Establishing Growth Goals for Your Firm

It’s December and the time of year that many firms find appropriate for use in establishing plans for growth for the new year. Regardless of when your year begins and ends, your goals for growth should include the wisdom of Dan Brooks, CEO of The Rainmaker Companies and a veteran of 30 years with McGladrey. I had the good fortune to interview Dan Brooks for one of our monthly Office Hours calls.

This monthly session features discussion around a specific topic in most cases. Listeners pop in and out as schedules permit and I have guests who participate and add subject matter expertise to the topic at hand.

The post serves to offer you the recording of the podcast and also puts in written form some of the highpoints of the discussion. Dan comes to us with a world of experience in growth and consulting for growth in the accounting industry.

Sherman: Dan, How would you define a goal? Specifically, and accounitng firm growth goal?

Dan: “Very importantly, the goals have to be specific and measurable. As we’ve been told numerous times, hope is not a strategy. Growth will come from three primary areas. They are current clients, current client referrals, and targeting. These areas will generally be categorized in the following ways. Firm growth, practice growth, and individual growth.

Sherman: Why is growth so important to firms?

Dan: Interesting work has to be offered to today’s employees, staff and partner tracking practice area professionals. We have all heard about the issues facing firms around recruiting, hiring, and retention. Interesting work and special projects do much to retain people.

Sherman: Tell us Dan, what is targeting? Please share a bit more detail as to the word targeting.

Dan: Targeting has to do with a thorough understanding of an ideal client. I.E, What does she looking like? What industry is she in? How profitable are the company? What are the reasons the firm wants more of the business and so on.

Sherman: What are the fastest growing firms doing to attain their goals?

Dan: They are making sure the messaging from the top and the behavior of the firm’s people match. If messaging and behavior don’t match, the team will be disfunctional and growth goals will not be met.

Sherman: What are the top two must dos for an accounting firm that is serious about growth goals?

Dan: I would say my primary recommendations would be that a firm know the primary growth path they will take and plan appropriately strategically and then secondly, they must commit. It there is a growth path in mind and a commitment to pursue it, then growth is far more likely to follow.

 

Listen to the full podcast here.