The 4 New Growth Engines in Today’s Marketplace

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Things are changing and the old growth model no longer fits.

By Gale Crosley
Crosley + Co.

From the outside it might appear that public accounting is much the same as it has always been. CPAs pursue traditional activities such as tax, audit, and consulting services. To build their business, they lunch with lawyers and attend after-hours cocktail receptions.

MORE by GALE CROSLEY:  Think Growth, Not Marketing | Not All Fish Need Audits  |  The 4 New Growth Engines in Today’s Marketplace  |  Change Catches Up with Auditors  |  The 6 Elements to Sustainable Growth for CPA Firms  | Jody Padar’s New Vision for the ‘New Accounting’  |  Reality Check: Achieving World-Class Growth Requires Real-World Intelligence  |  Crosley: The New Growth Evolution  |  Expand Your Vision and Expand Your Business  |  Leveraging Leadership: A New Way of Looking at Growth  |  Are You Creating a Sustainable Firm?  |  Don’t Confuse Marketing with a True Growth Strategy  |  Overcoming Four Imaginary Barriers that Limit CPA Firm Growth  |  How Firms Unleash the Power of Diamonds, Cash Cows and Fat Cats  |  How Smart Firms Use Market Research  |  Got Leads? Get Real. Learn How to Qualify Big Opportunities  |  It’s a New Generation in Lead Generation  |  At the Best Firms, Growth is No Accident  |  Four Keys to Success at Seiler CPAs  |  How Accounting Firms Are Re-Building Their Sales Pipelines  |  How to Get Started on IFRS in One Easy Step

VIDEO:The Three Elements of Growth Strategy  |  Defining the New Business Model  |  The 3 Hallmarks of the ‘New Accounting’ Business

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Yet beneath this familiar scenario, our profession is undergoing a seismic shift, one set in motion by changing market conditions, technological advances, demographic transformation, and other factors. As a result, much about the way we practice is being forced to change. That’s certainly the case when it comes to growth.

Jack Welch, the former General Electric CEO turned guru, urges business leaders to “Change before you have to.” That’s advice accounting firm partners should heed.

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Outlook 2016: Change Catches Up with Auditors

2016-ROUNDTABLE-OUTLOOK-FOR-ROSENBERG-MAP-COMMENTARY-VF-240x219New technology is only part of the movement.

They say "past results are no indication of future performance." Maybe. Maybe not. But if anyone should know, it's our panel of experts, their comments drawn from the new edition of The Rosenberg MAP Survey. These are their bullet points and comments, verbatim, looking back at the last 12 months and looking ahead to 2016. – Rick Telberg, CEO

By Gale Crosley
Crosley Company

Lessons from 2015:

Over the past year, I’ve noticed smaller firms engaged in acquiring firms yet smaller than them. They’ve observed larger firms mastering merger integration, and are now taking the plunge.

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The 6 Elements to Sustainable Growth for CPA Firms

Hand holding a rising arrow, representing business growth.

The signs that you’re heading in the right direction.

By Gale Crosley
Crosley+Co.

I’ve talked a good deal about sustainable growth lately. And I’m often asked how I know if a firm can achieve it. The answer is to look for the common indicators. It’s relatively easy to know if your firm is growing. But how do you know that the growth you’re experiencing is sustainable? What are the signs that it will last beyond this year?

Firms that are consistent performers demonstrate common elements of sustainable growth. Those elements are integrated seamlessly in the best firms. Here’s what I look for:

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The 3 Hallmarks of the ‘New Accounting’ Business

News flash – the business model has changed.

By Gale Crosley
Crosley+Co.

When we think of innovation we typically think of a new product or service – something that didn’t exist yesterday that will make tomorrow better. Innovative offerings are essential to the portfolio of any growth-minded CPA firm.

MORE from CROSLEY: The Three Elements of Growth Strategy [VIDEO] | Defining the New Business Model [VIDEO] | The New Growth Evolution [VIDEO] | At the Best Firms, Growth is No Accident | Jody Padar’s New Vision for the ‘New Accounting’ | Reality Check: Achieving World-Class Growth Requires Real-World Intelligence | No Shortcuts to Sustainable Growth | Expand Your Vision and Expand Your Business | Leveraging Leadership: A New Way of Looking at Growth | Are You Creating a Sustainable Firm? | Don’t Confuse Marketing with a True Growth Strategy  | Overcoming Four Imaginary Barriers that Limit CPA Firm Growth | How Firms Unleash the Power of Diamonds, Cash Cows and Fat Cats | How Smart Firms Use Market Research | Got Leads? Get Real. Learn How to Qualify Big Opportunities | It’s a New Generation in Lead Generation | Four Keys to Success at Seiler CPAs | How Accounting Firms Are Re-Building Their Sales Pipelines | How to Get Started on IFRS in One Easy Step | 9 Big Ideas for Turbulent Times

However, long-term sustainable growth requires a far more comprehensive innovation in your growth model, the strategic blueprint that helps you get from Point A to Point B.

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Jody Padar’s New Vision for the ‘New Accounting’

Jody Padar
Padar

Five ways the new generation of CPAs is changing the profession.

By Gale Crosley
The Radical CPA: New Rules for the Future-Ready Firm

When CPA Jody Padar joined her father in his practice after eight years in a traditional mid-market firm, she assumed that his clients would become theirs. But Jody’s dad had a different idea. He believed his daughter should learn how to build a client base, not just serve an existing one.

The approach may not have been what Jody was expecting, but the experience of seeking out and developing client relationships was formative. In fact, she leveraged it to create New Vision CPA Group in Chicago, which provides complete accounting and tax solutions.

Jody and her firm are part of a movement I’ve dubbed “the New Accounting.”  Although applied differently by individual practitioners, the movement can generally be defined by five characteristics: READ MORE →

Reality Check: Achieving World-Class Growth Requires Real-World Intelligence

Why you can't believe your own press clippings.

By Gale Crosley, CPA
Crosley+Co

Ever run a race and immediately sense that you got off to an exceptionally fast start? It’s a good feeling, but if your goal is to beat out the competition there’s really only one way to know for sure how you’re doing. And that’s by marking your progress toward the finish line relative to the other racers.

The same can be said of efforts to grow your firm. To gauge your progress you have to get outside your own four walls and see how you measure up to the competition. READ MORE →

Crosley: The Three Elements of Growth Strategy

Developing a growth strategy is easy. Getting it right is not.

Gale Crosley, a growth strategist for CPA firms, explains that successful expansion plans require at least three critical elements: (1) identify the right set of services (2) for a needful target market (3) delivered through the appropriate distribution methods.

Sounds simple, right? No.

But, she says, "When you hook a service to a channel to a target, and you get exactly the three digits right, then all of a sudden you pop open the strategy and that's how you get great growth."

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