Million Dollar Accounting Firm in 24 Months

Growing Your Firm Podcast
28 Jan 202135:29

Summary

TLDRIn 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.

Outlines

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Keywords

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Highlights

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Accounting GrowthVirtual CFOPodcast InsightsBusiness ScalingClient AcquisitionRemote TeamsTech ForwardTax PlanningValue BillingOnline Presence
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