Accounting in the Services Sector

During the last 48 years Gilroy Gannon have seen a variety of business trends, some of which fell away and some which transformed the business landscape permanently.

However, there is no denying that the rise of service businesses will continue, particularly those tech led businesses in the Fintech, Medtech, Edtech and Foodtech segments.

As Gilroy Gannon advise and assist many service businesses, we have detailed a few simple considerations to make scaling less challenging.

  1. To effectively scale service businesses, employ the same product led thinking when promoting and pricing your services. 
    To do this carefully define your core customer profile.
    These are profitable clients who will generate repeat business and referrals.
    Look for similar characteristics which they all display, which channel(s) did they come to your business through? Why? The more information you can define the better.
  2. Learn to track your expenses effectively.
    By recording all expenses from the beginning the business is in a much stronger position to grow. Building accurate statements is not just a legal responsibility for taxation but is necessary to give accurate insights on which to base decisions. Accurate accounts will also be required by financial institutions if the business requires financing for any expansion or capital purchases.
  3. Focus on Solving one problem very well.
    In order to scale, you need to refine your service offering. Often being too broad means difficulty in defining the company. It is better to become known for solving an issue which delivers maximum value to the customer.
  4. Outsource for a better outcome.
    Carefully evaluate where you are spending your time. As the most important (and finite) resource you should outsource functions like accounting or marketing where experts can add value and save time which can be used to maximise returns on core tasks.
  5. Define the benefit of your service through the lens of the problem it solves.
    The customer must be aware of evidence that their problem is solved. If a customer is confident in the people processes and outcomes then the business will find all facets such as sales, pricing, hiring, training, and accounting much easier and will become touchstones for your future decision making and strategy development.

At Gilroy Gannon we blend nearly 50 years of business and accounting experience with the most up to date accounting practices to provide our clients with the best outcomes and concise relevant advice.

We understand how to grow and develop business and our specialist our specialist Audit, Accounting, Tax and Corporate Finance teams work with clients to deliver sustainable growth and strong foundations for businesses.

Make Business Better with advice, support and services from Gilroy Gannon
Call us on +353 71 91 61747 or visit our offices at 25 Stephen Street Sligo

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