In Episode 2 of the Practice Success Podcast Sean Duncan, CPA from SMD Accounting shares his journey from corporate accounting to starting his own firm and the pivotal moment when he transitioned from a compliance-focused model to advisory services.
He emphasizes the importance of aligning business goals with personal values and discusses the significance of documenting processes and evaluating technology tools to streamline operations. Sean's mission is to help other CPAs transition to advisory services and achieve better work-life balance, enabling them to enjoy their passions and explore new horizons.
He recounts anecdotes of how even a brief conversation can have a profound impact on individuals seeking guidance in their own professional journeys. Overall, Sean advocates for embracing change, focusing on what truly matters, and leveraging technology to improve efficiency and quality of life.
- Transitioning from compliance to advisory: Sean Duncan, talks about his personal journey and how he shifted his accounting firm's focus from traditional compliance work to providing advisory services to clients. This change was driven by a desire for more meaningful work, better work-life balance, and a realization that traditional accounting practices were causing burnout and dissatisfaction among accountants.
- Importance of knowing your goals: Sean emphasizes the significance of having a clear understanding of one's goals and values. He stresses the need for introspection and encourages accountants to identify what truly matters to them in terms of personal and professional life. He highlights the value of setting a clear vision for oneself and one's business, which serves as a guiding star when making decisions and implementing changes.
- Process improvement and technology adoption: Sean discusses the process of evaluating and improving existing business processes and operations. He underscores the importance of documenting workflows, identifying pain points, and seeking areas for improvement. He suggests that implementing the right technology tools can lead to increased efficiency, reduced workload, and better work-life balance.
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