Login
iscover
Natalie Lennon, Catarina Santini and I unpacked the myths, shared practical tips and left attendees with plenty to think about.
Newsletter
Insight: Balancing profitability and work/life harmony at Access All Areas
23 December 2024
•
12 minute read
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
The million-dollar myth: is it really worth it?
Social media posts, industry forums, and conferences often glorify hitting that magic $1 million revenue milestone. However, the reality of chasing that goal isn’t always glamorous. As Nat Lennon put it so perfectly: “Top-line revenue is vanity; bottom-line profit is sanity”.
Profitability isn’t just about the dollars – it’s about what those dollars allow you to achieve. Do you want to build a larger team, reinvest in your business, or reduce your hours to spend more time with family? The key is to define what success looks like for you, not what someone else’s Instagram feed tells you it should be. Spoiler: It’s okay if your version of success isn’t about a seven-figure business.
Work/life balance: a moving target
Work/life balance often feels like an impossible dream, especially in accounting, where deadlines dominate our calendars. But balance doesn’t mean equal – it’s more like a pendulum. Some weeks, work takes priority, and other weeks, personal life takes the lead.
During our discussion, Catarina shared a pivotal moment where her kids gently pointed out that she was working too much. It was a simple reminder that even when we think we’ve got it together, balance requires constant adjustment. Being willing to step back, re-evaluate, and make changes is part of the process.
Practical strategies for finding your balance
==
==
The great news? Profitability and work/life harmony aren’t mutually exclusive. By being intentional with your time and with a bit of creativity, you can achieve both. Here are some of the strategies we shared during the panel:
1. Not every client is a good fit, and that’s okay. A strong onboarding process, like a detailed questionnaire or a trial period, helps you filter out clients who might not align with your firm’s values or expectations. For example, if a client’s past two accountants 'didn’t understand them,' it might be a sign they’re not the right fit for you either.
2. Time blocking has been a game changer for many. Instead of reacting to tasks as they come up, schedule blocks of time for specific activities – client calls, emails, reviewing work, or even lunch (yes, lunch deserves its block). Not only does this keep focus, but it also sets clear boundaries with clients and team members.
3. A great team culture makes all the difference. Encourage your team to stick to their hours, prioritise tasks, and avoid burnout. Daily check-ins, like huddles or Teams/Slack updates, can help keep everyone aligned without micromanaging. And don’t forget to lead by example – if you’re sending emails at midnight, you can’t expect your team to switch off.
4. Every accountant has those clients – the ones who take up too much time, stress your team, or simply don’t align with your firm’s approach. More often than not, it’s better to let them go. Be clear, professional, and supportive during the transition. You’re not just doing this for you; you’re doing it for your team and your other clients.
Technology: a helping hand, not a silver bullet
Technology plays a huge role in making balance and profitability achievable, but it’s not a magic fix. Tools and automation can streamline communication and save time, but they work best when paired with strong processes. The tech is there to support you, not replace the need for boundaries or planning.
The big question: profitability or balance?
At the end of our session, we tackled the question that sparked the entire discussion: Which matters more, profitability or work/life balance? All three panellists were unanimous – work/life balance wins. After all, what’s the point of financial success if you don’t have the time or energy to enjoy it?
But here’s the truth: It doesn’t have to be a choice. Profitability and balance can coexist if you’re willing to define your priorities, stick to your boundaries, and get intentional about how you run your business. Remember that you’re in control. The balance you create today will shape the life you get to enjoy tomorrow.
You are not authorised to post comments.
Comments will undergo moderation before they get published.