august2022 - 33
FEATURE
HOW TO SET
BUSINESS-DRIVING GOALS
WITH YOUR CLIENTS
By Justin Hatch
AMERICAN BUSINESSES ARE growing, even in the face of the
COVID-19 pandemic. In 2020, 4.3 million new business applications
were filed, up 51 percent over the 2010-2019 period. Despite the
incredible growth, it is tough to keep a business profitable. About
20 percent of new businesses fail within the first year.
Starting and growing a business is an
incredible undertaking for companies of
any size. CPAs are important teammates
with companies in their endeavors. In order
to be successful, companies must have
achievable goals to strive for. Here are some
ways CPAs can help their clients set businessdriving
goals.
START WITH THE BIG PICTURE
Good communication between CPAs and their
clients is essential when crafting businessdriven
goals. CPAs and their clients should
be a team, working together with a shared
vision. Be clear with clients about what they
want to achieve, and help them understand
what it will take to get there.
CPAs can guide clients toward the best
goals for their business as they analyze the
company's data and show clients the big
picture of what that data means for their
growth. CPAs skilled in forecasting can
give clients an accurate understanding of
where their business is going, what goals
are attainable, and how these goals can grow
the company. Using visual reporting, all the
data that goes into these projections and
analysis can be displayed in a format that
makes sense to individual clients and helps
them make informed decisions.
GUIDE CLIENTS TOWARD THE BEST GOALS
FOR THEIR BUSINESS AS THEY ANALYZE
THE COMPANY'S DATA AND SHOW
CLIENTS THE BIG PICTURE OF WHAT THAT
DATA MEANS FOR THEIR GROWTH
ONE OF THE FIRST PLACES
TO START IS WITHIN THE
COMPANY, GROWING PROFITS BY
CUTTING DOWN ON ERRORS,
REDUNDANCY, AND TIME.
FIND WAYS TO
IMPROVE EFFICIENCY
Growing a business does not always mean
increasing customers, putting out more
products, or expanding a company's reach.
One of the first places to start is within the
company, growing profits by cutting down
on errors, redundancy, and time. A CPA and
client who are aligned on what the big picture
shows for the company can work together to
set goals to improve efficiency in processes
within the business.
In one survey, 52 percent of companies
identified eliminating manual processes
with automation as a change they wanted to
prioritize. Automation can improve efficiency
across industries, as it can eliminate human
error, speed up processes, reduce costs, and
http://www.CPAPracticeAdvisor.com
august2022
Table of Contents for the Digital Edition of august2022
From the Editor: Take Me Out to the Ball Game
Is Artificial Intelligence Becoming a Tool for Financial Advisors?
From the Trenches: Your Firm and Your Strategy
The Evolution of Nexus and its Implication of Income Tax
Innovation Awards: 2022 Innovation Awards Spotlight Top Tech for Tax and Accounting Pros
The Labor Law Advisor: The Employee Attendance Dilemma
The ProAdvisor Spotlight: Mailchimp + QuickBooks Online Helps the W2 Group Manage Marketing and Sales
Tips to Help Your Small Business Clients Thrive During High Inflation
The Staffing & HR Advisor: 5 Interview Questions to Avoid
The Leadership Advisor: Making a Remote Workplace Culture Work
The Millennial Advisor: Are You Recruiting Like it's 1989?
Teamwork Makes the CAAS Dream Work
4 Ways CPAs Can Benefit from Automation
How to Maximize Client Data to Build a Better Firm
Developing a Data Mindset to Proactively Make Clients' Lives Better
Marketing Your Firm: Amplify Your LinkedIn Profile for Free With its Creator Feature
How to Set Business-Driving Goals with Your Clients
AICPA News: A round up of recent association news and events.
Bridging the Gap: Process Issues with People Impacts
august2022 - 1
august2022 - 2
august2022 - 3
august2022 - From the Editor: Take Me Out to the Ball Game
august2022 - Is Artificial Intelligence Becoming a Tool for Financial Advisors?
august2022 - From the Trenches: Your Firm and Your Strategy
august2022 - 7
august2022 - The Evolution of Nexus and its Implication of Income Tax
august2022 - Innovation Awards: 2022 Innovation Awards Spotlight Top Tech for Tax and Accounting Pros
august2022 - 10
august2022 - 11
august2022 - 12
august2022 - 13
august2022 - 14
august2022 - 15
august2022 - 16
august2022 - 17
august2022 - The Labor Law Advisor: The Employee Attendance Dilemma
august2022 - The ProAdvisor Spotlight: Mailchimp + QuickBooks Online Helps the W2 Group Manage Marketing and Sales
august2022 - Tips to Help Your Small Business Clients Thrive During High Inflation
august2022 - The Staffing & HR Advisor: 5 Interview Questions to Avoid
august2022 - The Leadership Advisor: Making a Remote Workplace Culture Work
august2022 - The Millennial Advisor: Are You Recruiting Like it's 1989?
august2022 - 24
august2022 - 25
august2022 - Teamwork Makes the CAAS Dream Work
august2022 - 4 Ways CPAs Can Benefit from Automation
august2022 - How to Maximize Client Data to Build a Better Firm
august2022 - 29
august2022 - Developing a Data Mindset to Proactively Make Clients' Lives Better
august2022 - 31
august2022 - Marketing Your Firm: Amplify Your LinkedIn Profile for Free With its Creator Feature
august2022 - How to Set Business-Driving Goals with Your Clients
august2022 - AICPA News: A round up of recent association news and events.
august2022 - Bridging the Gap: Process Issues with People Impacts
august2022 - 36
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