{"id":24804,"date":"2022-01-12T08:00:06","date_gmt":"2022-01-12T14:00:06","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=24804"},"modified":"2023-08-22T11:08:10","modified_gmt":"2023-08-22T16:08:10","slug":"reassess-your-success-2022-steps-to-make-a-powershift-to-advisory-services-in-your-practice","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/reassess-your-success-2022-steps-to-make-a-powershift-to-advisory-services-in-your-practice\/","title":{"rendered":"Reassess your success 2022: 6 steps to make a powerSHIFT to advisory services in your practice"},"content":{"rendered":"

It\u2019s a new year, we\u2019re back to work, and now is the time to take a serious look at how to leverage what’s ahead of us. It\u2019s a year full of possibility, and perhaps some trepidation, too, if this time of year means prepping for tax season in your firm.<\/p>\n

Before your attention gets completely diverted by all of the must-dos on your list, take some time to reassess where you are in your career, your practice, and your life. By taking the next few minutes to read this article and make your own notes about what shifts you would like to see in these key areas, you\u2019ll be setting yourself up to survive and thrive.<\/p>\n

Strategy always tops tactics: What moves does your firm need to make in 2022?<\/h2>\n

While it\u2019s great to look tactically at your firm\u2019s tech, tax workflow, team, and other fundamentals, we encourage you to take a broader, higher-level view of what you truly want to accomplish this year. What we are talking about is making key powerSHIFTs in your practice. We define these as fundamental strategy shifts that will take you from where you are to where you want to be this year, next year, and in the years to come.\u00a0\u00a0<\/span><\/p>\n

We offer you two examples of a powerSHIFT from our own firms:<\/p>\n

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  1. Dawn transformed her practice, Powerful Accounting, LLC<\/a>, from a bookkeeping business to a full-fledged, comprehensive tax and accounting practice generating significant profits, productivity, and more work-life balance.<\/li>\n
  2. At SMD Consulting & Accounting, LLC<\/a>, Sean developed his own client advisory practice model<\/a> that has allowed him to shift his practice from a predominately tax firm to a comprehensive advisory practice. Now, he spend smore time devoted to his family and the things he loves to do.<\/li>\n<\/ol>\n

    We are only touching on the obvious benefits, but we\u2019re sure you can appreciate how these shifts that took our firms from transactional to proactive have helped us do less actual transactional work, while enabling us to serve our clients on a higher level and enjoy the time we do spend working more.<\/p>\n

    PowerSHIFTing in practice: 6 steps to take your firm from transactional<\/i> to proactive<\/i> with advisory services<\/h2>\n

    Two key shifts in services are expanding your bookkeeping practice into tax services and\/or your tax services further into an advisory role. Both of these enable you to expand your service offerings, increase profits, and scale your firm. If these are shifts you want to explore, or there are other strategic changes you want to make this year, the following steps will help you make a plan for achieving them:\u00a0<\/span><\/p>\n

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    1. <\/b>Pinpoint your passion. <\/b>The first step is to identify and own what you are passionate about, and may include detailing what you don\u2019t like, too. In short, think outside of the tax and accounting boxes you’re in. Understanding what you actually love and putting everything on a list will help you get clear on what the right shift is for your practice. You can also use the process of elimination to define what it is you dislike, so you can do less of that and more of what you love in your practice.<\/li>\n
    2. <\/b>Identify all your strengths and weaknesses. <\/b>You likely know some of these right off the bat, but be sure to ask for objective feedback, too, from your team and your friends and family. The two key questions are based on the feedback and self-evaluation:<\/li>\n<\/ol>\n