Survival Techniques for Small Firms
If you didn't see it, I recommend a great article in the June 16 issue of Accounting Today by August Aquila, "Surviving Techniques for Small Firms". Two things really jumped out to me in reading it.
1. Don’t procrastinate because the problems facing many firms are huge.
To name just few:
- Staffing shortage.
- Technology and regulatory concerns.
- Overwhelming succession statistics as quoted by Mr. Aquila including
- 8000 baby boomers retiring each day.
- 75% of small firm practitioners have one or more partners retiring in the next 5 years.
The consequence of the above are staggering. There aren’t enough remaining to buy out or take over those retiring. Valuations for the less desirable firms are also going to be severely affected.
2. Be innovative. Easier said than done for sure. What can you do to be innovative?
Be an active reader of trade publications such as Accounting Today, CPA Practice Management Forum and your state society magazine or newspaper. These sources are full of ideas and examples of what other firms have done.
3. If you are not a member of one of the accounting associations, research them and join one. You can share directly in what other firms are doing in other parts of the country.
The real culprit? Not having these issues at the top of the to do list. It’s your business and your livelihood. Why shouldn’t some actions regarding it’s future and success be part of each day’s activities?