Renew Mindset for CPA Firms

Break Free from the Brutal Tax Season Cycle: Exploit low hanging fruit for 2024

Colin Dunn
November 17, 2023
minute read

Dr. Benjamin Hardy, in his thought-provoking video, sheds light on the transformative power of what he refers to as 10X thinking over conventional incremental thinking. He lays down a compelling argument that to truly transform your life, you need to be willing to let go of a significant chunk of our past methods, to make space for innovation to build the firm and life you desire.

Now, let’s translate this to the realm of accounting. The traditional approach has firms clinging to old practices, thinking new software or systems are the answer. It's the path of least resistance, the comfort zone where change is predictable, and, unfortunately, woefully inadequate if you’re serious about transforming your firm…and your life.

The 2024 tax season is not just a speck on the horizon; it’s a colossal wave gearing up to hit with full force. The time to act is now. If the Fall deadlines were a wake-up call to the harsh reality of what lies ahead, let this moment be the catalyst for a paradigm shift. It's about transforming the way you operate, think, and deliver value.

It’s about playing to win, letting go of your limiting beliefs and challenging the status quo. Understanding that the thinking that got you into the mess many firms find themselves in right now is NOT the thinking that will get you out of it.

The pit in the stomach you may be feeling as you anticipate another tax season doesn’t have to be your narrative. With a bold vision, the right strategies, and a commitment to transformation, a new narrative can be written. One where tax season is not a gauntlet to be run, but an opportunity to dictate the terms of the client relationship, be properly rewarded for the value you create and make your firm your #1 client.

Recently, my business partner, Shannon Vincent, wrote the following profound words:

“I presented to the Partner forum in Walnut Creek, California for the California Society of CPAs on November 6, 2014*, a presentation entitled, ‘Succession and Staffing. What’s the real problem?
My first slide had an image of a bottle of tabasco sauce and a bottle of Pepto-Bismol. My argument was that the profession didn’t have a succession or staffing problem, it had a business model problem. That is, if we focused on fixing the business model of accounting firms, we would move the needle on solving the succession and staffing problems we faced. Metaphorically, if we eased up on the tabasco, we would need less Pepto.”
* Note the date. We’ve been talking about this for a LONG TIME!"

You can read Shannon’s full blog here.

Our client, Julia, recently shared her perspective on the profession as one where "treating your own returns, business, life, commitments, vacations, health, family, friends, etc. as if they don't exist until after tax season (that realistically only semi-ends at the end of October each year and starts again in January).” We think she has summed up the situation beautifully. Julia, and many others, have now taken action so that they can break free from the cycle and put themselves first. It’s a critical shift.

We invite you to learn more about 5 shifts to transform your firm and life.

Shift #1: Identifying Your Business Model Issues - Tier 1 vs Tier 2

Identify your business model issues by understanding which issues take priority (tier 1) over others (tier 2) and implement a proven plan of action to transform your firm and your life.

Shift #2: Pareto for Profit™

Increase your profits and solve your time problem, by tapping into our proprietary Pareto for Profit™ approach to stop the insanity, identify key leverage points, and recruit and retain the right team.

Shift #3: Making The Firm Your #1 Client.

Reclaim control in your firm. Become a trusted advisor, not a service provider by dictating the terms of your client relationships.

Shift #4: Command Premium Pricing

Develop a premium pricing strategy by leading with advisory services and serving the right clients.

Shift #5: Taking Action

Invest and actively engage in a proven framework to transform your firm and your life.

Take the plunge, embrace the methodologies that propel you towards transformation, and let’s redefine what’s possible as we gear up for 2024. The future of your firm (and your life) hinges on the choices made today. And today, we urge you to choose transformation.

About Renew Group

Shannon Vincent and Colin Dunn created Renew Group to create a better model and better lives for accounting firms. Our Firm Transformation Framework is the blueprint to a better model and a better life. Through education and training, templates, tools, and resources, coaching and community, our framework delivers life-changing results.

To learn more about transforming your firm, subscribe to Renewsletter. We offer practical tips to transform your accounting firm with Less Hours, More Profit, and Better Clients.

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