4 Keys to Winning the Competitive Battles in Accounting

Organizations with strong learning cultures have 37 percent greater employee productivity, are 32 percent more likely to be first to market and are 17 percent more likely to be market leaders in their segment, according to Bersin & Associates’ 2010 study High Impact Learning Culture.

The same research shows that most companies do not understand this area well, despite the opportunity to drive tremendous performance improvements with almost no additional expense.

Among accounting firms, less than 1 in 4 CPAs say they get the training they need, according research conducted for the Seven Keys to Successful CPA Firm Management. (Click here to download the free executive summary.

And yet, when we separate the leading firms from the laggards, based on their performance in achieving their chosen goals, we find stark differences.

SevenKeys CPA Leaders are:
1.     Three times more likely than laggards to conduct training that their people need;
2.     Three times more likely to conduct training that supports personal goals;
3.     Two and one-half times more likely to conduct training that their people want; and
4.     Three times more likely to conduct training that supports their business strategy.

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The challenge is that in many firms, the learning culture isn’t “owned” by any one person or department — not the CPE coordinator, not HR, not a specific partner.

And it’s not just about CPE. A great learning culture fosters creative and dynamic knowledge sharing across rank and silo. In the end, a great learning culture creates a far more competitive firm.

Who’s taking ownership at your firm for creating an agile, competitive learning organization?

Posted in Building the Learning Organization, SevenKeysCPA.com | Comments Off on 4 Keys to Winning the Competitive Battles in Accounting

New Research Reveals the Secrets of Highly Successful Accounting Firms

Click here for the free Executive Summary of Research Findings

In this newly competitive environment, the difference between success and failure can pivot on the smallest competitive advantages.

Fortunately, through the Seven Keys to Successful CPA Firm Management program, we may have learned a few things about what separates the winners from the losers, the high performing firms from the also-rans – what we call: the Seven Keys Leaders and the Laggards. And, so far, we’re gratified that hundreds of practitioners seem to agree.

Our research shows, for instance, seven important take-aways accounting firms can use today:

  1. Values matter — SevenKeys CPA Leaders are 3 times more likely than lagging firms to adhere to a clear set of values.
  2. Written plans are essential — SevenKeys CPA Leaders are 17 times more likely to follow a strategic technology plan than Laggards.
  3. Focus wins — SevenKeys CPA Leaders are about twice as likely as Laggards to focus on a few key market niches and specialties.
  4. Client satisfaction isn’t an accident — SevenKeys CPA Leaders are twice as likely than Laggards to operate from a formal program to monitor client satisfaction.
  5. Success doesn’t happen alone — It takes a team. SevenKeys CPA Leaders are 4 times more likely than Laggards to work as a team, not as individuals.
  6. CPE is a competitive advantage — SevenKeys CPA Leaders are 3 times more likely than Laggards to conduct training that supports the firm’s business strategy.
  7. Goals are serious — SevenKeys CPA Leaders are 10 times more likely than Laggards to impose specific and measurable business goals.

In fact, our research shows that SevenKeys CPA Leaders are 19 times more likely to be growing revenue faster than low-performing, Laggard, firms. And they are four times more likely to be able to pass along price increases.

Click here for the SevenKeys CPA newsletter

Posted in Building the Learning Organization, Client Service and Satisfaction, Creating a Great Place to Work, Leadership and Management, Marketing and Business Development, SevenKeysCPA.com, Strategy Execution, Technology Trends | Comments Off on New Research Reveals the Secrets of Highly Successful Accounting Firms