What Products Should You Create?

20 ideas to get you started.

By Rob Nixon
Panalitix

We are moving away from the time-selling business and into the productized IP business. The first step is to work out what you know and the second step is work out what the package looks like.

MORE ON STRATEGY: Turn Your Knowledge Into Products | How to Deliver Wow! Every Day | Communicate Until It Hurts | Why a Virtual Team Makes Sense | 14 Ways to Leverage Client Data for New Billings | What It Means to Be a Real-Time Accountant | 12 Predictions on the Future of Accounting | Will the Internet Replace CPAs?
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Most accountants I meet believe that there are opportunities for additional business in their current client base. However, they don’t seem that active in discovering the opportunities nor promoting the services. I think it is a BIG disservice to the client if you do not promote new ideas and new services.
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Turn Your Knowledge Into Products

Businessman with light bulb for head in front of conference table and upward-trending chartThe 3 things that have to be in sync.

By Rob Nixon
Panalitix

Every time I do a seminar and ask the question "What do you sell?" the answer is always the same. They either say knowledge, solutions, me or ideas.

MORE ON STRATEGY: How to Deliver Wow Every Day | Keep a Watchful Eye on Clients | Rewards Go Far Beyond Money | People Still Needed, But In Different Ways | Don’t Let Technology Make You Dumber | Are Your Goals Big Enough? | Finding New Opportunity in Compliance Services | How Offshoring Is Shaking Up Accounting
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I completely agree this is what you sell. However, the vast majority of business models of accounting firms suggest they sell "time."
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How to Deliver Wow! Every Day

Word "WOW!"8 ways to add value for your clients.

By Rob Nixon
Panalitix

I have been telling accountants to be proactive and add value ever since I started working with you in May 1994.

MORE ON STRATEGY: Keep a Watchful Eye on Clients | Why Clients Really Stay | 8 Ways to Build Team Engagement | How to Create 4 New Billable Hours per Day | Do You Know What Clients Want? | Is Your Business By Design or Default? | The World Is Flat | The Profession Disrupted: Compliance Commoditized
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If you are going to remain relevant you are going to have to be proactive and add value. That means the level of WOW needs to improve.
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Keep a Watchful Eye on Clients

Artistic kaleidoscope rendering of eyes and binary codeThe cloud makes it possible.

By Rob Nixon
Panalitix

I love the way cloud technology is shaping the future of the accounting profession.

MORE ON STRATEGY: Why Clients Really Stay | Communicate Until It Hurts | Why a Virtual Team Makes Sense | 14 Ways to Leverage Client Data for New Billings | What It Means to Be a Real-Time Accountant | 12 Predictions on the Future of Accounting | Will the Internet Replace CPAs?
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I love it because for the first time in history you can see what is happening in your client base as it is happening. If the client is on a cloud accounting system as they are transacting every day, their software is automatically being updated with those transactions.
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Why Clients Really Stay

Young businesswoman smiling down at tablet in officeFocus on retention should turn into referrals.

By Rob Nixon
Panalitix

Most firms have a high retention rate per client. That means their clients stay clients of the firm for a long period of time. Somehow the accounting profession has got most of their clients bluffed that it is hard to change accountants. It’s actually not.

MORE ON STRATEGY: People Still Needed, But In Different Ways | Don’t Let Technology Make You Dumber | Are Your Goals Big Enough? | Finding New Opportunity in Compliance Services | How Offshoring Is Shaking Up Accounting | The Profession Disrupted: Compliance Commoditized
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Partners will argue that clients remain with the firm because of the great relationship they have with their clients. I beg to differ. How can you have a great relationship with someone when you see them once or twice per year?
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SURVEY: Embracing New Technology a Must

A man tries to fix a broken hourglass in the forestWhat value are you adding?

By Rob Nixon
The Rosenberg MAP Survey

2015 was much the same as other years. Too many hours for not enough profit.

MORE FROM THE SURVEY: Technology Will Solve Labor Shortages | Accounting Profession Demands Swift Change | Next-Gen Leaders Getting Restless | Do You Have a Firm or a Co-op? | CPA Firm Revenues Rise a Hefty 8%
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A CPA firm will never make serious profits (more than $1 million profit per partner) if they focus on billable hours and realization margins.
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Communicate Until It Hurts

Businessman smiling and talking on phoneCall your clients, and don't charge them for calling you.

By Rob Nixon
Panalitix

If a client pays you a high fee do you communicate with them more? Absolutely, you say.

MORE ON STRATEGY: 8 Ways to Build Team Engagement | How to Create 4 New Billable Hours per Day | Do You Know What Clients Want?  | Is Your Business By Design or Default? | The World Is Flat | The Profession Disrupted: Compliance Commoditized
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Should you wait for them to pay you more before you communicate with them? Or should you communicate with them more before they pay you more? I think the latter should apply.
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