another trend: ranking and culling clients.
by angie grissom
the rosenberg map survey
in terms of firm growth, we are seeing growth in firms with an abundance of opportunity. the way firms plan and manage the growth, the mix of clients they take on and maintain and the way they build a team to do the work and sell additional services does and will continue to impact the success they are having.
an advisory approach to serving and selling is required. professionals need to learn how to do this and this differs from years past. the earlier in one’s career this is introduced, the better. firms are paying attention to the importance of technology investments in dollars, time and learning and are seeing it as a non-negotiable. firms are looking at ways to improve technology integration into multiple service lines and offerings.
the firms that innovate will win. those that continue with the status quo without the urgency of progress and change will suffer by losing good leaders, good staff, good clients.
good leaders are taking a no-nonsense approach to these needed changes. the accounting profession (just like so many others) is in a transition and is undergoing some really motivating changes.
here are some observations:
- the lines are blurring on what services are considered those traditionally offered by accounting firms. services including technology-focused and more advisory and consultative are becoming more mainstream. companies are asking for solutions to diverse problems ranging from managing communication internally, expansion, integration and strategic problem-solving, to name a few. i am seeing accounting firms stepping up to address these opportunities.
- some firms have begun rebranding themselves as business advisors that include accounting services instead of accounting firms that include some advisory services. this helps direct the thinking of clients as they start to see professionals as advisors beyond compliance work.
- firms are continuing to struggle with adequate staffing levels and this must be dealt with by creative staffing strategies, ranking, and culling of certain clients and the focus on defining the kind of profitable work that is needed to build the practice intentionally. problems, when approached correctly, will create opportunities that force us to improve.
- a shift in leadership is happening so we are seeing more and more forward-thinking, innovative leaders move into positions of leadership in firms. we are seeing more of an investment in the growth and practice management of firms as these changes occur. this is a great thing for firms; as the leaders are better equipped and informed, more success will follow.
- awareness of the need for diversity is on the rise and more firm leadership is focusing on how to find and hire the right talent and create a positive environment that embraces diversity. the future team member and the client will continue to differ from prior years. those firms that are anticipating this and equipping their team and culture to embrace this will be primed to succeed.