Making the firm #1 client is a critical ReNew Mindset principle.
The core of the principle is that by making the firm the #1 client you will create more value for the right stakeholders.
The ReNew Mindset principle of making the firm #1 client is a crucial aspect of creating more value for the right stakeholders. This principle is based on the idea that by prioritizing the firm's growth and success, it will benefit not only the firm but also its clients, employees, and stakeholders.
This starts with blocking time to work on your firm. We recommend 6-8 hours a week working on your firm. This may sound like a significant time commitment, but the return on investment is substantial. By dedicating time to the firm's growth and development, individuals can identify areas of improvement and implement strategies to enhance the firm's performance.
There are several areas you can focus on when working on your firm, including:
1. Working on your own numbers: This involves analyzing the firm's financial statements, identifying key performance indicators, and setting financial goals.
2. Working on your vision and strategy: This involves reviewing the firm's mission and values, developing a long-term strategy, and aligning goals with the vision.
3. Niche development and go-to-market strategies: This involves identifying the firm's domain expertise and proactively staying in touch with referral sources to increase business opportunities.
4. Managing scope more effectively: This involves identifying areas where scope creep can occur and developing strategies to prevent it. It also involves determining where to draw the line when it comes to working for free.
5. Recruiting and retention plan: This involves developing a plan to attract and retain top talent, including identifying skills gaps and implementing training and development programs.
6. Revisiting target client definition: This involves reviewing the firm's target client profile and determining if it needs to be updated based on changing market conditions.
7. Improving demonstration of value and pricing: This involves identifying areas where the firm can demonstrate more value to clients and commanding premium pricing for its services.
By focusing on these areas and dedicating time to work on the firm, you can create a stronger, more successful organization that benefits everyone involved. The ReNew Vault also provides content templates and resources to help you implement these strategies effectively.
Ultimately, if you don't make their firm a priority, no one else will. By making the firm #1 client, you can create a culture of growth and success that benefits everyone involved. So, make it count, and invest in the success of your firm.
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 refocus their time to better their firm.
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.
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