Strategy reset
Before you can determine your firm strategy you need to determine what game you are playing.
When it comes to determining your firm's strategy, it's essential to first consider the game you're playing. Many firms make the mistake of choosing a strategy that doesn't align with the game they're playing, which can lead to dissatisfaction and lack of success.
That's why it's critical to begin with the end in mind, as Habit #3 of Covey's 7 Habits of Highly Effective People reminds us.
In the business of public accounting, there are various games that firms can play.
Some firms may focus on making as much money as possible, while others prioritize having as much freedom as possible. Some may be focused on helping as many people as possible, while others aim to create a firm that is not dependent on any one individual. Others may focus on building a firm that allows them to do what they enjoy, such as advisory work, wealth management, or tax services. Finally, some firms may focus on creating a firm where they can make the most significant impact.
It's crucial to note that it's challenging to play more than one game at a time.
The pandemic (great pause) has caused many people to change the game they're playing. Firms that were once focused on making as much money as possible may now prioritize creating a firm that allows them to work from home and spend more time with their families.
It's essential to avoid taking cues from firms that are playing a different game than you are. Instead, you need to ask yourself what game you're playing and what winning looks like for you.
The right answer is the one that provides you with the life you want.
For example, if you value work-life balance and want to spend more time with your family, a strategy focused on making as much money as possible may not be the best fit for you. Instead, you may want to prioritize a strategy that allows you to have more freedom and flexibility in your work schedule. Alternatively, if you're passionate about helping people and making a positive impact, a strategy focused on making as much money as possible may not align with your values. Instead, you may want to prioritize a strategy that allows you to help as many people as possible and make a meaningful difference in their lives.
The right answer is the one that provides you with the life you want.
Taking Action:
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 firms develop a strong and valuable strategic direction so that they can see 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!