going big<\/strong> \u2013 i often hear the phrase \u201cbigger is not necessarily better\u201d but i maintain that the marketplace places a lot of importance on size and brand awareness and therefore bigger is better because the bigger your firm is, the more likely it is that you are building an impressive client list and many impressive partners and staff. impressive client lists and impressive partners and staff help you attract high-quality people and new clients and effectively serve existing clients. so, what does the competitive landscape in your geography look like? is there an opportunity for your firm to become a clear alternative to the giant four firms or to the next six? is there an opportunity for you to gain market share with larger, more complex clients with presumably better margins?<\/li>\n<\/ul>\nor<\/strong><\/p>\n\ngetting deeper<\/strong> \u2013 in your marketplace, is there an industry niche (perhaps commercial real estate, retail, technology) that cries out with opportunity and a need for a specialized cpa firm with market distinction? small firms that are deep with industry expertise usually generate excellent livings for their partners. industry specialization sells with clients, prospects and your partners\/staff. so, what does the competitive landscape in your geography look like? is there an opportunity for your firm to be the \u201cgo-to\u201d firm for a particular industry?<\/li>\n<\/ul>\nonce you preliminarily decide which strategic path might be appropriate for your firm, there are eight steps that you need to tackle. these are briefly summarized below:<\/p>\n
\nyou start with strategic planning, implementation and accountability that requires you to:\n\ngo offsite with a professional facilitator and have a partner retreat \u2013 the best way to kick off a strategic plan<\/li>\n create a vision statement and do a swot analysis<\/li>\n burn the plan and tactics into each and every partner\u2019s annual goals \u2013 this is the best way for you to achieve effective implementation<\/li>\n<\/ul>\n<\/li>\n develop a sound, basic governance and economic model that enables you to:<\/li>\n<\/ol>\n\nestablish an executive board for effective governance and a senior leadership management team for the day-to-day operational oversight<\/li>\n limit equity partnerships to those who consistently help to perpetuate the firm and build enterprise value<\/li>\n avoid the temptation of the upside-down partner\/staff pyramid<\/li>\n use insightful management tool that will enable successful execution<\/li>\n<\/ul>\n\nattract, develop and retain first-class partners and remember:<\/li>\n<\/ol>\n\nan effective hr function is critical to your future partner pipeline.<\/li>\n senior managers and laterals have to see a quality firm, one that has a strategic plan to transition to a sustainable brand.<\/li>\n your highest-performing partners must become true owners and not merely employees. easier said than done as you grow.<\/li>\n<\/ul>\n\ndevelop a performance management and compensation plan that:<\/li>\n<\/ol>\n\ndrives desired behavior. the focus needs to be firm first, line of business or office second and individual performance third.<\/li>\n evaluates performance in a consistent approach \u2013 it\u2019s integral to communications and execution<\/li>\n is viewed as a way of running your firm, rather than merely a means of rewarding partners<\/li>\n<\/ul>\n\nattract, develop and retain marquee clients through industry, consulting and technical specialization because:<\/li>\n<\/ol>\n\nindustry specialists, consulting specialists and technical specialists are integral to your growth.<\/li>\n marquee clients are credential builders that provide cpa firms with the \u201cmarket permission\u201d to grow with scale.<\/li>\n specialists and marquee clients are prescriptions for providing distinctive service that brings value beyond compliance needs. this is the way your firm will stand out from your competitors.<\/li>\n<\/ul>\n\ndevelop value-added deliverables that are byproducts of your annual compliance services that:<\/li>\n<\/ol>\n\ndemonstrate that your cpa firm provides not only superior service but also \u201cvalue-add.\u201d three value-add examples that are byproducts of your annual audit\/tax compliance services are summarized below:\n\nask clients what they want from their relationship with you \u2013 then exceed their expectations. a client service plan<\/strong> sets standards established by your clients that will serve as precise indicators of your value-add.<\/li>\nowners want to increase their business valuation and their working capital. you can demonstrate that your firm can help by delivering a memorandum identifying ebitda\/working capital improvements<\/strong>. communicate your observations not only to senior management but also to investors. they\u2019ll be blown away by your firm\u2019s distinctiveness.<\/li>\nfamily-owned businesses can truly benefit from a process that allows the owners to define their strategy, direction and priorities. a client situation review <\/strong>will help your firm to focus on client challenges and how your firm can provide solutions.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\nconsider national and international reach:<\/li>\n<\/ol>\n\narguably there are 11 u.s. financial centers that are absolutely necessary to handle growing companies. without them (if not all then at least one or perhaps two), you are not a player.<\/li>\n global reach, an important vehicle that strengthens your firm\u2019s capabilities, is first obtained through membership in an association. ultimately, if you are looking to go big<\/strong>, you need one global brand.<\/li>\ninternational business centers in the u.s. are the vehicles to establish a firm\/office focus on international business and a means to developing skills and credentials.<\/li>\n<\/ul>\n\nmake it real through persistent and consistent leadership:<\/li>\n<\/ol>\n\nevery word the ceo says, every action taken, has tremendous impact not only among the partner ranks but also throughout the firm.<\/li>\n being a leader is very much like being a parent. you need to be persistent and consistent in your words, actions and principles.<\/li>\n<\/ul>\nin conclusion<\/strong><\/p>\njust recently, bkd acquired loeb & troper, moss adams acquired hein, and plant moran acquired eks&h. these are significant transactions and their common theme is to get bigger and deeper.<\/p>\n
small and midsized cpa firms need to get on the bus and bulk up. if they don\u2019t, they will become yesterday\u2019s news!<\/p>\n","protected":false},"excerpt":{"rendered":"
go big or go deep: here’s how.<\/strong> \nby domenick j. esposito<\/em> \n8 steps to great<\/a><\/em><\/p>\n","protected":false},"author":1596,"featured_media":49054,"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":[1363,3120,3002,9],"tags":[],"class_list":["post-56597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-pro-member-exclusive","category-special","category-strategy"],"acf":[],"yoast_head":"\n8 steps to small firm survival - 卡塔尔世界杯常规比赛时间<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n