Business Strategy for CPA's

It’s just too easy to assume that your clients want only what they come to you for, and then, simply, serve them up the usual menu of accounting and tax.  The problem is that your best clients likely want so much more than accounting and tax. Chances are good they are asking you for more but the questions aren’t getting through to you, because they lack the language to articulate it, or because you’re buried under a pile of compliance and back-office accounting When you’re in the hole and you want to get out, it makes sense to dig if the tool you have is a shovel. But what you need is a ladder.  And the ladder comes in the form of client interviews.  Client interviews are a key step on the path out of accounting rut. Client interviews are the differentiator that you need, to put your accounting practice on the trajectory of working less, without sacrificing income.  When you ask your clients what they want and then you turn right around and give it to them - it’s one of the most powerful things you can do to transform the quality of the service you provide.    Here are some Don’ts and Do’s when it comes to interviewing your clients: DON’T follow guidance in Accounting Today that cites: 5 tips that are WAY TOO GENERIC LIKE   Being a trusted advisor; Responding quickly; Understanding the client’s business or industry; Being affordable; and Communicating clearly with non-accountants.   That’s all helpful, but it’s also way (waaaaay) too generic.  When my clients interview their clients, what comes out of it are insights wanting very specific things, like: data mining tax planning in August rather than November for more time for large purchases when prices are lower margins on specific projects Estimated vs Actual increased clarity on crop yield getting ecommerce data to match insight on cash available for Facebook ad-spends   Here are the dos: Tip/ how to solve: Don’t ask them what you are doing right or wrong. You’re not looking for feedback on your service. Instead frame the conversation around wanting to serve them better.  Ask what they like about other service-based businesses. This will give you insight into what’s important to them when it comes to service-based businesses like your own. Ask about the challenges in their business, and if they could solve the problem, what would that give them?  Ask them if they had time to make their business more profitable, what would they do? These questions will help you understand the problems they have, solutions they are looking for, and the kind of service they want to get. AND THAT could be gold for you.    When you know exactly what your client wants - because you have heard it directly from them, you  know exactly what to give them start giving them what they want your life gets easier, and you can stop guessing stop giving them things they don’t care about or are less important to them start giving them huge value and you now have a secret weapon that will not only keep your clients coming back to you, but will also have your clients sending you other clients with the same problems.  Schedule time with Geraldine: https://calendly.com/geraldinecarter/15min   Download the ebook “6 Simple Steps to Double Your Revenue” https://shethinksbigcoaching.com/download-double-your-revenue   Work with Geraldine: Strategy Session https://shethinksbigcoaching.com/strategy-session/ 1:1 Coaching https://shethinksbigcoaching.com/business-coaching/ VIP Day https://shethinksbigcoaching.com/vip-day/  

Anjali Jariwala, CPA and CFP®, is the founder of FIT Advisors — a financial planning firm serving physicians and business owners virtually across the US. She utilizes her expertise in tax and finance to empower her clients to discover and reach their life goals while building a stable financial future.  Anjali hosts Money Checkup podcast - a semi-monthly checkup that discusses the many facets of financial well-being.   When Anjali started her practice 5 years ago, baked right into the plan was how to build a highly profitable business while working only 30 hours a week, so that she can spend time with her young daughter.  I wanted YOU to be able to hear exactly what Anjali has figured in order to work less and make more, so that you can see that it’s real, and do the same in your accounting practice.  What stood out to me in this episode was the level of intentionality with which she designed and built her practice to align with her values. And that by choosing to stay small, she could cap the number of clients she takes, be selective, charge a premium for limited seats for a specific service, and provide value that most people cannot.  All of that was intentional. She set out to do it that way, and it works.   Previous episodes mentioned: 91 Is Your Accounting Niche Niche-y Enough? 86 Secrets of Shifting to vCFO Services   Connect with Anjali: Website: www.fitadvisors.com  Podcast: Money Checkup Podcast Instagram: https://www.instagram.com/anjalifit/  Twitter: https://twitter.com/AnjaliFIT LinkedIn: https://www.linkedin.com/in/anjalijayakumar  Facebook: https://www.facebook.com/FITadvisors    Schedule time with Geraldine: https://calendly.com/geraldinecarter/15min   Download the ebook “6 Simple Steps to Double Your Revenue” https://shethinksbigcoaching.com/download-double-your-revenue   Work with Geraldine: Strategy Session https://shethinksbigcoaching.com  

Today we're talking about how creating your own signature framework can be a gamechanger in your accounting practice. A framework is your process or methodology, your approach of how you work with your clients. It's the process you walk your clients through to get the consistent, impressive results you help them get. A framework helps both you and your clients know how to think about things. Most CPAs I work with have a framework. They just don't realize it. What they tend to do is give away all kinds of advice and guidance for free, and then they get upset when their client does nothing with it.    So how do you come up with your own framework?    Imagine one of your clients who you know is leaking money.  Imagine being able to have your way with that person's business: What would you do?  Where would you go to look for and find money?  What would you change about their business, their structure, or the way it's run? What are the opportunities for profit that are being left all over the table?  What would you do that's different from others in your field?    When you can list out answers to those questions, you have the beginnings of a framework. Just like a framework helps me help my clients, you having a framework helps your clients understand what order to do things in. It increases their clarity and it reduces their overwhelm. Not only will it increase clarity for them and reduce overwhelm for them, it will do the same for you.  Most importantly, it will improve your ability to create consistent, amazing results for your clients. When you help your clients get better results, you can raise your prices. And when you can raise your prices, you can work less. –    Previous episodes mentioned: 91 Is Your Accounting Niche Niche-y Enough? 54 How Narrowing Your Niche Can Help You Grow Faster   Upcoming training:  Stop Underpricing: It Does A Disservice To Your Clients August 21st at 12pm Eastern   Schedule time with Geraldine: https://calendly.com/geraldinecarter/15min   Download the ebook “6 Simple Steps to Double Your Revenue” https://shethinksbigcoaching.com/download-double-your-revenue   Work with Geraldine: Strategy Session https://shethinksbigcoaching.com/strategy-session/ 1:1 Coaching https://shethinksbigcoaching.com/business-coaching/ VIP Day https://shethinksbigcoaching.com/vip-day/  

What’s on your summer reading list?   Now that the July 15th deadline is behind us, hopefully you have a bit more discretionary time to read the latest releases on finances. Now, I don't need to tell you why to read books, but I will anyways: because you want to work smarter. You want to set yourself apart and you want to find forward-thinking ways of adding high value to your clients so that you can start working less and earning more. In my reading, I learned that double-entry accounting dates from 14th-century Italy. Who knew. And that’s really cool, but here’s the thing - your clients don’t give a hoot about double-entry accounting. What they care about is how you can help them grow their earnings while protecting more of what they make.  And YOU learning more about double-entry accounting won’t help you get them there. But HERE are 5 books that will:   Subscribed by Tien Tzuo Read Subscribed if you want your mind expanded - it’s full of forward-thinking ways you need to be accounting for clients with subscription revenue.    Fix This Next by Mike Michalowicz Read Fix This Next if you want to add value to your practice by helping your clients know what they need to fix next in their business. Plus, it provides a simple framework to apply again and again.   How Finance Works by Mihir Desai Read How Finance Works if you're wanting to get into more vCFO - type work, and if you need to bone up on finance terms and concepts.   Million Dollar Consulting Proposals by Alan Weiss Read Million Dollar Consulting Proposals if you want to get more yesses on high-value proposals. Creating great proposals is a key to a high-margin practice.   The 4-Hour Workweek by Tim Ferriss Read The 4-Hour Workweek if you want to live a rich life while working less.  If you enjoyed one of these books, please comment or shoot me an email! Happy summer reading outside the accountant box! Episodes mentioned: 081 Time To Rethink Your Pricing Strategy? with Ron Baker, Founder of Verasage Institute 032 On A Mission To Transform Healthcare, with Lesley Von Eschen, PA-C And Carol Bridges, MD, co-CEOs of Costcare 088 The Case of The $475k Proposal: Did They Accept?   Upcoming training:  Stop Underpricing: It Does A Disservice To Your Clients August 21st at 12pm Eastern   Schedule time with Geraldine: https://calendly.com/geraldinecarter/15min   Download the ebook “6 Simple Steps to Double Your Revenue” https://shethinksbigcoaching.com/download-double-your-revenue   Work with Geraldine: Strategy Session https://shethinksbigcoaching.com/strategy-session/ 1:1 Coaching https://shethinksbigcoaching.com/business-coaching/ VIP Day https://shethinksbigcoaching.com/vip-day/

Today’s guest is Hugh Duffy, CEO and Co-Founder of Build Your Firm (BYF), Inc. Hugh is the leading marketing coach for accountants and takes pride in the impact that it has on their practice, and lives. With more than thirty years of marketing experience, Hugh has been teaching accountants how to improve their marketing so they can make more money in their accounting practice.  I wanted to have Hugh on so that you can better understand the role marketing can and should be playing in your business, so that: you can get better leads for your business, and get the most from your marketing dollars.  your marketing time, dollars, and energy bring the right number of high quality leads into your business. What stood out to me in this episode was just how much Hugh is on the same page about choosing a vertical or niche to become an expert in - and the impact it has to quality leads being able to find you, and you being able to command and defend much higher rates.    If you want to know if your niche is niche-y enough, go back and listen to episode, #91.  Figuring out your niche so that you can make your marketing more effective and command higher rates is one of the hardest parts of shifting your business from traditional accounting to highly paid advisor.  It’s a process I move almost every single one of my clients through - even the ones who thought they were sufficiently niched.  If you know your business’s growth is being held back because you can’t figure out your niche, I CAN HELP YOU find it.  Past Episode Mentioned: 091 Is Your Accounting Niche Niche-y Enough?   Connect with Hugh: Website: https://www.buildyourfirm.com/   Schedule time with Geraldine: https://calendly.com/geraldinecarter/15min   Download the ebook “6 Simple Steps to Double Your Revenue” https://shethinksbigcoaching.com/download-double-your-revenue   Work with Geraldine: Strategy Session https://shethinksbigcoaching.com/strategy-session/ 1:1 Coaching https://shethinksbigcoaching.com/business-coaching/ VIP Day https://shethinksbigcoaching.com/vip-day/

In this episode, you get a different way of thinking about the proposal and it's called a choice of yeses.  A yes or no choice pits you and your buyer against each other. But when you give your prospect options, you change the very nature of the conversation: You set your clients up to answer an entirely different question: What's the best way for me to work with this person? Now they're viewing your relationship as a partnership, a collaboration whereby you are offering them options to best help them solve their problems. Your conversion rate goes up. The value you provide goes up and your margins go up.  If you're a traditional accountant, prospects often come to you for transactional services. It's what they think they need. But when you take the time to listen more deeply to your prospect's challenges, you might hear that there are other pain points you may be able to help them with and new ways that you can add significant value.   Here are six guidelines for you to follow when creating your proposals:  Start with your bread and butter service.  Spread out other ways you can solve numbers and money based problems for your clients.  keep a healthy spread between your prices.  If your buyer wants vCFO, but can only afford controller: If they want the price reduced, they need to take out value.  Keep it simple. Don't make this rocket science and definitely don't make it accounting-y.  Make clear the value to your client because ultimately that is what matters in the buying decision.    When you offer a choice of yeses, it makes the conversation about the prospect and them getting their problem solved.  By providing value that your clients seek, that is how you can start working less and making more. Schedule time with Geraldine: https://calendly.com/geraldinecarter/15min   Register for Free Livestream for CPAs: How to Become A High-Priced Advisor http://shethinksbigcoaching.com/livestream   Download the ebook “6 Simple Steps to Double Your Revenue” https://shethinksbigcoaching.com/download-double-your-revenue   Work with Geraldine: Strategy Session https://shethinksbigcoaching.com/strategy-session/ 1:1 Coaching https://shethinksbigcoaching.com/business-coaching/ VIP Day https://shethinksbigcoaching.com/vip-day/

If COVID has taken your accounting practice on a long, unexpected detour, it's time to pause and ask yourself where you are relative to your goals.  And given where you are, what is the best path to get you to your goals?  You might tell yourself that you don't have the time. But the truth is that if you don't take the time now it'll cost you far more time and far more energy in the long run to get to wherever it is you want to go. Now's the time to pick your head up: if you don't pick it up now you might stay on your trajectory and finish the year way off course. Or, if you do pick your head up, but you take a little while to do it, the longer it takes to recover and the more energy it takes to get back on track. So how do you do this? The first thing to do is to look at your calendar. And before the end of July, or if you're listening asynchronously, before the end of the month, block half a day where you can check in with your business and assess it.    Ask yourself: What is my income year-to-date relative to where I thought it would be? What percent of my clients does it take to create 80% of my income?  What actions am I not taking to grow my accounting practice?  What's holding your current system in place? What would it look like if my business were easy?  If I knew I couldn't screw up, or if my decisions wouldn't upset anyone, what would I do?  When you take a moment to pick your head up, to see where you are, you suddenly see where you need to be heading. Pausing your work for a day to ask yourself these questions is how you get yourself on the path to working less while making more.    Download this PDF for more questions to assess your accounting practice: PDF 094 - Questions to assess your accounting practice   Previous episode mentioned: 044: CEO DAY: Why you need to pick your head up in your business   Schedule time with Geraldine: https://calendly.com/geraldinecarter/15min   Register for Free Livestream for CPAs: How to Become A High-Priced Advisor http://shethinksbigcoaching.com/livestream   Download the ebook “6 Simple Steps to Double Your Revenue” https://shethinksbigcoaching.com/download-double-your-revenue Work with Geraldine: Strategy Session https://shethinksbigcoaching.com/strategy-session/ 1:1 Coaching https://shethinksbigcoaching.com/business-coaching/ VIP Day https://shethinksbigcoaching.com/vip-day/  

Business owners across the country are wondering, more like, dying to know, what the impacts of COVID might be to their business, their revenue, and their cash flow.  They want to know the best case, worst case and likely case scenarios. And they want to know the UH-OH case of how long do I have before I run out of cash. By providing simple scenarios, you can help your business-owning clients, make wiser decisions sooner. As a CPA, you can run scenarios and be clear about the variables you use and be frank about the assumptions you've made and see what results each scenario spits out. Doing this for your clients now can be the difference between them weathering the COVID storm with some bruises or their ship totally sinking. Even if you can't tell them exactly how things will play out, showing them what happens in these different scenarios gives them a greater sense of control over their future. And when you provide your clients with a greater sense of control and an ability to make better informed decisions, now the value you add as a CPA goes way up. But it’s YOUR accounting practice that has the most to gain. When you add more value, it allows you to:  command much higher fees let go of low-margin compliance work free up time for higher impact work.  Start by picking one client for whom you could easily run scenarios. Walk them through your thinking and be sure to include the variables they know to be important.  Start there and you will be well on your way to offering this service more broadly to you best clients and transforming your CPA firm.  Schedule time with Geraldine: https://calendly.com/geraldinecarter/15min   Register for Free Livestream for CPAs: How to Become A High-Priced Advisor http://shethinksbigcoaching.com/livestream   Download the ebook “6 Simple Steps to Double Your Revenue” https://shethinksbigcoaching.com/download-double-your-revenue Work with Geraldine: Strategy Session https://shethinksbigcoaching.com/strategy-session/ 1:1 Coaching https://shethinksbigcoaching.com/business-coaching/ VIP Day https://shethinksbigcoaching.com/vip-day/

Today’s guest is Germeen Guillaume (GEE-YOME), Founder of Visionary Accounting Group.  Germeen founded Visionary Accounting Group in 2015 and has been helping nonprofits leverage technology as a means to gain deeper financial insight and real time data. To date, Germeen has led the Company in recouping over $2.8M in receivables, through workflow automation and accounting system conversions. I wanted to have Germeen on to better understand the experience that people of color have when it comes to being an accountant and business owner, so that you can be on the lookout for opportunities to level the playing field. What stood out to me long before I recorded this episode is just how much leadership in the accounting space is predominantly white and mostly male.  And as a woman, frankly, I’m not down with that.  What this conversation helped me see is how pervasive and systemic biases and prejudices are in accounting, banking, and funding , and how much work there is to be done. It’s shifted how I view my role as someone who values a level playing field.  Rather than a call to action that supports my business, which is what I would usually put here, instead I pass along Germeen’s request: Speak up when you see bias, prejudice, or racism in play Take the time to educate yourself about challenges that people of color uniquely face And if you’re in the VC space, consider who you’re funding Start with your inner circle - the people with whom you have contact on the regular. Connect with Germeen: Website: https://www.visionaryag.com/ Download ebook “6 Simple Steps to Double Your Revenue” https://shethinksbigcoaching.com/download-double-your-revenue Schedule time with me: https://calendly.com/geraldinecarter/15min Work with Geraldine: Strategy Session https://shethinksbigcoaching.com/strategy-session/ 1:1 Coaching https://shethinksbigcoaching.com/business-coaching/ VIP Day https://shethinksbigcoaching.com/vip-day/

Today, we're talking about how niching can bring you one step closer to earning more while working less. Having a clear niche as a CPA is the single biggest thing you can do to get you off the hamster wheel of working like crazy, and makes it easy for great clients to find you because you're a go-to expert in their field. When you go through the process of making your niche niche-y enough, your business will become more simple for you to run. You'll deliver more value, more easily, and in less time. And you'll become known as a go to person to be serving that type of client. And then once all that happens and given some time, then you can take things to the next level where many more opportunities that you may not be able to see right now, including additional revenue streams will begin to appear. Schedule time with Geraldine: https://calendly.com/geraldinecarter/15min Download the ebook “6 Simple Steps to Double Your Revenue” https://shethinksbigcoaching.com/download-double-your-revenue Work with Geraldine: Strategy Session https://shethinksbigcoaching.com/strategy-session/ 1:1 Coaching https://shethinksbigcoaching.com/business-coaching/ VIP Day https://shethinksbigcoaching.com/vip-day/