CPA Firm Profitability

Is your firm serving you?

Colin Dunn
October 3, 2021
minute read

Is your firm serving you (or is it the other way round)?

As some of you know, I am an ice hockey nut (which always surprises people, given I live in Australia, not known for its ice!)

Recently, the NHL held an expansion draft as it welcomed its 32nd team, the Seattle Kraken. The Kraken got to select a player from each of the existing teams, excluding Vegas who are exempt from the draft, having paid half a billion dollars to secure their franchise a few years back. (Crazy money!)

The way the expansion draft works is interesting.

There are some details that I won’t go into, but the likely outcome for most teams was that they would leave one goalie, seven forwards and three defenders exposed, and Seattle could take their pick.

Imagine an expansion draft in the accounting profession.

Where you have to leave, say, two accountants and an admin person exposed (and for those of you in multi-partner firms, throw in one partner for fun)!

Who would you expose? And who might you lose? And would you care?

If you truly have the ‘A’ team in place, you would be devastated, but if you answered, "No, I really wouldn’t care if they took that person — in fact, it would probably be a blessing in disguise" then perhaps now is the time to think about upgrading your team.

Food for thought — remember, your firm should be serving you, not the other way around.


Taking Action:


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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 valuable insights into ensuring your firm serves you. 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!

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