{"id":52716,"date":"2017-09-07t05:00:44","date_gmt":"2017-09-07t09:00:44","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=52716"},"modified":"2017-09-22t08:27:43","modified_gmt":"2017-09-22t12:27:43","slug":"7-steps-take-firm-grows","status":"publish","type":"post","link":"\/\/www.g005e.com\/2017\/09\/07\/7-steps-take-firm-grows\/","title":{"rendered":"7 steps to take as your firm grows"},"content":{"rendered":"

\"\"<\/a>a bigger firm needs bigger thinking.<\/strong><\/p>\n

by steven e. sacks<\/i><\/p>\n

there has been talk about consolidation within the accounting profession for the last several years. will the big 4 become the big 2, or will there be the big one (from a non-nuclear perspective, of course)?<\/p>\n

more: <\/b>today\u2019s workplace challenge: communicating across generations, cultures, and diversity<\/a> | the damocles sword of staff retention<\/a> | does your board know its role?<\/a> | five powerpoint rules to live by<\/a> | your firm\u2019s biggest assets walk out the door every day<\/a> | can we please refer to accounting as a profession?<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

or, on the other hand, will there be a combination of regional firms whose size will be in the neighborhood of the top 10 or top 15 firms that are considered super-regional firms \u2013 and who may consider themselves direct competitors to the big 4?
\n
\nhow will this impact smaller firms? (let\u2019s say $3 million or less in revenue for the sake of this discussion.) will they look to go on a parallel track and seek combinations resulting in what are now considered medium-size firms? will the medium-size firms then face the same challenges as the large regional firms that now compete with the big 4?<\/p>\n

while we are on it, if there becomes a tidal wave of new medium-size firms, what will be needed for them to succeed?<\/p>\n

here are a few things newly formed mid-size firms need to consider to increase their competitive standing. they will need to:<\/p>\n

    \n
  1. align their multi-office operations into one overall strategy.<\/li>\n
  2. emphasize niche services and identify new industry sectors.<\/li>\n
  3. innovate and energize their marketing and business development approach. (the \u201cwe\u201d and \u201cus\u201d tone on their websites will need to be replaced by the \u201cyou\u201d and \u201cyour\u201d theme. yes. habits are hard to break.)<\/li>\n
  4. identify where there may be conflicts of interest faced by other firms, and your firm is able to provide the other work.<\/li>\n
  5. streamline processes and operations (e.g., not signing a long-term lease renewal when you have a younger staff that wants work flexibility outside<\/strong> of the office).<\/li>\n
  6. evaluate existing firm management to see if it is supportive of the overall strategic plan.<\/li>\n
  7. consider joining an accounting firm association whose composition reflects similar philosophies, goals and practices.<\/li>\n<\/ol>\n

    keep in mind that when firms combine to form a new entity, the existing client base wants a level of comfort that it will still be served with the same level of commitment, accountability and responsiveness it has been accustomed to.<\/p>\n

    both firms should recognize and understand that business is now global, so the new strategic plan should incorporate international goals, strategies and priorities and be sure the firm\u2019s message is clearly conveyed by everyone, irrespective of their level.<\/p>\n

    the papers are signed. what now?<\/strong><\/p>\n

    there are so many possibilities and opportunities you can avail yourself of now that you have an infusion of resources from the merger or acquisition. i suggest that the marketing and business development teams work in tandem to compose and promote the information, experience and knowledge of the entire staff. this means<\/p>\n

      \n
    • promoting those areas of special competence that provide niche services and key industry sectors,<\/li>\n
    • obtaining testimonials and<\/li>\n
    • encouraging the younger staff to look for more business opportunities.<\/li>\n<\/ul>\n

      you may or may not change the name of the new entity, but surely you should work on developing an awareness campaign, articulate your firm\u2019s distinctiveness and discover ways to better position your firm competitively.<\/p>\n

      as mentioned before, if you need to build a platform, you may want to vet other accounting firm associations whose combined resources can help you extend the reach of your expertise.<\/p>\n

      finally, as you establish a stronger presence you can employ recruitment tactics you have never before considered.<\/p>\n

      warning: don\u2019t think your job is complete when the agreement is inked. au contraire. the heavy lifting has just begun.<\/p>\n","protected":false},"excerpt":{"rendered":"

      a bigger firm needs bigger thinking.<\/strong>
      \nby steven e. sacks<\/em><\/p>\n","protected":false},"author":1892,"featured_media":50100,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[2254,2327,2371,3120],"tags":[],"class_list":["post-52716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-growth","category-innovation","category-mergers-acquisitions","category-pro-member-exclusive"],"acf":[],"yoast_head":"\n7 steps to take as your firm grows - 卡塔尔世界杯常规比赛时间<\/title>\n<meta name=\"description\" content=\"actionable intelligence for tax, accounting, and financial professionals\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"\/\/www.g005e.com\/2017\/09\/07\/7-steps-take-firm-grows\/\" \/>\n<meta property=\"og:locale\" content=\"en_us\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 steps to take as your firm grows - 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