Feeding Frenzy

Recruiting is the hottest topic in CPA firms today, and it's a strong area of interest for law firms, too. The demand cycle and the pay scales have created a feeding frenzy among firms, and it doesn't look like it will come to an end anytime soon.

Maybe it’s time to step back, take a deep breath, and look at the big picture. Think about a different approach. Some things to consider:

Think long-term about what kinds of clients you want so you get the kind of work that appeals to top professionals.
Hire people who will view working for you as an opportunity. That might not be CPAs. It might be paraprofessionals who can be trained to do much of the work CPAs do.
Train, train, train the people who work for you now, and give them the opportunity to step up. Do everything you can and spend whatever it takes to get them ready for the next level of responsibility. They will almost certainly feel ignored if they sense you are placing more thought and money into recruiting new people than you are into their futures with you.
Fire clients whose work isn't profitable and who drain your firm's resources (emotional, intellectual, and economic). You're better off with fewer clients who pay well and provide stimulating work to your team members.

Einstein defined insanity as doing things the same thing way repeatedly, yet expecting a different result. Now more than ever, it is important to do something different, and you must do it by first thinking about the problem differently.