Accounting Today

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Wayne D. This is a case study interview with Wayne, a sole practitioner who is growing a well run, highly profitable firm. Wayne describes what must be in place in order for him to accept a client and the importance of saying “no” if you want to be successful. You’ll read how Wayne’s “abundance“ view of the world keeps adding to his profits, while he enjoys a great life style practice that few people even realize is possible.

With a growing practice, how do you avoid working overtime, and maintain a lifestyle not just for you but for your whole team? I make sure that with our clients, we set up expectations up front of when the work needs to be completed, and the team is extremely e;cient. I would say part of that is we don’t run at capacity, we run under capacity by design. If you run at capacity you don’t have the ability to take on those things you want, and when an opportunity comes up, you don’t have the ability to grab that opportunity because you don’t have the margin. The way I positioned my entire life is don’t stretch myself too thin so that I can’t take advantage of opportunities when I want them.

How do you keep margin in your life? What’s the secret? I don’t think most people would argue with the concept, but how do you do it? You have to be good at saying “no.”

You are clearly living with an abundance view of the
world, so you feel free to pick and choose your clients.
There’s an abundance of opportunity, is that fair to
say?
That’s fair, and there have been times I have taken the ones here
or there because it was a referral from somebody and I knew I
shouldn’t take it, and it hasn’t ended up the way I wanted it to.
You sort of know where it’s going before you even start.