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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:
- Values matter — SevenKeys CPA Leaders are 3 times more likely than lagging firms to adhere to a clear set of values.
- Written plans are essential — SevenKeys CPA Leaders are 17 times more likely to follow a strategic technology plan than Laggards.
- Focus wins — SevenKeys CPA Leaders are about twice as likely as Laggards to focus on a few key market niches and specialties.
- 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.
- 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.
- 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.
- 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.
