Featured Article - The Art of the Spin

Firms that stay in motion are those that will continue to prosper.

By Kristy Short, Ed.D.

Everyone remembers the Law of Inertia. Physics 101…an object in motion will remain in motion; an object at rest will remain at rest. Newton may have explained it with a bit more detail, but that's the gist. The law of inertia can be applied, ever so loosely, to today's accounting firms. A firm in motion is one that is continually moving and growing. A firm at rest is one that has failed to keep up with change and finds itself at an exceptionally slow moving pace or a complete stand still.

It takes a lot of effort to operate a successful firm, including defining niche services, keeping current on technology and best practices, recruiting and maintaining qualified staff, and implementing dedicated marketing and branding initiatives. Successful firms are doing all of these things to maintain a leadership position and enjoy a growing client base and generous profit margins. These are the firms that have mastered the Art of the Spin.

The Spin Theory

The Art of the Spin is a fairly simple concept. Firms that are "spinning" move at a strong and steady pace — always seeking new learning opportunities to keep current. Only through ongoing learning can firms expect to remain up-to-date on technology innovations, integrated solutions, and leading practice trends. And good for the profession, there is no shortage of learning opportunities. Just consider all the channels available—trade shows, conferences, webcasts, online training, networking forums, peer-to-peer interaction, and the list goes on.

The bottom line is that successful firms do not rest. They are in a constant state of movement, lead by professionals who continually seek knowledge and then thoughtfully implement what they've learned into their practices.

Gaining Momentum

A firm in full spin doesn't often stop. Once sufficient momentum is achieved, it's a simply a matter of maintenance. Consider a firm that has all the pieces and parts in place:

A fully integrated software suite that supports end-to-end digital processes.
SaaS-based applications that support online, 24/7 exchange and delivery data and documents.
A custom, interactive website that serves as a core marketing tool (not just a static brochure) and supports efficient client processes via portals.
Professional marketing collateral that effectively represents the firm's brand image.

A balanced combination of these parts helps a firm run smoothly—like a well-oiled machine. And like any machine that is well oiled, it's simply a matter of dedicated maintenance to keep it running (or spinning) smoothly.

At the heart of the Spin Theory are proven and tested strategies. The best of the "spinners" have adopted these strategies and made them an integral part of the firm's core philosophy. Consider each:

Community Learning — When professionals consider any education event, they tend to be more receptive to those that are lead by one of their own. After all, who better to teach a firm about successful practices then someone engrained in the daily process? This is why peer-to-peer networking is so important. Events that are geared toward knowledge sharing among peers are a hotbed of information exchange—including technology (what's good and what's better), best practices, and creative branding efforts. Other firms are not competition; they represent valuable resources. Smart firms are getting engaged in community learning forums—whether in the form of onsite retreats, webcasts, or larger vendor conferences. Learning from within the profession is the best way to stay current and maintain full spin.

Portals —If portals are not a core element of a firm's operations, it's an issue. Portals represent the premier technology to digitize firm workflow and offer ultimate convenience for clients. Portals support real-time access to client accounting software and data and ease of information exchange. And let's not forget…clients expect this level of service. Would anyone even consider a bank that didn't offer online services? It's portal time, people…there's no more denying the necessity of a sound portal strategy.

Practice Management — At the heart of most firms is a powerful practice management solution. With the volumes of data flowing through a firm every day, it would be impossible to keep up without a proper monitoring system in place. Best-of-breed practice management solutions act as the hub of firm operations, presenting data in organized dashboards. Dashboards can be set up at the firm, staff, and client levels for at-a-glance views of current data, including client project status, staff availability, and firm financials. Brilliant!

Branding and Marketing — The importance of proper branding and marketing cannot be understated. The image a firm projects is critical in this referral-based profession. Present a bad image, and watch the referrals dissipate. Firms that are taking branding and marketing seriously are those that understand the importance of a consistent message—from their website and marketing collateral to exterior signage and superior client service (insert another plug for portals here). Every interaction (communication point) within a firm speaks to its reputation and sets an expectation in the minds of clients. If firms want to attract a certain caliber of client, they had better project a professional brand image—and do it with consistency.

Each strategy is an important spoke in the big spinning wheel. Implemented thoughtfully, these strategies will help firms reach full spin mode…and maintain that momentum. To master the Art of the Spin, the first step for professionals is to venture outside the walls of their firms to seek learning opportunities. In a rapidly changing profession, firms can't expect to stay current on their own. It's all about sharing and exchanging knowledge. After all, we are all in this together.

The accounting profession is one that is educationally rich. Just consider all the options—webinars, peer networking forums, content-specific blogs, trade shows, summits, consulting, training…and the list goes on. That said, there is little reason for firms to fall behind the change curve. It takes effort and constant movement, but it can be done. Those that are doing it have mastered the Art of the Spin.

About the Author Kristy Short, Ed.D, is president of SAS Communications 360 (SAScommunications360.com) and Chief Marketing Officer and partner in RootWorks Communications (RootWorks.com) — firms dedicated to providing public relations, branding, and marketing services to the accounting profession. She is a columnist for CPA Practice Advisor and has been published repeatedly in Accounting Today. She is also a professor of English and marketing. Reach her at kristy@sascommunications360.com.