Friday, May 26th, 2017

Increase Your Firm’s Value

“Try not to become a man of success. Rather become a man of value.” – Albert Einstein

There are some very basic things that CPA firm leaders need to do to continually increase the value of their firm. Of course, CPAs must be technically competent, good communicators and committed to client service. You are in a service business, just like a hotel or restaurant.

Beyond those basics, a couple more foundational items are needed to create firm value.

Culture – You (and your partners, if you have some) should devote your attention to creating a culture in which you want to work, providing your employees with a clear picture of acceptable behaviors that exemplify your core values. A culture built around consistent and strong core values will attract people with those same core values. If you discover employees who do not embrace your core values, they should be encouraged to go elsewhere.

Processes – Another foundational item thing you can do to increase the value of your firm is to implement processes, procedures and policies that are well-documented in writing.  This means the success of your firm is not solely on your shoulders and not dependent on just a few people. Having written processes and procedures ensures that you can easily get new employees up to speed quickly.

  • "A man who dares to waste one hour of time has not discovered the value of life."
  • Charles Darwin

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