After I wrote The Ultimate CPA Practice in the New Economy, readers came to me in seminars, at speaking engagements and the internet concerned that “now we’ve got all these new clients, how do we effectively manage our firms to serve them all?”
In response, I wrote The Million Dollar CPA Firm (會計師事務所) to provide a roadmap, guiding others to succeed in the following ways:
- – Build profitable long-term client relationships.
- – Easily and consistently deliver outstanding customer service.
- – Increase profits.
- – Attract, retain and motivate a team of champions.
- – Maintain a steady flow of new ideal clients.
- – Create a lifestyle practice rather than a 70-hour work-week grind.
So how is this managed? How can you run a million dollar CPA firm in Hong Kong?
And, by the way, let me make clear… perhaps you don’t want a firm right now that breaks the million dollar mark or perhaps you’re aiming for the multi millions. In either case, the same principles apply. I’m going to let you in on a little secret—actually seven little secrets… or big principles—that will help you successfully create the practice of your dreams. First, let’s talk about why that’s so important.
Why Now Is The Right Time To Create A Million Dollar Firm
When we fail to properly manage our practice, we fail to maximize our potential. Not only the potential to increase our earnings, but the potential to:
- – Provide extraordinary service to our clients.
- – Attract reputable clients.
- – Maintain a satisfying and pleasant workplace.
- – And ultimately, the potential for growth.
The fact is, your firm is either growing or it’s slowly dying. There is no in between.
Being static is the equivalent of being dead; our practices, potential and profits are subject to flat-line if not taken to the next level. The moment we stop improving our firms is the moment they start to die.
The things we ignore, on a daily basis, will slowly and subtly amount to a lot.
This problem becomes apparent when we realize that we struggle in areas such as:
- – Being seen as just another CPA practice and failing to attract the types of clients we enjoy working with or who are willing to pay the fees we deserve.
- – Being rejected by top talent because we can’t offer the right professional and personal growth.
- – Making costly mistakes and having slow turnaround that results in disgruntled clients and poor customer service.
- – Working too many hours on tasks that do not energize or satisfy us. Trust me, I’ve seen the ebb and flow of a varied CPA career.
I’ve had a highly paid job as a CFO where I worked long stressful hours and struggled with office politics.
In my early years as a practice owner, I strained daily to run a practice where I couldn’t sleep at night worrying whether I’d earn enough to pay my mortgage and feed my family. It really was that precarious.
Luckily, things have changed, and now I typically work a few days a week, owning a practice that is financially and emotionally very rewarding. I’m recognized as a go-to expert in my area. In fact, my success story and transformation were spotlighted in the magazine Accounting Today where I was featured on the cover.
The truth is my life changed dramatically when I learned and followed the seven principles that I share in this book. But success doesn’t happen overnight.
When it comes to failure, the late Jim Rohn (a motivational speaker and author) once famously said, “Failure is not a single, cataclysmic event. You don’t fail overnight. Instead, failure is a few errors in judgment, repeated every day.”
Thus, it’s the little things, those daily habits we commit to, that contribute to our success.
It begins with a desire to change, the knowledge to change and massive action.
Desire + Knowledge + Action = Success