As I mentioned in the last issue of The Washington CPA magazine, we must work together to evolve the CPA credential to remain relevant for the next 100+ years. Fortunately, none of us are alone in this endeavor. Our firm has been working with local consultant Heather Wellman (www.vennlogicllc.com) on our evolution to become a “Firm of the Future,” a firm that embraces new opportunities to grow and expand beyond how we’ve always operated and served our clients. Heather facilitates our annual planning retreat and the theme for 2020 is INVEST. Here are three tips on how investing can help us all build the firm of the future:

1. Invest in Each Other
   Each year we spend significant time and energy on revamping the annual review process to remain relevant. In 2018 we implemented 360° evaluations so all staff can provide formal feedback to senior leadership. For 2020 our entire team has individualized goals on how we can each contribute to the firm of the future. What do these individualized goals look like? Here are three of our favorites:
   
   • Deeper connections with clients
   • Creating space for creativity
   • Be willing to fail
2. Invest in Your Expertise
   As professionals we have two primary approaches to invest in our expertise: education and networking. Education and maintaining our core competencies is rather straight forward since it is built into our profession’s CPE requirements. The WSCPA, of course, provides many CPE options at a discount to members. A few of my favorites coming up include:
   
   • Financial Statement Analysis: Basis for Management Advice
   • Corporate Tax Planning: Strategies and Ideas
   • The New Choice of Entity Decision
3. Invest in Our Clients
   We recently lost a client who explained they were moving to a firm offering personal CFO services. Sadly, our firm has long provided CFO services. Losing a client stings, especially when you know you have the tools to do the job, but you have failed to communicate your own capabilities.
   
   It is easy to become complacent in our client relationships. We can take for granted our clients’ trust and loyalty and can benefit from stepping back and re-onboarding long standing clients.

As we all strategize to build firms of the future, we are well positioned to help our clients build their future. The AICPA recently reiterated the importance of the investments CPAs are making in our future:

“External factors such as the commoditization of services due to enhanced technology, increased competition, changing needs and demands of consumers, and a shifting regulatory environment are creating an opportunity for CPAs. Those who have historically provided only tax planning and compliance services for individuals can initiate the change for themselves and their clients by evolving their offerings to include an integrated services approach. Making investments to broaden and transform these services now will help CPAs maintain their trusted advisor role for the long haul.”

With the right investments, we will all collectively take the profession into a successful future.

Amanda O’Rourke, CPA, is Partner with Greenwood Ohlund LLP CPAs in Seattle and chair of the WSCPA Board of Directors. You can contact her at amanda@greenwoodcpa.com.

This article appeared in the fall 2019 issue of The Washington CPA Magazine. Read more here.