Invest in the Right Guidance

Hand watering small plant in pot shaped like upward arrow“We never look at the money we’re missing out on.”

By Matt Solomon

There is one final shift you need to get your business kicking into high gear. The cornerstone to building a successful, growing business is shift #5: investing in the right guidance. Growing a sustainable business for the long term requires having the right team of advisors because, to put it simply, you don’t know what you don’t know!

MORE: Tap into Your Gold Mine | Your Secret Weapon for Exponential Profits | Step into the Role of a Business Advisor | Shift Your Practice: Stop Depending on Compliance Work
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Getting the right guidance can be the difference between success and failure, between time spent with family and loved ones and endless hours at the office, between satisfying, high-profit work and low-paying busy work.
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Tap into Your Gold Mine

Woman working on laptop at homeStop making these 7 mistakes.

By Matt Solomon

You don’t have a marketing problem.

I know what you’re thinking. I don’t know you, and I don’t know your business. True, but I do know accountants and accounting firms. And I know that just about every practice doesn’t need more clients to be profitable.

MORE: Your Secret Weapon for Exponential Profits | Step into the Role of a Business Advisor | Shift Your Practice: Stop Depending on Compliance Work | Three Ways to Leverage Today’s Uncertainties for Renewed Growth
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Your best source of new clients is your existing client base. It’s rich with business owners who know, like and trust you. They already pay you – and they’re ready for you to offer them something more.
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Shift Your Practice: Stop Depending on Compliance Work

number 5 drawn in sandAre you ready to step off the hamster wheel?

Join Matt for the Center for Enlightened Business 16th Annual Symposium Oct. 26-27, a virtual conference for small and medium-sized firms, live and online from anywhere in the world, at the special CPA Trendlines rate: Register Here | Learn More.

By Matt Solomon
The Center for Enlightened Business

This article is the first in our Five Shifts series, which lays out five key shifts you need to take your business away from a high-volume model with long hours and unfulfilling work and toward monthly engagement of $3,000-$15,000 per client with $500+ hourly realization rates and a better quality of life.

SHIFT 1: Stop Depending on Compliance Work

MORE: Let Go of Beliefs That Hold You Back | Reframe Sales as Communicating Value | 3 Keys to Evolving Your Accounting Practice
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The idea of reducing your dependence on compliance work may be radical for some accountants and familiar to others.

Compliance work is the main source of income for many accountants, but unfortunately, it’s a high volume, low-profit ballgame. In order to be successful, you need to have flawless execution and massive leverage if anything is out of place or goes awry, you won’t get the results you’re hoping for.
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Build the Practice You Want in 4 Steps

Businessman's shoes toeing words "What's your next step?"It’s never too late to start.

By Ty Hendrickson

Building an accounting practice is not for the faint of heart. You go into this profession because of a love of analyzing numbers and helping others, but to have work to do accountants have to pivot and become salespeople too.

MORE: Get Goal-Ready for 2021 | Why Choose You? | The One Big Reason Your Hiring Sucks | 5 Crucial Areas of Firm Culture Not to Ignore | The CPA Firm Partner’s Role Is Changing | Are You Botching Your First Impression? | Maybe the Pandemic Isn’t All Bad
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There are many ways to grow a practice, some being more passive, including utilizing referrals as they come, and some being more outward, including networking and prospecting. The bottom line is that accountants must find a way to bring new clients in the door to keep the doors open.
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Why Your Firm Needs to Attract More Millenials

Two men talking at table, one younger in plaid with man bun, one older with glasses and sweater over shouldersWhat makes a firm millennial-friendly? Ask a millennial.

By Frank Stitely
The Relentless CPA

Younger clients demand electronic solutions. If you want younger clients, evolve your firm.

MORE: Why Millennials Are the Answer | Why Small Firms Can Win the Talent Wars | There Are No Easy Answers | How to Thrive as a 21st-Century Firm | Farm-Aid for Accountants? | Whittle Down WIP | The Tax Practice Traffic Cop
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This evolution becomes even more critical when you consider that paper tax forms are going away. We will harness electronic data feeds from blockchain transaction systems. Annual tax season meetings become totally useless at this point.
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The Fool in the Room

Which employee is most valuable? You might be surprised.

By Frank Stitely
The Relentless CPA

We have been heavily in the numbers so far. Let’s take a break from that to discuss a factor that, while not heavily numeric, plays a big factor in managing WIP – employee productivity. Because capacity is the denominator in the Lean Six Sigma equation, and employee productivity is a big factor in capacity, employee productivity becomes a big factor in determining turnaround time.

MORE: Calculating and Cutting Turnaround Time | There Are No Easy Answers | How to Thrive as a 21st-Century Firm | Farm-Aid for Accountants? | Whittle Down WIP | The Tax Practice Traffic Cop | How to Coach Your Staff | How to Create Good Managers
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First, let’s dismiss from the room all the consultants, who tell us that time tracking and productivity metrics don’t matter. For the most part, these consultants have never managed or owned CPA firms. Rarely have they worked in firms for any length of time.
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Setting Financial and Practice Goals During COVID-19

Businessman pole vaulting toward his goal16 questions to consider.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

The accounting business was changing even before the onset of the COVID-19 crisis.

MORE: 4 Components of a High-Net-Worth Practice | Life Insurance as Part of Wealth Management | Mistresses, Mister-esses and Accountants | The Coming Boom in Tax Services for the Super-Rich
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Three of the factors that are possibly impinging on your ability to be as successful as you want include:

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9 Must-Haves for Firm Growth

Number 9 created by gaps between many small green plastic 9'sPartners must be accountable.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

QUESTION: I am the managing partner and run a tight ship, however, some of my partners do not appear to be growing and on some level that is holding back the firm’s overall growth.

MORE: Collect More by Clearing Up Billing | Envision Your Future, Then Plan for It | 5 Ways to Build Teamwork
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Any suggestions or is this just the way it is?
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