When you're working as an accountant at a practice, you don't need to worry about much beyond your job. However, when you run a CPA firm of your own, you have much to think about, such as hiring talent, managing costs, marketing your services, and so on.
But what sets CPAs running successful businesses apart from others who don't is the entrepreneurial mindset – the spirit that keeps them focused on their business goals. And of course, being open to outsourced accounting services.
Without further ado, here are eight traits of entrepreneurial CPAs:
1. Focus on solutions
Entrepreneurial CPAs don't just focus on standard procedures. They are continually working on ways to provide better solutions to their clients. Whether through customer surveys or personal chats, they are always looking to understand what their clients need and how they can resolve their clients' problems more efficiently.
2. Growth mindset
Business is changing at a rapid rate, and entrepreneurial CPAs are evolving at the same time. By keeping abreast of market trends, entrepreneurial CPAs can grow their business to meet new and future needs whenever they come up. By doing this, they are staying ahead of competing for business that is slower to catch up.
3. Passion for technology
Business today is ubiquitous with technology – faster and smarter solutions are emerging every day. Entrepreneurial CPAs who integrate new software and tools into their businesses can serve their clients more efficiently, whether through reduced response times or more accurate results.
A successful entrepreneurial CPA thus embraces technology and is continuously in touch with new developments.
4. Creating new services
It's enough to do your clients' taxes. Entrepreneurial CPAs always have their ear to the ground for new opportunities to serve their clients better. One way of doing this is by identifying the patterns in the demands of past clients and then developing new service offerings based on that.
Even if your client wants you to do their taxes, you now have an enhanced portfolio that can attract new clients. Take help from outsourced accounting firms to take on the tedious tasks for you, so you can deliver high-end functions.
5. Constantly innovating
As business owners, entrepreneurial CPAs are always on the lookout for ways to innovate their workflow processes. Be it a way to lower operating costs or a new collaboration tool; they are still ready to bring in innovations that are cost-effective and help improve businesses. If you want help in finalizing the blueprint, take assistantance from outsourced accounting firms - they have the right experience to help you innovate.
Be it an angry client or an unhappy employee; entrepreneurial CPAs always display understanding. They make it a point to hear the other party out and take proactive steps to rectify the problem. This is what earns them trust and goodwill.
7. Focus on accomplishments
While your qualifications mattered more when you were working at a firm, nothing matters for an entrepreneurial CPA as much as accomplishments. This is why entrepreneurial CPAs invest time and effort in showcasing their work, be it on a business website or a professional networking platform such as LinkedIn.
8. Positive attitude
When you run your own business, there will always be ups and downs, and entrepreneurial CPAs take all of this in their stride. Even if there are missed opportunities or disappointed clients, entrepreneurial CPAs learn from those experiences and improve their businesses accordingly. That's what helps them stand out in the long run.
Over to you
While technology is just one aspect that defines a CPA’s success, how they tackle branded competition, how they diversify business offerings, how they market are equally important. The bottom line is as a CPA you must be entrepreneurial.
We firmly believe scaling your accounting operations should forever be your goal, no matter how long you have been in the business, who and where your target market is! That's what outsourced accounting firms are for.
We at QXAS are forever ready to help CPAs that are struggling to grow their business. Perhaps a quick discussion can help you understand how we can help you. We are heading to XeroCon San Diego 2019 in two weeks, and we were wondering if we’d see you there?
If you are attending the event, don’t forget to reach out to us. You can sign up for a short meeting here. See you!