What Corona Means to Bookkeepers and How to Profit From It with Paul Colligan

We are in the middle of some strange times right now but even with the challenges we’ve seen so far, we’ve also seen several people connect better with their audiences.

[1:55] There have been several unique opportunities that have emerged since the advent of COVID-19, and Ben happens to be right in the middle of a number of rapidly changing environments.

[3:30] With all the changes to the regulatory environment, bookkeepers have been extremely busy helping business owners figure it all out. Everybody who has been waiting to do their books suddenly has an urgent need to get it all done as quickly as possible.

[5:00] For bookkeeping professionals that are established, there has never in the history of time been a better time to be a bookkeeping professional. The word of the day in the industry is survive and just do what you can one day at a time.

[5:30] We saw a similar cycle 12 years ago with businesses that weren’t prepared, or that weren’t really businesses. They were the ones that didn’t make it through. The most important thing you can focus on right now is how you can help your clients and do whatever you can to help them survive.

[6:05] The urgency of tax day has been replaced by the urgency of getting your books in order to secure a loan. What we’ve seen so far hasn’t been as much of a stimulus as it was just enough to allow small businesses to survive. The only way that many businesses have been able to do that is by getting the benefits, and that means bookkeepers are instrumental.

[7:40] There is no COVID-19 version of your books, they are either done or not done. Not having the information on hand means your business is leaving free money on the table.

[8:05] Paul tells the story of trying to make Mother’s Day special and how different restaurants handled the lockdown. We hear a lot about the economic downturn but plenty of businesses are seeing a flood of customers that they may or may not be able to handle.

[10:35] When it comes to economic turbulence, some types of businesses will thrive and some will suffer, but any business that isn’t prepared is going to run into major problems.

[11:00] Ben always tries to have at least six months of operating expenses in his business’s savings account. If you have a team right now, they are nervous and there is no such thing as over-communicating and no such thing as giving away too much information. If you are secure, your people need to know that.

[12:15] You should work with your clients in the same way. People can typically deal with bad news, what they can’t deal with is unknowns. Having a fight you know about is way better than not having any idea about what is going to happen.

[13:15] Take care of the things that you can control. You may not know what is going to happen with schools in the fall, but you can get your books done and find out what your finances look like.

[14:05] Everybody is worried, but being in a position to give someone answers can be very valuable. The bookkeeping industry is a recession-resistant industry and bookkeepers are in a position to really help business owners get through the current situation. When we do come through to the other side, those businesses are going to remember who was there for them.

[16:40] Right now is a great time to start a bookkeeping business. There are no guarantees, but this may be the absolute best time to be marketing bookkeeping to businesses that desperately need the service.

[18:30] It’s also a great time to be advertising since ad costs are low. The one caveat is that hard tactics are out and building relationships is in. It’s the perfect time for bookkeepers to focus on the top of the funnel.

[20:00] Bookkeeper Business Launch will give you the fundamentals you need to start your bookkeeping business, but if you want to go far, it’s important to surround yourself with people on the same journey as you. The mastermind and community are huge assets to bookkeepers just getting started.

[23:05] Bookkeeper Business Launch experienced its highest period of enrollment ever because more people are coming to the realization that being in control of their income puts them in control of their destiny.

[24:00] Some bookkeepers have lost clients or have had to reduce their service fees, but that’s been offset by picking up new clients all over the place. Bookkeepers have to be flexible and creative enough to adjust to what’s happening in the world.

[26:20] Life gives to the givers and takes from the takers. Are you a giver or a taker? Your clients need you more than ever so it’s a great time to start giving.