How to Build an ‘Ultimate Lifestyle’ Firm

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Building an effective team is important in creating your ideal lifestyle practice, specifically firms need to have a team in place and have the right team culture.

This was the core advice from Salim Omar, CEO of CPA Marketing Genius, who also oversees a 10-person practice in central New Jersey, during his seminar on “Designing Your ‘Ultimate Lifestyle’ Accounting Practice” at Accountex USA in Boston.

Omar indicated that there are different types of culture and an ‘excellent’ one has characteristics that include integrity and innovation, he said, adding that you shouldn’t be the only one on working the goals ­­­­­­-­‑ it should be the entire team.

Core values are the guiding principles, the rule book, Omar says. Core values are what they do in your absence and he offered these examples: following through decisions and following what you preach.

One key approach to maintaining or living core values is meeting with your team on a regular basis: daily, weekly, monthly, trimester and annual as a plan.

But don’t underestimate the value that you bring to the table to clients, Omar advised. One of the secrets in having a successful system in running your practice is to start small. Tie in projects that have a direct impact on your business and, as a result, get the money in sooner rather than later.

When attracting clients with the right fees, it has these effects:

  • Direct impact on the bottom line
  • Higher take home pay
  • More money to reinvest in your practice
  • Build a more valuable asset

Check out more ‘coverage’ from Accountex USA coming soon on this site, including video interviews with thought leaders, accounting professionals and vendor executives as well as insights from information sessions.

About Dominic Diongson

Dominic Diongson

Dominic is Deputy Editor of AccountingWEB

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