Characteristics of a High-Growth Firm

Traditional accounting firms often revolve around the partner. Unfortunately, this model is susceptible to many problems that until recently have been accepted as simply the way things have always been done. In a new whitepaper, “The New Firm Tranformation: Technology, Growth and the FutureJody Padar (The Radical CPA) discusses how a new style of firm is transforming how accounting firms get things done.

In the whitepaper, Jody describes how her firm has made the transformation, achieving 30% organic growth along the way (without significantly increasing staff).  For firms looking to transform, here are some of the characteristics of a high-growth firm.

Technology as an enabler

The cornerstone of a New Firm is that it embraces technology as an enabler for all the other changes taking place. Rather than fearing automation, the New Firm seeks it out. And by connecting with like-minded peers, professionals in these firms can solve problems they didn’t even know they were experiencing.

Data strong

With technology comes data, and the New Firm knows how to use this data to its advantage. Not everything that is important can be measured, and not everything that can be measured is important, but the New Firm can tell the difference.

More time, better service

Technology lets the New Firm reduce low-value tasks, and data helps firms focus on higher-profit work. This combination of factors creates an opportunity for firms to provide even better client service.

R&D mindset

When a New Firm identifies a problem, they begin looking for a solution right away. Research involves looking at many different options. Development can involve some amount of testing and experimentation. A solution may not completely solve your problem right away, but the New Firm keeps working to get it right.

Achieving high growth isn’t easy. In order to succeed, firms need to be aware of all their options. Download the whitepaper, “The New Firm Transformation” to learn more.

AUTHOR

Aimee Hall

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Aimee Hall

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