In business, it's common for companies to apologize when they don't meet the expectations of their clients.
However, the reason for not meeting these expectations can often be traced back to a lack of understanding of who they are as a company.
Take Las Vegas, for example. The city knows exactly what it is and what it isn't. It's unapologetic and straightforward in its approach. Vegas tells its visitors to come, have fun, spend money, and it will do its best to help them achieve those goals. There's no pretension or apologies needed because it's crystal clear what the city stands for.
On the other hand, many companies lack the confidence to deliver on their value proposition. They wonder what their clients really think of them, and they're quick to apologize when they fall short. Some even shy away from raising their prices, fearing that their service isn't worth it.
The key to improving your firm is to get clear about who you are and what you stand for. Know your target customer, focus on delivering your promise, and set up systems to ensure that you're meeting their expectations.
Unfortunately, many companies overthink the process and aren't willing to take a step back to reassess their approach. They're afraid of potential revenue shortfalls, which can prevent them from making real gains. This scarcity mindset can backfire and prevent progress.
But the good news is that just being part of a group like Renew Group means you have access to a wealth of resources. Whether you're just starting out or planning for succession, there are tools and methodologies available to help you along the way.
One effective approach is the new MRR methodology, which can help you to identify and track your monthly recurring revenue. By doing this, you can gain a better understanding of your business and how to grow it.
Another helpful tool is reviewing your Pareto for Profit, which is essentially a way to focus on the 20% of your clients that generate 80% of your revenue. By focusing on these key clients, you can ensure that you're delivering the highest value to those who matter most.
At the end of the day, progress comes from taking action. Don't overthink it or make things more complicated than they need to be. Instead, focus on doing the work, and remember that sometimes less is more. By taking small steps and reassessing your approach along the way, you can make real progress towards your goals.
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:
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 accounting firms reinvigorate their business model for success.
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!