Growing A Practice Through Partnerships
For virtually all bookkeepers and accountants with a practice, there's only one central goal on the horizon: growth. While accounting practices all start small, the only ones that manage to survive are those that find a niche, build a customer base and secure revenue streams adequate to support a business – and the business owner. But, how do you get there? What does it take to grow a practice in a steady, sustainable way that won't lead to an eventual crash and burn? As Enkel's founder Omar Visram discovered, the answer lies in partnerships.
Enkel's Beginning: A Long Time Coming
Enkel may have been founded in 2016, but Omar's brainchild was a dream for far longer.
After graduating with an accounting degree and securing a Chartered Accountant designation, Omar did what most young accounting grads do: joined a public accounting firm. While he always knew entrepreneurship was in his future, he wisely decided to get a little experience under his belt before breaking away on his own.
Landing a job at one of the Big Four is a prestigious accomplishment, so Omar took his new life at KPMG and ran with it. After several years, he found his stride and made Canadian Corporate Tax Planning his life, even in spite of struggles in the beginning. He became friends with his coworkers, and ate, slept and breathed accounting for eight long years.
Until he quit.
Despite his successes at KPMG, Omar knew corporate life wasn't the only thing out there for him. He knew, after years of working in public accounting, that if he didn't leave now, he'd likely be stuck forever. So, he quit KPMG and took a non-accounting position while planning to build his own business – but the concept still wasn't clear.
It wasn't until he sat down with a former associate that the idea finally came to him: better financial resources and decision-making for entrepreneurs and small business owners.
The Secret to Success
Omar knew he wanted to start his own business, but he didn't know exactly what he wanted to do – until sitting down and discussing the options available with a former co-worker. With the opportunities afforded by another financial mind, Omar was able to find a solution that was best for everyone.
Omar wanted to set out on his own, but he soon realized that there's value in those you know. Over the first two years of Enkel's operations, he found himself turning to his network over and over again. Sometimes, he'd go out for lunch with a former colleague, which would lead to coffee with that colleague's associate, and a professional meeting with an associate of that associate.
Before long, Omar had built a wealth of clients and connections that played an indispensable role in getting his business off the ground. While his initial network was largely CPA-based, his connections since then have expanded into bankers lawyers, and other business minds, creating a robust client base – and a source of additional opportunities for the future.
Finding Your Own Network
Omar's partnerships were the solution to his business needs, providing a solid foundation upon which to grow. However, this isn't a path all entrepreneurs take. If you're thinking, "I don't have a business network and I've never worked with potential clients, a partnership isn't the right path for me, or I don't need help; my business is mine and mine alone," that's exactly where you're wrong.
The partnerships you have to lean on can make you stronger, giving you leverage to facilitate growth and success. And, the partners who help you grow your business may not be obvious. They may not be the colleagues at your last job, or the members of your major in your university; instead, they can be anyone you want them to be. Anyone you work with or spend time with has the potential to strengthen your company, offering resources and opportunities you may not be able to find anywhere else.
Success is Just a Handshake Away
When entrepreneurship is in your blood, building your partnerships and maintaining relationships with valued business assets soon becomes a way of life. Just as Omar leveraged the resources and the connections he had, you'll learn to do the same, taking strides to help your business succeed in any way possible. It may not happen overnight, or even over the next year, but with the right approach to strategic development, a world of success awaits.
Want to learn more about Omar's journey, or what Enkel can do for you? We're happy to chat. Get in touch today to explore our outsourced bookkeeping services.