At the recent Firm of the Future event in New York, we caught up with Joe Carufe from Two Roads to discuss practice efficiency and some of the strategies they use to grow.
Two Roads was named the Intuit QuickBooks Firm of the Future winner in 2015 thanks to an emphasis on efficiency and delivering excellence and simplicity to their clients' lives.
Get rewarded for getting more done
According to Joe, there is no point being efficient as an accounting practice unless you do one thing—value pricing.
Two Roads implemented fixed pricing and value pricing and are now reaping the rewards for getting more done with less.
If you don’t start with value pricing you won’t be incentivized—in fact, you’ll be penalized—for the efficiency that you put into your firm.
Put simply, if your practice hasn't already, the number one thing you must do is move to a value pricing model.
Know intimately how your team works
Several processes and procedures really helped Two Roads grow more efficient. Joe has always fostered a culture of change in his team, and he makes an effort to attend events like the Firm of the Future Roadshow to constantly learn more.
The Two Roads team regularly sit down to discuss their workflows, which Joe says is an important way of ensuring bottlenecks are identified and individual efficiencies get noticed. He wants to know how every task is completed and how everyone in his team gets their work done.
Understanding how everyone works helps us find out where the bottlenecks are, with whatever industry or whatever client you’re working for. We want our team to participate with these activities.
Serve clients well and referrals will come
Two Roads are active on social media and they regularly communicate on their online blog—two activities that form a key part of their marketing strategy.
They also put a strong focus on acquiring the right type of client—empowering their sales team to go after what Joe refers to as “new-age clients”—businesses who really need a progressive firm to help them grow.
We position ourselves as advocates to our clients. We really believe it’s all about serving them and making them more successful.
It’s when Two Roads are able to active this for their clients that they start seeing a lot of referrals come their way.