M. Root Bookkeeping officially opened 2 years ago today! As I was looking for ideas on how to commemorate this milestone, I came across this phrase “Two Legit 2 Quit” and while not grammatically the most correct, it rang true on so many levels — plus, it made me smile.

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There's no stoppin' me now!

I've learned a lot, so I thought I’d take a look back and reflect on some of the business lessons I’ve learned over the last two years. Some were more fun to learn than others, but I think that’s true of all life lessons.

When It Comes to Clients...

Know Your Dream Client

• During the initial meeting with a potential client, it’s important to have your criteria for your dream client in mind in which to compare the potential client. If you know what you’re looking for and who you like to work with, you can be more selective which will make for a more successful engagement. I found this out the hard way, by sometimes choosing to work with clients that didn’t align with my personality or my vision for the future of my company.
• Additionally, don’t be afraid to trust your gut! I’ve found that if a client seems fishy the first time you meet them, they’re probably going to be a fishy client. First impressions aren’t always accurate, but I’m learning that more often than not, they’re a big hint as to how this working relationship is going to go.

Silence is an Answer

• When I first started M. Root Bookkeeping, I wanted any and every client so badly that I would pursue them more than they would pursue me, even when they didn’t seem enthusiastic about working together. However, I’ve learned to read between the lines; I found that if a client doesn’t respond to an email or doesn't follow up when they said they would, that it’s a big hint that they are not the right client for me and I’m free to move on. 

Communication is Key

• I have fantastic clients, so working with them has pretty much been smooth sailing. That being said, there are times when I wish I received information sooner. As cliche as it sounds, I’ve found that clear, quick, honest communication is hugely important to the success and efficiency of my business. I try to be open and transparent with my clients about my schedule or how their books are coming along so that there are no unfortunate surprises down the road and to encourage them to likewise be open with me. I know how I value good communication from people I work with outside of my job, so I try to give that same level of service to my clients. 

When It Comes to Setting Rates...

Don't Sell Yourself Short and Increase Your Rates

• You’re not doing yourself a favor by having lower rates; either clients will pay them or you’ll find new clients. While it’s scary to consider losing a client, in the long run I found that having fewer clients that paid better was more beneficial to me and my stress level than having more clients that paid less.
• Additionally, don’t allow yourself to be negotiated down! You set your rates for a reason, don’t let a client pressure you into lowering your rates. Of course, there are always exceptions and good causes, but those moments are few and far between.

Hourly Rates are a Hassle

• Some people love them and some industries are required to use them, but this year in particular, I’ve found tracking my hours to be pretty annoying and a slight waste of time. I recognize the benefit of using them, especially in the first few months of working with a new client. However, once you get more familiar with the client and create efficiencies to speed up your process, you end up short-changing yourself in the long run, even though you are providing a better service to your client. For all of my new clients, I now bill a fixed monthly price based on a package of the clients choosing. I am also in the process of converting some of my hourly rate clients to fixed rate and can’t wait until that is complete! 

When It Comes to Balancing Personal Life and Work...

Fight Imposter Syndrome

• Even two years after starting my own business, I definitely go through periods where I doubt if I’m doing this whole “run your own business” thing correctly. Many times it’s after I speak with other experienced bookkeepers who seem to know everything about the industry, have all of these great processes in place, and know what apps to use. What I’ve come to realize is that my business is still at a beginning stage, so it’s okay that I don’t have all of that same knowledge or have all of those processes in place. The saying “Rome wasn’t built in a day” has never rung truer for me; I know it’s going to take time to learn these tips and tricks to implement into my business, but I think that’s also what makes it exciting. I know I would get bored if I had everything perfect and in place right off the bat so I look forward to trying new things going forward. 

There are Always More Tricks, Tech, and Tools of the Trade

• You have no idea how many apps and websites there are that can help automate and systematize processes. I’ve learned to take advantage of as many tools and tricks as I can, so that I’m not wasting time when someone else has made an easier and more efficient way to do things.
• On the flipside, I’ve also learned that I don’t need to use Every. Single. App. that comes my way. My plan for this next season is to take it one app at a time and see if it’s something that could potentially be a good fit for my business and try to implement it and if not, there's no harm in discarding it either. 

Don't Be Afraid to Ask for (or Hire!) Help

• Outsourcing isn’t just for apps and processes! I’ve found that bringing on contractors to help you with different aspects of your business sometimes makes things go a lot smoother. I’m fortunate that my husband is very tech savvy and has been in charge of my website and everything that goes into it since the beginning. He’s done such a wonderful job of putting it together and I’m so impressed with what he’s built. I quite literally couldn’t have built my business without him.
• About 10 months ago, I also brought on a social media manager to help with social media and marketing. For whatever reason, even though I do have things to share with my audience, I am not good at posting regularly if I don’t have someone to help guide me and keep me accountable. It’s been a treat working with her and I can’t believe how far we’ve managed to come since we started 10 months ago.
• Contracting also applies to finance! Bookkeeping is one of my specialties, but web design and social media are not. If you are a business owner and are not comfortable with money or have a good understanding of your business’s finances, don’t be afraid to hire a bookkeeper. You can learn more here about what a bookkeeper does, but also feel free to reach out to me if you want to chat through what that relationship would look like. 

In Conclusion

These past two years have been a challenge and I definitely considered going back to work for someone else when the pandemic first started. But thank God I didn’t, because look at all of this progress and growth I would have missed out on! I am at a point in my business where there is no turning back. It is full steam ahead and not only do I have plenty of clients that I love serving, but I have more coming down the pipeline too.

I can’t wait to see what I learn in the next year!