Tracy Crevar
Warren

Searching for the Silver Bullet to Grow Your Practice

Unlocking the mystery to this age-old quest. Clues revealed.

March 10, 2008
by Tracy Crevar Warren

Text messages, instant downloads and quick weight loss schemes are all the rage these days. Let's face it. We live in a "right now" world. Office retailer Staples recently took advantage of this mindset when it introduced the "Easy Button" to make buying office products as simple as pushing a big red button.

So where's the "Easy Button" for CPAs looking to grow their practices? This question is being asked more frequently by professionals across the country as markets show signs of tightening and staff shortages persist. I hate to be the bearer of bad news, but there is no single guaranteed magic bullet for practice growth. There's just not an "Easy Button" CPAs can push to grow their practices when they need more clients.

The Practice Growth Model

Before you get discouraged however, there is a simple, yet effective tool you can put to work to build your practice. In fact, many of today's successful firms have been utilizing its principles to achieve profitable growth for some time. Let's take a closer look.

The practice growth model is based on a simple premise. Where there is focused attention there is action. And where there is targeted action there are desired results. These key components serve as the building blocks on which most thriving CPA firms develop their practice growth and marketing plans. High growth firms have found that when these components are effectively integrated over time, they yield targeted results.

Introducing Passion Into the Mix
 
You will notice that a major component of the practice growth model is passion. As a CPA, you might be wondering what the "P" word has to do with building your practice. Let's get one thing straight, we are not talking about the Tom Cruise "jump-on-the-couch-and-declare-your-love-for-Katie" kind of passion. We're talking the passion that CPAs develop for serving a particular type of industry niche or providing a certain specialized service. When CPAs realize that they can fill their days with more of the type of work they enjoy, a new mindset toward practice growth often emerges. As more CPAs recognize their ability to build their practice so that it matches their interests as a privilege, it will be less of a burden. Subsequently, a CPA should embrace a more proactive role in the growth agenda.

The Mystery Revealed

Remember the scene in The Wizard of Oz when Toto pulled back the curtain and revealed the little old man who was responsible for Oz? At first it was disappointing to learn the secret behind the almighty Oz, wasn't it? Suddenly you realize, however, that this unassuming man had achieved greatness. So how did he do it? Were his ways accomplished through complicated principles? No, not at all — in fact, they were quite simple. Just like a flourishing CPA, he developed a straightforward plan that outlined what he wanted to accomplish and stayed focused on bringing that plan to life.

If you talk to your peers and other established CPAs, you will realize that their success is not rocket science, but the result of hard work, dedication and staying focused on the end result. You may already know much of this or may have even tried it, but fell short when you were unable to stick with the plan over time. Know that the real magic in building a successful practice lies in your ability to take these seemingly simple concepts and apply them over time, despite the daily challenges of being a practicing CPA. It is clear that ongoing commitment and discipline are critical elements of success.

Being Accountable to Someone

Many of today's most successful practitioners allow themselves to be accountable in certain areas to someone else. Whether it is to another partner, a marketing director or an outside coach, increasing numbers of successful CPAs are reaching out to others to help keep them on track in achieving their goals. They understand that the secret to their success lies in their ability to stay focused throughout the year, not just when it is convenient.

So how does this accountability relationship work? Once you have established your growth goals, reach out to someone that you feel comfortable in giving permission to check in with you regularly. This can be accomplished over the phone, during a breakfast meeting or over lunch. The key to this relationship is to find whatever works best for you. You will be amazed at how something so simple can help boost your ability to stay focused over the long haul.

Although there is no silver bullet to building a successful practice, there are a number of straightforward principles you can use to yield the desired results. The secret lies in knowing what you want to accomplish and to become committed to accomplishing it over time.

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Tracy Crevar Warren, president and founder of The Crevar Group, advises professional services firms striving to grow and maximize performance. She is an author and frequent speaker on various growth, business development, and marketing topics for local, regional, national, and international audiences. Warren can be reached at 336-889-GROW (4769).