Opening a New Office

Moments That Matter

Is your firm considering opening a new office now or in the near future? Doing so often presents unique issues that may catch you off guard.

Expanding your firm is exciting. If you’re at the point where you’re considering or planning to open a new office, you’ve likely been in the accounting game for a while now, and this new office is likely a sign of your growing business and success.

However, more often than not, the new office will be in a different city—meaning a different community you will need to be involved in—or out of state, which means there are new legal challenges and state regulations to consider as well as geographical nuances.

Things to Consider

To help you plan and organize your thoughts around how, and where, to open a new office, we’ve outlined some key factors to consider and discuss with your partners.

First things first—do your research and consider the physical location where you’re thinking about setting up shop.

Who can you expect your clients to be, and what kind of risk will they add to your firm?
What does the hiring pool look like?

Set your firm up for success and make sure that the person you put in charge of the hiring understands your expectations and the levels of quality assurance your firm requires.

Will you temporarily relocate partners to assist with the opening?

The right location is key.

Will your new location be a place people want to work?
Will your new office be a place you want clients to visit?
Will you be able to comfortably recruit there?

Make sure you have the right coverage, and enough coverage for everyone who walks in and out of your new office.

Additionally, is your new office ADA compliant or will you need to make updates?

Are you renting or buying?

Remember, leases are negotiable. Don’t leave value on the table.

Do you have a plan in place to quickly build a network and establish key connections, such as city staff and council members?

Also, do you have a plan to get involved in the community? These relationships are very important and go a long way in helping to get the word out about your new office.

Key takeaways

Sure, there is a lot to consider here. There is a lot of risk to account for as you pick a prime location and start to build a new network and establish your reputation in a new area, but don’t lose sight of what matters most—your clients. The long-term success of your location will depend on the quality of work you deliver to your clients.

Professional Liability

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Assistance with the associated legal and defense fees in the event of a lawsuit for errors and omissions.

Employment Practices Liability

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Coverage for any wrongful acts arising from employment-related claims to protect you, the employer.

Cyber Liability

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Replace lost income and cover expenses caused by data breaches involving sensitive customer data.

Planning for the next step

Opening a new office is a big step with big rewards for your career and your firm. Don’t get overwhelmed with all the nuance of opening a firm in a different location. We have some great articles and resources for you to read and watch as you build a business plan and set this exciting expansion into motion.

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Opening a New Office

Things to Consider

Key takeaways

Plans that might help you

Planning for the next step

Resources that might help you

Moments That Matter

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