{"id":69757,"date":"2020-02-15t12:00:43","date_gmt":"2020-02-15t17:00:43","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=69757"},"modified":"2020-02-22t16:25:48","modified_gmt":"2020-02-22t21:25:48","slug":"2020-outlook-the-new-growth-model","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/02\/15\/2020-outlook-the-new-growth-model\/","title":{"rendered":"2020 outlook: the new growth model"},"content":{"rendered":"<p><strong><a href=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/12\/trends-2020-header-crop-tilt.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-69585\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/12\/trends-2020-header-crop-tilt-424x282.png\" alt=\"\" width=\"424\" height=\"282\" srcset=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/12\/trends-2020-header-crop-tilt-424x282.png 424w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/12\/trends-2020-header-crop-tilt.png 300w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/12\/trends-2020-header-crop-tilt-600x399.png 600w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/12\/trends-2020-header-crop-tilt-768x511.png 768w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/12\/trends-2020-header-crop-tilt-849x565.png 849w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/12\/trends-2020-header-crop-tilt.png 1327w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/a>younger employees should have more say in the firm&#8217;s vision than those about to retire.<br \/>\n<\/strong><\/p>\n<p><em>by carrie steffen<\/em><\/p>\n<p>the need for additional capital to fund technology (among other things) is compelling leading firms to focus on better integration of the growth function into the overall management of the firm.<\/p>\n<blockquote><p><b>more: <\/b><a href=\"\/\/www.g005e.com\/2020\/02\/12\/2020-outlook-making-volume-manageable\/\">2020 outlook: making volume manageable<\/a> | <a href=\"\/\/www.g005e.com\/2020\/02\/08\/2020-outlook-more-engagement-less-efficiency\/\">more engagement, less \u2018efficiency\u2019<\/a> | <a href=\"\/\/www.g005e.com\/2020\/02\/04\/2020-outlook-non-traditional-hires-might-be-the-answer\/\">non-traditional hires might be the answer<\/a> | <a href=\"\/\/www.g005e.com\/2020\/02\/01\/2020-outlook-focus-on-business-development\/\">focus on business development<\/a> | <a href=\"\/\/www.g005e.com\/2020\/01\/30\/2020-outlook-innovate-and-anticipate\/\">innovate and anticipate<\/a> | <a href=\"\/\/www.g005e.com\/2020\/01\/27\/2020-outlook-balance-advisory-and-compliance\/\">balance advisory and compliance<\/a> | <a href=\"\/\/www.g005e.com\/2020\/01\/22\/2020-outlook-talent-shortage-drags-on\/\">talent shortage drags on<\/a> | <a href=\"\/\/www.g005e.com\/2020\/01\/18\/2020-outlook-demand-is-high\/\">demand is high<\/a> | <a href=\"\/\/www.g005e.com\/2020\/01\/12\/__trashed-3\/\">business development goes borderless<\/a> | <a href=\"\/\/www.g005e.com\/2020\/01\/09\/2020-outlook-data-import-on-the-rise\/\">data import on the rise<\/a> | <a href=\"\/\/www.g005e.com\/2020\/01\/05\/2020-outlook-becoming-the-most-valuable-advisor\/\">becoming the most valuable advisor<\/a> | <a href=\"\/\/www.g005e.com\/2019\/12\/27\/2020-outlook-talent-competition-will-drive-tech-adoption\/\">top three tips for 2020 success<\/a> | <a href=\"\/\/www.g005e.com\/2019\/12\/21\/2020-outlook-where-do-you-want-to-be\/\">where do you want to be?<\/a> | <a href=\"\/\/www.g005e.com\/2019\/12\/11\/2020-outlook-shift-your-mindset-to-a-team-approach\/\">dicey disruptions<\/a> | <a href=\"\/\/www.g005e.com\/2019\/11\/27\/2020-outlook-firms-pursuing-upstream-mergers\/\">upstream mergers<\/a> | <a href=\"\/\/www.g005e.com\/2019\/11\/20\/creative-and-diverse-staffing-on-the-rise\/\">staffing gets creative<\/a><br \/>\n<strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-49700\" src=\"http:\/\/4f2bur4nuye2cgakm2rm61qk.wpengine.netdna-cdn.com\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1470686574894.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/><span style=\"color: #b79c00;\">exclusively for pro members. <\/span><\/strong><span style=\"color: #b79c00;\"><a style=\"color: #b79c00;\" href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2020\/02\/15\/2020-outlook-the-new-growth-model\/\">log in here<\/a> or <a class=\"external\" style=\"color: #b79c00;\" href=\"http:\/\/goprocpa.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n<p>the previous growth model consisted one or two rainmaking partners creating most of the opportunities with the support of tactical marketing managers or directors supporting the effort through event coordination, sponsorships, branding, online marketing and other positioning tactics. marketing lived in a separate bucket from other areas of the practice.<br \/>\n<!--more--><br \/>\nthe new growth model is led by a professional strategic marketing expert (either in-house or outsourced depending on the size of the firm) who is not the mp or a practitioner. s\/he is responsible for helping set the firm\u2019s direction and manage items such as<\/p>\n<ul>\n<li>ensuring the firm is attracting the right clients,<\/li>\n<li>how much revenue is needed to create enough for capital investments without sacrificing nipp,<\/li>\n<li>innovative pricing models,<\/li>\n<li>new service development,<\/li>\n<li>transition to advisory practices,<\/li>\n<li>building of consulting services,<\/li>\n<li>specialization and<\/li>\n<li>a host of other strategic priorities aligned with the firm\u2019s vision.<\/li>\n<\/ul>\n<p>the growth professional is part of the firm\u2019s leadership team with a seat at the partner table. this is a big mindset shift for many firms\/partners firms and in our experience firm leaders who may \u201cget it\u201d underestimate how difficult the shift will be for those inside their firm who don\u2019t.<\/p>\n<p>firms should start by setting a clear vision for what leaders want the firm to look like in five years. younger partners\/leaders should have a greater say in that vision than partners who are retiring in the next five years. decide what revenue the firm will need to support the vision and how much gross business is needed each year in order to meet the five-year plan \u2013 a component of which should be a plan for technology investment and deployment. i also suggest looking at resources such as the rosenberg survey and others to determine what systemic changes the firm should work toward in terms of billing rates, service mix and realization.<\/p>\n<p>engage or hire a strategic growth professional (look for someone who has experience with cpa firms specifically and who understands the metrics of growth) to not only help with the visioning, but also to advise on the strategies the firm should employ to meet the goal. that professional should also lead the development of a formal, written marketing plan that advances the firm toward its vision. there are so many different ways for firms to succeed in 2020! leaders just need to commit to their strategies, and then execute to achieve their desired results.<\/p>\n<p>we\u2019ve seen a lot of firms making investments in client experience and client retention programs. the concept of client experience is relatively new to the accounting profession, but in a landscape where competitive differentiation is based on client service, the process of surveying clients to ask what they value most about the relationship and then training people on how to deliver that consistently garnered a lot of attention. if they haven\u2019t yet, firms should consider embarking on a process of interviewing clients to understand what is most important to them, and then evolve the firm\u2019s client service to deliver based on the results.<\/p>\n<p>with the focus on client service, firms also have been taking a hard look at the technology solutions in which they need to invest to enhance client experience. in fact, building the right technology stack is probably the area i most often see firms of all sizes struggling to get their arms around. technology is changing quickly. it\u2019s critical to service. it\u2019s important to firm morale. in every area of the firm (hr, marketing, sales, client service, finance) there are technology solutions that could improve performance. the opportunities are somewhat endless and many firms are still working through how to prioritize, fund and get a return on tech investments. to support this need i\u2019m seeing firms set more aggressive top-line growth goals to try to generate capital to invest in technology hardware, software, infrastructure and people as well as investing in tech planning to help prioritize their options.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>younger employees should have more say in the firm&#8217;s vision than those about to retire.<\/strong><br \/>\n<em>by carrie steffen<\/em><\/p>\n","protected":false},"author":2357,"featured_media":52605,"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":[1363,5,3120,3002],"tags":[],"class_list":["post-69757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-outlook","category-pro-member-exclusive","category-special"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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