Expanding Your Firm During a Recession

Source: Partner’s Report—the Monthly Update for CPA Firm Owners

Worrying about the effect of an economic downturn on your firm is counterproductive. Instead you should view it as an opportunity. Your competitors and you will have the same problems during a recession.

Here are some ideas:

• Expand—don’t contract. Weaker firms will be hurt. They may lose important people, and, therefore, clients. Increase your marketing and sales activities to make sure these available clients come to you.
• Leaders should resist succumbing to fear. They should create strategies around which their people will rally.
• Clients may be cutting back. Make sure they don’t cut back on your services. Exert extra effort to be close to your clients and meet their needs.
• Be creative. Cutting back on initiatives will put you behind when business starts to turn around. Never stop working on new approaches to meeting clients’ needs.
• Use these ideas to help your clients deal with the recession.

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From Partner’s Report—the Monthly Update for CPA Firm Owners, August 2008, p. 1, “Practice-Building Tips to Help Owners Take Advantage of the New Economic Reality.” For subscription information contact Institute of Management & Administration, Inc., 3 Park Avenue, 30th Floor, New York, NY 10016-5902. One-year subscription $449. 212-244-0360, [email protected].

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