Every Accountant has a different idea of what business achievement is.
- Some think they are achieving if they can get the compliance work done in a timely manner.
- Some think they are achieving if the team are engaged and work in a cohesive and efficient way.
- Some think they are achieving if their marketing is providing a steady stream of new clients.
- Some think they are achieving if they are providing a full range of services to their existing clients – and the clients are happy to pay for them.
- Some think they are achieving if the business is structured properly and the systems are up to date and working well.
- Some think they are achieving if the key performance indicators are all in the ‘upper quartile’ of results – or at least heading in the right direction.
- Some think they are achieving if they have piles of cash, great profit margins and loads of time off!
You might be thinking something different or you may be thinking….I WANT IT ALL. Nothing wrong with that.
You can have all or some of these desirable outcomes. Provided you follow my 4 step formula for Achievement.
After 19 years of coaching Accounting firms (and I still coach firms directly today) I have worked out what it is that separates the regular performing Accounting practices (circa 35% profit with medium to high partner productivity) to the high performing Accounting businesses (circa 60% profit with low partner productivity).
It’s a very simple formula that will take 3-4 years to implement properly and fully. Sorry folks, no silver bullet here. I mention that because many Accountants are looking for the ‘quick fix’ solution. It doesn’t exist. Just look at all the ‘shelfware’ products and seminars you have bought over the years and track that to your profit margin progression. Hmmm – good point you say!
To create lasting change it is literally like the timeframe of a university degree. You are ‘unravelling’ years of habits, educating your team, your clients and yourself and in the process restructuring & systemising your business in such a way that it works in an orderly, profitable and cash rich way.
Onto the formula. Here it is:
Aspirations +A-Team + Action + Accountability = Achievement
Over the next week I will spell out each ‘A’ in detail. Stay tuned!