The new year is a great time to reflect and set goals for the coming year, both in your personal and professional life. If you recently purchased an accounting firm, it is also a great time to set goals for your new firm. These goals can help guide your firm in the coming year and keep you on track as you work towards a vision.
Here are five types of goals you might set for managing your accounting firm in 2020.
One of the most common types of goals is related to growth of the firm. Growth can be measured in a number of ways depending on where you want the firm to go. Revenue growth can come from expanding your services or adding more clients. Client growth could come from increasing your client pool with marketing or referrals. Growth could also expand your firm to new markets and new types of customers. Take a look at where the firm has gone and imagine where you want it to be in the future. Look at the competition and what other firms have done, and then set your personal goals of how you want the firm to grow this year. The goals could be to increase revenue by a certain percentage or hit a certain dollar amount in sales. It could be to add a certain number of customers or employees. Whatever your growth goal, be sure to keep it specific and develop a plan to help you reach it.
The number of clients is important for most firms, but what matters even more are your relationships with those clients. Setting a goal to improve client relationships means emphasizing those personal connections and really getting to know each client. This can be especially important if you just purchased an accounting firm and want to get to know your client base. A goal for improving client relationships could be to reach out to each client a certain number of times throughout the year, to offer a new type of relationship-building service, or to improve your customer satisfaction survey scores.
Your employees are a vital part of your accounting firm. Think of a goal you can set to either grow or develop your employees. Growth goals could be to add a certain number of employees, especially to teams that are stretched thin and could use another person. You can also set a goal to offer regular training or certification programs to employees to keep up their skills or to improve the employee experience by re-evaluating the perks and benefits. Employee development goals can cover a wide variety of areas but should be focused on meeting the most pressing concerns for your employees.
Modern accounting firms leverage new technology to improve efficiency and offer great service. Take a look at your company’s current technology programs and set a goal of what can be improved in the coming year. You might set a goal to update the internal software used by all employees or to re-vamp your website to better serve customers. You might want to add new technology elements like a chatbot or some kind of automation. Technology goals can also include things like training all employees on a new program.
Look around your firm to see what can be improved to increase efficiency. Just because things have always been done a certain way doesn’t mean that’s how they should stay. A goal for improving processes could be to evaluate and re-design a certain aspect of the company, such as client on-boarding or billing. It could also be to increase the number of invoices you send each month or the number of clients contacted per week to measure increased efficiency.
These five types of goals for your accounting firm can set you on the track for success in 2020. Each firm is different and should have different goals. Take time to look at where your firm is now and imagine where you can be in the future and set your goals accordingly.