Earlier this past January, CPA firm managing partners got together in San Diego to focus on growth trends in the industry. This group has been together a long time as members of a top CPA firm industry association – The Leading Edge Alliance. These members recognize their clients’ needs are constantly changing, so it’s only natural they turn to their trusted advisor for guidance. This year the group elevated the conversation to risk management and risk mitigation. Not only is this topic good for firm management, it’s a keeper for helping clients manage their business as well. Risk has become a permanent factor in doing business.
The morning started off with a review of risk management case studies shared by five (5) CPA firms including KLR and LBMC. The next segment transitioned to a workshop on preventing problems from occurring. Sue began this segment by asking the group to identify key risks their clients face – the ones they call them about most often. Topics included cybersecurity, hanging on to bad apples, identity theft with the Number 1 issue being technology disruption.
Having your client call you about a risk issue either excites you or has you reaching for the phone to call for help. Hold on though, this was an opportunity for the group to advance their trusted advisor brand into solving risk issues. Sue next led the managing partners through a strategic approach that demonstrated how to identify their clients’ Number 1 risk, analyze the impact of the risk and compile a plan with strategies and actions to mitigate the risk. They realized this approach worked inside and outside the firm.
Following this demonstration, Chris then shifted to introducing risk mitigation as an opportunity for CPA Advisors. Rather than wait for the phone call, why not meet with your clients to facilitate a risk mitigation ad hoc meeting? Like most things in the CPA world, it would take practice to become good at so Chris suggested this group practice on themselves!