Raymond G. Strothman
Business Name: Strothman and Company
Website URL: http://www.strothman.com
Email Address: rstrothman@strothman.com
Year Founded: 1983
Number of Employees: 60
What does your company do?: We are a full-service CPA, technology, and financial services advisory firm.
Was there a specific turning point when you realized your business was moving to the next level?: When Strothman and Company moved into the downtown Louisville location in November of 1995 that was a major turning point for our company. We made a commitment by acquiring additional space in the downtown location to grow the number people and the scope of services for our firm. From 1996 and the years that have followed, we have consistent significantn growth.
What processes or procedures have you implemented that have helped grow your company?:
A number of factors have contributed to the significant growth of our company including an ongoing, consistent strategic planning process, a culture of growth including published core values, strategic business development including education of all employees on business development and marketing strategies and techniques, recruiting and retaining exceptional people, and having a passion to succeed and grow the business.
What is most rewarding about running your business?: There are many rewards from running the business including the opportunity to have significant participation in the growth and success of our clients and staff, the recognition of a job well done and the financial rewards that come from the growth and success of the business.
What challenges have you faced and how have you overcome them?: Initially, the challenge related to having the necessary capital to grow the business including the ability to hire the highest caliber of people. In addition, a challenge was to create a brand and reputation that attracted high-level, quality clients to our firm. The Louisville market is very competitive and there are a number of other CPA firms that are aggressively seeking to expand their businesses including calling on our clients. The challenge is to withstand the competition of other firms and also to retain our current clients and also expanding by obtaining new clients and adding additional services.
If you were starting over today, what would you do differently?: If I were starting over today, I would not change much.
What advice do you have for other business owners?: The advice is to have a formal, consistent strategic planning process. It’s also important to utilize the resources that you have available including technology and outside consultants. You must be strategic in all of your decisions including determining the services offered, the people that you have recruited for the firm and the new clients you target for the firm. You must establish the appropriate culture and core values and make sure all of your employees are on the same page. It is also important to have the appropriate systems and processes in place.
Please list any favorite books, tools or resources (software, website, etc.) you would recommend for others: Seven Habits of Highly Effective People by Stephen Covey
Good to Great by Jim Collins
Being a member of CPA Associates and International Association of CPA firms including the educational and practice management resources that CPAAI offers.
Christian principles learned through Bible studies and worship and sermon series
What is something that people might be surprised to learn about you?: Someone that doesn’t know me well might be surprised to learn that I thoroughly enjoy ballroom dancing and I think I’m pretty good at it.
