s vision and purpose
Now that you’ve gotten a taste for what the final ebook in our virtual tax practice series is like, you can download the full ebook below.