15 Lessons From 15 Years of Owning an Accounting Practice

On the 28th September, Proactive Accounting and Financial Services is celebrating our 15th anniversary! Fifteen years has just flown by and while we don’t feel 15 years older, it is apparent that we are no longer part of the cool generation (what does ‘skibidy’ even mean?!)

Even though there’s now an entire subsection of the English language we don’t seem to understand, this milestone has made us pause and reflect on our journey over the last 15 years.

Running a successful business is a dream of many however, it’s never as straightforward as it seems! Owning a successful accounting practice for 15 years has taught us lessons we wish we’d known earlier and many of them apply to any small business owner.

We can’t promise to help you understand the latest slang, but here are some of the biggest takeaways from our journey that just might help you avoid mistakes, stay resilient, and build a stronger business. Bet (did we use that right?).

1. Hard Work Is Not Overrated

There’s no shortcut to building a long-term and sustainable business. Long hours (in the beginning), persistence, and grit are part of the process. The trick is learning how to channel that hard work into the areas that will actually grow your business rather than just keep you busy and overwhelmed.

2. Good Communication Solves Problems

Accountants (and many business owners) often shy away from conflict. We get it, owning up to mistakes or unavoidable issues is uncomfortable but avoiding tough conversations only lets issues fester.

Speak up early. Small concerns addressed quickly rarely escalate into major conflicts. Put yourself in your client’s shoes and ask yourself “would I want to know now or later?”

Silence can turn a minor thing into an irate customer and a damaged relationship.

Clear, early communication builds trust and saves you headaches in the long-run, even if it’s an uncomfortable conversation at the time.

3. Work With the Right Clients

Not every client is a good fit and that’s okay. Over the years we’ve learned:

• If it’s not a resounding “yes,” it’s a no.
• If you doubt whether you should take someone on, trust your gut.
• Focus on clients you’re willing to go the extra mile for because you know they respect and value you and your services.

Strong client relationships lead to long-term partnerships, not short-term transactions. You get to determine which relationships you invest in and the ones you let go. Just like any relationship, there’s give and take and if you begrudgingly give a client what they want just to keep them happy, then maybe it’s time to reconsider them as a client.

4. Surviving a Crisis – Adaptability

Every business faces challenges, economic downturns, unexpected costs, or even global pandemics. The key to survival is adaptability.

Staying calm under pressure is a skillset and one that takes dedicated practice. Think outside the box to find alternative solutions, you don’t just have to accept the first possible solution.

Accept that challenges are part of the journey and use them to build resilience. Being adaptive is one of the biggest differentiators between businesses that survive and those that don’t.

5. Back Yourself

And that really leads into backing yourself. Self-doubt is common for business owners (yep, even us Accountants), but confidence is essential. Trust your expertise and decision-making. Growth requires calculated risks, and you need to believe in your ability to make them pay off.

So, start backing yourself!

6. Build a Network of other Business Owners

Being a business owner can feel lonely at times. So having other business owners in your network can honestly make all the difference. Even just to know that you’re not the only one struggling with staff issues, quiet times, and cashflow issues.

Having others around you to mastermind common problems can have a great impact and honestly has saved our sanity more than once.

7. Don’t Hire Out of Desperation

Hiring when you’re already overwhelmed often leads to poor decisions. Instead:

• Plan ahead and recruit when you see busyness coming, not when you’re drowning in it.
• Ask yourself: Will this hire make my life easier right now or just create more work? Will the benefits outweigh the costs?

The right hire at the right time will accelerate growth. The wrong hire will drain resources fast.

8. Avoid Shiny Object Syndrome

We know, we know – everyone loves a new shiny toy. BUT not every new idea, app, or opportunity is worth chasing. Stay focused on your core business and evaluate whether something truly adds value before jumping in.

As Accountants, we realise that we are the ‘Debby Downers’ of new shiny toys. We don’t like taking risks so we aren’t likely to ever advise you to splash out on a new coffee machine or recommend the latest software before it’s been tried and tested. Not to say that you can’t upgrade but take your time to really evaluate the costs and benefits before jumping in.

9. Treat Your Own Business Like a Client

It’s easy to put client work first and neglect your own business. We’ve avoided this by holding a weekly directors’ meeting, just like we would with a client. We use this time to:

• Review budgets
• Assess operations and efficiencies
• Identify issues before they become problems
• Recognise what’s working really well and how we can achieve more of that.

Your own business deserves the same attention and accountability as your clients’.

10. Set Clear Work Boundaries

If you run a family business, separating work and personal life is critical. Shop talk became boring fast at our dinner table and we realised that we weren’t doing or talking about anything other than work and the business, so we decided to change that.

Establish boundaries and routines, like we did with our Friday morning directors’ meetings, to keep work discussions structured and out of family time.

And take vacations! We realise this may not be possible for a while but start working towards it. Make memories with your loved ones, it’s the important things like this that matter.

11. Celebrate Wins and Milestones

It’s easy to focus on the next goal and forget how far you’ve come. Celebrate those achievements and wins. It keeps you motivated and reminds you why you started in the first place. Celebrate with your team and recognise amazing work, it lifts everyone’s spirits.

12. Go the Extra Mile

Look for those little opportunities to deliver greater value than expected and position yourself as a business that consistently outperforms. Providing exceptional service is still the best marketing strategy there is to keep generating those word-of-mouth referrals.

Go the extra mile, it could be taking the time to educate the customer about a process or system, help them with something else, or even ask them questions about themselves to help build relationships.

13. Stay Openminded

The most expensive words in business? “We’ve always done it this way.”
If something isn’t working, change it – fast! Be willing to pivot quickly when necessary. Change is one of the greatest strengths of a small business.

As Accountants, we’ll be honest this one is a little harder for us and has been a tough lesson at times but after 15 years we are much more openminded then when we first started.

14. Get Expert Advice

Oskar Schindler said it best: “My father was fond of saying you need three things in life; a good doctor, a forgiving priest, and a clever accountant. The first two, I’ve never had much use for.”

While we think very highly of doctors and hold no personal judgement for priests, clever accountants have saved thousands of businesses from foreclosure.

You can’t do everything yourself and you don’t need to know everything, you just need to know who to ask. As Accountants, we pay for expert advice, investing in ourselves with the help of Business Coaches, Marketing Agencies, HR Consultants, and many more.

Build a network of experts you can call on. Don’t be afraid to ask for help. Outsource where it makes sense so you can focus on your strengths.

15. Have Fun

Don’t take yourself so seriously. Yes, building a successful business is nothing to laugh about but that doesn’t mean you can’t have a bit of fun along the way. Life’s too short to be serious all the time, so find joy in each day and share that with those around you.

Final Thoughts

After 15 years of running an accounting practice, we’ve learned that growth doesn’t come from one big breakthrough, it comes from consistency, smart decisions, the willingness to adapt and having some fun along the way.

If you’re a business owner who’s been operating for a few years and want to take the next step, reflect on these lessons. Apply them to your own journey, and you’ll be better prepared to navigate challenges, seize opportunities, and build a business that lasts.

If you need help to maximise your business and create a financial plan to help you reach your business goals book a call with our knowledgeable team.

Learn more about our Business Advisory services and see how we can help.