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

Copyright2017CPATrendlines/BayStreetGroupLLC.Allrightsreserved.Usedwithpermission.Seemoreatcpatrendlines.comandStore.CPATrendlines.com

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.

FollowMartinBissettonCPATrendlines

https://cpatrendlines.com/author/bissett/


Handbooks&PracticeToolsByMartinBissettBusinessDevelopmentonaBudget–TheHandbook&AudioSeries

The25-StepProgramforBuildingaBusinessDevelopmentInfrastructureinYourAccountingFirmWith50-partaudioseries

https://store.cpatrendlines.com/shop/mb-bdb/

PassporttoPartnership:SailingThroughtheSevenCstoCPAFirmLeadership

ThePersonalProgressPlan&Workbook

https://store.cpatrendlines.com/shop/mb-ptp/

WinningYourFirstClient:UnderstandingSellinginPractice

Howprofessionalscanimplementcalculablefeegrowthfortheirfirms.

https://store.cpatrendlines.com/shop/mb-usp-wyfc/

MeetYourNewBestClient:SpecialVideoPresentationbyMartinBissett

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

https://store.cpatrendlines.com/shop/mb16bkrvid/


ThePracticeGrowthChecklist

13CriticalQuestionstoBenchmarkYouandYourFirm

ByMartinBissett

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


ThePracticeGrowthChecklist

Q1Doyouknowthelevelofthefeegrowthintermsofrevenueorprofitabilitythatyouwanttoachieveoverthenext12months?

� Yes� No

Ifyouanswered"YES,"whyisthis?

Q2Doyouknowwhereyouneedtobein12months'time,basedonhowmuchworkyoucanwinandserviceinanyonemonth?(Startconsideringwhatyoucandelivermonthlyfirst,thenscaleuptoyourtimeframe)

� Yes� No

Ifyouanswered"YES",whatisyouridealservice?

Q3Doyouknowyourconversionratesfromyournewbusinessopportunitiesotherthanreferrals?

� Yes� No

Ifyouanswered"YES,"whatisyourratio?


Q4Doyouknowyouraveragefeelevel?

� Yes� No

Ifyouanswered"YES,"whatisyouraveragefee?

Q5Doyouhaveanyonewhohasatrackrecordofwinningworkproactively,inyourfirm,otherthanyourself?

� Yes� No

Q6Doyouhaveapipelineofprospectsthatyouactivelymonitor,managerandprioritize?

� Yes� No

Q7Areyouabletoforecastyournewbusinessgrowthonamonthlybasis?

� Yes� No


Q8Areyouusinganeffectivemarketingstrategythatmeansyouareabletorefillyourpipelinewithnewprospectseachmonth?

� Yes� No

Q9Doyouoryourteamhavetemplatesinplaceforproposalwriting,forpricingandnegotiating?

� Yes� No

Q10Areyouandyourteamskilledinanyofthefollowingareas?(Tickallthatapply)

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

Q11Ifyoursuccesswithreferralsdrieduptomorrow,doyouhavecontingencyplansastowherethenewbusinesscomesfromeachmonth?

� Yes� No


Q12Ifreferralsremainyouronlyformofnewbusiness,doyouhaveastrategyforwinningthoseclientsathigherfeesinordertoavoidstagnantprofitability?

� Yes� No

Q13Areyouincontrolofyourpractice'sgrowthorisitincontrolofyou?

� Iamincontrol� Iamreliantonexternalforces/sources


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.


SeemoreatStore.CPATrendlines.comTax,accountingandfinanceprofessionalsworldwiderelyonCPATrendlinestodelivertheactionableintelligencetheyneedtoidentifyandactonemergingissuesandopportunities.Wespecializeinhigh-quality,conciseexecutivebriefingsdesignedtohelpbusyprofessionalsimprovetheirorganizations,advancetheircareers,andenhancetheirlives.Ourreportsarerelevant,timelyandto-the-point,providingonlythemostessential,mostpractical,information.Manyarereadableinunderanhourandareimmediatelyactionable.

–RickTelbergPresident/CEO

CPATrendlines/BayStreetGroupLLC


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


• 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

YOUR100%SATISFACTIONGUARANTEE

CPATrendlinesguaranteesyouwillbe100%satisfiedwithyourpurchaseoryourmoneyback.No

hassle,noproblem,no-questions-asked.


GetMoreEveryDayWhenYouGoPROGetInstantAccesstoover100,000Tips,Tools,Trends,andTechniques

inaSearchableDatabaseConstantlyUpdatedEveryDay,AllYear.

BecomeaCPATrendlinesPROMemberToday

Signupforaseven-dayno-riskfree-trialatGoProCPA.com

PROMembersofCPATrendlinesenjoysite-wideaccesstopremiumcontent,plusspecialreports,tools,tipsandtechniques,andmembers-onlybenefits,privilegesandsavings.

WhatCPATrendlinescandoforyou

RickTelbergandothermembersoftheCPATrendlinespanelofexpertsandcontributorsareamongthemostsought-afteradvisors,consultants,speakersandworkshopleadersintheprofession.Formoreinformationaboutbookingthem

Exclusiveinformation.Extraordinaryinsight.

CPATrendlinesistheworld’sonlyresearchandadvisoryservicefocusedsolelyonthetax,accountingandfinanceprofessions.Weuseatime-tested,quality-proven,proprietaryblendofdata,analysis,community,experienceandimaginationtoproduceextraordinaryvalueforourclients.Elitedecision-makersfromallovertheworldlooktoCPATrendlinesfortrustedadvice,boldinsights,andconfidentialaccesstoexclusiveintelligenceanddecisionsupport.You’llstaymorefocused,savetime,growrevenueinafast-changingglobaldigitalenvironment,andsleepbetteratnight.Guaranteed.

Facts.Figures.Insights.Implications.

Hereyou'llfindthedataandanalysisyoucanuseforyourpracticeandyourcareer,plusexclusiveresearch,insights,andcommentaryonthemostpressingissuesandfastest-changingtrends.

Wearededicatedtodeliveringtheactionableintelligencethattax,accountingandfinanceprofessionalsneedinordertoidentifyandactonemergingissuesandopportunities.


Wespecializeinhigh-quality,conciseexecutivebriefingsdesignedtohelpbusyprofessionalsimprovetheirorganizations,advancetheircareers,andenhancetheirlives.

Ourreportsarerelevant,timelyandto-the-point,providingthemostessentialinformation,andaredigestibleofteninunderanhour.Ourclientswillbe100%satisfied,oryourmoneyback.

CPATrendlinesistheonlinehomeofthefreshestresearchandanalysisinthetax,accountingandfinanceprofessions.Wecallit"actionableintelligence."

Nohype.Justthefactsandfigures,insights,andimplications,thatprofessionalsneedforsmarter,faster,data-baseddecision-makingtoadvancetheircareersandtheirorganizations.

MostofourPROMembersareleaders,influencers,anddecision-makersintheirorganizationsandtheprofession–Owners,SolePractitioners,Partners,Principals,Directors,SeniorManagers,C-ClassExecutives,andManagingPartners–Thepeopleinleadershipwhomakeandcontributetothedecisionsoftheirfirmsandtheircareers.Seehowtheyrateusandreadtheiruncensoredcommentshere.

OnlyPROMembersgetfullandexclusivesite-wideaccesstohttps://cpatrendlines.com/.Thewebsiteoffersmorethan100,000tools,tips,facts,figures,insights,andimplicationsonbestpractices,innovativestrategies,emergingtrends,criticalissues,andnewopportunities—alldedicatedtopracticemanagementandgrowth,andpersonal,professionaldevelopment.

CPATrendlineshasbeenrecognizedasamongthemostinfluentialorganizationsintheprofession.Butdon'ttakeourwordforit.Seewhatourfollowersaresaying:‘WhyIfollowCPATrendlines’…andwhytheythinkyoushould,too.

CPATrendlinesfeaturestheadviceandexperienceofthetaxandaccountingprofession'sleadingexperts,consultants,andworkingpractitioners,augmentedbyreal-lifecasestudies,researchsurveys,checklists,andworksheets.Seealltheauthorsandcontributorsatcpatrendlines.com/authors-and-contributors.AllthecontentiscarefullychosenandcuratedbyCPATrendlines'founderandCEORickTelberg,whohasbeenworkingasananalyst,consultant,editor,publisher,commentatorandpioneeringentrepreneurinthetaxandaccountingprofessionsincelaunchingAccountingTodayinthe1990's.HeisalsopresidentandCEOofBayStreetGroupLLC,theparentcompanyofCPATrendlinesandoneoftheindustry'sleadingindependentresearchandadvisoryfirms,atbaystreetgroup.com.

Inadditiontofullandexclusive24/7accesstothevaultofcontentatcpatrendlines.com,PROMembersreceiveatnoextrachargeemailupdatesonnewdevelopmentsintheprofession,notificationsofnewreportsonthewebsite,newproductalertsandspecialoffersanddiscounts.Plus:Members-onlysurveysandstudiesreportingemergingtrendsinstrategyandkeyfinancialandoperatingmetrics,onsuchsubjectsashiringtrends,wages&compensationissues,pricingpolicies,real-timetaxseasonbenchmarks,andmarketingstrategies.

PROMembersgetdiscountsofatleast20%onallpurchasesatstore.cpatrendlines.comwithamembers-onlycouponcode--inadditiontoanyspecialdiscountsofferedtonon-members.


NewPROMembersreceiveabasketoffreewelcomegifts,worthaboutthepriceofannualmembershipGetthedetailshereatSixReasonstoGoPROToday.

Youcansignupwithano-risk,seven-dayfreetrial.Cancelanytimewithinthefirstsevendaysandyouwon'tbecharged.Plus,youcankeepallthegreatwelcomegifts.

Youhavetwoofferstochoosefrom,amonthlyplan,whichisespeciallyconvenient,andanannualplan,whichisthemosteconomicaloption.Comparethetwoplanshere.(WetakeallmajorcreditcardsandPayPal.)

Freegifts,greatdiscountsandspecialreports

• Sixreasonstoupgradetoday:Morethan$200worthinfreewelcomegifts• EminentExpertsandLeadingColleagues:Dozensofcontributorsandcollaborators• WhyeveryonefollowsCPATrendlines:Andwhyyoushouldtoo• Members-onlydealsonprofessionalresources:AttheCPATrendlinesStore• Jointhousandsofsatisfiedmembers:Readtheratingsandreviews• PROMembershipFAQs:Yourquestionsanswered


Signuptodayforaseven-day

no-riskfree-trial

Chooseaconvenient,economicalmembershipplan

at

GoProCPA.com

https://cpatrendlines.com/membership-options/

Startbenefittingimmediately

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

Documents