ReNew Your Accounting FirmJul 25, 2021
The 5 Shifts
ReNew Group outlines a ground-breaking program, ReNew Your Accounting Firm, for North American CPA public practice firms.
With two seasoned accountants leading ReNew Your Accounting Firm, it’s no surprise to learn that our passion is to help accounting firms build better businesses by reducing the noise, having more profit and attracting better clients.
Let's start with a quick self-assessment
- Do you ever feel like you are overworked, underpaid and that you can't get caught up?
- Do you feel stuck, as though everything in your firm is dependent on you?
- Do you secretly know your expertise is worth more than what you are charging but you’re afraid that, if you raise your prices, you will lose lots of clients yet you continue to work harder and harder?
- At times, do you feel like you are chasing revenue and trying to grow for growth’s sake but you don't know why?
- Lastly (and possibly most importantly) do you feel like it is difficult to find time to turn off by making time for family, health and personal fitness?
Einstein once said the definition of insanity is doing the same thing over and over and expecting a different result!
At ReNew Group, our view is that the industry is pushing client accounting services and new technology as the solutions to your issues.
We actually do not believe that.
We do think that the key is discovering the Shifts. Let’s go through each one separately:
Shift #1 Your client is not the boss – you are
You need to make your own firm the number one client. If you do that you will be able to serve the right stakeholders. The old way of thinking is that if you take care of the client, profits will take care of themselves.
This is wrong.
The right client is one that fits your business model and, ultimately, you need to be able to dictate the terms of the client relationship and be their trusted advisor, not just a service provider.
Shift #2 Charge premium prices
No one wants the least expensive brain surgeon, so why would successful business owners want the cheapest accountant?
You need to focus on not selling your time — time cannot capture the years of experience, risk and client commitment you have. Therefore you are ultimately selling the value and the outcomes of the results you deliver, and that's what the right clients want.
Shift #3 The secret weapon — Pareto for Profit™
Many firms confuse revenue with profits and work too much as a result. Most accounting firms are focused on revenue growth. The old way used to be:
More clients + more revenue = more profit
More clients do not equal more profit! Pareto for Profit™ will prove that for you.
The right clients make you more profit, so being focused on the right clients in your business model is critically important to creating the right value for the right stakeholders and, ultimately, having a great life.
Shift #4 Target the targets
Who is your target client?
Take control of your accounting firm by shifting your focus to target clients only with year-round trusted advisor relationships. And upgrade clients you are underserving to target clients with a clearly defined target client and target client service offering, including advisory.
Shift #5 Invest in a mentor
You've tried to do it on your own and proven to yourself that it will not work. Again, the definition of insanity is doing the same things over and over and expecting a different result.
Everyone should have a mentor.
Mentoring brings three things:
- new ideas
- systems, and
So now you have a choice.
You can watch our 45-minute Webinar Masterclass here.
Or you can schedule a free 45-minute (or less, if you prefer) diagnosis call with ReNew Group that helps you focus on:
- The top three issues facing your accounting firm such as workload, pricing strategy or new client quality and attraction, plus
- Any other topics you'd like us to address
Need to share this information with your Partners or team? Why not run them through our narrated presentation here?
About ReNew Group
Shannon Vincent CPA (Inactive) is the Founder of ReNew Group LLC who works alongside Partner, Colin Dunn FCA. Together Shannon and Colin have been consulting to the accounting profession for over 50 years combined. Read more »
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