As an advisor to the Accounting profession for 27 years my biggest competitor has always been Partners comfort.
Let’s face it, it’s really not that hard to earn $250K – $500K as a Partner of an Accounting firm. Yes, you’ve got some long hours to put in (however, not all year around) but in all reality you don’t need to try that hard to be pretty comfortable.
Some facts as a profession…
- You are in the top 5% of earners.
- The revenue is fairly predictable.
- You keep overheads in check and you’re profitable.
- The clients are generally very loyal.
- Most firms grow by referral without much marketing.
- You can be reactive and still make good money.
- You rarely go broke. In fact, I only know of 3 firms who have gone broke – out of tens of thousands I’ve met.
And now, you’ve proved you’re Pandemic proof as well.
You have to admit – it’s a pretty good gig being the owner of an Accounting firm.
But ….there is a problem with all this ‘being comfortable’.
You see, comfort leads to apathy. Apathy leads to lack of innovation. Lack of innovation leads to stagnation. Stagnation proceeds decline.
As a team member – who would want to work for a stagnant business?
As a client – who would want to be a client of a firm that lacks innovation?
I think to thrive, you need a healthy discontent for the present.
If you have a healthy discontent for the present then you’ll always be innovating, you’ll always be seeking a better way, you’ll always be learning, you’ll always be evolving.
To be personally more motivated, you might need some bigger goals for yourself and your business.
Someone said: “if nothing changes, nothing changes”. I think whoever said that was wrong.
I believe “If nothing changes, you’ll go backwards”. That’s a writer downer!
To help you, I am running an educational webinar on driving change in your firm. Suitable to all leadership team members. It’s on September 20 @ 5pm – 6:3pm PM EST. Nothing to buy – just all education. You can register here.
Hope to see you in a few weeks.
Rob
—
Rob Nixon
I help Accountants around the world do 3 things:
- Earn >$1M profit per partner whilst working less than 500 client hours
- Build amazing Accounting businesses
- Change the lives of themselves and their clients
The average in year one of the firms I coach is:
- A profit increase of 98.4%
- A revenue increase of 20.8%
- An owners time decrease of 20.1%
In the past 27 years I have…
- Coached >600 Accounting firms helping them make >$1BN in new profit
- Authored 4 best selling books “The Perfect Firm”, “Remaining Relevant” & “Accounting Practices Don’t Add Up”, “The Wealthy Accountant”
- Spoken in front of over 185,000 Accountants in 18 countries
