Recipe for CPA Firm Success
The following is a reprint, reproduced with permission, from a blog entry by Marc Rosenberg.
Our good friends, Kelly and Mike Platt of INSIDE Public Accounting were kind enough to interview me for their fabulous newsletter. They asked my advice on leading-edge practice management. Highlights:
What are the common denominators of successful firms?
- Growth, marketing and active practice development. Revenue growth energizes the firm, creates continuous new opportunities for staff and prevents stagnation. Successful firms practice ABS: Always be selling.
- Developing, engaging and retaining staff. Can anyone possible disagree with this?
- Leverage: partners must be delegators, not doers, working ON the business, not IN it. It’s more important what partners do with their non-billable time than their billable time.
- Management and leadership, which make all of the above happen.
Can you offer three pieces of advice to MPs?
Take this perspective every day when you wake up and be tenacious about it.
- Make the firm your #1 client. To walk this talk, MPs must dramatically reduce their client duties to create the time and mental focus to truly make the firm their #1 activity.
- MP’s must challenge themselves and their partners: “What does this firm need to be tomorrow that it is not today? Heifetz said: “identifying challenges and focusing people’s attention on those challenges is first and foremost.” Ensure that the firm focuses on growth. MPs don’t have to be rainmakers. But they must make sure the firm grows continuously.
- Be highly effective at attracting, mentoring, training and developing a great staff.
For the original entry, read “Successful CPA Firms: The Common Denominators.”
From The Marc Rosenberg Blog, March 6, 2017, blog.rosenbergassoc.com.