There’s no doubt that the pressures of running a CPA Firm are greater today than they have ever been. There will never be less regulations, less tax changes or less FASB pronouncements.

This is why many CPA Firms find themselves in the difficult position of wanting to be more strategic in their growth and succession planning, but finding that the pressures of running the Firm day-to-day are simply too much.

IF YOU WERE TO LOOK AT WHY YOU ARE IN THIS

BUSINESS, WE’D BET THAT ONE OR MORE OF YOUR ANSWERS WOULD BE:

You enjoy helping your clients grow and solve their tax and auditing issues

1.

You and your staff want to develop technically and continue your professional skills

2.

You want to continue to build your “book of business” which is a comfort knowing that you have a steady flow of income throughout the year.

3.

These reasons are not the only ones, to be sure, but, they are certainly valid for many Partners and founders of Firms.

ARE THESE THE VERY REASONS WHY YOUR

FIRM WILL HAVE DIFFICULTY GROWING?

You didn’t get into this business to have to deal with personnel, cultural, technological or operational issues. In fact, we’d bet that you find these issues a distraction from serving your clients and a source of major frustration.

1.

Management of your staff is pretty much an intangible. It is difficult to measure the benefits of good management when looking at the profitability of a CPA firm. Partners like to look at productivity as the source of profits…Billable hours. Therefore, you may not be willing to allocate hours that are not related to production.

2.

CPAs have spent their entire careers obtaining clients and building a book of business that provides for your source of income and wealth. It’s your security blanket and, in a lot of firms, it determines your compensation in the firm. Time spent dealing with management issues is time not available to grow the book of business.

3.

What can you do to grow?

CPA firms need to recognize that they are a business. You consult with businesses and help them run more like businesses, but do you take your own advice?

FIRMS THAT WANT TO GROW AND SUCCEED NEED TO IMPLEMENT

THE FOLLOWING SUGGESTIONS:

Create a strong culture that defines what the firm stands for and lives by.

1.

Understand the need to position the firm as a place where both current staff and future recruits can fulfill their career objectives. This involves providing management and leadership training. Your staff does not know how to manage by default. They must be professionally trained.

2.

Create long-term value by creating new services that positions the firm as a provider of choice to the business community. This can only be done by looking forward to client challenges and coming up with solutions that can generate new revenue.

3.

The firms that are going to continue to grow profitably in the future are those who manage their companies well.

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How to Prepare Your CPA Firm for Growth and Success

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