Given "The Epic Practice" theme of this year's conference many network members and conference attendees have been asking what, exactly, makes a practice epic. They have also asked us how Scaling New Heights is going to help accounting firms to build epic practices.
First: We define "The Epic Practice" as:
- Intentional: The epic practice has defined and fully adopted its vision, mission and purpose statements and uses these statements as inspiration and guidance for the direction and activities of the firm. Out of the vision, mission and purpose statements a highly engaged and motivated company culture will emerge as teams coalesce around these foundational goals within the firm.
- Specialized: The epic practice has identified its core competencies and aligned those with its vision, mission and purpose and, by doing so, has targeted the types of services the firm will perform (the first type of specialization) and the types of clients the firm will service (the second type of specialization).
- Efficient: The epic practice stays on the cutting edge of technology innovations, automating as much of the human effort as possible (especially around compliance and bookkeeping). This aggressive deployment of innovation technologies frees the firm's attention and resources (and the client's budget) toward proactive advisory services/consulting.
- Proactive: The epic practice focuses on the transformation of the client through forward-looking financial analytics, management consulting, process consulting, strategy consulting, and the deployment of innovative technologies within the client's organization.
- Effective: The epic practice measures success solely on the impact they have had on the client - meaning the wealth the practice generates on behalf of the client. Wealth is not primarily economic. Wealth covers all aspects of the businesses' health including: Infrastructure, team culture, systems/IT, and...of course...profitability.
Ultimately, the epic practice transforms small businesses - engineering joy for its clients (and their employees) by alleviating much of the stress inherent in the management of, ownership of, and operations within small business.
Second: All of Woodard, not just Scaling New Heights, is laser focused on empowering accountants to build (and continue to grow) epic practices. As you read through the topics we cover in the conference breakout sessions you will see the elements above as a connective thread throughout the whole of the conference training. You will also find the same connective thread with Woodard Institute courses (especially the course called "Your Firm 2.0").