bissett practice growth checklist v170410 v13 · 2020. 5. 21. · the practice growth checklist 13...

MARTIN BISSETT’S

PRACTICE GROWTH CHECKLIST

13 CRITICAL QUESTIONS

TO BENCHMARK YOU AND YOUR FIRM

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ABOUT THE AUTHOR MARTIN BISSETT MartinBissettistheFounderofTheUpwardSpiralPartnershipLtd.,theUK-basedconsultingfirmthatspecializesintheimplementationofprofessionalsellingandleadershipskillsinthenextgenerationofaccountingprofessionals.Previously,MartinservedtenyearsontheboardofthedirectorsoftheUK’sleadingproviderofhigh-qualitynewbusinessappointmentsforaccountancyfirms.There,heheldtheresponsibilityforthenurtureandorganicgrowthoftheorganization’snewclientbase,includingsixoftheUK’stop30firmsofaccountants.Martinbecamefascinatedbytheapparentjuxtapositionofpartnersnotvocalizingwhattheywerelookingforintermsofanaccomplishedskillsetfromtheirpotentialfuturepartnersandtheirmanagersnotaskingtodiscoverwhatthatskillsetincluded,despitewantingtoreachthatveryposition.Inaprofessionwithasupposed“SuccessionCrisis”onthehorizon,thisapparentstand-offstruckhimascurious.ThishasledUpwardSpiralPartnershiptopersonallyinterviewseveralhundredpartnersandmanagersintheUSandUKtolearnwhatpartnersarelookingforandhowthemanagersseetheirownfutureinthefirm.Thereare,ofcourse,firmswhohaveaddressedthisissuealready,andtheirinitiativeshavealsobeencaptured.Theresultsoftheresearch,includingboththeconsensusandtheexceptionstothegeneralopinion,iscalled“PassporttoPartnership.”Thisstudyprovidesthehighlightsofeachfactorthatthemajorityofpartnersintervieweduseastheircriteriawhenevaluatingwhethersomeoneintheirorganizationcanmakeittothetop.Asaresultofthecombinationofhisexperience,intellectualpropertyandthisproprietaryresearch,MartinnowconsultswithaccountingfirmsintheUK,EuropeandtheUSAtosupportthemintheirtransitionthroughtothenextstageoftheirdevelopmentandgrowth.

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Handbooks&PracticeToolsByMartinBissettBusinessDevelopmentonaBudget–TheHandbook&AudioSeries

The25-StepProgramforBuildingaBusinessDevelopmentInfrastructureinYourAccountingFirmWith50-partaudioseries

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PassporttoPartnership:SailingThroughtheSevenCstoCPAFirmLeadership

ThePersonalProgressPlan&Workbook

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WinningYourFirstClient:UnderstandingSellinginPractice

Howprofessionalscanimplementcalculablefeegrowthfortheirfirms.

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MeetYourNewBestClient:SpecialVideoPresentationbyMartinBissett

Full-length90-minutesession,recordedliveattheBKRworldwidemeetingofaccountingfirmleaders.Withthecompletesetofhandoutsandworksheets.Buyitandit'syourstoownforever.Unlimitedplays.Licensedforsoleindividualuse.Forusebymultiplepersons,pleasepurchasemultiplecopies.

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ThePracticeGrowthChecklist

13CriticalQuestionstoBenchmarkYouandYourFirm

ByMartinBissett

Afterspeakingtomanyaccountantsovertheyearsandoftenhearingthesamequestionsbeingasked,Ihavecompiledalistofmy13mostcriticalquestionsthatyouneedtoapplywith100-percenthonestytoyourpracticeintermsofgrowth.Thereisnodoubtthatthesearedifficultquestions.Butifyouinvesttimeansweringeachofthequestionsashonestlyaspossible,itwillhelpyougainafullerunderstandingofhowyourfirmisgrowingornot.Anditwillhelpyoutounderstandandidentifytheareasyouneedtoworkontomoveforwardtogrowandflourish.Considermakingthisateamproject,gatheringinputfromallinvolvedinbusinessdevelopmentactivities.Iexpectyoumaystartaspiriteddiscussion.Now,withasharppencilinhand,pleaseproceedwiththechecklist.

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ThePracticeGrowthChecklist

Q1Doyouknowthelevelofthefeegrowthintermsofrevenueorprofitabilitythatyouwanttoachieveoverthenext12months?

� Yes� No

Ifyouanswered"YES,"whyisthis?

Q2Doyouknowwhereyouneedtobein12months'time,basedonhowmuchworkyoucanwinandserviceinanyonemonth?(Startconsideringwhatyoucandelivermonthlyfirst,thenscaleuptoyourtimeframe)

� Yes� No

Ifyouanswered"YES",whatisyouridealservice?

Q3Doyouknowyourconversionratesfromyournewbusinessopportunitiesotherthanreferrals?

� Yes� No

Ifyouanswered"YES,"whatisyourratio?

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Q4Doyouknowyouraveragefeelevel?

� Yes� No

Ifyouanswered"YES,"whatisyouraveragefee?

Q5Doyouhaveanyonewhohasatrackrecordofwinningworkproactively,inyourfirm,otherthanyourself?

� Yes� No

Q6Doyouhaveapipelineofprospectsthatyouactivelymonitor,managerandprioritize?

� Yes� No

Q7Areyouabletoforecastyournewbusinessgrowthonamonthlybasis?

� Yes� No

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Q8Areyouusinganeffectivemarketingstrategythatmeansyouareabletorefillyourpipelinewithnewprospectseachmonth?

� Yes� No

Q9Doyouoryourteamhavetemplatesinplaceforproposalwriting,forpricingandnegotiating?

� Yes� No

Q10Areyouandyourteamskilledinanyofthefollowingareas?(Tickallthatapply)

� EmpathyCreation� CommunicatingYourValue� Pricing� NegotiationandClosing� Referralcreation� Cross-Selling

Q11Ifyoursuccesswithreferralsdrieduptomorrow,doyouhavecontingencyplansastowherethenewbusinesscomesfromeachmonth?

� Yes� No

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Q12Ifreferralsremainyouronlyformofnewbusiness,doyouhaveastrategyforwinningthoseclientsathigherfeesinordertoavoidstagnantprofitability?

� Yes� No

Q13Areyouincontrolofyourpractice'sgrowthorisitincontrolofyou?

� Iamincontrol� Iamreliantonexternalforces/sources

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Self-Assessment

Atthispoint,pleaserevieweachofyouranswers.

Thismaybethemostdifficultpatoftheexercise,becauseitrequiresmakingforward-lookingestimatesandsomeconjecture.Butuseyourbestjudgement.

1.Makesureyouarebeing100-percenthonestwithyourself.2.Next,focusonthequestionsforwhichyouanswered“No.”3.Thentakeeach“No”answer,andconsider,totheextentpossible,howitwouldimpactyouoryourfirmiftheanswerwas“Yes.”4.Foreach“No”youturnintoa“Yes,”estimateadollarfigurefortheimpactthechangemighthaveonyourrevenues.5.Howmuchmoremoneycouldyoubeearningifyouansweredeveryquestionwitha“Yes?”6.Howmuchbettercouldyoubeservingyourclientsifeveryanswerwas“Yes?”7.Howmuchstrongerwouldyourpracticebe–intermsofgrowth,profitability,sustainability,andenterprisevalue–ifeveryanswerwas“Yes?”8.Nowthatyoucalculatedthegapbetweenwhereyouareandwhereyoucouldbe,whatwillyoudoaboutit?Nevertheless,congratulationsareinorder.Withthischecklist,you’vealreadymadeaboldfirststep.

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Handbooks,MonographsandPracticeAidshttps://store.cpatrendlines.com

• 101 Questions and Answers: Managing an Accounting Practice, Two Volumes

• 8 Steps to Great

• Accountaneur: The Entrepreneurial Accountant

• Accounting Firm Operations and Technology Survey – for Firms of All Sizes

• Accounting Firm Operations and Technology Survey – for Medium and Large Firms

• Accounting Firm Operations and Technology Survey: Solo and Small Firms Edition

• Accounting Marketing 101 for Partners

• Business Development on a Budget – The Handbook & Audio Series

• CPA Firm Management & Governance

• CPA Firm Partner Compensation: The Art and Science

• CPA Firm Partner Retirement / Buyout Plans

• CPA Firm Retreats: The Do-It-Yourself Guide

• CPA Firm Staff: The Complete Guide for Managing Your #1 Asset

• CPA Firm Succession Planning: A Perfect Storm

• Effective Partner Relations and Communication

• How CPA Firms Work: The Business of Public Accounting

• How to Bring in New Partners

• How to Build a Stronger Tax Practice

• How to Create the Roadmap for Your Firm's Growth

• How to Engage Partners in the Firm's Future

• How to Operate a Compensation Committee

• How to Review Tax Returns

• Implementing Fee Increases

• Leadership at its Strongest

• Meet Your New Best Client

• Passport to Partnership

• Professional Services Marketing 3.0

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• Quantum of Paperless: The Partner's Guide to Accounting Firm Optimization

• Sponsoring Women: What Men Need to Know

• Strategic Planning and Goal Setting for Results

• Talent Development & Career Planning

• Tax Season Checklists

• Tax Season Opportunity Guide

• Tax Software Report

• The 30:30 Training Method

• The 90-Day Marketing Plan for CPA Firms – The Handbook and Streaming Webcast

• The Accountant's Social Media Handbook

• The Accountant’s (Bad) Joke Book

• The Client Service Idea Book

• The Idea Book for Career Planning in Accounting

• The Radical CPA: New Rules for the Future-Ready Firm

• The Rosenberg MAP Survey: Annual National Study of CPA Firm Statistics

• Understanding Selling in Practice

• What Makes a Great Partnership

• What Really Makes CPA Firms Profitable?

• Winning Your First Client

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