10 quick hits for success
Here are some ideas we've developed from calls we have had with partners in accounting firms over the past couple of weeks:
1. The first sale is to yourself!
Even firms who are doing extremely well and have been working with us for a long time need to constantly remind themselves that they do great work and create massive value for clients.
2. Never price in a vacuum.
The price you are contemplating will almost always go up if you run it by a colleague. Leverage your network to capture money you might have previously left on the table
3. Differentiate between MINIMUM and TARGET client prices.
If you focus on the minimum, that’s probably what you’ll get. As a guide, we’re seeing firms set their target client price at roughly 2X the minimum, sometimes higher
4. Quality decision-making
Making decisions to stop doing what you DON’T want to do is even more important than making decisions on what you DO want to do!
5. Although we don’t price based on hours, hours are still your scarce resource.
Allocating precious capacity to low-value or soul-destroying work will kill the best-laid plans (and drive you insane!)
6. You’ll never upgrade a client successfully until you have clarity on your target client service offering.
Our clients use a Tax, Accounting and Advisory Service Agreement. Perhaps the biggest value in that document is internal - to convince yourself of the value
7. Momentum is critical and when you sense it’s building, double down.
Activity brings results. When you onboard a new target client, figure out what you did to bring that lead to the table and then block time to do it again!
8. One exercise we ask firms to do is to list their limiting beliefs.
These evolve over time but rarely go away. One we see regularly is ‘my team isn’t prepared to learn new things.’ If you’re thinking your team is holding you back, ask yourself, are you settling for mediocrity or are you committed to addressing the issue?
9. Take a look at your website.
Does it reflect your value proposition? Is it current? Would you want to become a client of your firm based on what you see there?
10. Own it! It’s your firm.
You decide who the clients will be, who can work there and the work you’ll do. Figure out where you thrive, where you’re in your flame, then take action to spend the majority of your time there.
Have a great week!
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:
Colin Dunn, a Chartered Accountant with extensive experience in the accounting industry, is passionate about helping accountants transform their firms and lives. With over 25 years dedicated to creating content for to help CPAs improve their profitability, Colin shares some quick tips for CPA firms. Colin believes that CPAs can create a better work-life balance by learning from past experiences and applying these insights to their firms, allowing them to spend more time with their families and pursuing hobbies and leisure interests.
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!