Identifying the Right Strategies for Your Firm

Source: Partner Insights

The following includes excerpts, reproduced with permission, from an article by August Aquila.

Firms sometimes struggle with developing strategies when working on their annual strategic plans. You will find that there are several ways to achieve a goal. Here are some strategy examples:

Cost Reduction. Further automate the services you are currently providing, reducing your cost of service. Or have lower-cost personnel do more of the work.

Client Service. Ask each owner to spend five nonbillable hours with clients to understand the clients' businesses.

Service Delivery Enhancement. Perhaps clients have indicated dissatisfaction with your ability to deliver services in a timely manner. Reengineering your workflow process or going to a digital environment for work papers may help.

Client Profitability. Knowing which clients add the most to your net income is critical in determining which clients to serve and how to serve them.

Product/Service Development. Increase profitability of an area by offering services of higher value to clients. For example, tax planning has a higher value than tax preparation.

Positioning Strategy. Where should you position your firm in terms of fees, range of services, reputation, value, aggressiveness, creativity, etc.?

For the complete article, read “Strategy Selection is Critical.”

From Partner Insights, January 2013, Aquila Global Advisors, LLC, http://www.aquilaadvisors.com.