What would it take for you to double the size of your accounting practice within one year? What specific barriers would you need to overcome to make this happen?
We’ve spoken with hundreds of accounting firms from all over the world and asked them these exact questions. As you would predict, the responses varied in complexity and attainability. But throughout the whole process, there were a handful of comments that we kept hearing over and over again.
It became clear that no matter where a firm might be based, how big it is, or its specialization—accounting practices of all types are having their progress halted by near-identical barriers:
- Acquiring new clients
- Selecting the right technology for your team & your clients
- Ensuring your firm can handle growth
- Onboarding new clients effectively
- Value pricing & bundling
- Standardizing your processes
- Maintaining visibility across your firm
- Marketing for growth
- Maintaining a healthy work-life balance
- Talent acquisition
Ultimately, this list is useless unless we identify how your firm can overcome these barriers.
With input from the firms and practitioners who are currently setting the benchmark in the industry, we’ve compiled at least three definitive actions that you can take right now to overcome each barrier. Each of the links above explores these barriers in depth, explaining not only what they are, but how they are impacting you and your firm, and most importantly, what can you do about it.
Overcoming your biggest practice barriers will unlock countless benefits—increased revenue, more clients, higher fees for your services, reduced costs, more efficient servicing, lower infrastructure costs—the list goes on. Overall, conquering them is perhaps the most vital step towards unleashing your firm’s potential, and even doubling its size faster than you could possibly imagine.
For some background into how this list was compiled and more exploration of the strategies to overcome each practice barrier, you can watch our video.