Is $1M the Right Goal for Your Accounting Firm?

Read Time: 4:08 minutes

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The other day, I came across a post in an accounting community I’m part of. It was from a firm owner who had been growing rapidly. Pulling in somewhere between $ 8,000 and $12,000 a month, and they were debating going “all in” to try to hit $1 million in annual revenue over the next year.

Their plan? No dates. No vacations. No weekends. Just head down and grind until that milestone is reached.

I’ve seen variations of this mindset before. I’ll admit, I’ve wrestled with it myself. It’s tempting to chase that nice, clean number. $1M feels like a marker of success, like it means we’ve “made it.”

But here’s the problem: “When a measure becomes a target, it ceases to be a good measure.” — Goodhart’s Law.

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• Speaking at Intuit Connect on October 27th through October 29th.

The Danger of Chasing Numbers

At some point, most firm owners begin to think about growth in terms of revenue milestones. $250K. $500K. $1M. But those targets are often arbitrary. When they become the main driver, they can push you toward decisions that don’t serve you long term.

Take on more clients. Say yes to work that doesn’t fit. Burn yourself out. All in the name of a number that, if we’re honest, usually isn’t even based on what we want.

This is where I’ve had to do some reflection in my own business. There are moments when I think I want to scale. Hire more people. Double revenue. Build something “big.”

However, when I sit with it, I realize the ego often drives that desire. Comparing myself to other firm owners, or to some imaginary version of what success is supposed to look like. And almost always, it’s tied to lifestyle creep. I start convincing myself that more growth will lead to more happiness, even when I know that’s not how it works.

The Mexican Fisherman Reminder

There’s a parable I come back to when I catch myself going down that road. You’ve probably heard it, the one about the Mexican fisherman who fishes just enough each day to feed his family and enjoy life. A wealthy visitor tells him he could scale, build an empire, and eventually retire rich. The fisherman asks, “Then what?” The answer, of course, is that he could spend his days fishing, relaxing, and enjoying life.

The point? Many of us already have what we’re chasing. We just can’t see it because we’re so focused on the next milestone or comparing ourselves to someone else that could be completely miserable behind the scenes.

You Can Burn the Boats and Still Miss the Island

The idea of going “all in” sounds noble. Work harder, give 100%, and sacrifice now for the big win later. But when I hear people cutting out all the things that make life enjoyable: relationships, rest, and fun. I can’t help but think: what’s the cost?

I recently read a post from the founder of Loom, who had just had a major exit. He walked away with more money than most people will ever see in their lifetime. His takeaway?

“I am rich and I have no idea what to do with my life.”

That hit me hard.

It’s easy to assume that if we just grind a little harder and grow a little more, clarity and fulfillment will follow. But it doesn’t always work that way. Sometimes, we reach the top of the mountain only to realize it wasn’t the one we actually wanted to climb.

Your 10x Is Yours Alone

At The Bridging the Gap conference, I heard Roman Villard read a line from the book 10x Is Easier Than 2x. He said something like: “Your 10x is not the same as someone else’s 10x.”

It stuck with me.

Because 10x doesn’t have to mean more money, more clients, or more employees, it might mean more freedom, such as Erica Goode only working 15 hours a week. More impact. More time with your kids. Or it might mean working four days a week and loving what you do.

There’s no universal version of what success looks like in this space. We have to define it for ourselves and be honest about what we’re optimizing for.

So What’s the Goal?

I still believe in setting goals. Revenue targets can be helpful. But only when they serve a deeper purpose.

So instead of asking “How do I get to $1M?”, maybe a better question is:

• What kind of life do I want to live?

• How much support do I need to provide for that?

• What am I willing to give up, and what am I not?

For me, the answers change from season to season. And I’m okay with that. Sometimes I lean into growth. Sometimes I focus on protecting time.

However, I try not to chase growth solely for its own sake.

If you’re in the middle of that same internal debate, just know this: bigger isn’t always better. More isn’t always happier. And $1 million isn’t magic; it’s just a number.

Make sure it’s taking you somewhere you want to go.

Thanks for reading, Luke Templin!

P.S. There are four ways I can help you grow your CAS offerings when you are ready:

1. Join my How to Start Offering Advisory Services Cohort.

2. Cannot wait until it starts? Check out the pre-recorded version here.

3. Join The Kick C@$ Community to grow your CAS offering alongside others doing the same.

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