Good news for small firms, too, but not as much. For CPA firms, bigger is better and keeps getting better in terms of revenues and profits for the practices and income for their individual practitioners. So say the results of one of the profession’s best-respected monitors of practice management trends and CPA firms’ financial performance, “The National MAP Survey of CPA Firm Statistics: The Rosenberg Survey,” which is based on data from across the profession from solo practitioners to firms with more than $20 million in net fees.
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.
Is the question ludicrous? By Bruce W. Marcus Professional Services Marketing 3.0 Looking at the question from a different point of view, the international consultant Patrick McKenna said, “If you’re trying to determine which of the two professions (lawyers or accountants) are the more advanced in their marketing prowess, I’m sorry but I think the very question is ludicrous. More Professional Services Marketing 3.0: 5 Ways to Manage Risk in an Accounting Practice • Even a Random Disaster Can Be Controlled with Risk Management • Managing Risk in Client Relations • Your Clients Love You? What If You’re Wrong? • The Three Degrees of Risk • Four Essential Habits for Building Client Trust • The Nine Hallmarks of a Marketing Culture […]
The four keys driving expansion at MiddletonRaines. Editor’s note: In this first-person account, one of the profession’s most dynamic managing partners shares some of the methods behind his firm’s recent successes. By Wesley Middleton, CPA Managing Partner, MiddletonRaines + Zapata LLP As the managing partner of a firm of 37 people, I have felt protective of the strategies we are employing to be successful. I think that is the CPA in me. We will have almost doubled in year two of our firm over year one at the end of this calendar year. How have we done that? By not selling, marketing or managing like a CPA.
Checklists work for astronauts. Why not accountants? By Sandi Smith Leyva Accountant’s Accelerator Airplane pilots and astronauts have checklists for just about everything they do. Checklists promote performance consistency, make it easier to learn new procedures and increase safety exponentially. In accounting, we can learn from the airline industry and apply checklists to certain areas of our practices in order to reap similar benefits. Here are three areas of your accounting practice that can benefit from checklists:
Never more important than in busy season. By Sandi Smith Leyva The Accountant’s Accelerator No matter what time of the year it is, it seems like there is never enough time for entrepreneurial accountants to get everything done. Here are three not-so-common ideas on how to make the most of your time.
Practice growth is a delicate balance of art, science, intuition and diligence. One thing it isn’t, however, is marketing. By Gale Crosley Crosley+Company Marketing can be a powerful lever to fuel business expansion. But alone, it will not take you where you want to go. Marketing helps till the soil of growth. At the end of the day, however, tilled soil with no seeds taking root is pretty much a useless pile of dirt. Well-intentioned firms often invest a great deal of money in marketing and wonder why it doesn’t result in growth. One reason is that what they’re really spending on is unrelated marketing activities (or tactics) rather than on growth strategies. It’s an essential distinction that can make […]
A sign of economic recovery and increased competition. Bringing in new business and finding top-notch staffers to handle anticipated growth are emerging as the new, most pressing challenges for CPA firms today. With a rebounding economy, the AICPA says in its new PCPS “Top Issues Survey” that client retention, which had been a significant concern for firms in the 2009 survey, has been overtaken by a tilt toward growth issues. “Finding qualified staff” was a top issue from 1997 to 2007 for all but the smallest firms, but disappeared entirely from Top 5 lists in 2009. Now it’s back.