New Clients, Inc.
How to Develop an Accounting Plan for Success: Six Key Steps
If you are an accountant with your own firm, you know that running a successful accounting practice is no easy feat. In order to stay competitive in an increasingly crowded marketplace, you need to keep thorough and accurate financial records, stay up-to-date on changing regulations, and ensure that your clients receive personalized service. However, there is one ingredient to being successful that surpasses all others: developing a solid accounting plan.
The old Greek philosopher Epictetus famously said, “It’s not what happens to you, but how you react that matters.” We are all faced with changes and must constantly adjust and adapt to stay afloat. But what if we take control and initiate the changes ourselves? We can start by developing a plan and doing something different than we did the previous year – no matter how small our efforts.
Success vs. Failure
As we implement these changes, we should keep in mind that the difference between failure and success is subtle. It sounds ironic, but it makes sense if we define the two as follows:
Failure consists of a few judgment errors repeated every day. For example, a man with a limited budget may stop at a coffee shop on the way to work every day to buy breakfast. However, it is this kind of error in judgment that causes him to deplete his funds even faster. One must pay the price for these types of recurring mistakes.
Success, on the other hand, is defined as a few simple disciplines practiced every day. We’ve all heard the phrase “An apple a day keeps the doctor away.” What if that’s true? How simple would it be to follow that plan?
The fact is, when you look at successful people, you will almost always discover that there is a plan behind their success. As humans, we have the unique ability to affect change in our lives through conscious decisions.
At New Clients, Inc., we want you to succeed. We encourage you to develop an accounting plan and then methodically execute that plan. This means obtaining the right materials, keeping an open attitude, and gradually fleshing out that plan.
Components of a successful accounting plan
So how do you develop a successful account plan? Here are six steps to guide you through the planning process and help your goals to come to fruition:
- Develop a personalized plan
Some people have the ability to closely follow a long and intricate course of action. Others are less detail-orientated, which is perfectly fine.
An effective plan is not one size fits all. Each of us is unique and motivated by different factors. The bottom line is that we all must have a plan – which includes a set of chronological goals — to move us along. Remember to also be realistic: Don’t tell yourself that you are going to spend two hours a day with a book and a journal unless you feel that you can make that happen. Otherwise, you will just become discouraged. Assess your personality, schedule, work habits, strengths, and weaknesses; then develop your plan around these things.
- Set aside some free time
The key to successful execution is to schedule a recurring appointment with yourself – whether it’s every day or every week. The time you allot could be two hours every Sunday afternoon or 20 minutes each day before going to bed. Make sure the time you choose comes with minimal interruptions or schedule changes. In your step-by-step plan, include small goals that you can accomplish every week. These should be specific and achievable. Develop the discipline to do something every day to make your goals actionable.
- Keep a journal
It is important not to rely on your memory and to document everything in a single location. Record the ideas and inspirations that will carry you from where you are to where you want to be. Brainstorm about where you are going and what you want to do.
Your journal is a gathering place for all the valuable information that you will find around your goals. If you are serious about becoming wealthy, powerful, and influential, make sure you document anything that will help you succeed. Not all notes will be directly actionable; some will inspire you and others will guide you.
- Reflect and assess
Just as you set aside free time each day or week to work on your plan, you should also schedule some time for reflection. This will be a time to review and study the things you’ve learned and the steps you’ve taken so far toward achieving your goals. This way, these items are firmly locked in your memory and can serve as a tool to aid you in the future.
Ideally, you should take a few minutes at the end of each day for this reflection. Every day is a piece of the mosaic of your life. You should also take a couple of hours at the end of the week to reflect on the week’s activities. See how the week’s events have influenced your life and changed your circumstances. Have they helped you to move closer to your goals? On the same token, it is beneficial to take a half day at the end of the month to reflect on the month — and a weekend at the end of the year to reflect on the year. This will keep you moving and will allow you to realize and replicate what has worked for you while preventing you from spending time on what hasn’t.
- Set your goals
Remember that your plan is the roadmap for how you are going to achieve your goals. Learning how to set goals is one of life’s most valuable lessons; it helps you to grow every day and see results more quickly. To make your goals a reality, you must not let life happen to you; instead, you must proactively define your dreams and visions. If you plan your future, you will naturally exert the proper force to pull yourself toward achieving what you may not have thought was possible.
- Act on your plan
What often separates the successful from the unsuccessful is that successful people spend less time deliberating and more time doing. They aren’t necessarily smarter than others; they just take action. The best time to act is when an idea strikes us and emotions are high. If you don’t act during this time, it is likely that you will face the Law of Diminishing Intent; this is when your intention starts to diminish and slowly fades away. When you come across a new idea that excites you, capture the emotions around it and transform them into disciplined activities. Ultimately, this will translate into equity.
Like dominoes, every action impacts the one after it. That’s why it’s important to build a solid foundation and take small steps every day. The value and benefits that you receive from even one small action will inspire you to take subsequent actions toward the same objective. You will then start to see results.
Help with creating a custom accounting plan
Our results are often only as good as our plans. But if your plan is solid, then your result can be miraculous. New Clients, Inc. will take the time to help you build a custom plan that’s right for your accounting practice and will work with you to bring it to fruition.
Contact us here or give us a call at 1-888-639-2543 to learn more.
