strategy

you cannot prove your value

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you can, however, help clients and prospects discover it.

by hitendra patil
accountaneur: the entrepreneurial accountant

you cannot prove your value to your clients (and prospects).

you can not.

more on entrepreneurial strategy: certified blockchain accountant: from cpa to cba | who wants to be a comptometrist? | is blockchain an extinction event for accountants? | blockchain accounting is an oncoming train | how to fly the automation dragon to your dream practice | your clients hold a secret key to your practice growth | seven lessons for accountants from self-driving cars
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they need to discover it themselves.

because value is perceived in their heads.
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multiply your value with strategic thinking skills

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older businessman leaning back thinking6 questions to go beyond swot.

by jon lokhorst

more than half of finance executives in a global study by the association of chartered certified accountants and institute of management accountants identified strategic thinking as critical to professional development for chief financial officers.

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these skills are just as important for cpas in public accounting who want to advance in their careers or grow their firms. strategic thinking is the key to delivering exceptional value in today’s rapidly changing, competitive business world.
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putting big-firm growth strategies to work at small local firms

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forked rural road in forestbalancing hi-tech with hi-touch to remain the essential advisor.

by art kuesel
rosenberg map survey

increases in needs for revenue growth and people development to fulfill succession plans are fueling several macro-trends led by small, local firms.

more from the map survey: technology evolving faster than accounting firms | will staffing challenges change the definition of partner? | firms focus on profitable growth, true leadership | technology playing center stage in cpa profession
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first, smaller local firms are adopting robust organic growth strategies once only reserved for large local, regional or national firms. early indications suggest that these plans have begun to deliver expected organic results, though not enough to solve the problem. so, additional resources, additional strategies are under consideration to fuel growth.

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define client wants vs. needs

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woman and man shaking hands across a deskbuild looking for opportunity into every job.

by rob nixon

why do clients come to you from another firm? okay, i know you are good and the best accountant around but really – why?

more on strategy: they should all be ‘a class’ clients | your clients on your terms | how much should partners make? | be a history maker | experience doesn’t mean what you think it does | why ‘steady as she goes’ isn’t enough | the final critical traits: how do your tires look? | how to calculate a value price
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do you ask every client why they left the other firm and chose you? probably not. when it all boils down, clients leave one firm for another for just two reasons:
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mindset is everything

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businesswoman with crossed arms smiling, skyline in background5 ways sir richard branson has nailed success.

by rob nixon

if you want to run a thriving accounting business you need to need to change the way you think.

more on strategy: accountants are the last trusted advisors | how much should partners make? | be a history maker | experience doesn’t mean what you think it does | why ‘steady as she goes’ isn’t enough | boost efficiency and your bottom line | marketing must generate leads | be an ‘object of interest’
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how you think and what you think about is crucial to your success. i meet many accountants who have low self-esteem.
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the a-b-c’s of getting started with advisory services

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don’t forget the basics.

by sandi leyva

the other day, i sat in on a session on advisory services delivered by a leading consultant to multi-partner cpa firms. but i have a little bit different approach for smaller firms. that’s today’s topic.

when you ask an employee or partner of one of the top accounting firms what advisory services are, you’ll get a list with at least some of these items on it:

  • personal financial planning
  • fraud detection
  • technology services
  • it assurance
  • business valuation
  • mergers and acquisitions
  • litigation support

all of these are specialties within our industry where you can get additional training and certifications to demonstrate your expertise.

the problem with most of these advisory services is that they skip over the basics.

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6 rocks in the path to growth

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large rocks in roadand how to move them.

by domenick j. esposito
8 steps to great

“tiger woods did not always win majors with ease; after his narrow victory in the 1999 pga, he slumped and sighed as if he’d been carrying rocks uphill all afternoon.” – john updike

more on strategic planning: m&a candidates: valuations and vetting | m&a: sometimes bigger is better | what a value proposition truly is (and isn’t) | does your firm need an independent executive committee member? | 10 ways to link compensation and strategy | develop home-grown future leaders
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a cpa firm must move many rocks that are on the path to growth. if a firm doesn’t effectively address these rocks, it will not be able to grow at a satisfactory rate.
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blockchain: questions are the answer

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blockchain will find answers. but you need to know the right questions.

by hitendra patil
accountaneur: the entrepreneurial accountant

if blockchain were human, here’s what it would say to you: “dear accountant, your intelligence is far more powerful than my algorithmic intelligence. i can do the math, audit the authenticity of transactions incredibly faster than you can. but that’s not the point. the point is: i can provide you answers much faster than was ever possible. but only if you ask me great questions!”

more on entrepreneurial strategy:  the 7 experiences millennials want from your firm | is blockchain an extinction event for accountants? | is blockchain a cloud killer? | how to beat automation in accounting | 3 reasons small firms stay small | the new needs of people at accounting firms

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we are just about starting to see what pablo picasso saw way back in 1964 about “the enormous new mechanical brains” and “calculating machines.” they are “useless,” he said. “they can only give you answers.”

if the mechanical brains “can only give you answers,” it is imperative that someone asks those brains the right questions. that someone had better be you.

the entrepreneur’s questions read more →

growth is all about the clients

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large group of people gathered into an upward arrow shape3 questions to ask.

by rob nixon

the old (traditional) growth model is all internally focused. nowhere in it is the client mentioned.

more on strategy: why average project value matters | experience doesn’t mean what you think it does | why ‘steady as she goes’ isn’t enough | the final critical traits: how do your tires look? | how to calculate a value price | boost efficiency and your bottom line | 4 sales systems and some secret sauce
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the new growth equation is all about the clients. it’s about marketing to get additional clients from firms that are not giving legendary service (like hopefully you do). it’s about serving them well to keep them delighted, loyal and referring more. it’s about offering all services to them and it’s about you receiving fair compensation for the value that you create for the client.
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the five rules driving growth at baldwin cpas

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long

alan long: entrepreneur first, cpa second. 

by ian welham
the accounting success podcast

alan long of baldwin cpas is an entrepreneur first and cpa second. that entrepreneurial mindset is the driving force behind the strong revenue growth, innovative practices, and steady expansion that’s bringing baldwin national attention as a rising regional firm.

related: accountingfly revolutionizes the way cpas are hired  |  summit cpa group pioneers virtual cfo services |

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the practice that started in small kentucky towns such as maysville, (pop. 8,920), flemingsburg (pop. 2,694) and richmond (pop. 30,000), has expanded into louisville and lexington – and now long is planning his next strategic move.

whatever it is, it’s likely to be unexpected – as is the baldwin founder himself.

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yes, bigger is better

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businessman hand holding puzzle pieceslike it or not, size sells.

by domenick j. esposito
8 steps to great

while conventional wisdom tells us that better is better, it’s plain and simple nonsense when it comes to midsized cpa firms and a convenient excuse for a less than stellar growth by a firm’s partner group.

more on strategic planning: use compensation to shape partner behavior | ai likely to accelerate merger mania | get your money’s worth from non-billable time | stay independent but keep looking upward | the dangers of low-hanging fruit
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just look at “better” through the lens of the marketplace for both existing and prospective clients and talent.

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