Advice for CPA Firms: Dealing With Competition

Advice for CPA Firms: Dealing With Competition

In this article, we are going to tackle a sensitive topic – dealing with competition. There are CPA firms everywhere you look in the United States. You will have competitors all around you, competing for your business. How do you deal with that?

No, we are not going to give you any Machiavellian strategies on dealing with the competition. Of course, you will need to be the best at what you do – that’s what we strive for as providers of QuickBooks hosting services to CPA firms and small businesses across the United States and Abroad.

Do you envy the competition? Yes, it is normal to envy your competitors. As the saying goes, the grass is always greener on the other side. That was the way it was with traditional accounting firms in the 1980s and 1990s. Everyone was looking at each other’s clients and trying to snatch some at the expense of the other.

But here’s what you will realize as you move from one CPA firm to another. All CPA firms are pretty much the same and run the same way. Now, with QuickBooks on the cloud and other cloud accounting services, there really isn’t much of a difference in the working of most firms.

Indeed, there is no point in trying to be like some other firm. If you are, you are failing as a leader. You should be grateful for what you have and build up on that rather than look for what you don’t have. Any small business succeeds by focusing on its strengths and not by obsessing over its weaknesses.

Many CPA firm owners confess to being scared of the competition. They hold on to their client lists for dear life and force their employees to sign a non-compete agreement so that they don’t set up a competing firm and snatch their clients in the future. Many watch closely over the relationships developed by their employees with their clients and frown upon anything that is done outside the jurisdiction of the firm.

This makes sense and employees should behave responsibly and ethically. But when a CPA firm acts too scared of the future and what it might bring that never helps them produce the great results they are looking for and creates an environment of distrust and lack of respect in the firm.

All CPA firms need help to grow, and instead of throwing obstacles in each other’s way, they can grow faster by embracing the competition. The key is to treat your competitor as a member of the same community and fraternity you belong to, not as an opponent or a rival that has to be vanquished.

As a community, we will grow, divided, we will perish – that is something every CPA firm must understand. Every firm has their own speciality and its own niche. There is no reason to fear the competition – all firms can grow together in an environment of togetherness and cooperation.

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