Before Starting Your Firm...
Adice from Robert B. Scott, Jr., CPA ~
Two Tips That Can Set You Up For Success
Today, we are looking at two pieces of advice from Robert B. Scott, Jr., CPA, and what he thinks is best to do before starting your accounting firm. Robert B. Scott is a professor of management at the Gabelli School of Business at Roger Williams University and a longtime growth consultant to CPA firms around the country. Here are some of his tips that we believe can help you with building your firm.
Tip #1: Work at a small practice/ firm before opening your CPA firm. Managing a large corporate firm compared to a small firm can be very different. Several CPAs who come from working in large corporations struggle to run their small firms and find themselves ill-equipment for the management style of a smaller practice. Working at a small firm before venturing off on your own will help learn the management style of smaller corporations and will prepare you for the challenges you may face.
Tip #2: Sell 1,000 hours of services. This statement means that you need to sell 1,000 hours of annual billable time. Many accountants who work at larger firms never experience the need to personally sell professional services, especially in a face-to-face setting. One thousand billing annual hours can barely support a small firm in operation, so if you are not able to sell that amount in a larger corporation, you might have a difficult time keeping your firm above ground.
If you have found these tips insightful, feel free to read his full article in the Journal of Accountancy Below:
Start Your Own Firm - Ten tips for the entrepreneur in you.
"If you have no confidence in self, you are twice defeated in the race of life."
— Marcus Garvey