During a podcast with Tom Foster of Foster Web Marketing, Frank Lunn, Founder of Kahuna Accounting, discussed a new approach to accounting. Following are several key observations to look at your accounting, as an entrepreneurial owner of a law firm.
Your past does not dictate your future
Every business owner has a story, yet not all will achieve their ultimate aspirational vision. Most owners do not ever identify what is important to them personally. They commonly find themselves trapped or frustrated on a constant treadmill trying to simply survive. Owning a business should not be about surviving, but rather how to find the meaning they know is deep within themselves.
Tom and Frank both recall a common history of service to their country, where they started and how they struggled to overcome the obstacles which have shaped them each individually.
Plot your journey
Whenever most people think about accounting, they are confined to the drudgery of a tactical, passive and sub-optimal review of the past. Business owners can be overwhelmed by the number of systems or jargon of the industry and can be intimidated. Yet the journey of your firm can be a rewarding experience. Start by knowing where you stand today. Kahuna Accounting designed the Discovery Accounting Assessment to help you determine where you are now.
Tom and Frank recall the moments in their business where each of them had stark wake up calls from some unforeseen sources.
Set your destination
You may want to grow your practice or firm and that is common. However, there are 5 key elements that each business will seek and they cannot all be accomplished at the same time. Not knowing what you do not know about each of these can contribute to the frustration. If you are growing and not aware of the consequences of your decisions now, that can set you up for future frustrations. Learning about a simplified approach to understand what your accounting is telling you now, and what it can do for your future, is crucial.
Frank shares how an initial growth model in his business nearly cost him everything.