Five Social Media Do’s and Don’ts

BONUS: Specific tips on videos and visuals. By Marc Rosenberg The Rosenberg Practice Management Library A few years ago, I was listening to the radio. The reporter was sharing the…

Breaking It Down: Marketing Job Descriptions

Word "MARKETING" highlighted above other wordsMake sure what you’re looking for is what you want.

By Marc Rosenberg
The Rosenberg Practice Management Library

Here are detailed job descriptions for two key positions in CPA firms: marketing director and director of business development.

MORE: How Incentives for Business Development Should Work | Is It Time to Hire a Marketing Consultant? |How to Manage the Practice Development Function | Networking for Fun and Profit | 14 Marketing Activities Needed Now More than Ever | Now Is the Time to Activate Your Referral Network | The 4 Marketing Disciplines
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For a CPA firm marketing director, the objective is to lead the strategic development, planning and execution of the firm’s marketing goals and action steps, all designed to continuously increase the firm’s revenue.
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The Role of the Managing Partner

…Partner Elite About the Authors: Marc Rosenberg and Kristen Rampe Rosenberg and Rampe Marc Rosenberg is a nationally known consultant, author, and speaker on CPA firm management, strategy, and partner…

How Incentives for Business Development Should Work

Businessman ogling money over another's shoulderReward effort, not just closing.

By Marc Rosenberg
The Rosenberg Practice Management Library

Most firms over $5 million have incentives in place for staff to bring in business. Oddly, there is a tremendous disparity from firm to firm in how their incentive plans work. More on this later.

MORE: Is It Time to Hire a Marketing Consultant? | How and Why to Hire a Marketing Director | How to Brand and Differentiate Your Firm | Why Consultative Selling Works | Does Your Firm Recognize All Its Skills? | 15 Powerful Niche Marketing Practices | Are You Ready for the Great Disruption?
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Only 20 percent of CPA firm partners are effective at bringing in business. This means that 80 percent are not effective at selling. That’s a pretty low batting average. If partners are this bad at it, think what staff’s experience must be like!
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Is It Time to Hire a Marketing Consultant?

two masked people meeting in an officeFour questions to ask yourself first, plus 10 more things to know.

By Marc Rosenberg
CPA Firm Growth: Keys to Practice Development

Many firms struggle with revenue growth for many years and then, reach the point when reality sets in: The partners recognize they don’t have the skills or the desire to be active and effective at business development.

 

MORE: How and Why to Hire a Marketing Director | Marketing Plans and Why You Need One | Working Business Development into Your Day | How Marketing Systems Produce Business Growth | 6 Keys to Developing New Client Prospects | Protect and Grow Existing Clients | 19 Takeaways from the History of CPA Firm Practice Development
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Many of these firms decide to hire a marketing consultant to jump-start their marketing and get them on a path to growth.

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How and Why to Hire a Marketing Director

11 reasons why and 4 ways to make sure they fail.

By Marc Rosenberg
The Rosenberg Practice Management Library

CPAs are generally not comfortable with business development and are rarely skilled in implementing marketing plans.

MORE: Marketing Plans and Why You Need One | How to Manage the Practice Development Function | 14 Marketing Activities Needed Now More than Ever | Now Is the Time to Activate Your Referral Network | The 4 Marketing Disciplines
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As a result, many firms go through a phase where the partners say to each other: “We all agree that the firm needs more revenue. We all agree that our partner group sucks at marketing. Doing nothing is unacceptable, so let’s get someone to bring in business for us.”

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How’s Your Overhead?

https://cpatrendlines.com/2020/09/14/how-to-determine-overhead/Plus a tip for increasing revenue if needed.

By Ed Mendlowitz

QUESTION: Are there any rules of thumb for a CPA firm’s overhead and salary costs?

MORE: 9 Must-Haves for Firm Growth | Collect More by Clearing Up Billing | Envision Your Future, Then Plan for It | 5 Ways to Build Teamwork
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ANSWER: The Rosenberg Survey has excellent metrics and is highly recommended. On a less scientific basis you can use as a general rule of thumb 1/3 for salaries, 1/3 overhead, 1/3 partners salary.
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When CPA Partner Votes Go Wrong

Percentage signs on round hanging tagsThere’s a better way.

By Marc Rosenberg
The Rosenberg Practice Management Library

It may seem intuitive to use ownership percentage to decide important financial and governance issues.

MORE: Why Billing Less May Mean Earning More | What Smaller Firms Must Do to Become Firms of the Future | The 13 Signs You Have a Partner Problem | COVID-19, Adversity and Innovation | How Covid Impacts Partner Retirements |  Three Tough Questions in Partner Buyouts | Reward Partners for Performing Like Partners | 7 Points of a Well-Crafted Partner Buyout Agreement | Smart Tech Tips from Top CPA Firms
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Here are three common reasons why… And one important reason why not.

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Marketing Plans and Why You Need One

Maze with word "plan" at the centerHow it differs from a strategic plan.

By Marc Rosenberg
The Rosenberg Practice Management Library

Sorry for those of you who have absolutely no interest in football, but a marketing plan is as important as a football team’s game plan for the week. It’s a blueprint for how to win the game: how much passing versus rushing, working on the opponent’s weaker players by name, running left versus right, short passes versus long passes, who plays on which plays, and so on.

MORE: How to Manage the Practice Development Function | How to Brand and Differentiate Your Firm | Why Consultative Selling Works | How NOT to Develop Your Practice | Does Your Firm Recognize All Its Skills? | 15 Powerful Niche Marketing Practices
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A marketing plan is a comprehensive written document outlining

  1. The firm’s practice development activities within a set time frame
  2. Goals and action steps necessary to achieve the firm’s targeted revenue growth
  3. The best use of the firm’s resources
  4. The partners’ preferences in terms of what they are willing and not willing to do. Examples: how active the partners agree to be in selling and advertising, use of internal personnel rather than relying on outsiders like marketing consultants, and whether they prefer to be generalists or specialists
  5. A budget for the firm’s investment in practice development activities

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