Transforming an Accounting Firm's Operational Efficiency

The Challenge
The business owner of a thriving Accounting Firm found herself overwhelmed by the demands of managing day-to-day operations. Her team was operating at full capacity, leaving no room to onboard new clients. She lacked the time to engage in networking events essential for business growth, and her team relied heavily on her to prioritize workload and solve problems. The firm had reached a critical juncture where stagnation was a real risk.

The Solutions
LMP conducted a comprehensive assessment of the Accounting Firm's roles, responsibilities, reporting structure, SOPs, tech stack, and financial statements. We held one-on-one sessions with the business owner and her second-in-command, along with a session involving the entire team. The goal was to understand the underlying issues and collaboratively identify opportunities for optimization.

Following the assessment, LMP provided the CEO with a detailed analysis, including clear recommendations, actionable next steps, designated ownership, and suggestions for future enhancements. We walked alongside the business owner and her team to implement the changes, conducting regular accountability and coaching sessions with her and key team members.

The Results
Six months later, the transformation was evident. The firm had successfully added four new clients and hired additional staff to handle the increased workload. The business owner now has the time to regularly attend networking meetings, which has further fueled the firm’s growth. Most importantly, she has achieved a much better work-life balance, no longer bogged down by the daily operational grind but instead focusing on strategic initiatives and business development.

Through a tailored approach that addressed the firm’s specific challenges, LMP enabled this Accounting Firm to break through its growth plateau and establish a sustainable path forward. The strategic changes not only improved operational efficiency but also empowered the business owner to reclaim her time, leading to both personal and professional growth. LMP continues its personalized support by regularly holding check-in meetings with the CEO to provide coaching and refine strategy as the firm evolves. 

The Challenge

A prominent law firm faced a pivotal moment when an equity partner, who had been responsible for financial management and strategy, retired. This transition left the remaining equity partners grappling with a significant leadership gap. They recognized the need for better data and insights to support strategic decision-making, without taking away their time from business development and practicing law.

The Solutions

LMP stepped in as their Fractional CFO to address these challenges. We started by conducting a comprehensive analysis of the firm's financial statements, attorney performance metrics, and standard operating procedures (SOPs). We presented the equity partners with a clear summary of our findings, along with targeted recommendations to strengthen their financial and operational foundation.

To propel the firm forward, LMP developed customized key performance indicators (KPIs) and financial reporting metrics tailored to the firm's unique needs. We also designed SOPs and strategic plans to provide a structured roadmap for growth. We continue to meet regularly with the equity partners, delivering data-driven insights and strategic advice. This ongoing partnership enables the equity partners to focus on practicing law, while confidently steering the firm toward long-term success. 

The Results

With LMP’s strategic guidance, the law firm successfully navigated the transition and bridged the leadership gap left by the retiring partner. The implementation of new KPIs, financial reporting metrics, and tailored strategies has empowered the equity partners to make informed decisions that are shaping the firm’s future.

Through our personalized solutions, LMP provided the tools and insights necessary to elevate the firm's growth trajectory. By equipping the equity partners with the insights to make data-driven decisions and addressing difficult conversations when goals are not met, LMP provided the structure and accountability needed to drive progress. This approach allows the equity partners to remain focused on their core responsibilities, ensuring the firm continues to grow and achieve its strategic objectives. 

The Challenge
A tech startup was on the cusp of bringing a patent-pending idea to market and needed an experienced Fractional COO to walk alongside the CEO as a trusted advisor. They sought oversight of product development to ensure it aligned with the startup’s long-term vision. LMP quickly discovered that the U.S.-based development agency was operating in a self-serving manner, prioritizing their own workflows and resource capabilities rather than aligning with the specific needs and strategic goals of the startup.

The Solutions
LMP took on the responsibility of aligning the development process with the CEO’s strategic vision. We implemented JIRA to manage tasks and ensure transparency, scheduled regular development huddles to maintain focus, and organized a consistent cadence for roadmap planning sessions. This structured approach allowed the dev team to meet the product’s version two rollout deadline successfully.

As the version three rollout approached, it became evident that the startup had outgrown several of its existing service providers. LMP leveraged its extensive network to bring in a fractional Chief Marketing Officer, a fractional Vice President of Sales, and a specialized bookkeeper. These additions provided the necessary expertise to support the startup’s evolving needs and rapid growth.

The Results
As the partnership deepened, LMP worked collaboratively with the CEO to further solidify the startup's foundation. Together, we designed and implemented comprehensive SOPs, KPIs, OKRs, and a financial reporting package. This package included detailed projections tailored specifically for investors, providing them with clear insights into the startup’s financial health and future growth potential

Through strategic oversight and hands-on collaboration, LMP empowered the CEO to transform her vision into reality. By implementing the right tools, building a strong operational framework, and bringing in additional expert resources, we not only helped the startup meet critical milestones but also continue to support and adapt our approach as they rapidly scale and evolve.