GROWTH STRATEGIES

Keep Business Development Going During Busy Season

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Man writing on a calendar

Consistency is key.

By Martin Bissett
 Business Development on a Budget

You may be asking yourself how you will know when you are successful in your selling efforts. Many people have asked me that, but it’s the wrong question because firms have different goals.

MORE: Health, Wealth, Stealth: Challenges on the Path to Partnership | It’s Time to Prepare the Next Generation | Who Are You More Committed to, Your Firm or Your Clients? | Nine Checkpoints Before Every Prospect Meeting | Three Questions about Conversion | Six Keys to Turning Prospects into Clients | Don’t Overlook Internal Communication | Four Reasons People Struggle with Communication | Why Firm Culture Matters for Partners | Competence Is Step One of Seven | Three Things That Rich Accountants Do
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Some want to simply tick over and replace the clients they lose, some want to grow exponentially, some want steady and consistent growth they can measure and monitor. So there is no one definition of success. But no matter what yours is, you will never attain it if you are inconsistent in your process of winning new business.
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Three Ways to Start an Accounting Practice

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smiling man in shirt and tie seated at desk

Plus a dozen tips for once you get there.

By Ed Mendlowitz
202 Questions and Answers: Managing an Accounting Practice

Question: I am working for a CPA firm, but would like to start my own practice. Can you give me some suggestions?

MORE: Fifteen Strategies for First-Time Supervisors | No One Listens to You? Change How You Talk | 47 Types of Business Valuation to Provide | Thirteen Things to Consider Before You Sell Your Practice | Uncooperative Partner Might Not be the Problem
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Response: Essentially, you have three options (four if you count my pet project, but I won’t belabor it).
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Don’t Let Recurring Fees Kill Your Practice

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Businessman sleeping with a giant dollar bill for a blanketThere’s comfort and then there’s complacency.

By Martin Bissett
Business Development On a Budget

As you know, the traditional accounting firm model is firmly based on the reality of recurring fees that come in from clients every year. We can rely on these and forecast accurately how much revenue they bring in – which hopefully covers overheads and direct expenses of the business.

MORE: Who Are You More Committed to, Your Firm or Your Clients? | Two Steps Toward Mastering Selling | Thirteen Ways to Show Commitment | Clients Can’t Grow without You | Seven Mistakes in Winning New Fees | How to Develop Your Communication Abilities | Five Questions for Measuring Partner Potential | Five Ways to Rally Your Firm to Its Culture | When Would-Be Partners Aren’t Candidates | Make Your Expertise a New-Client Magnet | Don’t Think of It as Selling
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This is a good thing, right? Well, maybe not as much as you think.
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Accountants Bullish on Income

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bar chart

 

… but salary costs will outweigh some of it.

By CPA Trendlines Research

Early results from the CPA Trendlines Outlook 2024: Emerging Issues, Opportunities and Trends survey show CPAs generally optimistic about their upcoming year.

MORE: CPAs Culling Clients for Better Work-Life Balance | Are You Offering the Right Services? | Which Niche’s the Best Niche? | Women-Owned Businesses Upbeat but Need Help | 42% of Accountants Turn Away Work Over Staff Shortages | Ethics on Sustainability Puzzle Some Accountants | Accountants to the Rescue as Startups Struggle | Talent Gap Widening: Be Very Scared
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But there will be challenges, among them the ability of small businesses to pay for the predicted success.
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Referral Fee? Forget It

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man seated at desk in front of computer, talking on phone

Capitalize on your “business currency” with better referral strategies.

By Ed Mendlowitz
202 Questions and Answers: Managing an Accounting Practice

QUESTION: I referred a large amount of business to an attorney friend and she hasn’t reciprocated. I asked her for a referral fee and she declined. I’d like to keep referring her because she does a great job for my clients and that makes me look good, too. What should I do?

MORE: Should You Offer Financial Services? | Thirteen Things to Consider Before You Sell Your Practice | Ready to Retire? Selling Your Practice Is No Strategy | Merge in Lower-Priced Work without Losing Out | 20 Things You Need for a Business Valuation
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RESPONSE: It is always the right thing to look out for your clients’ best interests. Referring the best attorney you know for a job is the right thing to do. However, you are in business and need to nurture referral sources.
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Three Questions about Conversion

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man writing in notebook

BONUS: Rate yourself in five areas.

By Martin Bissett
Passport to Partnership

Ask yourself and answer these questions when considering the current and future conversion tactics that you’ll employ.

MORE: Clients Can’t Grow without You | Six Keys to Getting a Proposal Accepted | Tell the World Your Worth | Four Surprising Keys to Communication | Culture Can’t Be Ignored | Three Questions About Your Competence | 10 Can’t-Skip Steps for Business Development
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  1. If I were to start today, could I name four businesses that I’d like to reach out to?

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OUTLOOK: It’s Time for a New Business Model

By

three people looking at charts on laptop and papers

How about a chief growth officer?

By Gale Crosley
The Rosenberg MAP Survey

EDITOR’S NOTE: Every year, the Rosenberg MAP Survey asks the industry’s top consultants to share their observations from CPA firms across the country. How do you think the next 12 months will unfold? Also, how would you assess the last 12 months?

Our homogenous profession consists of firms with similar ownership and governance structures and business models. Looking forward we’ll see an increased variety of approaches.

MORE: Rosenberg MAP: Partner Incomes Surge 11.4%
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Many will look more like the corporate world, where ownership is not just in the hands of equity partners. Governance structures will include a C-suite of non-CPA players. Business models will include the melting away of geographic borders, value-based pricing and a variety of career paths.
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Clients Can’t Grow without You

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Woman's hand pressing words "ASK AN EXPERT"

Do they know why they need you? Do YOU?

By Martin Bissett
Passport to Partnership

Please start understanding, valuing and respecting your own value in the marketplace with clients who could not reach their goals without you.

MORE: Six Keys to Getting a Proposal Accepted | Six Keys to Turning Prospects into Clients | Four Reasons People Struggle with Communication | Why Firm Culture Matters for Partners | Three Things That Rich Accountants Do | Four Reasons It’s Hard to Sell
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Businesses are in need – sometimes desperate need – of your technical expertise and caring approach.

Take that to them instead because, speaking as one who is looked after well myself, we love it and we are prepared to pay a premium without ever asking for discounts.
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