| An essential step toward success in your CPA | | | | businesses with revenues up to $10 million and |
| practice is to have a clear vision. CPA practitioners | | | | individuals and families. |
| need to be dreamers to become successful. They | | | | Annual revenues will be $2,250,000 and a net profit of |
| should have the ability to dream big and envision in their | | | | $787,500 (35%), after all salaries. |
| mind the desired end result. The end result is some | | | | The ABC & Company, CPAs will have 1 office |
| time in the future. It could be 3 years, 5 years, 10 years | | | | with 14 team members - 12 full time professionals and |
| down the road. | | | | 3 seasonal employees. |
| You begin to develop your vision by asking yourself | | | | The USP or unique characteristics of the ABC & |
| some crucial questions: | | | | Company, CPAs is that it will be a "one-stop" shop for |
| What is the big picture for your practice? Think of | | | | accounting, tax and financial services. Our services |
| your practice as a product. What does the end | | | | delivery will be predictable, personalized, and friendly |
| product look like at some point in the future? Do you | | | | with the intention of making it an enjoyable and |
| want to create a CPA practice with gross billings of | | | | memorable experience for the client. We will be |
| $200,000, $500,000, $1 million or several million dollars? | | | | people-centered and will strive constantly for high |
| What is your desired net profit? | | | | levels of employee and client satisfaction. Every |
| Would you like to operate from one location or | | | | aspect of the business will be standardized and tightly |
| several? | | | | controlled to be able to consistently deliver a high level |
| How many employees will you have? | | | | of service. Our office will be a lively, clean and fun |
| What services will you be provide? | | | | place to be. All our services will be delivered in our |
| How many days/hours would you like to work | | | | office, or via phone, mail, fax or the Internet. |
| (during tax season, in the off season)? | | | | The ABC & Company, CPAs will grow at the |
| How much time in the week will you spend | | | | rate of 20 percent from effective CPA firm marketing |
| towards marketing your CPA firm? | | | | techniques such as cross selling of our own services, |
| Having a clear vision of what your practice will look like | | | | through client referrals, referrals from other |
| in the future helps you to make it a reality. If you have | | | | professionals, seminars / presentations, direct mail and |
| employees or plan to hire employees, having a clearly | | | | our presence on the Internet. By June 30, 20014, the |
| articulated vision helps everyone to have a common | | | | ABC Company, CPAs will be well positioned to attract |
| purpose and be on the same page. | | | | prospective buyers, employees, lenders and clients. If |
| To understand what a vision statement looks like, | | | | the CPA practice were to be sold, it would sell for 2 |
| consider a hypothetical vision statement for a firm like | | | | times the gross revenues. |
| your own. | | | | The ABC & Company, CPAs will recruit and train |
| Vision Statement of The ABC & Company, | | | | high energy, self-motivated individuals who will help the |
| CPAs | | | | organization achieve its vision. Only individuals with a |
| Five years from now, by June 30, 2014, The ABC | | | | strong desire to grow professionally and personally |
| & Company, CPAs will be a professional | | | | and who constantly strive to bring out the best in |
| organization deeply committed to helping families and | | | | themselves and others around them will be hired and |
| businesses attain their financial goals. | | | | retained. |
| The ABC & Company, CPAs will be a full | | | | If you are serious about transforming your practice into |
| accounting, tax planning and preparation and financial | | | | a successful CPA practice, you must develop and |
| services company catering to 2 niche markets: small | | | | commit your vision to paper. |