But it depends on your taste for risk. by Jean Marie Caragher Capstone Marketing There are at least four types of opportunities your firm can pursue in considering new niche growth, each with its own level of risk: 1. Market penetration. Better known as cross-selling, market penetration is providing existing services to existing clients. This is the least risky opportunity since you are already familiar with the service and the clients. For example, you may be developing a niche in the construction industry. Currently, succession planning is a firm specialty. This is a service needed by and could be offered to your builder and contractor clients. 2. Market development. Provide existing services to new clients. This is a bit more risky since [...]
Topic: Seven Keys
For instance: Can your firm deliver? by Jean Marie Caragher Capstone Marketing Niche marketing is the decision to use a mix of marketing tools to address a specific target: a niche in the market. Using the information gathered in your marketing audit, answer the following questions prior to pursuing a particular industry or service specialization:
Three things to know before jumping in. by Jean Marie Caragher Capstone Marketing You can’t start thinking about selecting a niche until you have a firm grasp of your firm’s current situation. That’s why you need a marketing audit of your firm. A marketing audit might start with three key areas to focus on:
Hint: The answer is closer than you think by Jean Caragher and Rick Telberg SevenKeys CPA Looking specifically at the accounting profession, a five percent improvement in client retention can improve profits by 25 to 85 percent. This kind of revenue growth adds directly to your bottom line. What more compelling argument do you need to demonstrate the benefit of improving your firm’s ability to retain your clients? Continued at AccountingWEB.com.
Digital emerging as chief weapon. Results for the new CPA Trendlines study of marketing trends are eye-opening: Accounting firms are rapidly escalating their business-building efforts: 66% of accountants say their firms have been increasing their marketing and business development activities in the last 12 months.
At your firm, who’s the chief change officer? By Jean Caragher and Rick Telberg sevenkeyscpa.com Organizations with strong learning cultures have 37 percent greater employee productivity, are 32 percent more likely to be first to market and are 17 percent more likely to be market leaders in their segment, according to Bersin & Associates’ 2010 study High Impact Learning Culture. The same research shows that most companies do not understand this area well, despite the opportunity to drive tremendous performance improvements with almost no additional expense. Among accounting firms, less than 1 in 4 CPAs say they get the training they need, according research conducted for the Seven Keys to Successful CPA Firm Management. And yet, when we separate the [...]
SevenKeys CPA research shows that the best firms are three times more likely than laggards to fire clients. via AccountingWEB Firing clients is an effective way to manage growth and profitability. Clients should be evaluated on a variety of criteria including: Fee Realization Ability to pay To see all 11, click here to go to AccountingWEB.com.
The SevenKeys to Successful CPA Firm Management, a ground-breaking and comprehensive investigation into the critical success factors for today’s accounting firm, is now offering a two-hour online workshop. Thursday, September 22, 2011 12:00-2:00 p.m. Eastern $289 per connection (discounted from $329 for CPA Trendlines readers) Learn More Here
Thanks to the economic bust, the staffing crisis for CPA firms seems to have evaporated. So here’s the question: Does creating a “Great Place to Work” still mean anything these days? Jennifer Lee Wilson Convergence Coaching LLC Yes, I believe the concept of building a “great place to work” still means a lot. Just the other day, I was training up-and-coming leaders at a firm that is striving to be a great place to work.
Thanks to the economic bust, the staffing crisis for CPA firms seems to have evaporated. So here’s the question: Does creating a “Great Place to Work” still mean anything these days? Lisa Tierney Tierney Coaching & Consulting I spent twenty years employed in corporate America and for most of that time, I enjoyed it thoroughly! However, due to certain changes in American culture, such as: the recent economic turmoil, the influence of various foreign work ethics and markets, and what I would consider to be a debilitating strong-hold to a politically correct status, the corporate American culture has become a fear-driven environment which often disengages and dis-empowers the workforce that it so desperately relies on. I have many conversations with [...]
When salaries are tight, corporate culture becomes competitive differentiator. by Rick Telberg The days of concierge service and back rubs for accounting staffers may be over. But has building the so-called “great place to work” fallen by the wayside as a competitive necessity for firms and finance organizations in this economy? In recent years, various media outlets and organizations have created a cottage industry in rating, ranking and publicizing the elements in compensation, benefits, working conditions and corporate culture that add up to a “great” or “best” place to work. Considering the realities of today’s economy, does a “great” place to work actually mean anything anymore?
Thanks to the economic bust, the staffing crisis for CPA firms seems to have evaporated. So here’s the question: Does creating a “Great Place to Work” still mean anything these days? Richard G. Rinehart Grant Partners LLC Without a doubt, the concept of “a great place to work” means something in the CPA profession. The current economic crisis will pass and young recruits will be looking for great firms once again. While employee loyalty is not what it used to be and young accountants may not believe that the goal of every public accountant should be to become a partner in the firm, a great work environment, with great people, great benefits and an understanding of what makes the current [...]
Staff recruiting trails far behind in marketing objectives. With the shift in the business and economic landscape over the last three years, it’s no wonder that accounting firms are fighting hard to find and keep clients. “Adding new clients” and “client retention” are at the top of the list of strategic marketing objectives for many firms responding to our new survey. What are YOUR growth goals? Find out what your peers and colleagues are saying. Join the survey, get the results. At the same time, the staffing shortage seems to have evaporated since big accounting firm layoffs last year and continuing gains in productivity. LIVE RESULTS (Check back often as responses flow in.) Online Surveys – Zoomerang.com . Join the [...]
CFO.com quotes Bay Street Group research. “Most CPA firms, 69%,” CFO.com reports, “are planning to spend more on technology in the next 6 to 18 months.” The use of cloud technologies is expected to leap. In a similar survey a year ago, only 11% of respondents anticipated spending on cloud services in the short term, this year 28% said so. More at CFO.com
Firms are facing big challenges in understanding and inspiring staffers in today’s accounting offices…