Today's Features

How ‘Take What’s Given’ Works in Business

Extended hands on black backgroundDon't ignore the opportunities right in front of you.

By Bill Reeb

In the practice of martial arts, the concept of "take what's given" is drilled in to teach us to respond to what our opponent is offering rather than either following some mental plan we have conjured up or overrelying on our strengths.

MORE: You Might Be Your Biggest Obstacle | From Martial Arts to Business: 5 Steps of Evolution | Expect and Embrace Failure Anytime You Do New Work | Determining Your Desires Should Be an Active Process | Know Where You Are Running To | Let Go of What You Think You Know
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When you have an unfamiliar opponent, both a mental plan and leveraging strengths require information you don’t have to dependably work. In other words, those two options presume superiority; that I know my strengths are greater or that my plan has all the necessary contingencies to appropriately react to the actions and reactions of my opponent. How could you have this level of knowledge or insight about an unknown opponent?
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What’s in a (Firm) Name?

Post with two signs, "same" and "change"There are reasons to change, but don't do it without reflection.

By Marc Rosenberg

This will be short because this area is cut and dried. Let's focus on how a firm's name affects the way it is managed.

MORE: A Crash Course in Partner Retirement/Buyout Plans | 5 Key Reasons to Have a Partner Agreement | Protect Your Business with a Solid Partner Agreement
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There are two primary scenarios to examine.
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Is It Time to Manage Your Receivables Like a Real Business?

Consequences: Are there any?

By Domenick J. Esposito
8 Steps to Great

It never ceases to amaze me how lax many small and midsized CPA firms are when it comes to managing their work-in-process and accounts receivable and optimizing their cash flows.

MORE ON STRATEGIC PLANNING: Profitability Requires Discipline | The Link Between Strategy and Winning on Value | Focus On an Enhanced Client Experience | Solve the Partner Comp Problem | 6 Rocks in the Path to Growth | Use Compensation to Shape Partner Behavior | The Importance of M&A Culture Due Diligence
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Sloppy billing and collecting policies often result in lost billing opportunities (i.e., if you don’t bill it timely, clients forget the value you provided and resist receiving a bill 90 days after the work was performed) and for a need to have a relatively large line of credit. Sloppy policies also result in year-end fire drills with clients when partners “beg” clients for cash before the end of the firm’s fiscal year end.
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Merger Mania: The Non-Traditional Way

Out-of-the-box thinking for CPA firms seeking new growth strategies.

Bill Carlino will be appearing at the Accounting & Finance Show. Click here to learn more

By Bill Carlino
Transition Advisors

The accounting profession has traditionally had three strategies for growth.

  1. Organic growth - adding one client at a time.
  2. Beginning a new client service line that was not previously offered.
  3. Merging with another CPA firm.

But that was then and this is now.

With technologies such as blockchain, AI and robotics promising to revamp the accounting process there will be significant changes afoot – whether the profession is ready or not.

For one, within five-to-seven years, the audit process will likely be automated, sending the folks who normally perform that “Type A” audit or tax work, seeking assignments in other areas such as high end consulting and advisory services.

As a result, the past few years have seen a number of firms adopting a fourth option toward achieving their respective growth targets – that of merging in “non-traditional” businesses.

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Building a CPA Marketer’s Tech Stack

The right tools for the job.

Goricki

By Bob Goricki
Skoda Minotti

Being a CPA firm marketer means that you are often faced with two major limitations: time and budget. Unfortunately, I’m unable to create more of either, but I can point you in the direction of tools that can help maximize both.

10 More Great Tools at AAM Summit: For more tools, join Bob at the AAM Summit in Portland, Ore., May 15, at 3:50 p.m. for “10 Powerful Marketing Tools CPA Marketers Can Leverage Today.” To get more information or register for 2018 AAM Summit: Think Fresh! click here.

Click to learn more

At this year’s AAM Summit, I’ll be sharing 10 of my favorite tools that help CPA marketers work smarter, not harder. While the full list will have to wait until May, I want to share a few “bonus” tools in this blog to jumpstart your post busy season marketing efforts before the conference. All of the tools below are free to try, so get started today!

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Tomorrow’s Leader in 9 Bullet Points

Number 9 created by gaps between many small green plastic 9'sDon't have them all? Pick one and get started.

By August J. Aquila
Price It Right

Everything the firm does from this moment on flows from this decision, including the firm’s strategy, reputation, the ability to attract critical talent and how well it will execute its plans.

MORE: CHECKLIST: 18 Essential Steps to Effective Billing | 6 Steps to Making Your New Pricing Happen | Preparing to Change Pricing Philosophy | Ethical Issues in Pricing | How Utility and Value Affect Pricing | Understanding the Product Pricing Life Cycle | 4 Ways a Production Orientation Can Harm a Firm
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Selecting the strongest rainmaker or the longest tenured partner, no matter how well liked, can quickly send the firm in the wrong direction if the candidate is underprepared or an inadequate leader.
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Think Twice About Logging into Your Hotel’s Wi-Fi

Laptop open in hotel roomAre you giving your personal info away?

By Rick Richardson

What's the first thing you do when you arrive at your hotel?

MORE TECH THIS WEEK: Amazon Plans 6 More Cashierless Go Stores in 2018 | Solar Panels Generate Power from Falling Raindrops | Facial Recognition Could Replace Boarding Passes Within 4 Years | Google, Rolls-Royce to Create Self-Piloting Ships | Blockchain Corporate Strategies [VIDEO]
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Check into Wi-Fi, obviously. Everything else, like unpacking, eating, drinking and enjoying yourself, comes after.
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