Navigating the Obstacle Course of Success

Growth doesn’t happen by accident –at Chief Seconds, we believe it requires following a strategic recipe. 

As any client or friend will tell you, the first step towards growth is always to clearly define what success looks like. 

“Growth” is the general direction but doesn't make a great goal. We must identify the behaviors and action steps needed to achieve success. This provides clarity on the activities and focus areas that will fuel growth. This is the critical first step, and “You shall not pass” without it.

But… there’s yet another key step that requires a sober assessment and even a bit of bravery.

I’ve heard many recountings of programs for change that failed in the past, many of them for the same small set of reasons. Over and over again. Now, we all run into brick walls once in a while, but that’s not something we’d call a winning strategy, right?  

By identifying those knowable obstacles (in a combination of reflection on past failures and foresight) and their inherent natures (moveable v immovable), we can now prepare for success.

Now that we’ve defined what success looks like (and what behaviors we need to get there), the next critical step is to pinpoint potential obstacles to that success. 

Obstacles come in two forms – moveable and immovable. 

“Moveable” obstacles can be eliminated through strategy and effort, while “immovable” ones can be minimized, perhaps avoided,  but not completely removed. 

Movable obstacles get moved aside, and immovable obstacles must be avoided, summited, or chipped away over time.

With buy-in across the firm, a leader can execute strategies to maximize success and conquer obstacles. 

Pinpointing Your Firm's Biggest Obstacles

To understand what's holding your firm back, you must deeply analyze any weaknesses or threats that could impede achieving your goals. Some techniques include:

• Conducting SWOT analysis on strengths, weaknesses, opportunities, and threats

• Gathering feedback from clients and employees through surveys and interviews

• Reviewing client retention rates and competitive analysis reports

• Tracking key performance indicators and identifying downward trends

• Take your operational team’s input seriously

• Be willing to take a frank look at past underperformance

Look both inward at internal vulnerabilities like high turnover, lack of specialization, poor culture, underfunding, stagnation, poor leadership, etc., as well as outward at external factors like economy, regulations, and competition. Document the most serious obstacles, place each in the appropriate category of moveable or immovable, and get down to working on your plan.

Strategies for Conquering Moveable Obstacles

Moveable obstacles are roadblocks that can be removed or changed through concerted strategy and effort. Typical examples for CPA firms include insufficient marketing talent or spend, high employee turnover, lack of niche focus, poor communications, brand recognition, etc. Create specific behavioral plans for overcoming each obstacle and step-by-step plans to achieve them. 

Assign responsibility and allocate sufficient budget and resources. Measure progress frequently, and course correct as needed until the obstacles are eliminated. Here, it’s incredibly important to be honest about what it will take to achieve success.  You can choose not to make that commitment or effort, but you do have to stare it in the face and weigh the cost/benefit. 

Strategies for Managing Immovable Obstacles

Immovable obstacles like economic conditions, industry regulation, or competitor actions can't be removed entirely. But their impact may be reduced. Start by analyzing risks and limitations to find workarounds. Be highly critical of the path toward success that you’ve chosen and beg the question: “Is there another route that doesn’t run into a brick wall?” 

Diversify services or focus on delivering higher value to clients. Leverage partnerships or technology to counteract negative impacts. Most importantly, double down on strengthening your firm's core advantages and opportunities for maximum impact. Develop contingency plans in case the obstacle still affects your success.

Getting Buy-In for Change Initiatives

It will be tough to go it alone, even under the fairest weather.  

When it comes to obstacles, many hands make light(er) work. 

Therefore, include in your planning how you will secure both rank-and-file and leadership buy-in to drive change initiatives and blast away obstacles. As a change leader, you must maintain optimism and celebrate small wins to build momentum. Remember what all great Chief Seconds say: Give Credit. Take Blame. With concerted effort, you can eliminate or minimize any barriers in your way.

If you're ready to define success, identify obstacles, and create an action plan to drive growth for your CPA firm, I can help. Please reach out to me at Bruce@ChiefSeconds.com to schedule a free consultation. 

Together, we'll assess your firm's biggest obstacles, craft targeted solutions, and build momentum through quick wins. 

I'll support you in leading lasting change, unlocking your team's potential, and accelerating growth. 

Don't let obstacles stand in the way of your firm's goals. Contact me today so we can start mapping out your path to success.