Smart accounting firm owners plan ahead in getting their practice ready for market.
If you start to take action sooner rather than later, the improvements you make not only make the practice easier to sell, but also make the practice easier for you to own.
Here are 5 powerful questions to ask yourself if you want to dramatically improve your accounting practice:
- What services does my firm offer?
- What is the revenue by area of practice?
- What is the estimated profit contributed by area of practice? (factor both billable and the proper amount of non-billable time by practice area)
- What practice area do I most enjoy?
- What services should I work to eliminate from my practice?
If you are like many accounting practice owners, your most limited resource is your time. It is counter intuitive, but for most the best place to start improving your practice… is by cutting the unwanted and the unprofitable from your firm before even thinking about growth. This will free up your time to spend with your top clients and your best practice area(s). Once you have cut, then you can grow more intentionally, more profitably, and have a lot more fun owning and running your practice…Heck, you may even find that you want to work a few more years.