Do You Go Deep Enough Into Survey Results to Create Meaningful Change?

I recently worked with a firm that was proud of their Inside Public Accounting survey ranking in the overall financial aspect, but when we dug into their responses and compared them to the survey benchmarks, we identified they relied heavily on partner production and less on appropriate leverage.

I’m often sent various survey summaries as I work with firms on strategy or preparing for partner meetings and asked to provide an “outsider’s perspective” on the results. I start by conducting a diagnostic review of this firm’s responses against the survey’s benchmarks to uncover what the surveys could indicate. Rankings, while great analytical tools, must be taken in proper context.

I find areas where survey results provide opportunities for a firm to tweak some processes but don’t require across-the-board adjustments to align with every average response. Why? A firm’s culture, vision, and goals don’t warrant sweeping changes. There can be unique reasons why results differ from what other firms do regarding several questions.

And that’s OK. Just because most respondents spend 10% more on recruiting or 20% more on technology doesn’t automatically make it a best practice for your firm.

When you look at your survey results compared to other firms, are you a Top 300 firm operating like a Top 100 firm when you interpret your survey results? Or, are you a Top 100 firm running like a Top 300 firm? With either scenario, we must ask: Why are we here? Do we need to do anything about it?

Surveys have long been a resource for accounting firms to measure their success against the competition and the profession. Results provide insight into billing structures, growth rates, marketing spend, profitability, utilization, business development incentives, technology stack, staff benefits… the list goes on and on.

Some ask for your financial information related to revenue, operations, income, and compensation to measure your firm against others throughout the country. Others solicit staff input to show how your firm is viewed internally. No matter the survey, the results can sometimes, and unfortunately, be scary for leadership.

Take Inside Public Accounting’s annual Firm Administration, Financial and Operational Report Card, and Practice Management Benchmarking reports. Many questions are posed – and results provided – that paint a holistic picture of the accounting profession. While the findings offer great insight, they’re not always a blueprint for your specific firm.

You must analyze the results against your strategy and mission to accurately gauge how they can complement and support your own efforts to find the true intersection of performance and culture. However, as professionals, we often get caught up in our day-to-day processes and sometimes miss the big picture.

Managing partners often ask me, “Our firm doesn’t line up with the benchmarks from this survey. Should we be worried?” Others say, “We want to implement these processes to achieve the growth rate reported in that survey.” Some wonder, “I had no idea this was happening inside my own firm. I need to take action.”

Stop and take a breath. You can’t move all the levers at once to change and grow, so you need a coach or strategic thinker to help you identify the issues that may not be obvious because you’re too close to your work. Unfortunately, that creates a blind spot to inefficiencies right under our nose and limits our ability to create change that impacts the long term. That’s where an objective third-party professional can help you see your operations with a fresh, outside perspective, interpret these survey results to work with your operations, and identify opportunities you may be missing (at no fault of your own, of course).

Survey benchmarks provide a window into what other firms are – or are not – doing, which can provide a foundation to build or adjust your strategy and refocus your efforts. However, evaluating the results at face value is only part of the equation for success.

I want to help you get beyond your preconceived notions, step outside your echo chamber, and interpret, then and prioritize, your efforts to turn these survey results into meaningful outcomes for your firm.

Whether you’re looking for an accountability partner to remind and encourage you to meet your goals, a strategic thinker to help you look at things from a different angle, or a sounding board to “think out loud” and evaluate what’s going on in your office, I’m ready to pore over and interpret your survey results to help you create a winning strategy!