“Pioneer” firms are beating the competition on all measures. Here’s how they’re doing it.
[ Pro MEMBERS GET THE INSTANT DOWNLOAD: Succeeding in the New Economy ]
By Rick Telberg
By any measure – revenues, profits, shareholder value, technology, client retention, talent development – the profession’s small minority of bold innovators are quickly seizing market share from late-comers and establishing new standards for the rest of the profession, according new data studied by CPA Trendlines.
By one reading of the data, some 73% of firms are in danger of falling hopelessly behind, while 8% of firms — representing all sizes — are surging ahead. Not surprisingly, then, two-thirds of CPAs are bracing for upheavals in ownership and management at their firms.
But some small, focused changes hold the potential for yielding big results. Today’s owners need to be smart about how to deploy their precious resources of time, money and talent. And there may be as many right answers as there are difficult challenges.
CPA Trendlines believes that firms don’t need to become pioneering innovators in all areas of the business, but if they can take initiatives on one, two or three at a time, they may be able to nudge their firm out of the undifferentiated mainstream and into the vanguard of excellence and success.
TO READ THE FULL ARTICLE
