Roy Keely is a Strategic Advisor to ReNew
Roy recently posted a short blog we think you’ll find relevant.
The formula
Here is the formula that is upon many CPA firms (and many other businesses):
More work than ever +
Expansion of corporate America (IE stealing talent) +
Recalibrated workforce expectation (IE home/anywhere & less) +
Labor cost increase +
Lack of new CPAs entering the market +
Aging partners wanting to work less not more +
Flush with cash +
Exhausted from change
This is equaling =
High staff turnover (to corporate and/or 30-year-olds taking sabbaticals!)
Partner burnout and/or collapse
Lack of proactive client touch
…which will soon equal the great clients looking for a new firm and/or bringing as much as possible in-house (there goes advisory!)
Back to a compliance focus
(Not bad but not en vogue!)
This should be equaling: (all of which should have been done pre-COVID)
Adopting new tech that reduces labor need in every area
Firing clients
Accelerating around niches
Hiring more non-CPAs
Squeaky wheels get the grease… unless of course you are too busy… and then the wheels fall off.
ReNew's additional thoughts
Target client expansion (Target the Targets)
Product definition and managing scope
ncreasing prices!
Taking Action:
If you're interested in more insights like these, consider signing up for our Renewsletter: https://www.renewgroup.com/newsletter. Alternatively, if you'd like to discuss your CPA firm's specific needs, feel free to schedule a call with us: https://www.renewgroup.com/contact.
About the Author:
A proven leader of people, product and the P&L, Roy Keely specializes in working across teams to build a cohesive strategy that rallies both people and profit for a sustainable future. Roy also vehemently dislikes bios so we shall stop here!
About Renew Group:
Are you tired of being on the diet but not seeing results? Most consultants to the CPA Profession do lots of talking and deal in 'fluff'. But there's no accountability and no focus on RESULTS.
At Renew, we start with your numbers. Our firms complete a Pareto for Profit analysis EVERY YEAR, set new targets to improve their profitability and then 'weigh in' regularly. We give you a roadmap to transform the profitability of your accounting firm by accessing our content, collaborating with other firms on a similar path and being held accountable by our coaching team and your peers.
Get paid what you're worth, create a better life based on a scalable business model and eliminate tax season insanity once and for all!