Mindset Is Everything

Businesswoman with crossed arms smiling, skyline in background5 ways Sir Richard Branson has nailed success.

By Rob Nixon

If you want to run a thriving accounting business you need to need to change the way you think.

MORE ON STRATEGY: Accountants Are the Last Trusted Advisors | How Much Should Partners Make? | Be a History Maker | Experience Doesn’t Mean What You Think It Does | Why ‘Steady as She Goes’ Isn’t Enough | Boost Efficiency and Your Bottom Line | Marketing Must Generate Leads | Be an 'Object of Interest'
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How you think and what you think about is crucial to your success. I meet many accountants who have low self-esteem.
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Accountants Are the Last of the Trusted Advisors

Businessman talking with mature coupleHow to quantify your level of trust.

By Rob Nixon

I believe accountants are the last natural trusted advisors.

MORE ON STRATEGY: How Much Should Partners Make? | The Entrepreneurial Accountant: An Oxymoron? | Growth Is All About the Clients | Change Is On the Horizon | Order Takers and History Writers | The Bizarre Habits of Accountants | 12 Traits of a Better You | 8 Ways to Become Super-Efficient | Sales Is Like Workflow Management
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Think about it…

  • In the 1970s the insurance people lost their position of trust when they started selling "whole life" policies and other "products" – trusted advisor status revoked.

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How Much Should Partners Make?

Scale with coins on one side, alarm clock on the otherDo they deliver or develop?

By Rob Nixon

How much should a partner of a multipartner accounting firm be paid? Should it be equal pay because you have equal shareholding?

MORE ON STRATEGY: The Entrepreneurial Accountant: An Oxymoron? | How to Structure Your Firm for Success | Why Average Project Value Matters | Do Your Clients Want More? | The Bizarre Habits of Accountants | 12 Traits of a Better You
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If it is going to be equal pay then each person must pass the checklist of the ideal partner. It’s my opinion that most should not be paid equally.
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The Accountant as Entrepreneur: An Oxymoron?

Thoughtful businesswoman studies documents in officePLUS: 21 characteristics of an ideal partner.

By Rob Nixon

Entrepreneur: “One who takes the initiative to create a product or establish a business for profit. Generally, whoever undertakes on his/her own account an enterprise in which others are employed and risks are taken.”

MORE ON STRATEGY: How to Structure Your Firm for Success | Be a History Maker | Experience Doesn’t Mean What You Think It Does | Why ‘Steady as She Goes’ Isn’t Enough | The Final Critical Traits: How Do Your Tires Look? | How to Calculate a Value Price | Boost Efficiency and Your Bottom Line | 4 Sales Systems and Some Secret Sauce
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See Hitendra Patil's definitive definitive guide to "The Enrteprenurial Accountant" here

Are partners of accounting firms entrepreneurs? This is an interesting question. According to the definition they own a business (although most did not start the business they own), they employ people, they take risks and they provide products and services – hopefully for a healthy profit.
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How to Structure Your Firm for Success

Diagram of silo partnership modelYour new org chart has 5 key areas.

By Rob Nixon

The new growth equation means you need different skill sets. You will need a different structure to create, market, sell and deliver the new services to new and existing services. And you will definitely need different people involved.

MORE ON STRATEGY: Be a History Maker | Growth Is All About the Clients | Change Is On the Horizon | Order Takers and History Writers | Why Old Pricing Models Are Unethical | 8 Ways to Improve Firm Profits | 17 Killer Questions for Prospects
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The traditional "partnership" model is one of a silo model. Often it has been described as "accountants sharing rent."
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Be a History Maker

Illustration of man pushing "SERVICES" buttonThe Awesome 8 beyond compliance.

By Rob Nixon

The old model suggests that most of the work that accountants do is history writing.

MORE ON STRATEGY: Growth Is All About the Clients | Why Average Project Value Matters | Do Your Clients Want More? | The Bizarre Habits of Accountants | 12 Traits of a Better You | 8 Ways to Become Super-Efficient | Sales Is Like Workflow Management | How to Dominate the Internet | Marketing Objectives Determine Marketing Amount
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Writing up the past and presenting it is a timeframe that it is not relevant anymore. Clients want additional help and if you take the view that by being proactive and really helping your clients, you can become a history maker.
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Growth Is All About the Clients

Large group of people gathered into an upward arrow shape3 questions to ask.

By Rob Nixon

The old (traditional) growth model is all internally focused. Nowhere in it is the client mentioned.

MORE ON STRATEGY: Why Average Project Value Matters | Experience Doesn’t Mean What You Think It Does | Why ‘Steady as She Goes’ Isn’t Enough | The Final Critical Traits: How Do Your Tires Look? | How to Calculate a Value Price | Boost Efficiency and Your Bottom Line | 4 Sales Systems and Some Secret Sauce
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The new growth equation is all about the clients. It’s about marketing to get additional clients from firms that are not giving legendary service (like hopefully you do). It’s about serving them well to keep them delighted, loyal and referring more. It’s about offering all services to them and it’s about you receiving fair compensation for the value that you create for the client.
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