PRACTICE MANAGEMENT UPDATES BY CATEGORY
KEY MANAGEMENT NUMBERS
What does your 2022 planning look like? If you are seeking to improve efficacy, profitability and partner profitability then this series of 6 articles are THE best place to start. The questions and methodologies we look at are 100% relevant for 2022. I have no doubt in my mind that these articles are all essential and make for strategic profit-driven reading. Profitable that is – for you and your co-owners. What will you uncover? We look at an essential number and you may not even know what it is – but better manage this number and you will drive your profitability soaring. Partner time on – what should it be and how can this be increased? What is your Revenue Per Partner? Why 85% realisation is a great target for maximising profitability. What to do if you are not realising 85% and what to do if you are exceeding this benchmark
MARKETING
Also referred to as Business Development. There is a seed change going on in the world of marketing and marketers.
As the world has evolved during these past 22 months the role of many marketers has changed.
There was a time not so long ago when accountants could not advertise. Country by country these archaic advertising rules were demolished. Institutes sought to keep a lid on their member and introduced restrictive advertising practices. Today, almost anything goes – just don’t claim to be the best firm around!
Historically many firms relied on word of mouth for gaining new clients. In those days there was often an assigned firm owner who was awarded that fatal description of Marketing Partner. Thankfully, those days are mostly behind us. Decades later many firms have dedicated staff who have a marketing qualification.
Jean Caragher is a widely acclaimed Marketing Consultant. She is known for her leading edge training of accounting firm marketers.
We are pleased to make Jean’s business development course available to you at a reduce cost. Apply the code GROW20 when you register for her course here.
Catch up on other marketing articles here
PLANNING A FIRM RETREAT
In response to a question at a recent Accountants Roundtable the comment was made, “We used to have one or maybe two months a year we called ‘busy season.’ Now every month is busy season.
Having managed my own accountancy business for over 15 years I was accustomed to facing management, staff and client challenges. These past 22 months have taken firm management to a whole new level.
In the words of Michael Gerber (E-Myth) there is a time when you need to invest time working ON your business as opposed to IN it. In my three guides I take you step by step on how to progress this all-important meeting when all firm owners take time out to gain a common focus on your challenges and opportunities.
PRESENTATION
How to improve the quality of what others see in you and the firm.
PROFIT IMPROVEMENT
Don’t so many vendors lead with the promise of increased profitability? Yet, the fact remains that you are probably not maximising your potential. Read on – I have been guiding firms to improve profitability. Here are three articles to help jump start your 2022 profitability. Profitability is now more important than ever. Why? The profession is seeing margins erode at an alarming rate and there is not a greater demand on capital to invest in technology and training.
TIME MANAGEMENT
If a hotel does not sell a room tonight -the sale is lost forever. While this is not a 100% aligned comparison if you do not account for your today’s time it is lost forever – or, if not, that lost time exerts pressure on future time. Carpe Diem!
Maximising time was the first management topic I ever studied. It absorbed me – and changed me forever.
We will look at probably the greatest challenge we face when it comes to client service – timeliness of service. Our world is one where being instant is the norm of necessity. Yet many accountants keep clients waiting for their reports and financial statements. Maybe the client is to blame – but maybe not wholly. 2022 is a year for improving our systems and processes – let’s start with better managing our time. It is not, without consequences unlimited. Here are three articles to develop your thinking.
WORKING FROM HOME (WFH)
At the end of 2021 I have reviewed my articles and seen the segue from one point of view to another. My thoughts at the end of 2021 is that WFH is with us for a long time to come. I evidence the power switch from employer to employee – and I am not entirely comfortable. Maybe it an age thing; that is for you to decide. I have sought to present the case for remote working – looking at both advantages, disadvantages, benefits and consequences. Right now I can see a model working whereby your talent works remotely maybe two days a week (Monday and Friday being natural defaults) and in the office the other three days. Your thoughts? Plans?
I trust you enjoy re-reading these articles -or maybe you have come across these blogs for the first time. In either case the team at IGNITE – Myself, Beccy, Jean and Steve wish you a happy and prosperous 2022.
