For many entrepreneurs, there comes a time when things are just a little less hectic. The pressure of deadlines and quarterly work decreases for a while and space is created to reflect on the bigger picture.
Especially if you are an accounting firm owner, this is the time to reflect on the future of your firm and your own role in it. Here are three questions that can help you do that.
1. How long do I want to continue working?
It's a question that seems simple, but is often pushed aside. Yet it is important to take an honest look at your personal horizon. Do you want to stay active for another five years? Ten years? Or would you rather slow down a bit sooner?
The clearer you formulate this for yourself, the more grip you will have on the future of your office. Well thought-out planning gives peace of mind and allows you to build value rather than lose it in the event of a sudden transfer.
2. What would my ideal succession look like?
Perhaps you dream of a smooth transfer to a trusted colleague. Or would you rather see your office become part of a larger organization. Do you want the name and identity to remain? Or do you think the revenue is especially important?
There are many different succession models available today - from management buy-in to cooperation with investors. The sooner you know what suits you, the better you can prepare yourself for it.
3. How do I make sure I retain my staff?
Your team is an important part of your firm's value. In a tight labor market, retaining good people is crucial, especially in view of a future transfer. Employees value clarity, perspective and stability.
By consciously communicating now about your firm's future and involving them in it, you build trust and reduce the chance of surprises later.
Whatever your plans are, it is wise to start early. Not to take immediate steps, but to get clear on what you want. Only then can you steer instead of react.
