Leading Strategic Growth

Hooking Big Fish: Strategic Growth that Lasts In episode 145 of the Woodard Report Podcast, host Joe Woodard sits down with growth strategist and consultant Gale Crosley, CPA, CGMA, to explore what truly drives strategic growth in accounting firms. Drawing on her experience guiding more than 500 CPA firms, including nine of the top 20 fastest-growing organically, Crosley explains how firms…

As a keen observer of the market over the past few years, I’m eager to share experience and insights for firms operating in the current PE-as-growth-driver environment. Whether your firm has a PE backer or you’ve decided to take a pass, be prepared for the emerging market impact.

Recently, a consulting client asked me to facilitate a strategy session, focusing on two topics—strategic growth and entrepreneurship. I thanked the managing partner and responded, “I’m all in on strategic growth, but I don’t really teach entrepreneurship.” The MP, who knows my background, looked at me quizzically and said, “But Gale, you are an entrepreneur. You’ve been there and done what accounting firms are increasingly being asked to do.”

Recently, a consulting client asked me to facilitate a strategy session, focusing on two topics—strategic growth and entrepreneurship. I thanked the managing partner and responded, “I’m all in on strategic growth, but I don’t really teach entrepreneurship.” The MP, who knows my background, looked at me quizzically and said, “But Gale, you are an entrepreneur. You’ve been there and done what accounting firms are increasingly being asked to do.”

Read the full article on Accounting Today here.

To understate, there’s a lot going on in our profession. With the rush of private equity buyers, technology breakthroughs, massive retirements and talent shortages, growth simply isn’t the highest priority. Why then should firms work to improve their understanding of strategic growth? The short answer is that the current frenzy of activity will not last forever. Market conditions ebb and flow, and ours is no exception.

With sand tumbling through the neck of the hourglass that is 2024, I’ll use this space to share my thoughts about forces at play and areas to conquer in our CPA profession. I focus on three distinct themes: complexity, speed and the imperative to pivot.

In a recent Accounting Today article, I lauded the value of strategic growth (not quite motherhood or apple pie, but pretty close), characterizing it as sustainable, efficient, and profitable. This article goes on to address three of the most common questions about strategic growth I’m asked by firm leaders. Hopefully, the questions and answers will resonate with you, as well.

When I began consulting with Jim Redpath of Redpath & Co. many years ago, we discussed my
experience in the large accounts division of IBM where the focus was on strategically significant
clients.

I’ve always believed that strategic growth requires a plan, execution and something new to present to potential clients. Gale suggests that to drive strategic growth you need to build three functional areas.

Firms with no intention of selling part of their business to private equity can still compete, asserts consultant Gale Crosley, but it will take a concerted effort to reimagine growth.