Many firms are struggling to meet revenue goals due to staffing challenges and fee pressure. However, technology savvy firms are finding new ways to achieve exponential growth. Billing $1M per FTE may seem out of reach, but with the right strategy, even smaller firms can compete with the big guys. In a new white paper, Jody Padar (“The Radical CPA”) discusses some of the strategies that have worked for her firm, including:
- Improving productivity with the employees you already have on hand
- Re-deploying existing staff members to more profitable practice areas, like wealth management
- Marketing your firm to new and more profitable clients
Here are the areas to focus on if you want to reach your goals.
Invest in technology
The battle for talent is real, and firms need workarounds. Padar explains how her firm was able to make do without hiring new staff. “Over the past few years when searching for talent we couldn’t find, I knew we had to turn to technology to supplement what people were doing,” she explains. “As a result, we were able to increase the percent of total returns filed by April 10 by 10 percent with one and a half less people. ” New Vision CPA Group used CCH Axcess, outsourcing and bots to do more with less.
Use your time wisely
While some people might take the time saved through automation and relax, Padar suggests using the time to explore new technologies and/or revenue streams. She writes, “By now you’ve heard that you need to move from a compliance role with your customers to one where you serve as an advisor. Not to mention all the talk around the disruptors that will turn our industry on its head. You now have extra time to figure out what this means to your practice.” Don’t rest on your laurels. Instead, start planning for the future.
Market yourself in new ways
Padar is well known in social media circles. In addition to digital networking, she recommends marketing your firm through partnerships and referrals. “Now that you have the capacity to do more, you need to obtain new leads. That’s where marketing comes into play,” she says. “When you market yourself in new ways, you will reap real benefits.” In fact, Padar offers suggestions for building a social media presence that can raise your profile among potential partners.
With the fast pace of change, firms will struggle to meet revenue goals unless they can keep up. Padar’s white paper, How to Bill $1M per FTE, offers real advice for firms that want to get ahead. Request your copy.