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MARTIN BISSETT’S
PRACTICE GROWTH CHECKLIST
13 CRITICAL QUESTIONS
TO BENCHMARK YOU AND YOUR FIRM
Copyright2017CPATrendlines/BayStreetGroupLLC.Allrightsreserved.Usedwithpermission.Seemoreatcpatrendlines.comandStore.CPATrendlines.com
ABOUT THE AUTHOR MARTIN BISSETT MartinBissettistheFounderofTheUpwardSpiralPartnershipLtd.,theUK-basedconsultingfirmthatspecializesintheimplementationofprofessionalsellingandleadershipskillsinthenextgenerationofaccountingprofessionals.Previously,MartinservedtenyearsontheboardofthedirectorsoftheUK’sleadingproviderofhigh-qualitynewbusinessappointmentsforaccountancyfirms.There,heheldtheresponsibilityforthenurtureandorganicgrowthoftheorganization’snewclientbase,includingsixoftheUK’stop30firmsofaccountants.Martinbecamefascinatedbytheapparentjuxtapositionofpartnersnotvocalizingwhattheywerelookingforintermsofanaccomplishedskillsetfromtheirpotentialfuturepartnersandtheirmanagersnotaskingtodiscoverwhatthatskillsetincluded,despitewantingtoreachthatveryposition.Inaprofessionwithasupposed“SuccessionCrisis”onthehorizon,thisapparentstand-offstruckhimascurious.ThishasledUpwardSpiralPartnershiptopersonallyinterviewseveralhundredpartnersandmanagersintheUSandUKtolearnwhatpartnersarelookingforandhowthemanagersseetheirownfutureinthefirm.Thereare,ofcourse,firmswhohaveaddressedthisissuealready,andtheirinitiativeshavealsobeencaptured.Theresultsoftheresearch,includingboththeconsensusandtheexceptionstothegeneralopinion,iscalled“PassporttoPartnership.”Thisstudyprovidesthehighlightsofeachfactorthatthemajorityofpartnersintervieweduseastheircriteriawhenevaluatingwhethersomeoneintheirorganizationcanmakeittothetop.Asaresultofthecombinationofhisexperience,intellectualpropertyandthisproprietaryresearch,MartinnowconsultswithaccountingfirmsintheUK,EuropeandtheUSAtosupportthemintheirtransitionthroughtothenextstageoftheirdevelopmentandgrowth.
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Copyright2017CPATrendlines/BayStreetGroupLLC.Allrightsreserved.Usedwithpermission.Seemoreatcpatrendlines.comandStore.CPATrendlines.com
Handbooks&PracticeToolsByMartinBissettBusinessDevelopmentonaBudget–TheHandbook&AudioSeries
The25-StepProgramforBuildingaBusinessDevelopmentInfrastructureinYourAccountingFirmWith50-partaudioseries
https://store.cpatrendlines.com/shop/mb-bdb/
PassporttoPartnership:SailingThroughtheSevenCstoCPAFirmLeadership
ThePersonalProgressPlan&Workbook
https://store.cpatrendlines.com/shop/mb-ptp/
WinningYourFirstClient:UnderstandingSellinginPractice
Howprofessionalscanimplementcalculablefeegrowthfortheirfirms.
https://store.cpatrendlines.com/shop/mb-usp-wyfc/
MeetYourNewBestClient:SpecialVideoPresentationbyMartinBissett
Full-length90-minutesession,recordedliveattheBKRworldwidemeetingofaccountingfirmleaders.Withthecompletesetofhandoutsandworksheets.Buyitandit'syourstoownforever.Unlimitedplays.Licensedforsoleindividualuse.Forusebymultiplepersons,pleasepurchasemultiplecopies.
https://store.cpatrendlines.com/shop/mb16bkrvid/
Copyright2017CPATrendlines/BayStreetGroupLLC.Allrightsreserved.Usedwithpermission.Seemoreatcpatrendlines.comandStore.CPATrendlines.com
ThePracticeGrowthChecklist
13CriticalQuestionstoBenchmarkYouandYourFirm
ByMartinBissett
Afterspeakingtomanyaccountantsovertheyearsandoftenhearingthesamequestionsbeingasked,Ihavecompiledalistofmy13mostcriticalquestionsthatyouneedtoapplywith100-percenthonestytoyourpracticeintermsofgrowth.Thereisnodoubtthatthesearedifficultquestions.Butifyouinvesttimeansweringeachofthequestionsashonestlyaspossible,itwillhelpyougainafullerunderstandingofhowyourfirmisgrowingornot.Anditwillhelpyoutounderstandandidentifytheareasyouneedtoworkontomoveforwardtogrowandflourish.Considermakingthisateamproject,gatheringinputfromallinvolvedinbusinessdevelopmentactivities.Iexpectyoumaystartaspiriteddiscussion.Now,withasharppencilinhand,pleaseproceedwiththechecklist.
Copyright2017CPATrendlines/BayStreetGroupLLC.Allrightsreserved.Usedwithpermission.Seemoreatcpatrendlines.comandStore.CPATrendlines.com
ThePracticeGrowthChecklist
Q1Doyouknowthelevelofthefeegrowthintermsofrevenueorprofitabilitythatyouwanttoachieveoverthenext12months?
� Yes� No
Ifyouanswered"YES,"whyisthis?
Q2Doyouknowwhereyouneedtobein12months'time,basedonhowmuchworkyoucanwinandserviceinanyonemonth?(Startconsideringwhatyoucandelivermonthlyfirst,thenscaleuptoyourtimeframe)
� Yes� No
Ifyouanswered"YES",whatisyouridealservice?
Q3Doyouknowyourconversionratesfromyournewbusinessopportunitiesotherthanreferrals?
� Yes� No
Ifyouanswered"YES,"whatisyourratio?
Copyright2017CPATrendlines/BayStreetGroupLLC.Allrightsreserved.Usedwithpermission.Seemoreatcpatrendlines.comandStore.CPATrendlines.com
Q4Doyouknowyouraveragefeelevel?
� Yes� No
Ifyouanswered"YES,"whatisyouraveragefee?
Q5Doyouhaveanyonewhohasatrackrecordofwinningworkproactively,inyourfirm,otherthanyourself?
� Yes� No
Q6Doyouhaveapipelineofprospectsthatyouactivelymonitor,managerandprioritize?
� Yes� No
Q7Areyouabletoforecastyournewbusinessgrowthonamonthlybasis?
� Yes� No
Copyright2017CPATrendlines/BayStreetGroupLLC.Allrightsreserved.Usedwithpermission.Seemoreatcpatrendlines.comandStore.CPATrendlines.com
Q8Areyouusinganeffectivemarketingstrategythatmeansyouareabletorefillyourpipelinewithnewprospectseachmonth?
� Yes� No
Q9Doyouoryourteamhavetemplatesinplaceforproposalwriting,forpricingandnegotiating?
� Yes� No
Q10Areyouandyourteamskilledinanyofthefollowingareas?(Tickallthatapply)
� EmpathyCreation� CommunicatingYourValue� Pricing� NegotiationandClosing� Referralcreation� Cross-Selling
Q11Ifyoursuccesswithreferralsdrieduptomorrow,doyouhavecontingencyplansastowherethenewbusinesscomesfromeachmonth?
� Yes� No
Copyright2017CPATrendlines/BayStreetGroupLLC.Allrightsreserved.Usedwithpermission.Seemoreatcpatrendlines.comandStore.CPATrendlines.com
Q12Ifreferralsremainyouronlyformofnewbusiness,doyouhaveastrategyforwinningthoseclientsathigherfeesinordertoavoidstagnantprofitability?
� Yes� No
Q13Areyouincontrolofyourpractice'sgrowthorisitincontrolofyou?
� Iamincontrol� Iamreliantonexternalforces/sources
Copyright2017CPATrendlines/BayStreetGroupLLC.Allrightsreserved.Usedwithpermission.Seemoreatcpatrendlines.comandStore.CPATrendlines.com
Self-Assessment
Atthispoint,pleaserevieweachofyouranswers.
Thismaybethemostdifficultpatoftheexercise,becauseitrequiresmakingforward-lookingestimatesandsomeconjecture.Butuseyourbestjudgement.
1.Makesureyouarebeing100-percenthonestwithyourself.2.Next,focusonthequestionsforwhichyouanswered“No.”3.Thentakeeach“No”answer,andconsider,totheextentpossible,howitwouldimpactyouoryourfirmiftheanswerwas“Yes.”4.Foreach“No”youturnintoa“Yes,”estimateadollarfigurefortheimpactthechangemighthaveonyourrevenues.5.Howmuchmoremoneycouldyoubeearningifyouansweredeveryquestionwitha“Yes?”6.Howmuchbettercouldyoubeservingyourclientsifeveryanswerwas“Yes?”7.Howmuchstrongerwouldyourpracticebe–intermsofgrowth,profitability,sustainability,andenterprisevalue–ifeveryanswerwas“Yes?”8.Nowthatyoucalculatedthegapbetweenwhereyouareandwhereyoucouldbe,whatwillyoudoaboutit?Nevertheless,congratulationsareinorder.Withthischecklist,you’vealreadymadeaboldfirststep.
Copyright2017CPATrendlines/BayStreetGroupLLC.Allrightsreserved.Usedwithpermission.Seemoreatcpatrendlines.comandStore.CPATrendlines.com
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• 101 Questions and Answers: Managing an Accounting Practice, Two Volumes
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• Accounting Firm Operations and Technology Survey: Solo and Small Firms Edition
• Accounting Marketing 101 for Partners
• Business Development on a Budget – The Handbook & Audio Series
• CPA Firm Management & Governance
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• CPA Firm Succession Planning: A Perfect Storm
• Effective Partner Relations and Communication
• How CPA Firms Work: The Business of Public Accounting
• How to Bring in New Partners
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• How to Create the Roadmap for Your Firm's Growth
• How to Engage Partners in the Firm's Future
• How to Operate a Compensation Committee
• How to Review Tax Returns
• Implementing Fee Increases
• Leadership at its Strongest
• Meet Your New Best Client
• Passport to Partnership
• Professional Services Marketing 3.0
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• Quantum of Paperless: The Partner's Guide to Accounting Firm Optimization
• Sponsoring Women: What Men Need to Know
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• The Radical CPA: New Rules for the Future-Ready Firm
• The Rosenberg MAP Survey: Annual National Study of CPA Firm Statistics
• Understanding Selling in Practice
• What Makes a Great Partnership
• What Really Makes CPA Firms Profitable?
• Winning Your First Client
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