The Accounting Firm of NOW: 8 Key Characteristics

The keys to people success in the accounting profession
October 12, 2016
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November 30, 2016

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As an Accountant, wouldn’t you want your Accounting firm to be synonymous with success? This is an aspiration shared by thousands of Accountants (and their business clients) the world over. As they say, there’s no dream too big. But your future will be determined by the strength of your conviction and unwavering determination towards achieving your ambitions. So why wait for tomorrow when you can take significant steps and even leaps now? There’s no better time than the present. And as the Accountants’ favorite monk friend, Dandapani, says, “This life is finite and we must live it NOW.” Would you agree?

To do this, you have to instill the fundamental traits of a definitive Accounting Firm of NOW. Through decades of coaching Accounting firms, we have realised 8 key characteristics that would define a successful Accounting business, they are:

    1. Purpose Centric
      Your Firm of NOW must have your WHY and business purpose totally nailed. It should be front and centre in everything you do. Your path to success starts right at the core. Truly understanding your purpose, your why, will take you a long way towards your ultimate goal. This will serve as the base from which you will build a strong business. If you lose your way, this will be your fallback so you can reevaluate and make the right decisions moving forward.

    2. Cloud Centric
      Your Firm of NOW should have the majority of clients on cloud technology platforms (or very specific strategies to get them there). You should target at least 80% of your clients on the cloud. As much as possible, CONNECT with clients and the world around them using the cloud. Today’s Accounting industry is changing at an incredibly accelerated pace, so you must be at the forefront of technology and innovation in order to compete.

    3. Value Centric
      Your Firm of NOW will not price by the hour after the project is completed. You value your intellectual capabilities, and you communicate the price (and the value) to the client before starting the project. You must educate your team, Accountants and all. Once all are on the same page, you can establish systems to implement this moving forward. This can represent a greater than 30% increase in revenue.

    4. Client Centric
      Your Firm of NOW offers a broad range of services, and you ensure that all clients are buying all services they need that helps them achieve their goals. You need to identify low-profit services and eliminate them if you can. You must also ensure that all team members are delivering exceptional levels of service to all clients. This represents one step towards a target of growing revenue to greater than 20% per year organically.

    5. Efficiency Centric
      Your Firm of NOW uses innovative efficiency methods (like modern workflow processes and outsourcing) to reduce client time on projects and deliver amazing client service. Having the proper efficiency model in place will allow you to complete all projects with less than 80% of allocated hours’ budget. Efficiency is directly proportional to your Accounting firm’s capacity. Proper implementation of efficiency methods will drastically increase capacity and can represent the ability to do greater than 35% of new work each month.

    6. Marketing Centric
      Your Firm of NOW uses automated content marketing, social media and social proof to differentiate the firm and acquire new clients. You must learn how to pinpoint your niche market. Once you have done this, you can focus on those target sectors to own that niche. Find your best buyer by having a clearly identified target market within your niche. You need to establish web dominance by being everywhere on the web. Let it be known that you are the go-to Accounting firm.

    7. Culture Centric
      Your Firm of NOW should forge a team culture that creates strong bonding, meaning and purpose. Your team is engaged and motivated. You must build a championship team. Each team member must know what to do and how to do it. Have them in the right environment that is conducive for success. You can provide a practical and effective educational process to get your team more profitable faster. All team members must also be 100% focused on taking time out of projects.

    8. Impact Centric
      Your Firm of NOW has a strong sense of giving back and does business for good. As you serve clients, you must also make a massive difference to those less fortunate themselves. Go above and beyond to change the world in powerful and positive ways. This means that every time you do business with your clients, something great happens.

Absorb what we have enumerated above. You have to find a way to establish these attributes within your own firm in order to be successful. If you need help in doing so, we’re here to lend you a hand. All of these, and more useful, practical and effective strategies are discussed in greater detail in our widely popular Firm of NOW roadshow. Rob Nixon, co-founder and CEO of PANALITIX, personally spearheads this supercharged 1-day business breakthrough seminar that will take you through the essentials steps you must implement to become a Firm of NOW. So are you ready to take a leap into the future NOW?

Learn more here.

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