Congratulations to many on the end of tax season!
Tax season is over and it’s time to take a breather and reflect on your firm’s performance. It is a great opportunity to look back on your progress and assess your strengths and weaknesses. We hope that you had a successful tax season, but regardless of how it went, there is always room for improvement.
As such, we recommend asking yourself some Tier 1 questions. These are fundamental questions that will help you identify your ideal clients, assess the services you provide, and set goals for your firm.
One of the first questions you should ask yourself is: Who is your ideal client/target client? Knowing your ideal client is critical in order to focus your marketing and sales efforts. By targeting your ideal client, you are more likely to attract the type of clients you want to work with and who value the services you provide.
The next question to ask yourself is: What service do you provide where you get the most leverage" This will help you identify the services that generate the most revenue for your firm and allow you to improve them and maximize their profitability.
Another question to consider is: What services do you need to sunset? Not all services are profitable, and some may not align with your firm’s long-term goals. By identifying the services that are not generating revenue, you can begin to phase them out and focus on the services that are more viable.
Pricing is also a critical element to consider. Asking yourself: "What prices need to increase?" is vital in increasing revenue and profitability. By adjusting your prices to reflect the value of your services, you can attract more ideal, Scalable Zone clients to increase your revenue and reduce stress.
It’s also important to think about the future of your firm. Consider asking yourself: What do you want your firm to look like this year, next year, 3 years, etc.? Setting clear goals and creating an ambitiious yet realistic vision for your firm will help you stay focused on your objectives and achieve long term success.
A great exercise to help you achieve your vision is to do a “begin with end in mind Pareto" where you imagine that you have already achieved your goals and then work backwards to identify the steps necessary to get there. From there, you can begin to create a roadmap for achieving your long-term goals.
At Renew Group, we believe that true wealth and freedom is the ability to choose how you invest your time and with whom.
By focusing on the services that generate the most revenue and aligning your goals with your ideal clients, you can create a firm that provides financial security and personal fulfillment into the future!
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 create better business models to foster success into the future.
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!