According to new research there are 15 key factors that determine how successful an accountancy practice will be. Steve Pipe explains what they are and offers a step-by-step action plan for implementing them.
In June 2011 I published the results of a three-year research project into what makes some of the UK’s best accountancy practices so successful. With remarkable candour and generosity of spirit the firms we studied revealed in precise detail exactly what they do to generate extraordinary results for themselves and their clients.
Based on what those firms told us we were able to identify the 15 primary drivers of excellence for the profession.
In this article I want to pay their generosity forward by sharing with you the 15 drivers of excellence the research identified, and also giving you the entire (unabridged) action plan so that you can replicate their success.
Background to the research
The firms we studied came from just about every corner of the UK, from village greens to city centres. They ranged from start-ups to long established practices who can trace their roots back to the 19th century. And they represented independent accountancy firms of all sizes, from sole practitioners to multi partner firms (although it is important to stress that the vast majority were one to three partner firms. Only five firms had six or more partners, and the very largest was a 16 partner firm. We didn’t, however, study any of the top 50 firms since we wanted to discover what works for “normal” accountants.
The 15 drivers of excellence