Unleashing Hidden Talent: How Accounting Practices Can Soar Beyond Expectations
Accounting practices and even accounting departments in medium-sized businesses face a seemingly paradoxical challenge: skills appear to be in short supply, yet most firms are sitting on a goldmine of untapped potential. As I’ve discussed in a previous social media post on Gert, the bantam chicken is flying higher than you think possible, and your team members are likely capable of far more than current role definitions and expectations allow.
The accounting profession’s traditional hierarchical structure often places artificial ceilings on what individuals at different levels “should” be doing. Junior staff crunch numbers, seniors review work, managers oversee client relationships, and partners bring in business. But what if these boundaries keep your practice from significant growth opportunities?
## Beyond Conventional Limits: Recognizing Talent Where Others Don’t
Much like the principles outlined in my recent post on merit-based workplaces, the most successful accounting practices don’t just recognize current performance—they actively identify and develop untapped potential. Your team members don’t need to be accounting prodigies to make significant contributions beyond their job descriptions. They simply need the right environment to flourish.
Consider this: The junior accountant who shows remarkable attention to detail might be perfectly positioned to develop specialized expertise in a niche tax area. The quiet staff member who consistently demonstrates strong analytical skills could become your firm’s data analysis expert. The personable senior who builds natural rapport with clients might have untapped business development abilities.
These talents often remain hidden not because people lack capability, but because:
- Traditional role definitions create artificial constraints
- Time pressures focus everyone on immediate deliverables
- Training investments target technical rather than entrepreneurial skills
- Team members haven’t been shown what’s possible
## The Revenue Connection: Turning Hidden Potential into Client Growth
Here’s where the real opportunity lies: By recognizing and developing your team’s hidden talents, you can directly impact your practice’s revenue and client relationships in ways that competitors miss.
### Practical Strategies:
#### 1. *Skill Mapping Beyond Technical Competencies*
Conduct a comprehensive assessment that looks beyond accounting credentials. What communication skills, industry knowledge, analytical abilities, or client relationship talents exist within your team? Create a skills inventory that identifies strengths that could be leveraged for new service offerings or improved client experiences.
Example: A mid-sized accounting firm discovered that three of their staff accountants had previous experience in healthcare before joining the firm. They created a healthcare industry specialization team that ultimately grew into their most profitable service line.
#### 2. *Create “Stretch Client” Opportunities*
Identify smaller clients or specific client projects where team members can safely expand their responsibilities under appropriate supervision. Allow staff to handle client interactions or problem-solving that would typically be reserved for more senior roles.
Example: One practice began inviting select staff accountants to client meetings, giving them responsibility for specific agenda items. Within six months, clients were directly contacting these staff members for day-to-day questions, freeing up partner time while improving client satisfaction.
#### 3. *Develop Cross-Functional Revenue Teams*
Form small teams with members from different levels and departments tasked with developing new service offerings or identifying opportunities within existing clients. Give them real budget authority and implementation responsibility.
Example: An accounting firm created a three-person team (junior, senior, and manager level) focused on technological efficiency solutions. This team developed an outsourced bookkeeping service that grew to represent 15% of firm revenue within two years.
#### 4. *Institute “Value-Add” Time*
Allocate a percentage of billable hour requirements (10-15%) for team members to pursue client-oriented projects beyond their regular work. This creates space for innovation while maintaining accountability.
Example: A regional firm implemented “Insight Fridays” where team members spent Friday afternoons developing specialized knowledge or client materials. This program generated 23 new client engagements in its first year.
## The Gratitude Effect: Creating a Culture of Possibility
As highlighted in my “Merit Over Mandates” post, gratitude and perspective play crucial roles in unleashing potential. When team members appreciate the opportunities presented to them and leaders recognize contributions beyond traditional metrics, a powerful cycle of growth emerges.
Create a culture where:
- – Team members at all levels are encouraged to identify client needs
- – Innovation and initiative are celebrated publicly
- – Cross-level mentoring helps everyone expand their vision
- – Success stories of “high-flying chickens” are regularly shared
## Moving Forward: From Potential to Performance
Accounting practices typically have far more capability within their walls than they recognize. By creating environments where your team can test their wings, you’ll discover that many can soar to heights that surprise both you and them—bringing in new clients, deepening existing relationships, and generating additional service revenue along the way.
Your accounting practice doesn’t have a talent shortage; it has a talent recognition opportunity. By applying the merit-based principles of unlocking everyone’s potential—not just at the leadership level but throughout your organization—you can create a practice where performance exceeds expectations and revenue follows naturally.
## Ready to Unlock Your Practice’s Hidden Potential?
If any aspect touched upon in this blog is of interest, I will be happy to consider how the examples mentioned may be beneficially applied.
I also understand that companies vary greatly and demands will vary. Let us then evaluate how best we can apply the principles outlined in this blog post to address your specific circumstances.
*Contact me for a complimentary 30-minute consultation to discuss how we can help your accounting practice’s chickens fly higher than you ever thought possible.*