How to grow my Accounting Firm

The Downside of Growth

It's hard to believe that we are a month into 2021 already. I hope the year is off to a great start. Will it be a growth year for you and your firm?

There is no shortage of reasons for pursuing growth. The Law of Attraction seems to come into play – growth attracts growth, and money tends to follow other money.

Growth allows for investment in outside support, technology, and human resources (A year ago, I would have added real estate to that list). These tangible investments position us for greater growth.

Growth drives intangibles such as recognition, prestige, and confidence. These intangible assets allow us to be bold in our marketing efforts and possibly broaden our target market view. Imagine the luxury of having a waiting list of new clients as the right ones showed up at our physical or virtual door and the ability to charge premium prices due to the excess demand.

Growth sounds compelling! So, what gets in our way of pursuing it? Why do we resist growth?

We've all been there. The best and worst day in a service provider's life is the day you land the big client. The high five, fist bump, and thumbs-up emojis are circulating as you celebrate the win. Then reality sets in that you must hunker down and do the work.

No one wants to play a game if there is no possibility of winning, and no one wants to win a pie-eating contest if the prize is more pie. First, growth provides abundance in our lives as the larger check pays for extravagant vacations, adventures, homes, and cars. Eventually, it can take it away as the abundance of money comes with the hefty price tag of a scarcity of time. Now the next big win is taking you away from your family or the helicopter ski trip you planned. And resistance kicks in.

As long as there is a linear relationship between growth and our time, most of us will stop pursuing it at a certain level despite the clear benefits. If we can break that correlation, we can overcome resistance to growth and experience the best of both worlds.

Focusing on soft skills, team development, technology, value-added vs. commodity solutions, and alternative pricing strategies are some ways we can break the chains that bind us. If our minds will allow it…