Listen to this episode here: Key Strategies to Build More Profit!

Welcome to TALKING NUMBERS with Paul Jansz. In this episode, Paul’s old friend Rob Nixon joins us and reveals all the important numbers a business should be looking for and how they should be looking.

Rob is the Director of Profitable Partners, whose mission is to help accountants create great revenue and build amazing businesses.  Rob is also the author of The Wealthy Accountant, a best-seller on Amazon. He has decades of experience coaching and training businesses to improve their performance.

In this episode, Paul and Rob uncover the most important numbers, metrics, indexes for businesses, and how to set feasible yet great goals by identifying and leveraging these numbers. Don’t forget to follow us on social media’s to get access more content like this!

Listen to the highlight


Topics:

  • Profit time index
  • Beware of sustainability
  • Billing model
  • Scope, creep, and seep
  • Find out the leakage
  • A hard conversation
  • Accountability
  • Internal process


Key Takeaways

So why don’t we take the opposite route, which is: ‘let’s prop up the profits, but reduce the partner time dramatically as well’. That way, you get a better life, you get more value in the business, more sellable business, and a more enjoyable business. – Rob

Profit time index is what I created to measure the profitability. It measures the profit a partner can bring within certain time range. Everything they do to contribute to the company, such as the time a partner involved in client delegation, tools, workflow, management all add up. This number is the number that we should be driving. – Rob

One of the key things we were talking about last week, is the ability to articulate value. There is a process  involved in terms of articulating the value, not just the things the firm’s doing in the pandemic. When they talk about price, they try to sell something instead of showing the value. – Paul

You make your team accountable. I like to put a number of layers of accountability in place for the firm to work with. Number one is accountability to each other, to make sure a board of directors/executives on the task accountable to each other as a partnership group. Then the accountability to the team, hang it to the team and get them to hold the leadership accountable, because it’s not the team members that need accountability, but the leader needs it. – Rob


Useful Links

Rob Nixon’s LinkedIn Profile: https://www.linkedin.com/company/robnixon/
Profitable Partners’ Website: https://www.robnixon.com/
Accountant strategy roadmap: https://www.accountantsroadmap.com/
The Wealthy Accountant: https://www.amazon.com.au/Wealthy-Accountant-Accountants-PROFIT-Working-ebook/dp/B086R6NT3Y


We want to hear from you

Whether you are trying to grow your business by expanding the scope for existing clients, or expanding your client base for greater profitability, don’t forget to go through the essential numbers! We hope our podcast can inspire you and connect you with other like-minded people. If you are interested in content like this, please follow us on LinkedIn. If you have any comments, questions or suggestions, please contact connect@theprofessionalpartners.com.au -we always want to hear from you!