Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/382390
September 2014 • www.CPAPracticeAdvisor.com 17 FEATURE One morning last weekend, while I was blending kale, cantaloupe and g rapes, it occur red to me t hat t he M a g i c B u l l e t i s k i n d o f l i k e a n accounting f ir m, where a blend of var ious components cou ld lead to improved health. OK , so you ca n't really ta ke my metaphor literally, but I think you get my point. A successful practice, no mater what size you are or where you're located, is composed of a mix of three things: • RECRUITMENT – Tere should be a continuous efort – even during tax season – to recruit prospects. • RETENTION – You must spend a considerable amount of time and resources on retaining the clients you have. • P R AC T I C E M A N AG E M E N T – A lthough thi s seems as i f it 's a catch-all category, the primary focus is on marketing, technology, human resources and succession planning. One component I did not include in the list is competency. Because of CPE requ irements a nd t he innate need for ever y accou nta nt to stay up-to-date on all things accounting, it seems to me t hat a f ir m doesn't ne e d t o s p e nd t i me pl a n n i n g t o "learn" because that's going to natu- rally occur. I realize, of course, that f i r ms need to pla n for t he t i me it takes to self-educate and learn what's new, so if you feel as if you do need to spend time on education, then add this as a fourth component in your mix. Te trick to geting the right mix of all three into your frm is to do all three simultaneously. Considering the fact that all of us are trying to get more done i n le s s t i me a nd w it h fe wer re sou rce s , you're probably ask ing yourself, "How is this even possible?" Here are three strategies: SE T UP A SOL ID REFERR A L N E T WO R K . T h i s one a p pl ie s t o recruiting clients, but could also help i f you're seek ing back-of f ice tech- nolog y solutions or have HR ques- tions. A good, dependable referral net work u ndersta nds you r needs, especia l ly the k inds of clients you want for your practice. Most of t he t i me, we rely on a handful of colleagues and clients to provide referrals. Tat's fne, as long as you keep your options open. To w iden your net work, get out there and, well, network! Atend meetups or perhaps industr y-specifc special i nt e r e s t g r o u p s . I f y o u n ic he i n healthcare, for example, locate a few local healthcare organizations and atend their meetings. Find them on LinkedIn or ask around. WALK THE SHOW FLOOR AT AN ACCOUNTING CONFERENCE. Too many times, I've seen accounting conference atendees bypass the ex h ibit ha l l or ta ke on ly the cubed cheese at the happy hours in the hall – all because they do not want to interact w i t h t h e v e n d o r s . Tis is wrong, wrong, w r on g! T he r e's no w ay to le a r n about the technolog y you'll need to run your prac- t ice w it hout k now i ng w h at 's av a i l a ble . W hy not ma x i m i ze you r t i me wh i le ever yone's under one roof and make the most of your show experience? A SK C L IE N T S H OW YO U 'R E DOING. W hen was the last time you ta l ked to you r cl ients about you r p e r f o r m a n c e ? D o n't t a k e i t f o r granted that they are happy. Sure, they may go elsewhere at any time, but you ca n avoid t hat f rom hap- pening by knowing what they like – and what could be improved – with your services and frm culture. By all means, don't send out a survey. Call them on the phone and have a con- versation. You' ll be amazed at what you'll hear – positive or negative. At the end of the day, remember t here is no t r ue "mag ic bu l let " to run your practice. You must put in as much energ y i nto recr u it ment, retent ion a nd bac k- of f ice opera- t ions as you wou ld i nto a ny t h i ng t hat's wor t hwh i le a nd benefcia l. It's up to you! The "Magic Bullet" for Accounting Firms By Scott H. Cytron, ABC W e are on the road to healthy eating , starting with the recent purchase of a Magic Bu l l et , a h igh- p owered blender that pulver izes fruits and vegetables into a really gross-looking liquid. We've been puting in spinach, kale or carrots, plus any kind of fruit – melons, berries and bananas – and in just 30 seconds, we're drinking our way to improved nutrition and a healthy glow.