Creating a Vision for Your Bookkeeping Business with Kevin Sterling - Encore Presentation

Kevin started off in the IT world and he quickly got pretty tired of getting yelled at all the time. One of his friends started a business, and Kevin started doing the IT stuff for it, which eventually developed into business management. After that Kevin went back and got his MBA, graduated in 2016, and along the way, dabbled in real estate. The real estate led him in a roundabout way to doing a few bookkeeping jobs via Upwork, and finding Ben’s Bookkeeper Business Launch course.

[8:20] In addition to bookkeeping, Kevin’s business offers clients office set up and business analysis, and process development services. Bookkeeping can be a great entry point to offer additional services.

[9:25] Even if a business owner has someone doing their books they are often a mess, even CPA’s can drop the ball when it comes to bookkeeping.

[11:20] Kevin’s favorite part of the business is the freedom and autonomy involved. He can basically work from anywhere as long as he has a wifi connection. The most frustrating part about having a business is that there are so many things to do, and it feels like there is not enough time to do it all.

[13:40] Kevin tries to focus on things that yield an instant result, and things that will grow the business instead of just getting tasks checked off the list.

[15:15] Kevin currently has 21 official clients, with two more onboarding in the near future, plus nine of his own with his other business.

[16:10] If you’re considering bookkeeping as a lifestyle for you, you have to ask yourself if you are self sufficient enough to put in the hours to make it work.

[17:40] In terms of vision, Kevin wants to have a sellable business in the next five to seven years. When you build a business to be sold, you create a lot of sanity for yourself by necessity and conscious design. The desired outcome is essentially a profitability goal, which Kevin can then work back from to figure out what the business needs to be to reach that goal.

[21:50] When thinking about your vision, imagine what you want your day to day life to look like. You want your business to support the lifestyle you want to lead, and the reason you should start with your vision is that cold numbers are not going to motivate you and get you through the tough times. It’s also important to make sure your spouse understands your vision for your business, and is on board with what it will take to get there.

[28:45] Start with your why, write it down, and keep it in front of you. It will keep everything in focus and reinforce why you are working towards your goals. Coming up with a vivid vision gives you and your team guidelines and helps them to buy in. It also helps you figure out if something or someone is a fit for your business. Share it with everyone you work with.

[32:15] Get granular with your vision in a way that resonates with your life directly. Our brain has a hard time latching onto abstract concepts, but it can latch onto the desire to take a trip across the country.

[33:10] Kevin has nailed his niche, but he’s got a second one in his back pocket, in case he needs to find some new clients. He’s also refocused the business into primarily a bookkeeping and accounting style company that offers a few additional services.

[34:25] Everybody needs help with bookkeeping, they just have to get to the point in their business where they realize it. Our challenge as bookkeepers is to change that mindset and help people move closer to that realization.

[34:55] Ben encourages people to acknowledge what they have achieved, and recognize their accomplishments.

[36:05] Your vision has to be as specific as it needs to be for it to get you there. Keep describing until it hooks you.

[37:05] The biggest win for Kevin in finding the group is joining a network of bookkeepers. Having the ability to chat with like minded individuals has been a game changer.

Mentioned in this episode: Centrosome Inc.

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