February 10, 2023

Use vision and strategy to build success


Vision and strategy are critical components in your firm’s success. For smaller accountancy firms, having a clear vision and strategy will help you succeed by ensuring that you, your clients, and your employees are all aligned with the same goals. 

When it comes to the success of any accounting firm, there are three key drivers to review:

#1 Vision

The vision of your accounting firm lets all stakeholders know the direction of the journey you are going in. Every accountant needs to know how it wants to be seen as a business. You need to know what you promise to deliver, and even how external people will view it.

Every accountancy firm will have a unique journey and therefore a unique vision. But having it clearly expressed in works helps everyone involved stay aligned with where you are heading to.

#2 Strategy

Your vision is about where you want your accounting firm to go. Your strategy is how you will get there. 

Your strategy should break down your vision into manageable stages, giving you achievable goals and objectives as well as reasonable ways to execute and achieve those goals. 

Having a detailed process enables you to continuously monitor and move forward. When you have a strategy with manageable steps you can quickly start to progress in your goals as well as give your team reasonable and achievable objectives to work towards.

#3 People

Even if you are the best leader, your accounting firm’s growth will ultimately depend on your team. All accounting requires human involvement and you need to find the right people that align with your vision and strategy.

A part of your role as a lead is being responsible for the key drivers of vision and strategy. As such you need to be aware of how your team interacts. You need to hire the right people who are equipped and motivated to help your firm achieve its vision as well as  ensure that your accountants support each other to optimise efficiency.

Finding performance indicators to help you on your journey

Your accounting firm’s growth plan will rely on vision and strategy. However, you need to be able to monitor your progress on your journey. Your strategy must include methods for measuring your success.

Find and monitor specific key performance indicators (KPIs) based on the current standing of your firm and the objective you want to achieve. It is important that you  communicate your strategies and KPIs to your team so that everyone can work together to improve them.

Looking For More Accounting News and Advice?

If you’re interested in finding out more about the current trends within the accounting industry, be sure to take a look at what the INAA can do for you. You can discover the benefits of INAA membership here, or apply for your membership on our join us page

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