Actionable Steps For Building CPA Firm Value

An article hit my desk recently about building the value of a CPA firm. This is always a topic of interest to most of us so I read the article. The top 3 recommendations from this author for building CPA firm value were:

  1. Improve customer service
  2. Attract and retain profitable clients
  3. Hire and retain better people

Gee, thanks. I’ll get started on it right away.

There’s obviously nothing wrong with these recommendations, except they really aren’t actionable. So we got to thinking what would be the three actionable steps we would recommend to a firm to improve value. Here’s what we came up with:

  1. Capture and inventory the institutional knowledge that resides in your firm. In the short term this will help leverage knowledge and expertise throughout the firm. Over the long term this knowledge base will become a valuable firm asset.
  1. Customize your forms, documents, and methodologies. You will begin to build a brand identity and your customers will appreciate more relevant, tailored processes.
  1. Connect with your clients in more meaningful ways. Any relationship that is transactional is at risk. Make an effort to have positive touch points with your clients where you can listen, solicit feedback, offer advice, and extend the boundaries of your relationship.