It’s important to understand your industry, specifically what’s going well and what might need your attention. In a recent CPATrendlines article, author Rick Telberg (and CPATrendlines president and CEO) shares “The [Accounting] Profession’s Four Biggest Dilemmas” while also suggesting ways to resolve them. Consider addressing the following potential problems as you navigate your business this year:
1. Succession. Telberg is looking to big finance executives in determining that unless organizations plan for succession, those businesses won’t be around in another decade or so. And while he’s not specifically addressing smaller businesses, this could be a problem for your practice if you don’t have a succession plan. Would your business be equipped to move forward without you?
2. Staffing. Most accounting practices don’t have the budget to sustain a qualified staff without experiencing a high turnover rate. Telberg explains, “Too few CPA firms and finance departments have the budgets, time or inclination to address the issue squarely. It begins with pricing our offerings to provide returns adequate to fund a sustainable business model.” To accomplish this, he suggests adding complementary services that would increase clientele and revenue simultaneously.
3. Commoditization. In order to successfully market your practice, you must find a unique positioning strategy that sells your business as a valuable and distinctive entity. This can be difficult for those in the accounting industry where service offerings are often identical as are the marketing strategies promoting them. Telberg suggests “rediscover[ing] that ‘special something’” that sets your business apart from the rest, giving you a competitive advantage.
4. The Information Glut. There can be so much to focus on that we become overwhelmed by it all. To combat this, Telberg suggests we “pursue the true purpose in our lives and work by making a meaningful difference in the lives and work of others.”
Only in acknowledging problems can you overcome them. In addressing these four dilemmas, your practice can become stronger and better equipped to enjoy greater longevity and profitability.
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Whether you run a full-time practice or do accounting on the side, you need a website that tells potential clients about your business even when you are unable to. If you haven’t yet developed a website for your business, today is the day! Order your subscription now—your website will be up and running by the following business week. And if you are a Universal Accounting student you will receive a free six-month trial!
Telberg, Rick. “The Profession’s Four Biggest Dilemmas.” 1 February 2012 CPATrendlines.com