Preparing your accounting firm for growth
There is no one-size-fits-all model in the accounting industry anymore. This means that if you want to grow your firm, it is up to you to determine how you will best operate, what type of clients you want, what services they need, how you want to work, and what modern systems will bring this all together.
Growing your firm does not necessarily mean hiring a bigger team or increasing your client numbers. You can achieve growth simply by working smarter, doing more with less, or being the very best at what you do.
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But before any of this can happen—before you can even make plans to grow your accounting firm—you must take the time to fully understand where you stand now.
Take note of now—where you are & why
To kick things off, look at the purpose, vision and mission of your accounting practice. If these are not already defined, ask yourself why you exist as a business—and be specific. Look back to when you first established your firm, consider what your chief motivators were for building your own business, and identify the defining characteristics that set you apart from other accounting firms. Keep this in mind throughout every decision ahead.
Beyond your holistic motives, you need to take a closer look at your team, whose collective job it is to deliver on this mission. Examine your culture—the team’s shared values and actions that are evident day-to-day. Your practice is developed and influenced by the individual personalities that interact within it, so understanding how these individuals work together to reach common goals will show you this dynamic. Knowing these shared behaviors will help you identify your team’s strengths, weaknesses, and overall health. In the end, a clear purpose gives you focus.
Decide where you want to be
With a detailed understanding of where your accounting practice currently sits, you need to define what you want to achieve. Set clear goals that are specific enough not to leave any confusion (or room for excuses) further down the line. Begin looking long-term with a timeline of one to five years, thinking of this as the grand destination you want your practice to reach. These goals could focus on your service (including client satisfaction and retention), profit, growth (in terms of staff and future expansion), or social (how you’ll give back to the community). They should draw closely on your mission statement, reflecting the reason your practice operates, and why you want to keep going.
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