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.

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The Three New Business Models Delivering Significant Profits for Accounting Firms

Businessman sitting on stacks of paper currencyHow to upgrade your practice with successful, wealthy clients.

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

Competition for high-quality accounting clients is intense, and the current environment is making it harder for many accounting firms to excel.

See also: 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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If you’re ready to serve successful business owners and wealthy individuals, then there are three practice models you should consider. Each of the three models shares specific characteristics that make them especially attractive, including:

  • High demand from accomplished prospects
  • High fee structures which these clients pay
  • High margins
  • High realization rates
  • High probability of needing the expertise of various accountants at the firm

Because all three practice models are relationship-based, many accountants are already well-positioned to provide new, high-caliber advisory services these highly coveted clients.

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COVID Tests Accountants’ Entrepreneurial Talents

Young black woman sitting in front of laptop looking thoughtfulThree questions to re-set your mindset.

By Ed Mendlowitz
Tax Season Opportunity Guide

Accountants and tax practitioners are entrepreneurs. Maybe now, more than ever.

MORE: Have You Gotten Where You Wanted Yet? | 3 Questions for Determining Your Value | 41 Items to Check on Business Tax Returns | Keep These Tax Clients While You Have the Chance | What Makes a Good Tax Season Client?
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This means their practice needs to be run as a business with sound business decisions being made.

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Beat the Covid Crisis with These 20 Steps for Your Firm and Your Clients

The ultimate checklist for focusing on cash, communication, continuity – and accepting uncertainty.

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By CPA Trendlines Research

The toll of Covid-19 on business will be an ongoing trauma. It ain’t gonna be over ’til it’s over, and that ain’t gonna be for a long, long time.

MORE on COVID CRISIS MANAGEMENT: How to Inoculate Your Firm against Covid Competition | Pro Tax Prep Stalls to a Crawl amid Covid-Extended Season | Covid Kills 67,600 Jobs in Tax and Accounting | Client Accounting Services Poised to Surge in Post-Corona World | Clients, Revenues, Profits – Trending Down, Down, Down | Andrew Argue Is on a Mission | 3 Questions for Determining Your Value | Covid Crushes Rosey Forecasts | The Seven Factors Keeping Accounting Firms Afloat Amid Covid-19 | Feeling the Pain? The Biggest Job Losses by Client Sector |

See: All CPA Trendlines Special Coronavirus Crisis Coverage

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To survive, tax and accounting practices are going to need to take precautionary and proactive measures to ensure their financial continuity. Those measures must necessarily include guidance for clients to help them survive. Because failing clients mean failing firms.

Crisis management is a lot easier if it starts before the crisis hits. Here are some steps that accountants can take for themselves and their clients, gleaned from the thousands of accountants and advisors we’ve been hearing from over the past several weeks. READ MORE →