March 6, 2023 • 20 mins
Ponder this: "The only people who get upset when you set boundaries are the ones who benefited from you having none."
How’s it feeling in your office right now? This episode’s guest says it’s like riding a rollercoaster. With just how hard accountants have worked since the pandemic, we’re focussing this episode on how to find a better work/life balance and dive into what’s getting in the way of you achieving it. From finding and keeping the right clients, to what you charge and the services you offer, to setting boundaries – you’ll walk away with a lot to think about and some actions to take to make it better. We also go through how to disengage clients, nicely, to make sure your client base is right for your firm. Amanda Gascoigne FCA, a CA ANZ member and accounting coach, mentor and consultant, joins Gillian Bowen to explain how to get off the treadmill.
Find Amanda Gascoigne on LinkedIn
Amanda in Acuity
Podcast email: podcast@charteredaccountantsanz.com
How to become a Chartered Accountant
FEE-HELP – opening the CA ANZ talent door
Auditing and Reporting Changes in 2023
Accountant’s Financing Letters
Remuneration and the fight for talent
The ATO’s New Working from Home Deduction Method
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Gillian Bowen (00:07):
Hello, my name is Gillian Bowen, the Australian Manager of
Public Affairs at Chartered Accountants ANZ, or CA ANZ. This is
Small Firm, Big Impact.
Amanda Gascoigne FCA (00:19):
I'm seeing like lower profitability than they would have hoped.
Just not having enough time to spend doing the things
that they really set out to do. The client's expectations
have changed. There's a lot more immediacy as to they
want things and they want them now. I'd love to see,
you know, more and more small and solo act solo
(00:41):
accounting practice owners take back control. They've been so giving
in those last few years with COVID. It's their time
in 2023.
Gillian Bowen (00:54):
It's the podcast giving you and your clients the up to
date information you need to do your jobs. Each fortnight
I share resources, tools and expert advice provided by CA ANZ
and a range of people across our profession. So make
sure you're following the pod in your favourite pod app.
And if you've got an idea for the show email
podcast@charteredaccountantsanz.com . Today I have in the studio Amanda Gascoigne, FCA,
(01:22):
a CA ANZ member and accounting coach, mentor and consultant.
The topic balance or another way to put it
to stop drowning in work, how to find a work
life balance that doesn't mean your business suffers. Amanda, welcome
to Small Firm, Big Impact.
Amanda Gascoigne FCA (01:40):
Thanks so much for having me. Gillian Okay.
Gillian Bowen (01:42):
First of all, let's drill down. What's your expertise?
Amanda Gascoigne FCA (01:46):
So my expertise is all around practice management specifically for
small and solo accounting practice owners from start ups through
to one, $1.5 million and with an overarching focus on
a work life balance.
Gillian Bowen (02:00):
Well it sounds like we have the right expert in for this episode,
which makes me feel good. So let's let's have a think.
Can you paint a picture for me of what it's
like in one of those firms right now? What are
people telling you?
Amanda Gascoigne FCA (02:16):
Well, it's a little bit like riding a roller coaster.
One minute they could be really happy with how they're going,
doing the things that they're doing on purpose, which is
really helping people. And they - you know - so excited, a lot of joy,
a lot of happiness when they're doing what they are
meant to be doing. But what we're also seeing is
(02:38):
there is so much overwhelm, over work, so many challenges
with clients that joy is dropping, you know, as equally
as it's actually rising. And, you know, we've got seeing
like lower profitability than they would have hoped, just not
having enough time to to spend doing the things that
they really set out to do.
Gillian Bowen (02:59):
Why is it like that?
Amanda Gascoigne FCA (03:01):
So I think it's, there's a number of reasons for it.
And look, it probably comes back down to predominantly clients. (Okay)
The client's expectations have changed. There's a lot more immediacy
as to they want things and they want them now.
They don't want to wait where in the past we've
been able to schedule, you know, work schedule a lot
(03:23):
of things, but that just seems to be one thing
after another, one drama after another, more legislation, more things
to do, and it's just more work. So for me,
I think it's about having a lot of practice owners
have got too many clients too much on their plate,
but that's predominantly a big issue. It's the workload, it's
(03:46):
the client demands, it's the, you know, falling appetite to pay.
Everyone thinks they use our software and it does all
the tax and the accounting for them. And I don't
know what they think accountants do, but they think we
just flick a switch and we've got a tax return. Yeah.
And so they think by paying software or by doing
(04:09):
some of these other things, employing some technology, it just, yeah,
loses what we have to do. So it's a really
about communication with clients, what we do, why we do it,
why we have to charge. And I think just even
that one element can actually help some of that overwhelm
because we can take a step back, not be so
immediate about giving it response. Look, we can do this,
(04:31):
but it's outside the scope of your normal work. It's
not included in your tax return that you paid for
six months ago. We have to review the the question
and we need to come back to you with a
with a more informed response. And we need time for that. So, no,
we can't do that straight away.
Gillian Bowen (04:50):
It sounds like there is a lot going on and
a lot going on every day. So and there would
be people listening along nodding and they may be like, Yeah,
we know what we live it. We're living it right now.
So can we drill down? Can we get cracking on
how we could make this better? Where should they start?
Amanda Gascoigne FCA (05:11):
Yeah. So I think the easiest way to to look
at this is like the five elements that I talked
to about having a balanced firm. This is the stuff
that I talk to clients, accountants, day in, day out.
So the five key elements, some might have challenges in
all of those elements. Some they could pinpoint that they've
(05:32):
got some challenges or some pain points in 1 or 2.
But the the five things are to, first of all,
reconnect with that vision. Like why did you start your
practice in the first place and to perhaps see what's
gone off course? Because, you know, the the emails, for instance,
some days you get to the end of the day
and all someone's done is, is their emails. That's not
what we signed up for. So really reconnecting with that
(05:55):
vision that someone wants for their life and their practice.
The second thing is all around clients. So do you
have the right ideal clients? Are you working with them?
So a big job that I do when I come
in and work with clients is actually we do go
through their client list, their client base, and we disengage
where necessary. And I know that seems really harsh. Because
(06:19):
we want to help everyone. That's our nature. But we
just can't keep going at this pace. And with the
amount of work and even to do the things that
we want to do, maybe offering more advisory. So we
need to look at disengaging some clients getting rid of
in a really nice way. But you know, with COVID,
with all these things, we just simply do not have
(06:39):
the time that we had 2 or 3 years ago.
So maybe making space for them so we can actually
work with more of our ideal clients and then take
on more of our ideal clients that we can show
more love to and deliver services that they're going to love.
So that leads me to my third point around services.
You know, we can't offer everything. What are we good at?
(07:01):
What can we make good money at? And it's about
evaluating what we're doing, what we're charging for. You know,
a lot of things I see is we do all
this stuff because we want to help, but we're not
charging for it. You know, we're not a community service.
So looking at the service we're offering, what we're charging
for it. And if we're not charging, maybe we now
(07:23):
need to to change the way that we're engaging. And
that's a big thing about getting back to not just
filling in forms, but really, you know, helping our clients
have better businesses and better lives, exactly what we want
for ourselves. So how can we actually do that with
the services that we deliver?
Gillian Bowen (07:42):
And what about because you did mention five what's what's
four and five?
Amanda Gascoigne FCA (07:46):
Yeah. So the other one don't, don't, don't leave hangin. So
the fourth one is all around culture. And when I
talk about culture, it's really it's actually sharing that vision
that we established right at the very beginning with the
people that we work with. And often people think culture
is just team, just, you know, the people that we
have working for us. But some solo practitioners may not
(08:09):
have teams, but we still have, we want to actually,
you know, nurture and create this wonderful culture which is
around our client selection and our clients, that we work with, the
colleagues that we work with and, you know, referring partners
so and other people that are supporting us. So that's
(08:29):
culture and we want those people to understand what our
vision is and make sure that they're on the same page.
And that, I think, is really a lovely way to
be working, that we're all on point. And the final
element is technology. So what does our tech stack look like?
You know, can we add things in that can actually
(08:51):
make our life easier? So some of the things that
we're we're doing some mundane, repetitive tasks, that there is
a piece of software that can do it. Let's do
that to free up some time to give us more balance.
And are we utilizing software or not utilizing software that
we're actually paying for? Do we need to ditch that
or is there something now that's wrapped up in another
(09:12):
piece of technology that we've got? So there are five things.
And I think if you go through all of that and,
you know, pick the things and maybe have 2 or
3 action plans for each of those elements, you're going
a good going a good way to find that sweet
spot and how you can actually create this wonderful practice,
(09:32):
a wonderful life and achieve more balance in the process.
Gillian Bowen (09:35):
They sound like great practical actions, but that has me
then asking, So if you're in your firm or your business,
you're sole practitioner, you are feeling snowed under. How do
you find the time to do the analysis that you're
talking about?
Amanda Gascoigne FCA (09:49):
Look, I'll share from experience here because, you know, I
had a practice for 18 years and I know you
know that, I know the cycle. You know, we go
out on our own, we back ourself, we start growing.
And because we're good at what we do, we don't
have any problems really getting clients. But we just keep
going on this that roller coaster, that treadmill. And I
know for me, I couldn't keep it up that pace.
(10:10):
I had to do something differently. I couldn't keep working
longer hours. That wasn't fair on me or my family.
So I had to actually take some corrective action and
I had to make time because I knew what I
was doing was not going to get me to where
I wanted to be. So I think the first thing
is actually knowing that something does need to change. And
(10:31):
we've done so much with our clients over the last
few years. It's time for us. That's that's my message.
It's time for practice owners to really take stock of
what they're doing. So have some time out, whether that's
just one Friday a month or, you know, going away
for a couple of days and just, you know, I
love working in blocks, so let's work for a day
or two days and really getting this stuff solved. Maybe
(10:54):
even you've got a peer that's actually in the similar boat.
You know, we want to share these.
Gillian Bowen (11:00):
Experiences and then work together.
Amanda Gascoigne FCA (11:02):
Buddy up and, you know, help each other, maybe share
the load If you've got some checklists to create. Let's
one does one, one does another. Like, you know, we
really want that, you know, more community and really sharing.
And I know we've done that very, very well over COVID.
So let's do that. Or you know, maybe. Get a
mentor or a coach like me that can come in
on a, you know, an ad hoc basis or maybe
(11:23):
a longer term basis to help really reshape and redesign
your practice. So a number of ways, different financial obligations,
different time obligations. But I think just at least starting
small and, you know, working out what is not working
and how we can get back on that track.
Gillian Bowen (11:42):
So then you've done the you've taken the time, you've
done the analysis, you've got your list of things that
need to change. How do you then roll that out?
Amanda Gascoigne FCA (11:49):
I think when we're rolling that out, I think a
couple of things that come to mind, you know, just
one step at a time. So if you're looking at
get an action plan, get some dates as to when
you want to to do these things by, you know,
if it's technology, when do you want to implement that?
What would be a good time to implement it? Because
we don't want to set yourself up for failure by
(12:11):
trying to do everything at once. So what are the
things that you can chip away? Many of them you
can actually do from tomorrow. If we make a decision
and we read something, we hear something and say, okay,
I'd love to do that from tomorrow. Something else. It
might be that you'll have to sit with it a
little bit and it might take a bit longer. So
I think having an action plan, setting some really good boundaries,
(12:33):
I love a good boundary for these problematic areas and
working out okay from tomorrow, this is how we do
it is how we charge for it. You know, we're
not going to accept that. We only look at what
our client selections I know in practice my my selection
was they had to be up to date with their
lodgements and they had to be on accounting software or
willing to go on software if they didn't meet those criteria,
(12:56):
I didn't even have a meeting with them. So I
think it's, you know, the boundaries and having those rules
and just be being brave, you know, and stop worrying
about everyone else and what everyone else is going to
think and just start doing practice in life your way
and in the way that's going to help you achieve
that vision that you had on day one.
Gillian Bowen (13:16):
So you touched on it there a second ago talking
about some some boundaries that you would have had to
how you would pick a client to keep or pick
a client to let go. But on that, how do
you reset your client base? How how do you get
to a point where you are not worried about the
fact that you've said bye to people who were bringing
(13:37):
in money or giving money to your business?
Amanda Gascoigne FCA (13:41):
I think you have to trust the process. So being
confident and being brave, knowing that if you let go
of five, ten, 15, 20% of your client base that
you actually have work to do. I think everyone worries
about how many clients they have, and so many are
(14:02):
not actually taking advantage of their client base as it stands.
So if we were to remove some of them and,
you know, just doing a client matrix, how many have
a look at your client base from and, you know,
sort it from highest to lowest, have a look to
see what tiers I recommend having a look at client tiers.
So you might have, okay, how many clients sit between
(14:24):
less than $1,000? Let's look at those number of clients,
how much they're earning, the total amount of that then
go into tiers, 1000 to 2000 and have a little
look to see what your client base actually looks like,
because I think a lot of people don't even know
the makeup of their client base. So if they were
to let go of, say, you know, 10%, what does
(14:45):
that mean in number of clients and what does that
mean in dollars of clients? And if you look at that,
it's probably not as scary as what you think because
you think, okay, I'm going to get rid of 50, 100 clients.
Think about all the emails they're sending. Think of all
the communication, the phone calls you're getting from them, and
then how much you're making from them. If you were
(15:05):
to start offering tax planning or start offering something else
to clients that we know that would happily pay it,
how much of that do we need to offer to
actually make up that income and either making it up
within our client base, which I think it's definitely possible
because I don't think we're servicing our clients as well
as we should be, as well as we thought we
(15:25):
were going to be at that day one, We're going
to help them make decisions, better decisions. We're going to
help them with their budgeting. We're going to help them
with some financial coaching or whatever. We're not doing a
lot of that because we just simply don't have the time.
So if you were to able to take a step
back , remove some clients and then start working on
how I can better serve my really good clients, I
(15:47):
think it's not as scary as what you think it
will be. And you know, talking to people who've done it,
they just feel so liberated and they just feel, Oh,
why didn't I do this sooner? And from it's a
dollar figure thing. So it will eventually get more profitability
because those sweet spots that I talked about, you get
that in sync, you will automatically make more money. You
(16:07):
will automatically have more fun doing what you're doing. You'll
automatically have more balance. And I think even if we
get rid of some clients and get, you know. Reduce
the amount of hours we need to spend in our practice.
That in itself might be what you want because we're
not spending time at home. We're working 60, 70 hours
a week. We're working on weekends. So if we're actually
(16:29):
able to remove all those extra emails, all of the
extra responsibilities for hand-holding, that 10%, we can actually do
more even personally.
Gillian Bowen (16:40):
Gosh, we've covered a lot. We are literally a couple
of minutes out of time. I just want to skip
to boundaries, which I think really complements what it is
that we've been talking about. And you had mentioned the
importance of this. Before we go, how do you set
a boundary and then keep it?
Amanda Gascoigne FCA (16:58):
It's a hard one. It takes some practice. It takes
some bravery. But I think we need to look and
assess like, where are we overwhelmed, where are we feeling stressed,
what are the things that are making us feel that way?
So when you're feeling that emotion, what's actually the trigger?
So thinking about what it is from that, we then
(17:20):
can set that boundary or that rule to say, you know,
we're not doing this anymore, or this is, you know,
I can't just turn that job around in 24 hours.
We don't do that anymore. And so I think setting
a boundary around it and sticking to it and oh,
my goodness, you will not notice like having that boundary
or that rule. It just takes the emotional and the
(17:43):
fatigue out of decision making. It just takes the emotion
out of it completely.
Gillian Bowen (17:47):
Your client would come along with you on that journey?
Amanda Gascoigne FCA (17:49):
I think so. And I think we've got an opportunity
to lead in this space. So, you know, and think
about if you won't go to a doctor's surgery or
a dentist or a solicitor, we can't just always get
the appointment today or tomorrow like we want. So we
need to actually let's not buy into this immediacy. We
need to maybe just take a breath and say, No,
we have those rules. And I'll just share a quote
(18:12):
that I shared inside my community, the balance firm a
couple of weeks ago, and also on socials about boundaries.
And the quote is, the only people who get upset
when you set boundaries are the ones who benefited from
you having none. And I really love that quote. And
I just think if we start really using that muscle
(18:33):
within our practice and even personally, because I've had to
use it sometimes personally, it just is just so empowering
and it just will honestly change the way that you
feel your stress levels, your emotion. It's like, Oh, I
did that. What can I do next? What other boundary
can I set? So it's just it is really something
(18:55):
that I don't think we do enough of. And I
think if we started doing that and people start to valuing,
they value our time more when we have these boundaries
that we're not always available, that they need to start
being a bit more prepared and not to leave things
to the last minute. I think that's not being rude
to say, No, we can't turn this around because I
(19:16):
don't want to pull another all nighter. I don't want
to work on a weekend when I should be at
my son's rugby game. Like we need to actually look
at those and just really assess because we're in control.
And I'd love to see, you know, more and more
small and solo solo accounting practice owners take back control.
They've been so giving in those last few years with COVID.
(19:39):
It's their time in 2023.
Gillian Bowen (19:42):
What an inspirational way to finish. That is all we
have time for. If you want to find more out
about Amanda, jump onto her LinkedIn. There's also a great
video from her about achieving balance in our Acuity magazine.
I'll put a link to both of those in the
show notes and you'll also find links to the other
episodes in season three there as well. Follow the podcast
in your favorite pod app so you're ready for next time.
(20:03):
The podcast also has an email, so feel free to
get in touch. Podcast@charteredaccountantsanz.com Thank you, Amanda Gascoigne for joining
me on Small Firm, Big Impact.
Amanda Gascoigne FCA (20:13):
Thanks so much, Gillian, and good luck everyone. Bye bye.
Hello, my name is Gillian Bowen, the Australian Manager of
Public Affairs at Chartered Accountants ANZ, or CA ANZ. This is
Small Firm, Big Impact.
Amanda Gascoigne FCA (00:19):
I'm seeing like lower profitability than they would have hoped.
Just not having enough time to spend doing the things
that they really set out to do. The client's expectations
have changed. There's a lot more immediacy as to they
want things and they want them now. I'd love to see,
you know, more and more small and solo act solo
(00:41):
accounting practice owners take back control. They've been so giving
in those last few years with COVID. It's their time
in 2023.
Gillian Bowen (00:54):
It's the podcast giving you and your clients the up to
date information you need to do your jobs. Each fortnight
I share resources, tools and expert advice provided by CA ANZ
and a range of people across our profession. So make
sure you're following the pod in your favourite pod app.
And if you've got an idea for the show email
podcast@charteredaccountantsanz.com . Today I have in the studio Amanda Gascoigne, FCA,
(01:22):
a CA ANZ member and accounting coach, mentor and consultant.
The topic balance or another way to put it
to stop drowning in work, how to find a work
life balance that doesn't mean your business suffers. Amanda, welcome
to Small Firm, Big Impact.
Amanda Gascoigne FCA (01:40):
Thanks so much for having me. Gillian Okay.
Gillian Bowen (01:42):
First of all, let's drill down. What's your expertise?
Amanda Gascoigne FCA (01:46):
So my expertise is all around practice management specifically for
small and solo accounting practice owners from start ups through
to one, $1.5 million and with an overarching focus on
a work life balance.
Gillian Bowen (02:00):
Well it sounds like we have the right expert in for this episode,
which makes me feel good. So let's let's have a think.
Can you paint a picture for me of what it's
like in one of those firms right now? What are
people telling you?
Amanda Gascoigne FCA (02:16):
Well, it's a little bit like riding a roller coaster.
One minute they could be really happy with how they're going,
doing the things that they're doing on purpose, which is
really helping people. And they - you know - so excited, a lot of joy,
a lot of happiness when they're doing what they are
meant to be doing. But what we're also seeing is
(02:38):
there is so much overwhelm, over work, so many challenges
with clients that joy is dropping, you know, as equally
as it's actually rising. And, you know, we've got seeing
like lower profitability than they would have hoped, just not
having enough time to to spend doing the things that
they really set out to do.
Gillian Bowen (02:59):
Why is it like that?
Amanda Gascoigne FCA (03:01):
So I think it's, there's a number of reasons for it.
And look, it probably comes back down to predominantly clients. (Okay)
The client's expectations have changed. There's a lot more immediacy
as to they want things and they want them now.
They don't want to wait where in the past we've
been able to schedule, you know, work schedule a lot
(03:23):
of things, but that just seems to be one thing
after another, one drama after another, more legislation, more things
to do, and it's just more work. So for me,
I think it's about having a lot of practice owners
have got too many clients too much on their plate,
but that's predominantly a big issue. It's the workload, it's
(03:46):
the client demands, it's the, you know, falling appetite to pay.
Everyone thinks they use our software and it does all
the tax and the accounting for them. And I don't
know what they think accountants do, but they think we
just flick a switch and we've got a tax return. Yeah.
And so they think by paying software or by doing
(04:09):
some of these other things, employing some technology, it just, yeah,
loses what we have to do. So it's a really
about communication with clients, what we do, why we do it,
why we have to charge. And I think just even
that one element can actually help some of that overwhelm
because we can take a step back, not be so
immediate about giving it response. Look, we can do this,
(04:31):
but it's outside the scope of your normal work. It's
not included in your tax return that you paid for
six months ago. We have to review the the question
and we need to come back to you with a
with a more informed response. And we need time for that. So, no,
we can't do that straight away.
Gillian Bowen (04:50):
It sounds like there is a lot going on and
a lot going on every day. So and there would
be people listening along nodding and they may be like, Yeah,
we know what we live it. We're living it right now.
So can we drill down? Can we get cracking on
how we could make this better? Where should they start?
Amanda Gascoigne FCA (05:11):
Yeah. So I think the easiest way to to look
at this is like the five elements that I talked
to about having a balanced firm. This is the stuff
that I talk to clients, accountants, day in, day out.
So the five key elements, some might have challenges in
all of those elements. Some they could pinpoint that they've
(05:32):
got some challenges or some pain points in 1 or 2.
But the the five things are to, first of all,
reconnect with that vision. Like why did you start your
practice in the first place and to perhaps see what's
gone off course? Because, you know, the the emails, for instance,
some days you get to the end of the day
and all someone's done is, is their emails. That's not
what we signed up for. So really reconnecting with that
(05:55):
vision that someone wants for their life and their practice.
The second thing is all around clients. So do you
have the right ideal clients? Are you working with them?
So a big job that I do when I come
in and work with clients is actually we do go
through their client list, their client base, and we disengage
where necessary. And I know that seems really harsh. Because
(06:19):
we want to help everyone. That's our nature. But we
just can't keep going at this pace. And with the
amount of work and even to do the things that
we want to do, maybe offering more advisory. So we
need to look at disengaging some clients getting rid of
in a really nice way. But you know, with COVID,
with all these things, we just simply do not have
(06:39):
the time that we had 2 or 3 years ago.
So maybe making space for them so we can actually
work with more of our ideal clients and then take
on more of our ideal clients that we can show
more love to and deliver services that they're going to love.
So that leads me to my third point around services.
You know, we can't offer everything. What are we good at?
(07:01):
What can we make good money at? And it's about
evaluating what we're doing, what we're charging for. You know,
a lot of things I see is we do all
this stuff because we want to help, but we're not
charging for it. You know, we're not a community service.
So looking at the service we're offering, what we're charging
for it. And if we're not charging, maybe we now
(07:23):
need to to change the way that we're engaging. And
that's a big thing about getting back to not just
filling in forms, but really, you know, helping our clients
have better businesses and better lives, exactly what we want
for ourselves. So how can we actually do that with
the services that we deliver?
Gillian Bowen (07:42):
And what about because you did mention five what's what's
four and five?
Amanda Gascoigne FCA (07:46):
Yeah. So the other one don't, don't, don't leave hangin. So
the fourth one is all around culture. And when I
talk about culture, it's really it's actually sharing that vision
that we established right at the very beginning with the
people that we work with. And often people think culture
is just team, just, you know, the people that we
have working for us. But some solo practitioners may not
(08:09):
have teams, but we still have, we want to actually,
you know, nurture and create this wonderful culture which is
around our client selection and our clients, that we work with, the
colleagues that we work with and, you know, referring partners
so and other people that are supporting us. So that's
(08:29):
culture and we want those people to understand what our
vision is and make sure that they're on the same page.
And that, I think, is really a lovely way to
be working, that we're all on point. And the final
element is technology. So what does our tech stack look like?
You know, can we add things in that can actually
(08:51):
make our life easier? So some of the things that
we're we're doing some mundane, repetitive tasks, that there is
a piece of software that can do it. Let's do
that to free up some time to give us more balance.
And are we utilizing software or not utilizing software that
we're actually paying for? Do we need to ditch that
or is there something now that's wrapped up in another
(09:12):
piece of technology that we've got? So there are five things.
And I think if you go through all of that and,
you know, pick the things and maybe have 2 or
3 action plans for each of those elements, you're going
a good going a good way to find that sweet
spot and how you can actually create this wonderful practice,
(09:32):
a wonderful life and achieve more balance in the process.
Gillian Bowen (09:35):
They sound like great practical actions, but that has me
then asking, So if you're in your firm or your business,
you're sole practitioner, you are feeling snowed under. How do
you find the time to do the analysis that you're
talking about?
Amanda Gascoigne FCA (09:49):
Look, I'll share from experience here because, you know, I
had a practice for 18 years and I know you
know that, I know the cycle. You know, we go
out on our own, we back ourself, we start growing.
And because we're good at what we do, we don't
have any problems really getting clients. But we just keep
going on this that roller coaster, that treadmill. And I
know for me, I couldn't keep it up that pace.
(10:10):
I had to do something differently. I couldn't keep working
longer hours. That wasn't fair on me or my family.
So I had to actually take some corrective action and
I had to make time because I knew what I
was doing was not going to get me to where
I wanted to be. So I think the first thing
is actually knowing that something does need to change. And
(10:31):
we've done so much with our clients over the last
few years. It's time for us. That's that's my message.
It's time for practice owners to really take stock of
what they're doing. So have some time out, whether that's
just one Friday a month or, you know, going away
for a couple of days and just, you know, I
love working in blocks, so let's work for a day
or two days and really getting this stuff solved. Maybe
(10:54):
even you've got a peer that's actually in the similar boat.
You know, we want to share these.
Gillian Bowen (11:00):
Experiences and then work together.
Amanda Gascoigne FCA (11:02):
Buddy up and, you know, help each other, maybe share
the load If you've got some checklists to create. Let's
one does one, one does another. Like, you know, we
really want that, you know, more community and really sharing.
And I know we've done that very, very well over COVID.
So let's do that. Or you know, maybe. Get a
mentor or a coach like me that can come in
on a, you know, an ad hoc basis or maybe
(11:23):
a longer term basis to help really reshape and redesign
your practice. So a number of ways, different financial obligations,
different time obligations. But I think just at least starting
small and, you know, working out what is not working
and how we can get back on that track.
Gillian Bowen (11:42):
So then you've done the you've taken the time, you've
done the analysis, you've got your list of things that
need to change. How do you then roll that out?
Amanda Gascoigne FCA (11:49):
I think when we're rolling that out, I think a
couple of things that come to mind, you know, just
one step at a time. So if you're looking at
get an action plan, get some dates as to when
you want to to do these things by, you know,
if it's technology, when do you want to implement that?
What would be a good time to implement it? Because
we don't want to set yourself up for failure by
(12:11):
trying to do everything at once. So what are the
things that you can chip away? Many of them you
can actually do from tomorrow. If we make a decision
and we read something, we hear something and say, okay,
I'd love to do that from tomorrow. Something else. It
might be that you'll have to sit with it a
little bit and it might take a bit longer. So
I think having an action plan, setting some really good boundaries,
(12:33):
I love a good boundary for these problematic areas and
working out okay from tomorrow, this is how we do
it is how we charge for it. You know, we're
not going to accept that. We only look at what
our client selections I know in practice my my selection
was they had to be up to date with their
lodgements and they had to be on accounting software or
willing to go on software if they didn't meet those criteria,
(12:56):
I didn't even have a meeting with them. So I
think it's, you know, the boundaries and having those rules
and just be being brave, you know, and stop worrying
about everyone else and what everyone else is going to
think and just start doing practice in life your way
and in the way that's going to help you achieve
that vision that you had on day one.
Gillian Bowen (13:16):
So you touched on it there a second ago talking
about some some boundaries that you would have had to
how you would pick a client to keep or pick
a client to let go. But on that, how do
you reset your client base? How how do you get
to a point where you are not worried about the
fact that you've said bye to people who were bringing
(13:37):
in money or giving money to your business?
Amanda Gascoigne FCA (13:41):
I think you have to trust the process. So being
confident and being brave, knowing that if you let go
of five, ten, 15, 20% of your client base that
you actually have work to do. I think everyone worries
about how many clients they have, and so many are
(14:02):
not actually taking advantage of their client base as it stands.
So if we were to remove some of them and,
you know, just doing a client matrix, how many have
a look at your client base from and, you know,
sort it from highest to lowest, have a look to
see what tiers I recommend having a look at client tiers.
So you might have, okay, how many clients sit between
(14:24):
less than $1,000? Let's look at those number of clients,
how much they're earning, the total amount of that then
go into tiers, 1000 to 2000 and have a little
look to see what your client base actually looks like,
because I think a lot of people don't even know
the makeup of their client base. So if they were
to let go of, say, you know, 10%, what does
(14:45):
that mean in number of clients and what does that
mean in dollars of clients? And if you look at that,
it's probably not as scary as what you think because
you think, okay, I'm going to get rid of 50, 100 clients.
Think about all the emails they're sending. Think of all
the communication, the phone calls you're getting from them, and
then how much you're making from them. If you were
(15:05):
to start offering tax planning or start offering something else
to clients that we know that would happily pay it,
how much of that do we need to offer to
actually make up that income and either making it up
within our client base, which I think it's definitely possible
because I don't think we're servicing our clients as well
as we should be, as well as we thought we
(15:25):
were going to be at that day one, We're going
to help them make decisions, better decisions. We're going to
help them with their budgeting. We're going to help them
with some financial coaching or whatever. We're not doing a
lot of that because we just simply don't have the time.
So if you were to able to take a step
back , remove some clients and then start working on
how I can better serve my really good clients, I
(15:47):
think it's not as scary as what you think it
will be. And you know, talking to people who've done it,
they just feel so liberated and they just feel, Oh,
why didn't I do this sooner? And from it's a
dollar figure thing. So it will eventually get more profitability
because those sweet spots that I talked about, you get
that in sync, you will automatically make more money. You
(16:07):
will automatically have more fun doing what you're doing. You'll
automatically have more balance. And I think even if we
get rid of some clients and get, you know. Reduce
the amount of hours we need to spend in our practice.
That in itself might be what you want because we're
not spending time at home. We're working 60, 70 hours
a week. We're working on weekends. So if we're actually
(16:29):
able to remove all those extra emails, all of the
extra responsibilities for hand-holding, that 10%, we can actually do
more even personally.
Gillian Bowen (16:40):
Gosh, we've covered a lot. We are literally a couple
of minutes out of time. I just want to skip
to boundaries, which I think really complements what it is
that we've been talking about. And you had mentioned the
importance of this. Before we go, how do you set
a boundary and then keep it?
Amanda Gascoigne FCA (16:58):
It's a hard one. It takes some practice. It takes
some bravery. But I think we need to look and
assess like, where are we overwhelmed, where are we feeling stressed,
what are the things that are making us feel that way?
So when you're feeling that emotion, what's actually the trigger?
So thinking about what it is from that, we then
(17:20):
can set that boundary or that rule to say, you know,
we're not doing this anymore, or this is, you know,
I can't just turn that job around in 24 hours.
We don't do that anymore. And so I think setting
a boundary around it and sticking to it and oh,
my goodness, you will not notice like having that boundary
or that rule. It just takes the emotional and the
(17:43):
fatigue out of decision making. It just takes the emotion
out of it completely.
Gillian Bowen (17:47):
Your client would come along with you on that journey?
Amanda Gascoigne FCA (17:49):
I think so. And I think we've got an opportunity
to lead in this space. So, you know, and think
about if you won't go to a doctor's surgery or
a dentist or a solicitor, we can't just always get
the appointment today or tomorrow like we want. So we
need to actually let's not buy into this immediacy. We
need to maybe just take a breath and say, No,
we have those rules. And I'll just share a quote
(18:12):
that I shared inside my community, the balance firm a
couple of weeks ago, and also on socials about boundaries.
And the quote is, the only people who get upset
when you set boundaries are the ones who benefited from
you having none. And I really love that quote. And
I just think if we start really using that muscle
(18:33):
within our practice and even personally, because I've had to
use it sometimes personally, it just is just so empowering
and it just will honestly change the way that you
feel your stress levels, your emotion. It's like, Oh, I
did that. What can I do next? What other boundary
can I set? So it's just it is really something
(18:55):
that I don't think we do enough of. And I
think if we started doing that and people start to valuing,
they value our time more when we have these boundaries
that we're not always available, that they need to start
being a bit more prepared and not to leave things
to the last minute. I think that's not being rude
to say, No, we can't turn this around because I
(19:16):
don't want to pull another all nighter. I don't want
to work on a weekend when I should be at
my son's rugby game. Like we need to actually look
at those and just really assess because we're in control.
And I'd love to see, you know, more and more
small and solo solo accounting practice owners take back control.
They've been so giving in those last few years with COVID.
(19:39):
It's their time in 2023.
Gillian Bowen (19:42):
What an inspirational way to finish. That is all we
have time for. If you want to find more out
about Amanda, jump onto her LinkedIn. There's also a great
video from her about achieving balance in our Acuity magazine.
I'll put a link to both of those in the
show notes and you'll also find links to the other
episodes in season three there as well. Follow the podcast
in your favorite pod app so you're ready for next time.
(20:03):
The podcast also has an email, so feel free to
get in touch. Podcast@charteredaccountantsanz.com Thank you, Amanda Gascoigne for joining
me on Small Firm, Big Impact.
Amanda Gascoigne FCA (20:13):
Thanks so much, Gillian, and good luck everyone. Bye bye.
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