102 Profitability with Scott & Nikole | #Varsity

Episode 102 | Recorded February 7, 2023 VarsityTips is brought to you by https://www.liveflow.io/ https://www.liveflow.io/partnerships/accounting-high Get 20% off for 3 months with promo code HIGH And another special thank you to our Booster Partner https://www.growthlabfinancial.com/nocode-CPA In this episode, https://www.linkedin.com/in/scottscarano/ and https://www.linkedin.com/in/nikolemackenzie/ explore the concept of profitability in their respective firms, drawing on their own experiences and anecdotes. They delve into various topics, such as outsourcing, hourly billing, and employee percentages, and discuss ways to improve your profitability, such as upselling, fixed pricing, and consulting. Along the way, they share fun stories, including encounters with a shady shirt vendor. They also share practical tips for increasing profitability, including investing in marketing, automation, and niching, as well as the importance of building relationships with other companies and providing excellent customer service. This podcast is a must-listen for anyone looking to improve their firm's bottom line. • What to expect from this episode • Your firm is your firm • Simple Tasks! interrupts • Start of the review • Scott has learned nothing • Working at home and outsourcing • Stats on what people are doing in the office • Revisiting hourly billing • Scott’s outsourcing update • When you aren’t being profitable • The Ps • Niks Profits • Jedi Mindset Shift to abundance • Goals • Makeup of client profitability • The cost of profitability • Percentages for employees • Sharing the owner’s salary • Raising prices and clients • What’s the key to profitability? • Working hard or hardly working? • Ways to increase profitability • Pricing • Rushing into new clients • Making cuts and Price increases • Jasper’s answer to profitability • Upselling • Caring about the customer and fixed pricing • Making big changes for the clients by consulting • Scott’s epiphany to help accountants • Getting and giving referrals • Investing in marketing? • Automation • Offer competitive pricing • Niching • Take on contracting work • Bracket Challenge • Expand relationships with other companies for leads • Animals and Mascots All the Shoutouts: https://www.linkedin.com/in/ashleykcarroll/, https://www.linkedin.com/in/rezahooda/, https://www.linkedin.com/company/the-abundant-accountant/, https://www.linkedin.com/in/michelleweinstein/, https://www.linkedin.com/in/dcb/, https://www.linkedin.com/company/karbonhq/, https://www.linkedin.com/company/heyjasperai/, https://www.linkedin.com/in/ronbaker1/