18 days to go! Many firms are cranking out 1040s and making their list of things to work on after taking a break.
Running a successful CPA firm is very difficult and it’s important you are on point on what to work on after tax season. Here’s Renew's position after working with thousands of firms over 50 plus years.
Your technology stack is NOT your business strategy. The industry rags, societies and many industry “insiders” grifting off your hard work want you to believe that more tech is the solution to the long hours, stress and lack of profits. Don’t be fooled!
What services you offer, to whom and how you price those services are tier 1 issues (AKA business strategy). Your technology stack should support your strategy and model.
What gives? It’s a heck of a lot easier to enter your AMEX details for the “shiny new tool”... the new project management system, portal or workflow tool than it is to do the hard thinking and work to determine your business strategy. Most firms are allocating finite resources in suboptimal ways.
If you answer the hard questions about your firm model then results and profits will follow. Structure supports strategy, not the other way around. Don’t let the shiny tool delude you!
Finish strong.
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 inEconomics 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 optimize their business models and practices so that they can eliminate unnecessary pain points.
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 noaccountability 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 profitabilityand 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!