The e-Guide to Increased Profits and Cash Flow
Most partners will state they desire to increase firm profits as well as improve cash flow. They even intend to do so! While this sounds appropriate, desire or intent is not enough. How partners declare their intent and communicate with others is of utmost importance in determining success.
One of the biggest communication problems most CPA partners make is they assume their intent is clear or in the worst case they strive for ambiguity in order to avoid accountability. According to Stephen M. R. Covey in Smart Trust, "intent is based on the principles of purpose and intent.” Clearly communicating intent is important, but just as important is the "why”. Why is increasing profits and improving cash flow important to the firm and its members? Covey also cautions about "counterfeits” that hide, disguise, have personal agendas, overpromise and create illusions – in other words, those people who avoid accountability.
Too often people assume self-interest as the motivator due to the fact we naturally judge ourselves by our intent and others by their observable behavior. By declaring our intent (what and why) we influence the conclusions of others and increase their trust.
As the most trusted advisor, CPAs should take their role seriously by retaining the respect of their clients and peers. Clients, peers, and even competitors admire profitable firms that utilize good business practices. Therefore, it is extremely important to smartly signal intent. This is a powerful game changer and extremely important compared to the transactional part of the equation. It very well may require a change in culture to achieve your goals.
According to Roger Connors in Change the Culture: Change the Game, accountability is the fastest way to change/improve results. Are you willing to hold yourself and others accountable? This is the first question you must ask if you desire to increase profits and improve cash flow.
How do partners and firms properly communicate their intent? Let us start by demonstration the intent of this Guide.
The Guide Objectives are to:
- Make you think, plan and grow through better planning, increased capabilities (people) and improved processes.
- Provide a road map for firm’s to improve profitability and cash flow.
- Provide guidance on how firms can leverage technology to better manage their firms.
- Provide resources to reduce time, improve efficiency, and leverage scarce resources.
- Improve firm culture and accountability.
Join us as we explore key strategies to change your firm with the Guide to Increased Profits and Cash Flow.