After traditional busy seasons, firms took stock, took a breather and planned for improvements ahead. After the first COVID busy season in 2020, many learned to pivot as a way of life.
So what should we take away after COVID busy season #2? Here are 5 requirements to get you started.
Survey clients. What are their concerns and expectations, and how happy are they with you. Be sincere, direct, and methodical in approach.
Go value-added. Compliance is steady, but profits depend on efficiencies that may or may not be attainable. Value-added depends on quality and impact. Clients want ROI and so should you.
Upgrade compensation. Work styles are changing and so should expectations and accountability. Compensation needs to stimulate the right results. Quantifiable, performance-based bonus and incentives for each person and team are the way to go.
Create a farm system. Build a future leaders program to promote both CPAs and non-traditional advisers to ownership.
Investigate M&A. Look at both CPA firms and businesses that align into CPA firms in your region.