Yearly Archives: 2012

De-Bunking the Myth about Niche Marketing for Tax and Accounting Firms

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Plus, five more essential pieces to the profit puzzle.

by Marc Rosenberg, CPA
Author of “What Really Makes CPA Firms Profitable?”

I want to de-bunk a myth about niche marketing. Many CPAs that I have talked to think that niche marketing means that most, or all of their business, needs to be in their niche.

Marc Rosenberg
Marc Rosenberg

RELATED:  Practice Development Is No Longer an Optional Activity • 10 Good Ways the Achieve Partner Accountability • Pick Your Partners Right to Begin With  •  The First Nine Questions Your Partner Team Needs to Embrace for Optimal Profitability  • Profitability and The Value of Strategic Thinking  • The Five Essential Building Blocks for Creating a Strong Accounting Firm • The Seven Signs of Great Leadership in a CPA Firm • Compensation Issues for the New Managing Partner  •

They think they will have to stop being generalists or will have to give up all their clients outside the niche. This is absolutely not the case. READ MORE →

Kyle Has the Tax-Time Blues

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File under: Accountant humor. [jwplayer mediaid=”24535″] Now that the election is over, everyone is talking about the impending tax and fiscal cliffs. Kyle’s CPA Video Blog is back with its fifth episode to help everyone get through these uncertain tax … Continued

The Success Secrets Women Already Know

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Who gets more out of their employees, men or women?

By Sandi Smith, CPA
Accountant’s Accelerator

If you guessed women, you’re right. Women possess natural relationship skills that help them build loyalty, foster productivity, and spark motivation.

Sandi Smith

RELATED:   Why You’re Missing Out on 98% of Your New Business Potential  •  The Missing Ingredient in Your Marketing That Will Make All the Difference • 3 Steps to Start Running on Millionaire Time  •  On the Road to a Stress-Free Life: Identify Your Character Strengths   •  The Power of Deadlines in Closing a Deal   •   His and Her Brains at Work in Tax and Accounting • 5 Mistakes to Avoid When Seeking New Clients • The Top 12 Business Card Blunders Accountants Make •

According to a study by The Guardian Life Small Business Research Institute, women’s skills provide: READ MORE →

When NOT to Offer a Free Initial Consultation

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Are we giving it away too easily?

Ed Mendlowitz answers some of the toughest questions practitioners can throw at him. He’s the right one to ask. After more than 40 years in the business – building his own practice, running the firm, and eventually selling it to a major regional firm, WithumSmith+Brown, where he remains a senior partner and consultant to professional services clients – he has the answers.

RELATED: Measuring Growth in Yourself, Staff and Partners  |  What Do You Think You’re Doing?  | Can You Teach Judgment?  |  Clients’ Calls At Home  | What You Need to Know before Expanding into Business Valuation | Asking an Attorney for a Referral Fee  |  Are Partner Retreats Really Worth the Cost? | Audit Reports Without Doing the Work? | Should I Really Spend the Time Making Checklists? | What’s a Tax Practice Worth Today? |

QUESTION: I was wondering what your thought is regarding initial consultation fees. Currently, I do not charge a fee for an initial consultation, and it seems that most CPAs do not charge either (at least not the sole-practitioners that I know). Would the fee deter new clients or actually weed out the ones who are most likely not going to become clients anyway? If a fee is charged, then how much, and how long should the consultation last? Should the fee be applied to any work that I am eventually engaged for?

It seems to be a toss-up between two different philosophies:

  • people value something more when they pay for it
  • you don’t want to create any barriers to entry

I am eager to hear your thoughts. READ MORE →