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four ways to prepare for new business development

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it’s going to take practice.

by august j. aquila

i have often been asked, “what is the best way to prepare professionals to bring in new business?” i think the people who ask this question are trying to find an easy answer to a more complex issue.

more: ten keys to marketing success
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unfortunately, there is no single approach that will do the job. now having said that let me offer you the following four approaches.
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accountants vs. lawyers: who wins the marketing battle?

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does one size fit all? a slate of experts weighs in.

by bruce marcus
professional services marketing 3.0

editor’s note: 卡塔尔世界杯常规比赛时间 was privileged to have a long relationship with bruce w. marcus, who was ahead of his time in his thinking and practice in marketing for accounting. we are publishing some of the late expert’s evergreen work, which retains wisdom for the present.

it’s not a race, nor are there prizes for the winner. but it has been suggested that the lawyers are light years ahead of the accounting profession in marketing.

more: the risk in not understanding risk | how to build a marketing culture | have you planned how to service your new revenue? | why is change so hard for firms? | why value pricing works | why competition matters most
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it’s nonsense, of course. is one profession indeed better at marketing than the other? well, no. each profession is different, and to try to make the comparison would be an apples and oranges game. but silly as the idea may be, it opens a vast and intriguing question. are there significant differences between the professions that affect marketing? indeed there are.
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is your cas practice trapping you?

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look for these five signs and implement simple changes to get back the life you want.

by w. michael hsu

are you working tirelessly but not seeing the benefits and results you deserve?  essentially, do you feel trapped in the cycle of your business? if so, you’re not alone.

more w. michael hsu: seven principles to work less and achieve more |  how do firm leaders learn? | why your approach to cas and cfo services is wrong | when it comes to pricing, it’s about ‘can’t afford not to’ | your client base is global |

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many firm owners and the entrepreneurs they serve feel exhausted by their businesses, but it doesn’t have to be that way.

but we can identify common signs that your business is trapping you and show you how to optimize for freedom. by addressing these issues and implementing some simple strategies, you can reduce stress, achieve more, and live a life you love.

5 ways your firm is trapping you read more →

track six figures to test your marketing

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it’s time to break out the spreadsheets. hurray!

by sandi leyva
the complete guide to marketing for tax & accounting firms

one way to help accountants embrace marketing is to fill training sessions with spreadsheets and numbers, things that most accountants love working on. there’s a lot of insecurity around learning marketing, but when accountants hear they need to do some spreadsheets first, they dive right in.

more: five ways to acquire more clients | get your name in the news | five ideas for more summer revenue | four ways small firms can beat large ones | why you need a link-in-bio tool | five emotional skills for entrepreneurs | transform your marketing with crm
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here are six numbers we suggest you track:

1. closing ratio

as qualified leads come from your marketing efforts into your sales funnel, it’s a good idea to track how many of these leads you’re able to close into business. your closing ratio is the percentage of successes divided by the total number of qualified leads you make proposals to.
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how partner buyouts work

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//www.g005e.com/?p=77973three big issues must be decided.

by marc rosenberg
how to bring in new partners

one of the benefits that new partners receive in exchange for their buy-in is that they will receive a buyout when they retire. this amount can be in excess of a million dollars at many firms. receiving a retirement buyout is one of the major reasons becoming a partner is so lucrative.

more: 11 best practices for partner compensation | fifteen steps to new partner buy-in | what buying in actually means | why buying into a firm is such a great investment | four philosophies for managing a cpa firm | how partner and staff actions impact profits | the business side of cpa firms
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the flip side of this is that new partners must agree to buy out older partners when their day comes. therefore, any plan for bringing in new partners must include a provision for a partner retirement/buyout plan.
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four core principles of elite wealth management

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you may have to reorient your thinking.

by russ alan prince

the four core principles are not malleable or debatable for accounting firms that want to provide the highest quality wealth management expertise and an extraordinary experience to clients. let us take a closer look at these four core principles.

more: why accountants don’t get referrals from wealth managers | the biggest obstacle to taking your firm upmarket | wealthy drive expansion of family offices | build your high-performing family office practice | are you missing maximum potential?
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core principle #1: the primary goal of an elite wealth management practice is to help optimize the financial lives of clients

the goal of an accounting firm’s elite wealth management practice is not to generate more revenues for the firm. that will undoubtedly happen, but that is not the goal. with elite wealth management, providing financial strategies and products is the way to help optimize clients’ financial lives.
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help clients with employment compensation

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older man and younger man in meetingyou might find yourself negotiating a contract.

by ed mendlowitz
how to build a stronger tax practice

this service includes employment contract negotiations and executive compensation review and planning.

more on marketing: how to guide clients through divorce | how to assist investment clubs | when clients remarry | seven questions to suggest estate planning | four reasons to perform tax projections
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

who needs this service

every client employed by a mid- to large-size company or a public company will need some sort of employment compensation assistance.
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how back office support adds value

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woman using tablet in front of laptop and desktopbonus: a case study of how not to do things.

by penny breslin
it’s not just the numbers

accounting businesses have historically provided a range of “after-the-fact” compliance services including year-end accounting and tax return preparation. many firms also provide “write-up” services, which involve the recording of business transactions based on documents generated by the client, such as invoices, checks, deposit slips and documents provided by third parties, such as bank statements and payroll reports. write-up work is typically done once a month, after the fact.

more: ai is not your enemy
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today, major innovations in technology are giving accountants the opportunity to expand their services and to provide much more comprehensive, timely and useful information to their clients.
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bluetooth getting its biggest update in years

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wireless is working toward more wonderful.

by rick richardson
technology this week

listen up if you want your headphones and speakers to produce better sound: bluetooth bandwidth will double within the next few years, according to the bluetooth special interest group (sig).

more: chatgpt passes cpa exam on second try | smartwatch saves two lives | chatgpt unlikely to replace accountants | looking for investments? check out smart home technology | solar sensors detect wildfires early, saving lives, money
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in a briefing held via vimeo, the sig stated it intends to increase the wireless transmission protocol’s current capacity from about “4mbps to 6mbps – maybe up to 8mbps” and would begin investigating the 6ghz frequency range to enable speedier transmission.
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competence is step one of seven

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what to do after the prerequisites.

by martin bissett
passport to partnership

staffers aspiring to be partners must learn the key characteristics of successful partners. they also must learn how to develop their own personal plans to achieve partnership. firms and staffers alike need a clear set of procedures, processes and milestones for turning top talent into the next generation of firm leadership.

more: when would-be partners aren’t candidates | 10 can’t-skip steps for business development | attract clients, don’t chase them | success in business comes second | business won’t come to you | forged in fire: the pains of leadership | a lesson in customer service and reputation | prioritize your prospects | good enough is not enough
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there are seven critically important criteria by which partners assess partners-to-be. i call them:

the seven c’s

1. the first is competence. as a prerequisite, but only a prerequisite, accountants must master their technical abilities and qualifications, whether it be audit, tax or management accounting. whatever your area of specialty, as a staffer the partners expect you to be able to know at least as much as anyone else who may report to you.
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where to find wealthy clients

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executive on phone in officefour steps to maximizing your referral network.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

most professionals, including accountants, get most of their client referrals from satisfied clients. the complication is that if you want to work with wealthier clients, the likely best way to source them is from other professionals they are currently engaging.

more: how everyone can win | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance
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if you aim to work with the ultrawealthy and even the super-rich, be aware that as you move up the wealth hierarchy, they are less and less inclined to refer you to other people. it is something of a catch-22. in general, the better you are, the more the very wealthy are disinclined to share. that is, they are less likely to refer you to their financial peers. also, if you are maximizing your wealthy client relationships, there is hesitancy by these clients to make referrals because of a strong preference for extreme confidentiality (if not secrecy).
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ten strategies for smart a/r collections

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if there are pattern changes, examine why.

by ed mendlowitz
77 ways to wow!

important: the longer it takes to provide the bill, the lower the likelihood of getting paid in full. the value declines as services are performed with the lowest value when work is completed.

more: be wary of discounting prices | the role of strategy in pricing | wow clients with trend analysis | 26 ways to wreck a financial projection | three ways to run a break-even analysis | price not always the top consideration in a sale | when an owner dies without a buy-sell agreement
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eight notes on billing strategies read more →

remembering john stokdyk

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john stokdyk
stokdyk

the profession mourns a loss.

by seth fineberg
at large

how does one honor a life? it’s a heavy thing upon initial approach. but when you start from a point of celebration of what was lived and not mourning what was lost, i think you begin down the right path. but this isn’t about me or anyone other than the man i knew barely eight years of chronological time and who, i believe, should be remembered in the accounting community.

more seth fineberg: who’s in control? you? or your clients? |  time management rule #1 for accountants |  plan to go ‘live’ post tax season |  why vc is a bigger threat than ai  |   what does taking control of your firm mean? | accountants need each other more than ever | marchternity: just say ‘no’ | some thoughts on in-person events | so you think you know accountants? | what bogs down accountants

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to know john stokdyk as an editor, thinker, avid statistician and collector of all manner of data on accountants and related technology only touches the surface. i met him as he still held the editor title of accountingweb uk, which still boasts the largest audience of accountants in the uk. he and then accountingweb us publisher andy north interviewed me for the vacant managing editor role here.

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