tuesday, oct. 6: how to build a pipeline of new high-value accounting clients
with anthony glomski and russ alan prince
live 1-hour webinar
tuesday, oct. 6, 1 pm et.
view details
growth strategies
covid is calling
…calling you—to reinvent your firm. now.
4 components of a high-net-worth practice
how to apply what you already know.
by anthony glomski and russ alan prince
your $5-million high-net-worth practice
the world has changed in ways we can see and some that we do not yet understand. some of these changes have been in process before the covid-19 crisis, such as greater competition, the use of artificial intelligence, and the immense increase in private wealth.
more: life insurance as part of wealth management | mistresses, mister-esses and accountants | the coming boom in tax services for the super-rich
exclusively for pro members. log in here or 2022世界杯足球排名 today.
other changes, such as the way people are and will likely continue to interact, are a function of the crisis. for example, video calls and conferences are going to become a bigger part of the way professionals interact with clients and each other.
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envision your future, then plan for it
you need goals, not just a desire to get new business.
by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor
question: we are a 20-person firm and are thinking of engaging a marketing consultant for training on how to get new business.
more: 5 ways to build teamwork | creating a cross-selling culture | 5 ways to build teamwork | when time-based pricing works | start marketing now for next season | the clients that got away | 4 reasons not to let staff go after tax season | cross-selling beyond your comfort zone
have you heard of anyone in particular for cpa leadership training? what does your firm do regarding this? an internal program or do you use outside consultants?
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judy trepeck on how to think beyond accounting, with steven sacks
clients need so much more than basic accounting & write-up.
^ click to play the video
with steven sacks
the new fundamentals
armed with the latest technologies, accountants can do more than ever – faster, better, and cheaper. but too many accountants are missing the biggest opportunity that technology creates, according to judy trepeck, long a leading figure in the profession.
more from steven sacks: bill reeb: new rules for the covid era | is your message open to interpretation? | effective communications in the age of covid | why proper communication is critical | how to create effective internal communications | how to select your firm’s board | trust is a key organizational ingredient | real influence vs. immediate gratification | fake it ‘til you make it: an ultimate goal? | 4 ways to boost job satisfaction | have you gauged your staff’s enthusiasm? | why knowledge maintenance is key
exclusively for pro members. log in here or 2022世界杯足球排名 today.
in her conversation with steven sacks, trepeck, currently senior vice president for customized training at the michigan state cpa society, outlines how cpas can go beyond basic accounting to provide more value-added services. it requires experience, talent, ambition, and, maybe most of all, intuition.
^ click to play the podcast
trepeck provides a framework for any accountant to add advisory services to their menu of offerings.
some of the key takeaways and the full transcript:
opportunities in common and uncommon services
what do your clients want that your competition doesn’t offer?
by 卡塔尔世界杯常规比赛时间
virtually every cpa firm faces two common challenges:
- get the work done.
- find more work.
more: three hidden surprises in ppp loan forgiveness | cloudy forecasts call for rainmaking |the forecast: partly gloomy, chance of doom | busy season benchmarks in free fall | say hello to the new 24-month busy season | maybe the pandemic isn’t all bad | covid drives new m&a trends | re-thinking today’s firm with five global leaders| clients want to pay you more (really!)
or, to put it another way:
- satisfy clients.
- find more clients.
creating a cross-selling culture
if you can help, why wouldn’t you?
by ed mendlowitz
call me before you do anything: the art of accounting
part of my success in getting new business was getting additional work from existing clients.
more: when time-based pricing works | the clients that got away | upselling made painless | boosting a fixed fee substantially | creative ways to retain staff | what cpas can learn from lawyers and doctors | advising cheapskates | getting bonuses from clients | be an accountant, not a salesperson for other things | when clients don’t know
i was always good at this, and i think it was because of my attitude of helping the client beyond what the routine services were. early on i felt queasy about mentioning that there would be an additional fee for the extra services, but after a few times, i got over that.
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cloudy forecasts call for rainmaking
have you assessed your clients’ needs, or just provided what they asked for?
by 卡塔尔世界杯常规比赛时间
rainmaker alert! the cloudy skies of 2020 show a good chance of precipitation.
more in surveys & research: covid impact: 17,500 tax & accounting jobs lost | cas: critical success factors for the covid age | clients want to pay you more (really!) | the forecast: partly gloomy, chance of doom | busy season benchmarks in free fall | say hello to the new 24-month busy season | accounting firms take billions in ppp payouts | the more monitors, the better | the top portable monitors for working from home
but praying for rain isn’t going to work. neither will a rain dance. the most effective action is often simply a matter of asking and offering.
a new survey of small and midsized businesses and their cpa firms finds that clients are generally willing to pay 50 percent or more for additional accounting-related advisory services … but only if their accounting firm offers them.
there are no easy answers
but we still can make more money, have happier clients and lead saner lives.
by frank stitely
the relentless cpa
i’m back. since writing the “relentless cpa – the new 21st century system for driving success at tax and accounting firms,” i have spoken to dozens of cpas and accountants, been called a dozen names (some of them deserved), and received a few death threats.
more: the 3 biggest tech failures of accounting firms | debunking the demise of the cpa firm | how many tax preparers do you need? | how to be the chief communicator | how to teach reviewing and time management | 4 steps to take before next tax season | some uncommon advice on hiring full-time staff
actually, the death threats came from my wife, who said she’d kill me if i said “yes” to any new projects. she watches lots of crime shows, so the fbi regarded her threats as serious. i am writing this to buy a bulletproof vest for when she gets out of jail. thank you for your contribution to saving my life.
read more →
clients want to pay you more (really!)
new research shows opportunities to boost revenues by up to 31%.
by 卡塔尔世界杯常规比赛时间
as cpas know better than anyone, these are turbulent times. whatever the situation was, it just changed. cpas know because they are at the center of it all — the calm, analytic eye at the center of hurricane upheaval.
more in covid trends in surveys & research: the forecast: partly gloomy, chance of doom | busy season benchmarks in free fall | say hello to the new 24-month busy season | covid drives new m&a trends | re-thinking today’s firm with five global leaders | the no. 1 reason accountants fail to build advisory practices
so consider for a moment the desperation of the businesses that are or could be your clients. they are suffering:
- the financial and logistical onslaught of the pandemic,
- the ever-evolving rules on taxation,
- the constant change in compliance,
- the lack of time for issues not within their core business (accounting, for example),
- the problems and insecurities of their own clients and customers, and
- concerns about the future.
in other words, clients have more important things to do than keep track of financial matters.
and they’re willing to pay for the freedom to stick to their core business.
the trick…
the no. 1 reason accountants fail to build advisory practices
shift your mindset for covid-era client services. stop thinking about selling and start thinking about helping.
by ty hendrickson
what is the number one reason that accountants get stuck providing transactional services?
mindset.
now, i’m not one of those gurus that preaches mindset and how if you want something in your life, all you have to do is visualize it. that’s not the mindset i’m talking about here. i’m talking about the mentality that accountants “feel bad” for charging someone for their expertise and advice.
more: the real problems created in a remote workforce | can you really grow without adding clients? | 4 reasons to welcome rejection |
while this is not a new problem, it has bubbled to the surface amidst the covid-19 crisis. in the vast majority of my conversations with firm owners recently, i hear the same line over and over again, “i’ve spent so much time talking to my clients about loans and explaining their options that i’ve hardly gotten any tax work completed. now, i have to charge them $1,000 for those conversations, and i just don’t feel like i can do that because i know the financial situation they are in right now. i feel bad.”
what?!?!
when time-based pricing works
what is most fair?
by ed mendlowitz
call me before you do anything: the art of accounting
back in 1980, i got a pretty large client and quoted a fixed annual fee to start, which would cover the routine regular work.
more: the clients that got away | cross-selling beyond your comfort zone | a test of concentration | value pricing in uncharted waters | i am an accountant because of clients like stanley | advising cheapskates | getting bonuses from clients
after about three months i was asked to suggest some methods of compensating highly paid managers and to present them at a meeting in two weeks. i put together a memo with a few suggestions. when i showed up for the meeting, there were four other “groups” who were given the same assignment. one was the client’s law firm, one was the personal accountant for the client’s lady friend (who later became his wife), another was an insurance agent and one was an employee benefit plan specialist.
read more →
the seven simple steps to thrive in the covid crisis
leveraging the relationships you already have. step 1: make a list.
by anthony glomski and russ alan prince
your $5 million high-net-worth practice
the covid-19 crisis has put a lot of financial pressure on many businesses, including many accounting firms. at the same time, a percentage of professionals, such as accountants, lawyers, and wealth managers, are strategically taking action to deal with the economic pressures.
see also: the three new business models delivering significant profits for accounting firms | the 5 meetings of the (true) wealth management process | collaborative wealth management: defining the framework | protect your clients’ assets | even entrepreneurs must diversify | when clients cash out: four smart financial moves |
the result is that they are doing well as the crisis progresses and are smartly positioned to do exceptionally well as the crisis abates.