Transforming Your CPA Practice With a Vision Statement: Moving From Dream to Reality

Salim Omar, CPA
October 29, 2012 — 1,752 views  
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An essential step toward success in your CPA practice is to have a clear vision. CPA practitioners need to be dreamers to become successful. They should have the ability to dream big and envision in their mind the desired end result. The end result is some time in the future. It could be 3 years, 5 years, 10 years down the road.

You begin to develop your vision by asking yourself some crucial questions:

•What is the big picture for your practice? Think of your practice as a product. What does the end product look like at some point in the future? Do you want to create a CPA practice with gross billings of $200,000, $500,000, $1 million or several million dollars?

• What is your desired net profit?

• Would you like to operate from one location or several?

• How many employees will you have?

• What services will you be provide?

• How many days/hours would you like to work (during tax season, in the off season)?

• How much time in the week will you spend towards marketing your CPA firm?

Having a clear vision of what your practice will look like in the future helps you to make it a reality. If you have employees or plan to hire employees, having a clearly articulated vision helps everyone to have a common purpose and be on the same page.

To understand what a vision statement looks like, consider a hypothetical vision statement for a firm like your own.

Vision Statement of The ABC & Company, CPAs

Five years from now, by June 30, 2014, The ABC & Company, CPAs will be a professional organization deeply committed to helping families and businesses attain their financial goals.

The ABC & Company, CPAs will be a full accounting, tax planning and preparation and financial services company catering to 2 niche markets: small businesses with revenues up to $10 million and individuals and families.

Annual revenues will be $2,250,000 and a net profit of $787,500 (35%), after all salaries.

The ABC & Company, CPAs will have 1 office with 14 team members - 12 full time professionals and 3 seasonal employees.

The USP or unique characteristics of the ABC & Company, CPAs is that it will be a "one-stop" shop for accounting, tax and financial services. Our services delivery will be predictable, personalized, and friendly with the intention of making it an enjoyable and memorable experience for the client. We will be people-centered and will strive constantly for high levels of employee and client satisfaction. Every aspect of the business will be standardized and tightly controlled to be able to consistently deliver a high level of service. Our office will be a lively, clean and fun place to be. All our services will be delivered in our office, or via phone, mail, fax or the Internet.

The ABC & Company, CPAs will grow at the rate of 20 percent from effective CPA firm marketing techniques such as cross selling of our own services, through client referrals, referrals from other professionals, seminars / presentations, direct mail and our presence on the Internet. By June 30, 20014, the ABC Company, CPAs will be well positioned to attract prospective buyers, employees, lenders and clients. If the CPA practice were to be sold, it would sell for 2 times the gross revenues.

The ABC & Company, CPAs will recruit and train high energy, self-motivated individuals who will help the organization achieve its vision. Only individuals with a strong desire to grow professionally and personally and who constantly strive to bring out the best in themselves and others around them will be hired and retained.

If you are serious about transforming your practice into a successful CPA practice, you must develop and commit your vision to paper.

Salim Omar, CPA