The #1 Mistake That Almost Bankrupted My Accounting Firm

In today's edition of #DreamFirmsSpotlight, I'll be sharing the #1 mistake that ALMOST bankrupted my accounting firm 😱📉

A lot of people would only like to talk about success, but I want to share this story because it may help a lot of people who might be struggling with the same problem in their accounting firms now 😔 🤝

When we were reviewing the first year of my firm, we were surprised to find out that we're actually operating at a loss. We reached our 6-digit growth goal as a startup, so I thought and felt it should be a time to celebrate. I was wrong, how could that be? 🧾😭
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⏰ Timestamps:
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0:00​​​​​ The #1 Mistake That Almost Bankrupted My Accounting Firm - Intro
1:11 When We Realized We ALMOST Bankrupted My Accounting Firm
3:13 The Question to Help Avoid the #1 Mistake That Almost Bankrupted My Accounting Firm
4:17 How We Should Be Thinking About Our Entrepreneurial Endeavors
6:40 The ONLY Way to Get Outsized Returns For Your Time
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As we dove deeper into our expenditure, it seemed that we're either overstaffed or underpriced. That's when this question came about, "At what point do you question what has always worked before?" 🤔❓

Sticking with the old ways of doing things will prevent you from creating new breakthroughs. To prevent bankruptcy in your business, you should possess the mindset of an entrepreneurial accountants who are crushing it 🤯📈

"Outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right." This is the only way you can get outsized returns for your time 🧠💰

Think of who can challenge you on how to do things better and how you can crowdsource experimentations among your peers to find the most effective and efficient way forward together 🏃💨

In running a business you can score big success if you're bold and pay for so many experiments. You are going to be wrong a lot of times, but still take that bet to learn. To grow your firm fast, you should know what is working and what isn't anymore. Dream Firms can provide the help and expertise you need to answer these important questions for you to reach stellar goals ✨🏦

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#TylerSClark #DreamFirms

[catelp]

I agree with your philosophy. I think we have reached a turning point.

[AccountingSphere]

I agree with your view, if applied to already cash generating accounting companies. For starting entrepreneurs, you would need cash to start experimenting new solutions and that would pose a challenge . 🤔