Envision Your Future, Then Plan for It

You need goals, not just a desire to get new business.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

QUESTION: We are a 20-person firm and are thinking of engaging a marketing consultant for training on how to get new business.

MORE: 5 Ways to Build Teamwork | Creating a Cross-Selling Culture5 Ways to Build Teamwork | When Time-Based Pricing Works | Start Marketing Now for Next Season | The Clients that Got Away  | 4 Reasons Not to Let Staff Go After Tax SeasonCross-Selling Beyond Your Comfort Zone
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Have you heard of anyone in particular for CPA leadership training? What does your firm do regarding this? An internal program or do you use outside consultants?

Opportunities in Common and Uncommon Services

bar chartWhat do your clients want that your competition doesn’t offer?

By CPA Trendlines

Virtually every CPA firm faces two common challenges:

  • Get the work done.
  • Find more work.

MORE: Three Hidden Surprises in PPP Loan Forgiveness | Cloudy Forecasts Call for Rainmaking  |The Forecast: Partly Gloomy, Chance of Doom  |  Busy Season Benchmarks in Free Fall  | Say Hello to the New 24-Month Busy Season | Maybe the Pandemic Isn’t All BadCOVID Drives New M&A Trends  |  Re-Thinking Today’s Firm with Five Global Leaders|  Clients Want to Pay You More (Really!)

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Or, to put it another way:

  • Satisfy clients.
  • Find more clients.


There Are No Easy Answers

Scrambled thoughts enter man's head, straightened ones come outBut we still can make more money, have happier clients and lead saner lives.

By Frank Stitely
The Relentless CPA

I’m back. Since writing the “Relentless CPA – The New 21st Century System for Driving Success at Tax and Accounting Firms,” I have spoken to dozens of CPAs and accountants, been called a dozen names (some of them deserved), and received a few death threats.

MORE: The 3 Biggest Tech Failures of Accounting Firms | Debunking the Demise of the CPA Firm | How Many Tax Preparers Do You Need? | How to Be the Chief Communicator | How to Teach Reviewing and Time Management | 4 Steps to Take Before Next Tax Season | Some Uncommon Advice on Hiring Full-Time Staff
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Actually, the death threats came from my wife, who said she’d kill me if I said “yes” to any new projects. She watches lots of crime shows, so the FBI regarded her threats as serious. I am writing this to buy a bulletproof vest for when she gets out of jail. Thank you for your contribution to saving my life.

The No. 1 Reason Accountants Fail To Build Advisory Practices

Shift your mindset for COVID-era client services. Stop thinking about selling and start thinking about helping.

By Ty Hendrickson

What is the number one reason that accountants get stuck providing transactional services?


Now, I’m not one of those gurus that preaches mindset and how if you want something in your life, all you have to do is visualize it. That’s not the mindset I’m talking about here. I’m talking about the mentality that accountants “feel bad” for charging someone for their expertise and advice.

MORE: The REAL Problems Created in a Remote Workforce |  Can You Really Grow Without Adding Clients? | 4 Reasons to Welcome Rejection |

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While this is not a new problem, it has bubbled to the surface amidst the Covid-19 crisis. In the vast majority of my conversations with firm owners recently, I hear the same line over and over again, “I’ve spent so much time talking to my clients about loans and explaining their options that I’ve hardly gotten any tax work completed. Now, I have to charge them $1,000 for those conversations, and I just don’t feel like I can do that because I know the financial situation they are in right now. I feel bad.”



The Seven Simple Steps to Thrive in the COVID Crisis

https://cpatrendlines.com/2020/07/21/thriving-during-the-covid-19-crisis-and-beyond/Leveraging the relationships you already have. Step 1: Make a list.

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

The COVID-19 crisis has put a lot of financial pressure on many businesses, including many accounting firms. At the same time, a percentage of professionals, such as accountants, lawyers, and wealth managers, are strategically taking action to deal with the economic pressures.

See also: The Three New Business Models Delivering Significant Profits for Accounting Firms | The 5 Meetings of the (True) Wealth Management Process | Collaborative Wealth Management: Defining the Framework | Protect Your Clients’ Assets | Even Entrepreneurs Must Diversify | When Clients Cash Out: Four Smart Financial Moves |

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The result is that they are doing well as the crisis progresses and are smartly positioned to do exceptionally well as the crisis abates.


Riches in Niches

https://cpatrendlines.com/2020/06/21/why-thought-leadership-matters/How going virtual opens endless opportunities.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Going from brick-and-mortar to distributed is not an easy transition.

MORE: 6 Steps for Sales and Conversion | Marketing Is About Thought Leadership | 3 Steps to Better Client Communication in a Crisis | How to Audit 401(k)s | Four Key Financial Metrics for Growing Any Business | 4 Ways to Bill Clients | 3 Measures of the Effectiveness of Your Team | Transferring Clients to a New Employee | Why Process Is Key to Remote Work
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You’ve got to be all in and willing to rip the Band-Aid off fast.


Four Key Financial Metrics for Growing Any Business

illustration of 4 key metrics
4 key metrics for business owners

What’s in the pipeline?

By Jody Grunden

Having a solid understanding of their finances can make a huge difference for business owners. Not only does it help business owners make decisions about when it’s time to hire a new employee or whether or not to invest in new equipment, but it also enables them to sleep better at night!

MORE: 4 Ways to Bill Clients | 3 Measures of the Effectiveness of Your Team | How to Profit with Workflow Apps | Cyber Security at a Virtual CPA Firm | Top Tech Choices for the Virtual Firm | Keeping the Right People on the Bus | How to Run Effective Leadership Team Meetings | DiSC Helps Remote Team Work Together Effectively | 3 Ways to Keep Client Files Safe from Security Threats
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As a business grows, there are a few metrics business owners need to understand and review on a regular basis. When we work with growing businesses through our virtual CFO service, we help them focus on the following key metrics: