Create greater impact by thinking Big
Thinking big is a central theme in ReNew Group.
Why? Think small, get small. Think Big, get big. Target the Targets!
"Most people, by default, because they don’t think big, don’t aim high, and end up developing very average or below average habits. They under-develop." — Gary Keller
We find that firms’ numbers are a reflection of their thinking.
Here are some numbers from three CPA firms we looked at recently:
1. Firm A: 133 client groups; clients under $3K comprise 64% of total clients and represent 13% of revenue. Yikes.
2. Firm B: 157 client groups; clients under $3K comprise 41% of total clients and represent 7% of revenue. Ugh.
3. Firm C: 382 client groups (too many for the size of the firm); clients under $1K comprise 52% of total clients and represent 10% of revenue. Insanity.
Most accountants have a tendency to think small/scarcity.
The question we all need to ask is… If I am thinking BIG what would I do? Easier said than done which is why we need reminders.
One recent habit we have developed that reminds us to think Big is to listen to the All In Podcast (https://www.allinpodcast.co/).
The podcast is hosted by four successful entrepreneurs and investors who have varied backgrounds, skill sets and world views.
They have positive civil discourse and respectfully disagree with one another. They are literally changing the world by leveraging investment and business to create wealth and make the world a better place.
They think VERY big and the podcast reminds us to think big. We recommend it.
Think Big friends. You will make more impact.
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 in Economics 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 accountants change their mindset by focusing on the big things.
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!