Networking for Fun and Profit

Young man riding hour hand of clockHow to make business development fun, and not a dreaded, anxiety-provoking activity.

BONUS CHECKLISTS with 57 ITEMS: From 15 simple conversation starters to top 5 mistakes.

By Marc Rosenberg
The Rosenberg Practice Management Library

Networking is creating a group of acquaintances and professionals and keeping it active through regular communication for mutual benefit.

MORE: Why Consultative Selling Works | How Marketing Systems Produce Business Growth | 6 Keys to Developing New Client Prospects | Now Is the Time to Activate Your Referral Network | Does Your Firm Recognize All Its Skills? | Protect and Grow Existing Clients | The 4 Marketing Disciplines | 15 Powerful Niche Marketing Practices
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Truthfully, all professional service providers want to be held in high esteem by their clients and professional colleagues. Practicing true professionalism means becoming more than just a vendor who takes and fills orders from a client. It means transitioning into a trusted advisor whose expertise transcends your individual practice. Trusted advisors know the right questions to ask and where to find the right answers.
READ MORE →

Why Consultative Selling Works

Two women in office shake handsPLUS: How to get past your aversion to sales.

By Marc Rosenberg
The Rosenberg Practice Management Library

As with just about anything, people can be taught business development skills if they study hard, apply themselves and, most of all, have a healthy, positive attitude toward bringing in business.

MORE: How Marketing Systems Produce Business Growth | 14 Marketing Activities Needed Now More than Ever | Now Is the Time to Activate Your Referral Network | The 4 Marketing Disciplines | Why You Have to Kill the Old Paradigms | Are You Ready for the Great Disruption?
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

“Can people be taught practice development skills?” In 20 years of consulting to CPA firms, we have been asked this question hundreds of times. The answer, most certainly, is “YES.” Note, the question is not “Can people be taught to be rainmakers?” The answer to that question is mostly “no.” There is a big difference between being a rainmaker and learning business development skills.
READ MORE →

Eleven Ways to Jump-Start Your COVID Comeback

Because COVID-19 punishes the complacent.

By Marc Rosenberg
The Rosenberg Practice Management Library

There are some products that are so iconic and popular that it doesn’t seem possible that their success could ever be in jeopardy. Oreos. The New England Patriots. Microsoft Office. It must be wonderful to own and manage businesses like these that seem to run themselves.

MORE: 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
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

CPA firms enjoy no such advantaged status. But with the COVID-19 crisis, firms need to short-circuit the natural processes of maturity and stagnation and think about how to get re-set right now.
READ MORE →

How Covid Impacts Partner Retirements

How long do you want your firm to last?

By Marc Rosenberg
The Rosenberg Practice Management Library

Two-thirds of partner agreements include a mandatory retirement provision. This provision usually requires partners to give up their equity but allows them to continue working in some fashion. A common stipulation is that if a “retired” partner wishes to continue working, either full- or part-time, this must be approved annually by the other partners. But with the Covid crisis, annually may come sooner than expected.

MORE: Three Tough Questions in Partner Buyouts | Is Mandatory Retirement a Best Practice? | Merging in Sellers: What You Need to Know | Take Yoda’s Advice on Strategic Planning
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Here are two opposing viewpoints on a mandatory retirement provision to consider the next time you review your partner agreement:
READ MORE →

How Marketing Systems Produce Business Growth

financial graph on blackboardSystems enable your plan to reach its potential.

By Marc Rosenberg
The Rosenberg Practice Management Library

 We’ve explored key components of the overall framework for CPA firm practice development.

  • We launched the process by examining the overarching decisions that need to be made before work is begun to execute the four Disciplines.
  • We drilled down on each of the four Disciplines.

MORE: 14 Marketing Activities Needed Now More than Ever | How NOT to Develop Your Practice | 6 Keys to Developing New Client Prospects | Now Is the Time to Activate Your Referral Network | Does Your Firm Recognize All Its Skills? | Protect and Grow Existing Clients | The 4 Marketing Disciplines
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Now it’s time to address the final piece of the overall framework: the enabling systems that will optimize a CPA firm’s success in achieving its growth objectives.
READ MORE →

Three Tough Questions in Partner Buyouts

When firm investment hits your own wallet.

By Marc Rosenberg
The Rosenberg Practice Management Library

Partner buyout plans can be difficult to navigate. We want to be fair to our partners, and we want to be treated fairly in return. In the process, differences of interpretation inevitably arise.

MORE: Is Mandatory Retirement a Best Practice? | COVID-19: How Your Firm Can Respond | 8 Ways Comp Systems Get Partners to Do What the Firm Needs | Buyers Name 20 Big Merger Turnoffs | Why Governing by Partner Ownership Is Bound to Fail
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Here are three queries we’ve recently received you may find instructive:
READ MORE →

14 Marketing Activities Needed Now More than Ever

Word "MARKETING" highlighted above other wordsBONUS: You can do most of them from home.

By Marc Rosenberg
The Rosenberg Practice Management Library

Here are 14 common marketing activities.

MORE: How NOT to Develop Your Practice | 6 Keys to Developing New Client Prospects | Now Is the Time to Activate Your Referral Network | Does Your Firm Recognize All Its Skills? | Protect and Grow Existing Clients | The 4 Marketing Disciplines | 15 Powerful Niche Marketing Practices | 19 Takeaways from the History of CPA Firm Practice Development
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

We’ll list them here and then drill down on each:

READ MORE →

Is Mandatory Retirement a Best Practice?

Consider retention, both staff and clients.

By Marc Rosenberg
The Rosenberg Practice Management Library

I’ll start with the punch line. Yes, it is a best practice.

But only if your firm’s vision is to stay independent into the next generation by developing future leaders and retaining retirees’ clients.

MORE: COVID-19: How Your Firm Can Respond | Reward Partners for Performing Like Partners | 7 Points of a Well-Crafted Partner Buyout Agreement | 6 Ways to Retain NextGen Staff | Partners: When To Speak Up and When To Shut Up
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

If you are a small firm with partners who love what they do, have no hobbies to pursue in retirement and basically want to die at their desks, then no, it may not be a best practice. These partners are saying: “This is my firm and no one tells me when to retire, especially based on my reaching some arbitrarily decided age.”
READ MORE →

COVID-19: How Your Firm Can Respond

Creating the “new normal.”

By Marc Rosenberg
The Rosenberg Practice Management Library

For the first time in most of our lives, an international health crisis has the makings of a science-fiction scenario becoming reality. The situation puts us in uncharted territory and experts tell us will get continue to worse before it gets better. The optimist in me says this too shall pass, but I also feel that the world will learn from this crisis in ways that will last forever once this is over.

MORE: Reward Partners for Performing Like Partners | Merging in Sellers: What You Need to Know | Take Yoda’s Advice on Strategic Planning | 15 Amazing Organizational Tactics to Manage a CPA Firm | 6 Ways to Retain NextGen Staff | How to Develop a Truly Progressive NextGen Culture
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

A cultural shift that will permanently change our lives

Retired Lieutenant General Russel Honore was interviewed on television recently. He was the joint task force commander for Hurricane Katrina. When asked if we’re doing all that we need to do, he responded: “We need to optimize virtual work. There will be a cultural shift in America that will permanently change our lives. We will finally see that we don’t have to drive crosstown to sit in front of a computer.”
READ MORE →