I’m a football fan. There has been a significant change in the way teams handle 4th down decisions.
Teams used to punt, kick field goals... eg. play it safe... Kick the field goal and pick up 3 points... rather than go for 7 points (touchdown). However, the data substantiates playing it safe... kicking the field goal and putting your defense on the field results in poor results.
To that end, football teams are going for it a lot more on 4th down.. meaning they are trying to score touchdowns (7 points) rather than kick field goals (3 points). Why? Because playing it safe results in losses and mediocre win/loss records. The NFL coaching carousel is absolutely brutal. Eg. you either win or you get fired.
I believe the plight of our profession is similar.
Traditional firms bill hours. They do whatever it takes to keep the hours filled. The results are flush partners, staff shortages and a profession in crisis.
Scarcity minded accountants punt (don’t ask for change orders), don’t stick up for their teams or dictate the terms of client relationships. The scarcity minded accountant also takes on work (stand-alone 1040s’s as an example), hangs on to legacy clients for the revenue and doesn’t play to win. Results are too much work, more scarcity, burned out team and the inability to find people.
The profession is one decision away from claiming and getting paid for our role as the Trusted Advisor. Renew firms are changing the narrative. Do not make your pruning and pricing decisions from playing it safe or concern for what others think. Winners go for touchdowns!
ReNew firms are changing the narrative. Do not make your pruning and pricing decisions from playing it safe or concern for what others think. Winners go for touchdowns!
Taking Action:
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About the Author:
Shannon Vincent has dedicated his entire career to working with accountants in various capacities. He has consulted with Top 100 firms to Sole Practitioners, helping them create sustainable and profitable businesses. A member of the California Society of CPAs, he received a Bachelor’s Degree in Economics with an emphasis in accounting from University of California, Santa Barbara, and now resides in the San Francisco Bay Area. Shannon is passionate about helping accountants go for wins instead of playing it safe.
About Renew Group:
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