Does your Accounting Practice Need to be More Focused?
The division of labor is a cornerstone of business theory dating all the way back to Adam Smith. What can be accomplished when various people each focus on one tiny aspect of a larger process involving the collaboration of many is absolutely amazing.
The assembly line is probably one of the best examples to illustrate this. I had a next door neighbor who attempted to build an entire car basically from scratch. This was a love of his, but it took him several years to get close to completion. He ended up giving the car to his son to finish because his desire to complete it just fizzled out. According to Motor Trend, most automobile manufacturers can assemble a car in less than a day’s worth (24) of man hours.
How does this apply to accounting practices? We are very fortunate in that we get to see how a lot of different accounting practices are operated. It’s always fascinating and fun to see a practice that is doing exceptionally well and to find out why. I’ll go out on a limb and suggest that there is one common thread among successful accounting practices:
The people working in highly successful accounting firms are more focused.
If it’s a solo practice, he or she is focused in very few areas. If it’s a larger firm, different people handle different areas of the practice. This is so simple, yet so powerful. (In fact, we dedicated a chapter to this topic in Accountant’s Flight Plan.)
So, how can you become more focused?
How can you improve your practice before you exit?
Use the simple strategies found in our FREE WHITE PAPER!