Remaining an Independent Firm, Accountants Advisory Group, USA

A common topic of discussion during the 2009 Partner Summit, Retreat and Firm Annual Meeting season will be deciding to merge into a larger firm vs. remaining an independent firm. Most firms will decide to remain independent, but few will implement a strategy to ensure their independence. Don't leave this year's meeting without a game plan to compete effectively as an independent firm, both in the short-term and long-term, while consolidation takes hold of the marketplace. One of the best ways to avoid merging into a larger firm is developing an offensive strategy to invest and build for the future, rather than a defensive strategy to maintain the status quo, or playing conservatively and avoiding risk. This is the key to remaining an independent and successful firm of the future that also includes:

 
A strong leader to implement the firm’s strategic plans and adapt them to changing market conditions.

Adapting quickly to changes in the economy and the CPA firm marketplace for both clients and talented professionals.

Developing and implementing niche and service specialties that the marketplace needs and demands. Holding all partners accountable for executing the firm’s short-term and long-term plans.

Providing state of the art and value-added services to clients.

Recruiting the best entry-level and experienced professionals that the firm can identify.

Continuously upgrading the client base and disengaging low realization clients.

Using mergers to grow the firm and acquiring new areas of expertise.

A succession plan that is evaluated each year and includes a career development and leadership program for the firm’s future partners.

Utilizing the most time and cost-effective methods for delivery of services to clients including state of the art technology.

A culture that promotes “teamwork” and puts personnel in a position to succeed.

CPA firms that are willing to redefine themselves and how they operate in order to achieve higher levels of success will most likely be an independent firm of the future. Winning teams play to win, and that is often the difference between success and mediocrity. In the world of accounting, it can mean the difference between merging up and remaining an independent firm.  

Maximizing the Value of CPA Firms

T:845-265-9046 | Fax: 845-265-9045 | Cell: 914-924-1450

2009-07-10