Running an accounting firm isn’t just about keeping up with client deadlines or managing the day-to-day operations—it’s about recognizing your practice as a valuable asset with the potential to grow, thrive, and even outlast your direct involvement.
Shifting from simply “working in” the business to strategically “working on” it allows firm owners to build long-term value, create financial freedom, and establish a lasting legacy. In a recent LinkedIn Newsletter article, Roger Knecht, President of Universal Accounting Center, outlined five key strategies every firm owner can use to make this shift.
1. Know Your Accounting Firm’s True Worth
Many firm owners don’t regularly assess the real value of their practice, but understanding this number is a cornerstone of strategic growth. A full valuation should consider not only financial performance but also factors like brand strength, client loyalty, and market opportunities.
Action Step: Conduct a thorough valuation at least once a year. Bringing in an external expert can reveal opportunities you might overlook—such as expanding into new niches, rebranding, or adopting emerging technologies.
2. Map Out Your Path to Expansion
Growth doesn’t happen by accident. It comes from deliberate planning and a clear long-term vision. Whether your goals include entering new markets, offering additional services, or scaling your team, each decision should align with where you want your firm to be in five, 10, or even 20 years.
Action Step: Draft a growth plan tied to your personal and retirement goals. Set specific, actionable steps, such as targeting a new client segment or training your team in specialized services. Schedule regular check-ins to evaluate progress and make adjustments.
3. Maximize Your Firm as an Asset
To enhance your firm’s value, you must strengthen multiple areas:
- Streamline operations with efficient systems.
- Fortify your brand to attract high-value clients.
- Diversify your client base to stabilize revenue.
- Empower your team to operate independently.
- Embrace technology for efficiency and client satisfaction.
- Plan for succession to preserve your firm’s value long term.
These strategies ensure your business isn’t just profitable now but remains valuable and sustainable well into the future.
4. Work ON, Not Just IN, Your Business
True growth requires stepping away from only handling daily tasks to focus on long-term strategy. That means making time to evaluate operations, consider new services, and explore partnerships that open doors for expansion.
Action Step: Set aside dedicated time each month for strategic planning—whether it’s reviewing workflows, brainstorming growth ideas, or mapping out potential collaborations.
5. Craft Your Firm’s Legacy
Your accounting practice isn’t just a career; it can be a legacy that carries forward your vision and impact. Building an enduring firm means planning not only for financial security but also for the next generation of leaders and the broader mark your business will leave.
Action Step: Define what legacy means to you. This could mean providing long-term financial support for your family, mentoring young professionals, or creating programs that extend your influence beyond the firm. Integrate these goals into your overall business strategy.
Building Toward the Future
Your accounting firm is more than a job—it’s a long-term asset with the potential to create wealth, freedom, and a lasting legacy. By regularly valuing your firm, planning for expansion, maximizing efficiency, working strategically, and defining your legacy, you can unlock that potential.
Universal Accounting Center offers free resources, eBooks, and courses designed specifically for accounting professionals who want to elevate their practice. You can also discover your Business Score, an analysis based on eight key drivers that determine your firm’s value—providing insights to guide your next stage of growth.
👉 Call 435-344-2060 today to learn how Universal Accounting can help you build the future-ready accounting firm you’ve envisioned.
