{"id":21674,"date":"2020-11-02T08:00:36","date_gmt":"2020-11-02T14:00:36","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=21674"},"modified":"2021-04-06T08:53:27","modified_gmt":"2021-04-06T13:53:27","slug":"how-do-you-build-a-concrete-go-forward-business-plan-for-your-firm","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/how-do-you-build-a-concrete-go-forward-business-plan-for-your-firm\/","title":{"rendered":"How do you build a concrete, go-forward business plan for your firm?"},"content":{"rendered":"

2020 has been the year of the unexpected. We started the year on a high with aspiring goals – and then COVID-19<\/a> hit, flipping everything upside down. It halted how we not only ran our businesses, but also how we managed our personal lives. For several months now, we have had to rethink and reconfigure every aspect of how we run our firms.<\/p>\n

Now, as reopening phases<\/a> are happening all across the nation, you may be asking yourself how you move forward with your firm, or more specifically, how you build a concrete go-forward business plan for your firm in this crazy time of COVID-19. With physical contact limited and the requirement for people to wear masks in public, it makes it extremely hard to maintain a connection to the outside world, which we need in order to run a successful practice. Here are some things you can do in your firm to create a safe and structured go-forward plan.<\/p>\n

Decide how comfortable you are with in-person contact<\/strong><\/p>\n

I know this doesn\u2019t sound like it has anything to do with a business plan, but I promise you it does. So much of our business can depend on the type of interaction<\/a> we have with other people, such as our staff and clients, so it’s important that before you make any future-forward plans, you understand how closely you want to be connected to others.<\/p>\n

Maybe you have an external office that mostly dealt with clients in person, and had to shift to a virtual practice<\/a>. How is this sitting with you now? Would you like to continue building this virtual practice, or do you want to go back to your brick and mortar location and interact with people in person? Knowing this will form the base of your future-forward plan, so don\u2019t be afraid to ask for your family\u2019s input because they ultimately will be impacted by your decision to continue to work from home, or to go back to your office.<\/p>\n

Assess what\u2019s working and what\u2019s not working<\/strong><\/p>\n

After getting an understanding of how you want to move forward, you need to know what services you will offer or continue to offer. I always recommend taking stock by writing down a list of your current services and grading them by a few measures. Do you like performing the service? Is it profitable?<\/p>\n

I also take this time to analyze who my favorite client is. I generally start with how I feel about a service because I don\u2019t believe people should run a business based on profit alone. Profits should be a side effect of doing the thing you love well. So, if you are currently offering services that you don\u2019t like to do, but are making tons of money, you have to understand why you don\u2019t like the service and if you should transition out of the service altogether.<\/p>\n

Maybe you don\u2019t like it because there are bottlenecks and it takes too long. Can you automate<\/a> or delegate? If you truly don\u2019t like it, consider finding a partner or someone you can outsource to, and arrange a referral<\/a> or commission fee instead. If it\u2019s a service that you love to do, then you need to ask how you can improve it. What would make it even better for the clients you’re serving? What can you automate and delegate so you can offer even more of these services to more people or at a higher rate?<\/p>\n

Finally, take stock of who your favorite client is. Analyzing why they are your favorite will help you know exactly who you are looking to serve going forward. You can start a marketing<\/a> plan that speaks to that particular type of clientele. Knowing these things will help you outline exactly what your firm will be known for in the future.<\/p>\n

Dream big<\/strong><\/p>\n

This wouldn\u2019t be a good business plan if you didn\u2019t add a stretch goal. We\u2019ve already analyzed what we are doing well and will continue to do, but now we need to look at what we want to do that we aren\u2019t already doing. Once you have figured out your major goal, it\u2019s time to do some research:<\/p>\n