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new businesses mean new business

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bar chart
what do you consider the top issue facing your business? owners see economic uncertainty as the top issue and have started increasing cash reserves. from gusto.

 

some are side hustles that flourished. seven lessons for accountants.

by 卡塔尔世界杯常规比赛时间 research

new businesses are burgeoning. last year, 5 million new businesses entered the market, according to a survey from the gusto company. entrepreneurialism is 42 percent higher than it was just before covid-19 hit.

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every one of these new businesses – and they include full-time leadership as well as part-time side hustles – is a potential client for  a cpa practice. but the demographics – and thus the marketing strategies – are quite different from the historical white males who used to comprise most of the entrepreneurial cohort.
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peter margaritis: the power skills every accountant needs

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your eq is just as important as your iq. and seven more take-aways.

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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间

peter margaritis, who also calls himself the accidental accountant, grew up in the gregarious environment of restaurants, “where everybody communicated, not well, sometimes, but they communicated.” so it was a shock when he went to work at price waterhouse, and he “felt that all the air got sucked out of the office, and nobody was communicating at all, and they looked at me like i was crazy.”

more: joe montgomery: find the sweet spot of the right clients, right services and right prices | marie green: your bad apples are ruining you | megan genest tarnow: hire for curiosity rather than compliance | clayton oates: one way to keep clients for life | randy crabtree: follow these three rules to keep employees happy | erik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshift | jennifer wilson: empower young workers to build the firm everyone loves | mike whitmire: re-think your hiring and training practices | hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

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

his crusade for the last decade or so has been to help accountants improve what we often call soft skills, but which he calls power skills: the ability to communicate clearly and effectively with others. “there’s nothing that will slow you down more in your career than a poorly written memo or email or a presentation that you were poorly prepared for,” margaritis said.
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five questions for your high-net-worth practice

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and four qualities of these wealthy clients.

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

by design, the clientele of an accounting firm’s high-net-worth practice is the wealthy, defined as having a net worth of $10 million or more.

more: take time to tune your practice goals | nurture referrals from wealthy clients | four steps to a high-net-worth practice | why tax planning matters so much to the wealthy
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we know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.

admittedly, the $10-million criterion is somewhat arbitrary. but in extensively researching the wealthy, coupled with “in the trenches experience,” clients with a net worth of $10 million or more consistently prove very rewarding for most accounting firms.
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growth during a recession? here’s how

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it’s a strong opportunity for your high-net-worth practice.

by russ alan prince

there is a high probability that the u.s. will go into a recession. a recession, especially a severe recession, can be very detrimental to the accounting business. there are likely to be fewer wealthy clients looking to their accountants for advice and services.

more: wealthy drive expansion of family offices | does wealth management make sense for your firm? | create family dynasties and add value, roi | is elite wealth management right for you? | why accountants fail at wealth management
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on the other hand, a recession can prove – from a business development perspective – very advantageous to proactive, astute accountants working with wealthy individuals and families. generally speaking, many wealthy individuals and families are poorly served in the best of times. a recession can act as a catalyst for the wealthy to realize they can get much more value than they’re currently receiving by working with competent accountants who are genuinely client-centered.
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make your expertise a new-client magnet

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we understand our value.

by martin bissett
winning your first client

it’s about time to realize that value is not about time.

more: attract clients, don’t chase them | four reasons it’s hard to sell | eight questions to hold yourself accountable | win your first client: yourself | perception is reality, client version | 10 questions for reconsidering your prices
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when i look back on the research that has been conducted by various groups as to the biggest obstacles accounting firms cite to growing their practice,

  • 50 percent said creating opportunities,
  • 25 percent said knowing how to close deals
  • and the remainder said having self-confidence in presenting and then being able to positively differentiate from their competition.

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help clients manage their investments

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piggy bank with word "investment"you may not have the expertise, but you likely know someone who does.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

investment allocation construction is a valuable service that helps a client get a perspective on their investments, their projected assets, the current and prospective cash flow from the investments and measures this against the client’s individual risk tolerance and broad long-range goals.

more on marketing: when clients remarry | questions for after tax season | 28 data points for a financial planning discussion | four reasons to perform tax projections | four additional services to suggest
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many times the client has to be “taught” basic investment principles, techniques and vehicles and have these related to what might be best for the client. then a portfolio model has to be constructed that will provide the right degree of risk with the feelings of security the client needs.
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put back office support into action

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three young people seated at office table and talkingeight steps to take.

by penny breslin
it’s not just the numbers

moving from compliance to reliance services is not an easy task. if you are feeling a bit overwhelmed at this point, that’s okay. however, the joy of offering back office support (bos) services and working closely with clients to help them meet their goals is well worth the effort. having a strong team, clear procedures and technology that works for you are the building blocks that allow you to succeed in this endeavor.

more: make cybersecurity a client service option | how to safeguard client information | three demos: pricing your value add | procedures require regular revisiting | why federated search matters | tips for getting clients started on bos | the best tech for your team and clients | marketing? know your goals first | eight things to stop doing now
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the next layer is the clients – meeting with them, working with them and setting up the procedures to ensure that you are truly their advisor. when you carefully select your clients, take the time to understand their needs and goals, and hold them to a paperless work environment, both your team and clients will reap the rewards.
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you train your clients, whether you mean to or not

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if you schedule it, they will come. so … stop that now.

by frank stitely
the relentless cpa

as we all know, there is a definite cost involved in not training clients. let’s look at the training that’s occurring, whether you know it or not. it actually all boils down to timing.

more: train your clients before they train you | why time tracking still matters | business owners face one of three exits | make fewer mistakes, increase revenue and capacity | how small firms can win the talent wars | six ways to create a millennial-friendly firm | do you know your turnaround time?
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here is an example of my stupidity.

i met with a client who was a software company executive. he had been a client for a dozen years, and people don’t get much smarter than he is. he drove from alexandria, virginia, to chantilly, virginia, every year. the drive is 20 miles and might seem like a 30-minute trip, but in northern virginia, it’s more like an hour.
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stanford scientists 3d-print heart tissue

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will human organ transplants be a thing of the past?

by rick richardson
technology this week

the way we construct homes cars, and even food is changing, thanks to 3d printers. they may alter how transplant patients receive new organs in part because of researchers at stanford university. their innovative method might eventually enable the printing of organs from the patient’s own cells on demand.

more: chatgpt unlikely to replace accountants | cancer vaccine available by 2030? | four of today’s new technologies that will be tomorrow’s ‘norm’ | looking for investments? check out smart home technology | 4 new tech trends to watch | cyber insurance costs rise in health care as attacks soar | solar sensors detect wildfires early, saving lives, money | adobe announces “creator-friendly” generative ai tools | phishing attack hackers have a new trick | the top hotspot router – and why you need it | satellite sos services coming to android users | chatgpt spurs competition in different ways | chatgpt: what it is. why you need to know.
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bioengineers mark skylar-scott and his group have created a method that enables them to 3d-print living heart tissue. one day, they hope to print vital components of the heart, such as valves and ventricles, that would really develop with the patient.
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how to react to trends

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businesspeople having a meeting over coffee sitting together at a table discussing a document, young man and two middle-aged women presentbonus: charts that put data into perspective.

by ed mendlowitz
77 ways to wow!

getting the information is useless unless it is used!

that is why trend analyses work – they involve a short, easy and quick way to absorb and to react.

more: where is your firm in its lifecycle? | 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
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trends are always present – but they need to be recognized and uncovered to be of any use. and then that knowledge needs to be used to change what is being done.
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who’s in control? you? or your clients?

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why clients need the “tough love” you didn’t know they craved.

by seth fineberg
at large

truth time, accountants. regarding your client relationship, would you consider yourself a leader or a follower? in other words, do you lead them, or do they lead you more often than not?

more seth fineberg: 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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we raised this topic some years ago during my time at accountingweb. but while much has changed since then, even during the past five years in this great profession, one must wonder who is making the decisions about the direction of your firm and how you work. is it you or your clients?

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which clients are best for cas

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//www.g005e.com/2020/10/09/how-to-develop-the-cas-mindset/a baker’s dozen of questions to ask.

by hitendra patil
client accounting services: the definitive success guide

will your existing clients or prospects buy higher-priced and more services from you? if you ask them to, will they feel put off? if you do not ask, will you leave real money on the table? if you do not tell them about more services your firm is capable of providing, will they switch to another accounting firm simply because they were not aware of your other services?

more: cas is a value pitch | convince your firm of cas value | ten ways to tell a client is ready for cas | launch cas in just eight steps | who is the professional?
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pitching relevant services to clients and prospects is nearly a fine art. it is fraught with the risk of coming across as is you have only your own interest in mind. at the same time, clients and prospects may not even know that you offer such services or that they need those services. you can lose such opportunities even before you explore those with your clients/prospects.
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