Shattering the Status Quo: How Renew Firms Can Unleash Success by embracing less is more
Tax season is a demanding period for accounting firms, but it also provides valuable insights and lessons that shape their strategies for the rest of the year. During a recent Renew Collaboration Call with our member firms, professionals shared their learnings from tax season and outlined their key priorities moving forward. Here are some of the key points highlighted during the session:
Embracing the Renew Mindset Principle of Making the Firm the #1 Client
Many participants emphasized the importance of adopting an abundance mindset, recognizing that there are many good clients out there willing to pay premium prices. By shifting their perspective and valuing their services appropriately, they were able to increase their prices and, in turn, boost their profitability WITHOUT increasing workload.
Learning to Say "No" and Letting Go of Wrong-Fit Clients
Participants acknowledged that it's crucial to say "no" to clients who are not the right fit for their firm. By selectively choosing target clients, they can focus on those who align with their expertise and value their services. Letting go of wrong-fit clients allows them to create space for ideal clients and improve overall client satisfaction. It should be noted that several firms said they are currently not taking on new clients, despite getting regular enquiries. Saying “no” more than “yes” is the key.
Take Ownership of Your Calendar
Balancing client needs and firm priorities is a constant challenge. Participants emphasized the importance of blocking out and protecting their time for crucial tasks. By allocating “working on” time for important projects, they are finding that they are allocating more time for their firms, their teams and themselves, leading to better outcomes for all.
Pricing Strategy and the Power of Not Being All Things to All People
Increasing prices was a common theme among participants. While it might lead to losing some clients (but frankly, only a few), they discovered that higher pricing actually attracted clients willing to pay more for their expertise – interesting positioning.
Identifying Target Clients and Streamlining Services
Participants recognized the need to identify their target clients and focus on serving them. By analyzing their client list and terminating relationships with wrong-fit clients, they were able to create room for target clients who value their services and are a better match for their firm's expertise.
You Only Have One Life
Maintaining work-life balance and taking time off were highlighted as crucial factors for well-being and professional success. Participants acknowledged the importance of self-care and allowing themselves to recharge, ultimately improving their productivity and focus.
Celebrate Wins and Move the Needle
Participants emphasized the significance of celebrating their achievements and acknowledging that progress takes time. By reflecting on how far they've come and recognizing that others have successfully navigated similar challenges, they were able to build confidence and stay motivated. Every single one of the firms on the call has made difficult decisions to change the way in which their firms operate in order to reduce stress and working hours. They stressed that it helped them enormously to tap into the Renew resources to access ‘done for you’ templates, and connect with others on the same journey to share experiences and gain confidence that they were not alone.
Conclusion: Do the Same and Get the Same Results. Stop the Insanity.
Tax season offers valuable lessons for CPA firms, guiding them in shaping their strategies and priorities for the rest of the year. By making their firm the #1 client, upgrading their client base and being ruthless with their time, accountants can truly live up to their status of the natural trusted advisor. Most firms need to change; question is, will you be one of the few to grab the bull by the horns and take the first step?
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About Renew
At Renew Group, we specialize in helping CPAs / accountants reduce the stress and burnout associated with tax season so that they get more out of their firms with fewer hours. We are experts in creating content, fostering collaboration, and providing the coaching required to move the needle and help you transform your firm. We hold collaboration calls monthly to connect our member firms with each other and share experiences / make connections. Everything you want to do has been done before – don’t reinvent the wheel. Get in touch today and see how we can help you create the firm and life you've always wanted.