are you living your stated culture?
by rita keller
rosenberg map survey
one thing that really stood out for me about 2016 was the number of former clients and other cpa firms i have known over my many years in the profession that are disappearing. they have merged up.
more from the map survey: tiered partnerships? it’s happening | extending retirement turns off future leaders | leadership taking different forms | technology evolving faster than accounting firms | succession issues stalling some m&a
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the m&a activity has, of course, been going on for many years now and it is just another form of growth, but it really hit me during this last 12 months when i looked at my long list of clients and identified the ones who are no longer in existence.
every year, the authors of the rosenberg map survey ask the industry’s top consultants to share their observations of what they are seeing at cpa firms. specifically, they are asked the following questions:
- what kind of year was 2016? what were the major trends you observed? what were the issues you saw firms struggling with the most?
- 2017 is half over. based on your experiences this year, what are you seeing? what are the major trends? what are firms struggling with and what are they working on as the year progresses?
yet, it is amazing how many new clients i have been assisting. these are firms i had never heard of and some are startups. i find smaller firms appreciate my assistance because they aren’t big enough to have some of the wonderful resources that larger firms can afford.
one of the major trends i have observed is the re-engineering of what we used to call write-up work into a full-blown client accounting services niche. when it comes to struggles, i continue to see firms struggling with some of the basic people issues and they continue to struggle with getting the more senior partners to embrace change.
as we near the end of 2017, i am seeing firms struggle with understanding all of the changes happening with technology. i believe it is actually scary for many practitioners and they believe things will not change “that fast.”
i work diligently and tirelessly to impress upon my clients the need to be preparing their firm to be a firm of the future. that includes moving everything to the cloud. as mentioned, client accounting services and outsourced cfo services are also major trends and are being offered and/or explored by large firms and small.
another hot topic of concern for me is firm culture. often, when i begin working with a new client firm, i discover that the managing partner and other leaders are not really leaders. no one is truly painting a picture of the future of the firm for the employees and re-enforcing that picture. as one of my consultant friends said, “most partners don’t live the culture that is on their own website.”
one response to “survey: clients disappear, niches blossom”
pat graham-block
great article, rita! i especially found your friend’s observation to be interesting (about the firm’s website not matching reality, in the way of culture). i think firm owners have good intentions but they seem to be grappling with implementation.
i’ve also discovered most websites promise tax planning for business owners. when i speak to the cpa and ask if they’re helping their clients take advantage of the specialized tax incentives, such as cost seg, r&d tax credits, wotc, and so on…
the answer is usually, “no”. this is easily solvable by outsourcing those services. the firms that go one step further in really providing tax planning are the ones that will thrive, in this competitive environment. because when they help their client capture hundreds of thousands of dollars in hidden profits, that business owner will open up their entire rolodex and refer everyone they know.