Renew Mindset for CPA Firms

Stop the Tax Season Torture: 5 Must-Make Shifts for Accountants

Colin Dunn
October 7, 2023
minute read

Tax season isn’t getting any easier. In fact, we have heard frequently that 2023 was much worse than expected and that a ‘new normal’ appears to have arisen, driven by heightened client expectations post-Covid. But it doesn't have to be that way. Here are some no-nonsense reality checks that'll turn your firm—and life—around.

Quit Chasing Shiny Objects: Nail the Tier 1 Basics

Before you worry about which software to use or how to market your firm, let's nail the basics.

  • What services do you offer?
  • Who are your ideal clients?
  • How are you pricing those services?
  • And most crucially, what do you want to be when you grow up?

At Renew, we refer to these as your Tier 1 issues, and they're not just important, they're vital. Nail these down, and you've got a solid foundation to build on. Get them wrong, and all the marketing and tech in the world won't save you. And yet, most firms are spending way too much time dabbling in tech, hiring, and marketing before they even know what their business model is. No wonder chaos reigns.

Enough’s enough! Pareto for Profit™

You think you know the Pareto Principle? Think again. Renew’s Pareto for Profit™ model helps you not just understand exactly where all the noise is coming from, but actively shape your firm to help you stop the insanity so that you can create more value with the clients who fit your business model.

  • Would you like to know your true breakeven price?
  • Or which clients sit in your Leverage Zone, where the rivers of gold lie?
  • Or those clients who you THINK are OK, but are in the Danger Zone?

Pareto for Profit will pinpoint all of that and more for you, giving you clarity and focus to move forward positively.

Clients will ALWAYS drive you crazy until you make your firm your #1 client

We get it. You're in this business because you love helping clients. But guess what's also a client that needs your undivided attention? Your firm. Treat your firm like it's your best client. Make business decisions that put the firm first, not just patch up client problems. Our members tell us that one of the most important words in their vocabulary is NO. How often do you have the courage to say 'no' to opportunities that don't align with your vision?

You’re Undercharging. Yes, You!

Most Renew firms wind up working with fewer clients than when they started with us. Sounds counter-intuitive, but it certainly doesn't mean you have to take a hit in your earnings. On the contrary, it gives you the freedom to offer premium services that bring in more revenue per client. No more nickel-and-diming yourself. When you focus on providing value to target clients, you can confidently charge premium prices. And when you have the time to proactively check in with clients on a regular basis and give them access to you when they need a sanity check or a sounding board, price is no longer an issue.

Prioritize the easy wins (yes, you have them!)

Procrastination is the enemy of progress. Continuing to focus on and invest in Tier 2 issues, while ignoring the Tier 1 fundamentals is a one-way ticket to mediocrity. Stop wasting time on distractions. Take a long, hard look at your Tier 1 issues, apply the Pareto for Profit™ model to refine your client list, make your firm the #1 client, start charging what you're worth, and keep a hawk-eye on the metrics that matter.

If you make these five shifts, you're not just looking at a more profitable, streamlined firm; perhaps even more importantly, you're looking at a life where you can breathe, enjoy time with family, and maybe even catch your kid’s game during tax season.

Trust us, your future self will thank you.

Ready to transform your firm and life?

Prioritize the easy wins now to set yourself up for less hours, more profit and better clients throughout the year.

We'll send a copy of our Bitesize Benchmark Report to you as a thank you!

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