Million Dollar Accounting Firm in 24 Months

Summary

In this episode of the Growing Firm Podcast, Dave Costello interviews Greg O'Brien, founder of a virtual tax and accounting firm. Greg shares his journey from a solo operation to a team of seven, serving clients across four states with a projected $1 million run rate in just 24 months. He discusses adopting a virtual model, value-based billing, and leveraging SEO and Google advertising for growth. Greg emphasizes the importance of continuous learning, mentorship, and strategic investments in self-education to rapidly scale his firm.

Takeaways

• 🚀 Greg O'Brien, founder and CEO of Jetpack Workflow, emphasizes the importance of self-education and continuous learning for business growth.
• 📈 Greg's firm experienced rapid growth from a solo operation to a team of seven, with clients in multiple states and a projected one million dollar run rate within two years.
• 💼 The firm's model is based on virtual accounting and tax planning services, with a focus on forward-thinking and tech-savvy clients.
• 🌐 Greg leveraged SEO and Google advertising to grow the firm's online presence and generate inbound leads, investing in these areas early in the business's lifecycle.
• 📊 The firm uses a value billing system rather than hourly billing, with an average monthly client fee ranging between $1,500 to $2,000.
• 🔍 Greg started the business with cold outreach and has since expanded to include word-of-mouth referrals and an optimized online presence.
• 💡 The decision to invest in a professional website and SEO was crucial in attracting clients and establishing the firm's online credibility.
• 🛠 Greg's firm uses a grading system (A, B, C clients) to manage workload and capacity planning, ensuring a balanced distribution of work among team members.
• 🗓 The firm conducts weekly meetings to review overdue tasks and projects, maintaining a transparent and accountable workflow.
• 🎯 Greg has been proactive in setting Key Performance Indicators (KPIs) for his team, focusing on deliverables, client satisfaction, and continuous improvement.
• 📚 Greg recommends a variety of resources for business and personal development, including business books, podcasts, and coaching programs, to foster a growth mindset.

Q & A

Who is the host of the podcast and what is his role?

The host of the podcast is Dave Costello, who is the founder and CEO of Jetpack Workflow and also the host of the Growing Firm Podcast.

What significant achievement has Greg O'Brien mentioned about his firm?

Greg O'Brien mentioned that his firm has grown from just himself to a team of seven, with clients in four different states, 100 virtual, and they are on track to have a one million dollar run rate within 24 months of being in business.

What is unique about Greg O'Brien's firm's structure?

Greg O'Brien's firm is unique in that it is a forward-thinking tax planning and virtual accounting/CFO firm with a completely virtual and remote team, headquartered in Boston, Massachusetts.

What business model does Greg O'Brien's firm primarily serve?

Greg O'Brien's firm primarily serves tech-forward clients, which include startups and businesses that use technology to run their operations, not necessarily limited to the tech industry.

How does Greg O'Brien's firm price its services?

The firm uses a value billing system with an onboarding fee for tax planning and monthly packages that are tailored to the client's needs and the engagement required from the firm.

What is the average monthly fee for Greg O'Brien's firm's clients?

The average monthly fee for Greg O'Brien's firm's clients is between $1,500 and $2,000, which has been increasing as the firm grows and focuses more on certain clients.

How did Greg O'Brien initially acquire clients for his firm?

Greg O'Brien initially acquired clients through cold outreach, looking for new startups in tech magazines and sending emails to offer help with their first C corp tax return.

What role does online presence play in Greg O'Brien's firm growth strategy?

Online presence plays a significant role in Greg O'Brien's firm growth strategy through SEO, Google advertising, and having a robust website that is optimized for certain keywords to attract inbound leads.

What was the financial commitment made by Greg O'Brien for his firm's website and SEO?

Greg O'Brien committed to a monthly fee of around $200 for SEO optimization and about $1,000 for Google AdWords to grow the online presence of his firm.

How does Greg O'Brien's firm manage its team's workload and capacity?

The firm uses a grading system for clients (A, B, C) to assess the workload and ensures a balanced distribution among team members. They also have a pipeline review every Monday to assess capacity and plan for hiring based on upcoming work.

What is the approach to hiring at Greg O'Brien's firm?

Greg O'Brien's firm hires based on anticipated workload rather than waiting until an employee is overwhelmed. They start with contract work to test the waters before offering full-time positions.

How does Greg O'Brien ensure his firm remains forward-thinking and innovative?

Greg O'Brien ensures his firm remains forward-thinking by investing in self-education, attending coaching programs, listening to various accounting and business podcasts, and reading business books.

What resources does Greg O'Brien recommend for someone looking to grow their accounting firm?

Greg O'Brien recommends various resources including the 'Growing Firm Podcast', books like 'Rich Dad Poor Dad', and being a member of CTC for tax coaching, as well as engaging in business and mindset books, and listening to a variety of accounting podcasts.