Joe Tarasco, Accountants Advisory Group – Most Recommended Consultant

Accountants Advisory Group
Joseph Tarasco

What mindset would you like to see more or less of in the profession?

Joe Tarasco

Joe Tarasco

More of… Creating a Sense of Urgency — One of the most challenging problems of leading a CPA firm in this very competitive environment is the ability to implement organizational strategy and initiatives with a “sense of urgency.” When leaders fail to manage with a sense of urgency then complacency, entitlement and comfort-zoners dominate the firm’s culture. In fact, implementing progressive business decisions and strategic implementation without a sense of urgency is one of the primary causes for the fast-paced consolidation in the public accounting industry.

What questions should firms be asking themselves if they want to grow as it relates to revenue?

  • Is the firm “carrying” too many underachieving revenue-generating partners and managers?
  • Should the firm hire a professional lead generator?
  • Is the current partner compensation program motivating the partners to delegate to junior partners or managers? Are partners being held accountable for new business generation and delegating work?
  • Are we providing the partners with the appropriate amount of marketing and lead generation support whether in-house or outsourced?
  • Is the firm properly positioning itself in the marketplace and targeting the right types of clients with in-demand services? Should we be offering more formal advisory services?

What is the most common succession mistake being made in the profession today and how can it be addressed?

Succession planning should be a daily routine. Succession planning is not a program that should take place a few years before client service partners and/or leaders are about to retire. It should be an ongoing daily occurrence that considers partner governance and compensation, marketing, recruiting and retention at all levels, and staff performance management. Succession planning needs to start at the top with a true sense of urgency. Holding partners accountable for implementing the firm’s succession plan, and compensating them accordingly, is key to the success of the plan.