Creating a Long-Term Vision for Your Accounting Practice

You know your PA business clients should have a strategic plan. If they don’t, you’ll likely advise them to create one. But does your accounting or CPA firm have one? Defining your long-term vision for your firm and developing business strategies to reach that vision will benefit you, your employees, and your clients as you strengthen your business and grow with intention and direction.

You don’t have to be a big firm to have a “brand.” Branding yourself simply means defining how you would like to be perceived by your clients, potential clients, and community, and then taking the necessary steps to convey that brand. This branding is a way of projecting your vision for your firm. And a clear vision statement allows you to do this.

Your vision statement helps you define your “why.” Why do you do what you do, and what do you want clients and others to know about you? To craft a short, powerful vision statement that projects your vision takes some soul-searching, brainstorming with your team, and a little patience.

As you ask yourself important questions to help you create your vision statement, you will be simultaneously thinking through your long-term vision for the future. Take notes! You will probably discover some things that you hadn’t really thought of before. Questions to ask yourself and your team may include:

• Why did I start this firm?

• What kinds of clients do I enjoy working with most?

• What industries do I prefer to work in?

• What industries or types of people would I like to work with but don’t yet?

• Which client services do I prefer to offer, which do I dislike, and are there any services I would like to see the firm grow into?

• Do I want to be a thought-leader? Do I want the firm to be an influence in our community or in the accounting industry?

• What good do I want to do in this world? How do I want to make it a better place?

• How do I see the firm moving into these areas (niche industries, influencer, social responsibility) in the next 5, 10, 15 years?

• What profit do I want the firm to be generating in 5, 10, 15 years?

Going through this thought exercise can be quite revealing. Once you have hashed through these and any other questions that arise, take the time to craft a short phrase or sentence that defines your vision. This should be a marker for everyone in the firm: a goal or an inspirational statement that has everyone pointing in the same direction. This will probably take multiple revisions.

Once you have your vision statement, you can use it to shape how you present yourself to your clients, potential clients, and the community.

The steps taken to develop your vision statement and begin to define your brand will help you clarify your long-term plans for your firm. The next step is to develop strategies and track your progress. Aspects to consider to reach your goals include:

• Invest in upgraded technology

• Determine what additional services your firm needs to offer to reach your goals

• Create strategies to reach your ideal clients or ideal industries identified during brainstorming

• Increase client retention and referrals by developing strategies to strengthen client relationships and improve your branding in their eyes as their trusted financial partner

• Build a scalable pricing model, such as value-based pricing or subscription services

• Develop a strong marketing and branding strategy to increase awareness, credibility, and client reach

• Develop a plan to attract and retain the best and brightest team members – this may include competitive benefits and salary, as well as opportunities for training, responsibility, and growth opportunities within the firm

• Develop mechanisms to measure success: client retention rate, referral rate, revenue growth and profitability, average revenue per client, average revenue per service, and employee productivity

• Schedule frequent reviews of progress to help keep you on track to meet your goals

Having these long-term goals clearly defined and regularly reviewed will provide you with the framework you need to help your firm remain profitable and successful.