Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/76159
Defining Your Firm and Setting Up the Proper System Hanner & Associates started with about three or four veterinary clients. Today the firm serves more than 30 vet clinics and plans to add 10 more in 2012. Hanner's success is the result of planning and doing the necessary homework. In fact, he cautions that firm leaders should not move forward with a niche business model until they've given proper thought to defining their business goals and strengths. "Accounting professionals have to first define their firm," Hanner explained. "What I mean by this is that they have to look at all their clients and decide who they most enjoy serving and who they are best at serving. If it's doctors, than go aſter that niche. " Hanner further explained that the associations. Tis year our team will spend more time at veterinary events than at accounting conferences. Hanner & Associates has become " an integral part of the vet association world. To date, Glenn Hanner has facilitated workshops on tax planning for multiple Texas-based veterinary medical associations, will atend the Texas Southwest Veterinary Sympo- sium as a vendor (complete with a branded booth), and sponsors the local vet association. Hanner reiterated, "You have to become immersed." Chasing a new niche takes persever- ance, and the Hanner team has defi- nitely put in the time. "We went from being just present in the vet world to being known as a go-to source for industry experience. " days of being all things to all clients are over. Firms can no longer support a diverse clientele and be profitable. It's all about becoming an expert in select niches and then dominating those industries. Understanding the accounting requirements of a specific niche is one thing, but it's also critical to have the proper system set up within the firm to handle client work. Tis includes both technology and human resources. Hanner made sure to implement the right soſtware solutions to support a highly efficient workflow, but he also made sure he had the right staff in place. Before entering the vet niche, we conducted an evaluation of our staff to identify the collaborative skill set. We have seasoned CPAs, accountants, and bookkeepers—all highly capable of performing the work. As a team, we have developed and implemented systems dedicated to the success of our veterinary clients. Although the vet industry is fairly sophisticated in terms of accounting needs, I was confident that our team could handle daily work and problem solve without hands-on management, " Hanner stated. Hanner explained that his firm's process is solid. "With an exceptionally capable and self-sufficient team in place; the firm runs like a well-oiled machine. Having a dedicated team to run the " day-to-day also allows Hanner to focus on higher-level strategy—that is, bringing in new business and growing the firm. In other words, to quote business sage Michael Gerber, Hanner is free to "work on his business, not in it." Getting Out from Under the Fear Factor Offering expert niche services enables firms to apply value pricing and charge a premium for services that are of higher value to clients. "We put a lot of time and money into learning the niche. We also had to customize a services package and provide a dedicated team, so I had to rethink our pricing. We simply weren't charging enough to make a profit. Of course, raising pricing brings with it the fear of losing clients," Hanner explained. Hanner admited that in the back Kristy Short, Ed.D Kristy is a partner in RootWorks Communications (RootWorks. com) and president of SAS Communications 360 (SAScommunications360.com) — firms dedicated to providing practice management education, branding, marketing, and public relations services to the accounting profession. She is also a professor of English and marketing at University of Phoenix and Cleary University. You can reach her at kristy.short@cpapracticeadvisor.com. of his mind was a nagging fear of losing clients. And the thought of losing a big client was even scarier. At the end of the day, however, he realized that with niche expertise, his firm would continue to bring in new clients, which decreased some of the pressure. "I set my fees with confidence. I know we provide premium services. So, if I have a prospect or client that doesn't want to pay, I explain that they are free to go elsewhere...in a very friendly manner of course," Hanner stated. Geting out from under the fear factor marked a turning point for Glenn Hanner. Over the past five years the firm reports a steady, healthy growth. "It all fell into place nicely," Hanner recalled. "When we first decided to enter the vet industry, we updated our website with niche-specific info and started to market locally. Within only a few days I got a call from Bank of America's veterinary practice solutions division. Tey are now a primary source of referrals for our firm, along with all the associations we participate in. Te firm's transition into the vet " niche certainly didn't happen overnight. Hanner and his team dedicated a lot of time and energy to learning the industry and getting in with the appropriate organizations. Fast-forward to today and Hanner finds his firm in the vanguard of those serving the veterinary market. In fact, some might say that Hanner & Associates is leading the pack. If you'd like us to consider sharing your firm's story of innovation in a future issue, go to www.CPAPracticeAdvisor. com/great-practices and complete the short form. We'd love to hear from you. August 2012 t www.CPAPracticeAdvisor.com 31