Building up your firm’s profitability and growth is more than just a function of business development and getting more work done in less time. Firm leaders need to look at all aspects of the firm to find areas for improvement. Sometimes, this may mean creating an innovative vision to stay ahead of your competition, but other times it may look more like a “back to basics” approach.
- Take a look at your non-core functions. Firms give a lot of attention to getting tax returns through the firm quicker and more efficiently, but there are a number of non-core processes that can be improved to make your firm more efficient overall. The new client intake process is one area that is often overlooked, even though it can make or break a client relationship. Your pricing model/billing cadence is another area that firms would often rather ignore than make changes, but this is another area of great potential for improving your firm management.
- Re-think integration. If you’ve ever looked at technology that turned out to be more hassle than it’s worth, you are not alone. In fact, what many people think of as integration isn’t integration at all. Oftentimes, solutions that claim to “integrate” with your systems only cause more trouble – syncing errors, duplicate and conflicting data and extra steps. Having a single database for client and staff data can reduce or eliminate a lot of these trouble spots.
- Invest in training. Training should not be limited to just new hires. Even experienced staff can use refresher training to stay up-to-date on best practices, regulatory changes and new software features. In addition, creating a culture of learning in your firm can help you identify and encourage future leaders.
Technology creates a lot of opportunities for improving your practice, but the options can be overwhelming. To make sure you’re headed in the right direction, download our whitepaper: The Managing Partner’s Guide to Building a Future Ready Firm.