Remaining an Independent Firm
Source: RedZone, Play of the Month
One reason some CPA firms flourish into large and very profitable organizations is that they adapt to changes in the CPA firm marketplace for both clients and staff, just as football coaches often try to change the game plan at halftime to meet unexpected or changing conditions on the field.
CPA firms must maximize their offensive “playing time” by developing proactive and innovative marketing, human capital, and succession plans and continuously adjusting their game plan to the marketplace. They use an offensive strategy to build for the future, rather than a defensive strategy to maintain the status quo.
The key to remaining an independent and successful firm in the future includes:
- A strong leader (“quarterback”) to implement the firms’ strategic plans.
- Developing and implementing niche and service specialties.
- Providing state-of-the-art and value-added services to clients.
- Recruiting the best entry-level (“college draft picks”) and experienced professionals (“free agents”).
- Continuously upgrading the client base and disengaging low-realization clients.
- A succession plan that is evaluated each year and includes a career development and leadership program for the firm’s future partners.
- Utilizing the most time- and cost-effective methods for delivery of services to clients.
- Holding all partners accountable for executing the firm’s short-term and long-term plans.
- A culture that promotes “teamwork” and puts personnel in a position to succeed.
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From RedZone, Play of the Month, Accountants Advisory Group LLC, www.accountantsadvisory.com, August 2008.
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