The Mindset Shift Needed for Accounting Firm Growth

accounting accounting firm growth Sep 05, 2023
Accounting Firm Growth

Success is a state of mind. It’s true in life as it is in accounting firm growth. 

But unfortunately, many accounting firm owners are stuck on cruise control. They aren’t embracing evolving tech, changing customer expectations, and new ways to add value to their services. 

Success is within reach, but an out-of-date mindset is holding too many firms back. There's no doubt a shift is needed. 

This article will walk you through the traditional accounting mindset, the catalysts needed for change, and how accounting firm owners can adopt a new mindset for growth.

The Traditional Accounting Mindset

Until recently, many accounting firms have gotten by with an old-school way of thinking. 

  • It's focused on transactional services and compliance issues, like submitting tax returns and fulfilling regulatory obligations. 
  • The overall operation leans toward a more reactive approach to client needs, waiting for them to reach out with requests or issues. 
  • It typically does not leverage technology and ignores much of the innovation that's transformed the industry in recent years and decades.

All of this contributes to a relatively narrow mindset, both for the firm and for its clients. Unfortunately, the traditional accounting mindset is holding back countless firms from the growth they could be experiencing.

The Catalysts Needed to Change Course

Let’s be real, accounting isn't built for rapid, significant changes. However, some serious catalysts have fallen into place in recent years. They’ve shaken things up and have left massive impacts on the industry.

This includes the growth of automation and, more recently, artificial intelligence, which promises to do more work in less time with fewer mistakes. 

Expectations and client demands have also changed dramatically. Customers expect round-the-clock access to real-time data and extensive support from your team when problems or questions arise. If their needs aren't being met, they're often at risk of jumping to the competition, which is more plentiful than ever in an expanding market.

Between quick-evolving technology and increased client expectations, the need for a new course of action is at its peak. What’s needed to change course? A mindset shift. 

Adopting a New Mindset for Accounting Firm Growth

Changing your own mindset isn’t easy, but revamping how an accounting firm thinks and behaves? Now, that’s a real challenge; but it's vital for accounting firm growth. 

1. It starts with making proactive work the cornerstone of your business. 

Instead of waiting for clients to reach out to you with issues, look to become a trusted advisor to them. With this consultative approach, you can earn your keep on a consistent basis by preventing problems rather than waiting to solve them.

2. Next, embrace all of the ways technology can help your business. 

Take advantage of the speed and versatility of cloud accounting and other digital tools. These can help process and analyze data in new ways, making data-driven decision-making easier and more impactful than ever. 

Still, real, sustainable growth requires more than just a one-time crash course on new programs and techniques. Leaders and employees alike should cultivate a culture that values and rewards continuous learning. Incentivize members of the organization to stay updated on industry trends and upskill, which will pay significant dividends over time.

3. Finally, accounting firms should consider their definition of success - and expand it! 

While in the past, it may have been enough to fulfill the basic legal and financial requirements of customers, leaders should work to maximize their positive impact on clients. This can include developing and assessing metrics beyond traditional financial and organizational ones, which will vary depending on the nature of your business and clientele.

Overcoming Challenges and Resisting Backslide

With any major change, there's always a hiccup or two - not to mention the inevitable temptation to slide back into old, familiar, but less growth-friendly habits. 

You will face challenges. 

That's why firm owners will need to be open and available to address resistance to change within the firm. However, with clear communication and a vision for future growth, most internal issues can be quickly resolved. 

The changes in outlook can also cause some pushback from longtime clients, who may take some time to adjust to your new, more proactive approach. Continue to remind them that the changes are for them just as much as they are for you. 

Stay the course and employees and clients remain confident in the ability of these changes to spark new levels of accounting firm growth.

Don't Let Your Mindset Limit Accounting Firm Growth

There's no time to waste when it comes to adopting a growth-oriented mindset at your accounting firm. The rewards for looking ahead and adapting are as vast as the potential downsides of ignoring the significant shifts in the industry. 

It can feel like a weighty task for even the best-run accounting firms. But fortunately, you don't have to do it on your own. Bookkeepers Ignite can help - visit our website to learn more today!

Your journey to 6-figures+ starts here. SIGN UP NOW! 

Forget the junk mail! I'm bringing the latest breakthroughs, insider insights, valuable resources and game-changing tips straight to your inbox to help you confidently launch, grow and scale your bookkeeping business to 6-figures and beyond.  Afterall, I'm not just teaching this stuff...I've actually done it...and multiple times!  You in?


I'm in. Sign me up!