marketing & sales

don’t buy a rolodex, buy a process 

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how to hire the optimal business developer.

by bill penczak

if you’re under 40, you may not be familiar with the rolodex. right after stone tablets, we used to keep track of our contacts in a really great contraption that was a rotating spindle on which business cards or handwritten notes of contacts were maintained. the “search” function was you fumbling through trying to remember that prospect’s name from two months ago.

more: the three r’s for beating the corona crisis | 6 reasons why your marketing sucks
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when it comes to hiring a professional to build a practice, whether it’s a full-time business developer or a practice partner or principal to grow the business, many firms make the mistake of “buying a rolodex.” translated for today’s vernacular, they are hired because “they know everyone” or “have contacts in bigger target companies” or “are members of every organization.”
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what cpas can learn from lawyers and doctors

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young asian entrepreneur reading magazinehow will you distinguish your firm?

by ed mendlowitz
call me before you do anything: the art of accounting

it has become pretty popular for law firms and medical doctors to advertise in group ads in magazine supplements.

more: advising cheapskates | my top 10 personal game changers | yes, christopher columbus had an accountant | 10 reasons for my success | when the kids don’t want to take over | staff may surprise you with leadership | problem clients
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

when i glance at the ads i find humor such as the bald dermatologist advertising his hair transplant prowess or the young woman doctor who does proctology, or the photo of the elder law firm partners where no one looks younger than 80. and they pay for these ads?
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covid slams u.k. accountants, too

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^ click to play video

you can already start to see which firms will survive, those that won’t, and why, says martin bissett in a video call with 卡塔尔世界杯常规比赛时间.

the three r’s for beating the corona crisis

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and 15 things every accountant should consider in these unprecedented times.

by bill penczak

my friend tom kallman, the president of a trade show company in new jersey, sent me an email a few weeks ago that i’ll paraphrase:

few, if any, of us lived through pearl harbor. some of us experienced the kennedy assassination. we all recall where we were when the planes struck the world trade center. the covid crisis is another lifetime moment. we learned how to survive all those other events, and we’ll do the same again.

more: re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | the three r’s for beating the corona crisis
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you examine the economic recoveries after 911, and after the financial collapse in 2007-2008, there were three economic phases that ensued for cpa firms, their clients, and the market in general that will likely occur in the post-covid economy:

  • retention – preserving as much of what we had.
  • recovery – stabilizing and moving ahead, as slight as it might be.
  • rebuild – coming out better and stronger.

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how not to develop your practice

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these activities aren’t your savior.

by marc rosenberg
the rosenberg practice management library

discipline 4 activities support disciplines 1, 2 and 3. they comprise your firm’s efforts to promote the firm and drive selling opportunities to the firm.

more: 6 keys to developing new client prospects | now is the time to activate your referral network | the 4 marketing disciplines | why you have to kill the old paradigms
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a contrarian view

read this carefully because it is one of our most powerful messages.
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6 keys to developing new client prospects

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dashboard screenshot
dashboard in able

also: the 8 steps of a nurture campaign.

by marc rosenberg
the rosenberg practice management library

there are three sources of new business:

  • existing clients, in the form of expanded services and referrals to other clients.
  • referral sources such as lawyers and bankers.
  • prospective clients.

more: now is not the time to let your referral opportunites lapse | does your firm recognize all its skills? | protect and grow existing clients | the 4 marketing disciplines | 15 powerful niche marketing practices | 19 takeaways from the history of cpa firm practice development | why you have to kill the old paradigms | are you ready for the great disruption?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we further state the following, based on countless experiences and conversations with cpa firms:

  • the time you spend prospecting for new clients should be roughly 15 percent of your time. the bulk of your time should focus on existing clients and referral sources.
  • you can expect that roughly 10 percent of your growth will come from new clients. the bulk will come from existing clients and referral sources.

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6 reasons why your marketing sucks

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want new business? avoid these errors.

by bill penczak

it’s an understatement to characterize cpas as process-oriented, with prescribed steps for financial statement audits and tax return preparation that follow a specific regimen. among the many jokes about accountants, the one that resonates here is:

why did the auditor cross the road?

because he looked in the file and that’s what they did last year.

but the “funny” thing is that while cpas are typically pedantic about the processes for client work, it’s often a case of the cobbler’s shoes when it comes to running their firms in general, and practice development in particular.

more bill penczak: how to boost profits by (omg) sharing the upside | bill penczak: stop forcing smart people to do stupid work | chase birky: overcoming paralysis by analysis | dustin verity: keep an open mind and constantly learn | five ways to put success into succession planning | o.d. lanier: stepping into advisory | secret to success? a growth and abundance mindset | from tax to transformation | five steps to building advisory work | the six essential kpis for managing partners | the great resignation: five reasons accountants are quitting | five tips for better decision-making | your marketing sucks: six reasons why | five global cpa leaders: four survival strategies | are you too generous with your write-offs? | nine smooth moves to build client satisfaction | planning for success in 2021 | re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | don’t buy a rolodex, buy a process | the three r’s for beating the corona crisis | 6 reasons why your marketing sucks

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

practice development is both an art and a science, although with the plethora of new technologies and process improvements in the past five years, much of the guesswork has been eliminated; we’ve never had greater ability to determine true roi of marketing and sales investments. but the accounting industry, for the most part, is sadly behind the leading practices curve.

here are the most common deficiencies in the growth approach among cpa firms: 

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now is the time to activate your referral network

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people standing, holding food and talkingplus: 19 sources, how to stage a referral event, and what networking isn’t.

by marc rosenberg
the rosenberg practice management library

the biggest source of new business is a firm’s existing client base, both in the form of expanded services and referrals to others. it’s estimated that 60 percent of a firm’s revenue growth comes from this area.

more: does your firm recognize all its skills? | protect and grow existing clients | the 4 marketing disciplines | 15 powerful niche marketing practices | 19 takeaways from the history of cpa firm practice development | why you have to kill the old paradigms | are you ready for the great disruption?

卡塔尔世界杯常规比赛时间 is providing free access to our latest crisis updates. start here for a guide to all our coverage.

goprocpa.commore for pro members: coronavirus resources for remote-working (#wfh). 

this is no time to lose touch with your referral sources. and, even though in-person meetings may be difficult, everyone, it seems, is becoming more comfortable with online events like video conference calls and webinars.

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my ‘brand’ is the exciting history of accounting

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smiling businesswoman talking on camerawhat feels right to you?

by ed mendlowitz
call me before you do anything: the art of accounting

in 1998 i read that andersen consulting would be spending $100 million to brand their company. this seemed unusual for a few reasons.

more: be an accountant, not a salesperson for other things | 10 reasons for my success | when the kids don’t want to take over | staff may surprise you with leadership | problem clients | when pushing the pencil pays off | when to say no to pro bono work
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1. they were in heated litigation with arthur andersen to leave the accounting firm and set up an independent company.
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does your firm recognize all its skills?

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silhouettes of three business partners talking against a window in an officemaybe you have more to offer.

by marc rosenberg
the rosenberg practice management library

true story: i was leading a meeting of a seven-partner, third-generation cpa firm. their revenues were stagnant and their profits disappointing. one hundred percent of their revenues were audit, accounting and tax. thirty percent of their business clients were in oil and gas.

more: protect and grow existing clients | the 4 marketing disciplines | 15 powerful niche marketing practices | 19 takeaways from the history of cpa firm practice development | why you have to kill the old paradigms | are you ready for the great disruption?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we started discussing ways to increase revenue. the dialogue went something like this:

rosenberg: i notice that your firm is 100 percent compliance, no consulting. aren’t there some consulting opportunities there?
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do you know your opportunity number?

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hands using a calculatordetermine whether that new project or client makes sense for you.

by sandi leyva, cpa

each of us has 24 hours in one day. most of us have annual revenue goals. a few of us have monthly, weekly, daily or even hourly revenue goals.

more on small-firm growth strategies: 7 tips to boost your firm’s performance in 2020 | 5 mistakes to avoid when seeking new clients | beyond referrals: getting new clients | blow your own horn already! | keep more of your busy season earnings | how a spreadsheet can help stop leaks
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

hopefully you know what your revenue goal is. (if not, you should!) if you don’t pull in that level of revenue for the week or month, then you’ve missed your plan.
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5 mistakes to avoid when seeking new clients

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are you holding yourself back?

by sandi leyva, cpa

as an accounting professional, you’re likely very talented at delivering the service you offer your clients. but when it comes to marketing and selling yourself, many of you didn’t voluntarily sign up for that part.

more on small-firm growth strategies: survey quantifies link between online reviews, revenue | major search algorithm change could affect your rankings | is your client newsletter stuck in the 1990s? | outsource or in-house? how does your marketing get done? | making content marketing part of your growth strategy | do you know your cac number? | beyond referrals: getting new clients
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

many of you are resisting (kicking and screaming) marketing yourself. if that’s you, that could be why your business is slow or not growing at the rate you’d like it to.
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protect and grow existing clients

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blue pencil on survey formhow your net promoter score can help you focus.

by marc rosenberg
the rosenberg practice management library

we’ve discussed how there are four disciplines of cpa firm practice development. here is how firms commonly spend their time on each discipline, or marketing activity:

  • discipline 1, grow and protect existing clients: 50%
  • discipline 2, develop and nurture referral sources: 30%
  • discipline 3, prospect to attract new clients: 15%
  • discipline 4, perform support activities: 5%

more: the 4 marketing disciplines | 15 powerful niche marketing practices | 19 takeaways from the history of cpa firm practice development | why you have to kill the old paradigms | are you ready for the great disruption?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

let’s start by focusing on discipline 1, growing your existing clients.
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