Transforming Your Firm From the Inside Out

Source: Accounting Today

In this article, consultant Gary Boomer outlines five strategies for organic growth (as opposed to growth through mergers and acquisitions):

1. Listen to clients. Have a conversation with your clients to learn about their greatest business threats, possibilities for the future, and areas of strength. It's about building client relationships, not generating chargeable time.
2. Identify unique processes. Determine which processes your firm does that are exceptional. Give those processes a name and a “look”, including graphics, etc., so you can easily communicate about them within the firm and with clients. By doing so, you will take advantage of best practices, reduce errors, control costs, and impress clients.
3. Move to fixed-price agreements. Instead of chargeable hours, move to fixed-price agreements that define the work to be done and payment terms and include provisions for “change orders.” Clients can be sure of the cost up front, which makes them more willing to invest in your firm's services.
4. Make the most of technology. By taking advantage of cloud computing and other cutting-edge technologies, CPAs can serve as a bridge between IT professionals and business owners. Provide value-added services and become a “trusted advisor” to your clients, rather than just their CPA.
5. Increase your value. Use the first four strategies to increase your value to clients. Go from offering basic services such as payroll and tax return preparation to contracting with clients for “controllership and CFO functions.”

For the complete article, click here and select “Five strategies for organic growth” under Technology in the August 16, 2010, issue.

From Accounting Today, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.