Many accountants like what they do and want to maintain the status quo with slight, but continuous, growth. Others want to make their practice bigger and try to accelerate growth. Both are good goals and whatever anyone wants is fine, as long as they are clear about what they want.
However, I find that many do not act in accordance with what they say they want. For instance, someone who feels that small growth works for them might be pretty aggressive with marketing, while someone who wants quicker growth might seem to pass up some great opportunities that they trip over. Either way, having a plan can help direct you toward a better future or the future you want, rather than leaving it to chance or fortuitous circumstances.
I think defining a goal and a plan to achieve it is important. When first starting, I would make it a five-year goal. However, there is nothing wrong with a 10- or 20-year goal either, and I know some very successful practices that have 20-year plans, but five years seems more in reach and less vague or open-ended. Write out where you want to be (I am big on writing this stuff down) and where you want your practice to be in five years, and then provide a way to get there. (Read my
Once you have your annual plan, try to break it down into monthly activities with a plan and goal(s) for each month. This should be followed by the hardest part: writing down the first thing you will do to start and when you will start. I always suggest “now” as the starting point. Take that first step.
Strategic plans are important. Sometimes we think they are a cliché, but they work, and regardless of what they are called, they are not hard to determine. They are hard to implement, and the hardest part is that first step. So do it! Start now! This process works. You can also use this method to help your clients set up their five-year strategic plans. Do yours, then apply what you did to your clients, and you will then leverage what you did into a marketable service.
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