{"id":78808,"date":"2020-08-30t00:00:57","date_gmt":"2020-08-30t04:00:57","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=78808"},"modified":"2023-08-28t02:02:56","modified_gmt":"2023-08-28t06:02:56","slug":"five-ways-to-improve-operating-margin-during-covid","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/08\/30\/five-ways-to-improve-operating-margin-during-covid\/","title":{"rendered":"five ways to improve operating margin during covid"},"content":{"rendered":"
<\/a>are you too generous with your write-offs?<\/strong><\/p>\n by bill penczak<\/span><\/i><\/p>\n the pandemic has placed a damper on new business activities for most cpa firms, with a paucity of events other than zoom meetings and many clients hunkering down and not making any changes to anything \u2013<\/span> least of which their accounting firm relationships, under some semblance of normal.<\/p>\n more penczak<\/strong>: <\/b>re-thinking today\u2019s firm with five global leaders<\/span><\/a> | <\/span>5 things your firm should do differently this summer<\/span><\/a> | <\/span>do you have the guts to beat the covid crisis?<\/span><\/a> | <\/span>how to inoculate your firm against covid competition<\/span><\/a> | <\/span>\u2018found money\u2019 delights clients<\/span><\/a> | <\/span>don\u2019t buy a rolodex, buy a process<\/span><\/a> | <\/span>the three r\u2019s for beating the corona crisis<\/span><\/a> | <\/span>6 reasons why your marketing sucks<\/span><\/a> the managing partners to whom i’ve spoken, various articles and social media posts suggest embracing your people and your current clients as the best coping strategy for now, which is a solid approach.<\/p>\n so when it comes to preserving your original 2020 profit goals \u2013 or at least salvaging them \u2013 firms have an opportunity to seek better processes or staffing options, or both to pivot to the times. as a cfo i once worked with used to say, “you can either raise the bridge or lower the water.”<\/p>\n here are five options for lowering the water (labor cost) as a short- and long-term strategy for greater firm success:<\/p>\n i wrote a few weeks ago about how some firms and managing partners have become more introspective about their firm and the industry in the time of covid. while such navel-gazing may be out of the comfort zone for some, increasing the profitability of your firm in tough times by considering alternative staffing models should be in the comfort zone of any firm. it just might take a bit of prodding to get there.<\/p>\n <\/p>\n\n
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