During a recent conversation with a successful technology company founder, I asked him what he believed the biggest threat to his business was.
To my surprise, he didn't mention security concerns or external factors like competition.
Instead, he pointed out that his biggest concern was "friendly fire," or not doing the right things internally.
This response was not only interesting but also very relevant to public accounting.
As accountants, the biggest threat we face is not allocating our time, people, and capital in ways that create the most value for our key stakeholders. When we fail to focus on what truly matters, we risk jeopardizing our success.
The starting point to address this issue is to give ourselves permission to be successful. Most accountants struggle with this because they often get caught up in living an old family or self-narrative. They make decisions from a place of scarcity, guilt, or worrying about what others might think.
This approach is not only counterproductive but also no fun.
To address this issue, we must learn to give ourselves permission to succeed. We need to break free from the limiting beliefs and narratives that hold us back and embrace a growth mindset.
By doing so, we can unlock our full potential and achieve the success we desire.
Taking Action:
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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 rethink the way they are running their firm for better results.
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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