How to Inoculate Your Firm against Covid Competition

The nine steps to locking in client loyalty when competitors come for your clients.

By Bill Penczak

Client relationships have never been more vulnerable, as other firms, reeling from the COVID crisis, will be knocking on your clients’ door with promises of better service, more services, and lower rates.

MORE by BILL PENCZAK: ‘Found Money’ Delights Clients | Don’t Buy a Rolodex, Buy a Process | The Three R’s for Beating the Corona Crisis | 6 Reasons Why Your Marketing Sucks

More coronavirus crisis strategies: Start here for a guide to all our free coverage.

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Now, more than ever, tax and accounting firms should examine how they can constantly improve the service and relevance to their clients, for today and into the new normal.

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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
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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.
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‘Found Money’ Delights Clients

Businessman ogling money over another's shoulderHow to operationalize new services that find or save clients’ money.

By Bill Penczak

Even during normal times, “found money” solutions are great door openers for new clients and a great value-add for your current clients.

MORE: Don’t Buy a Rolodex, Buy a Process | The Three R’s for Beating the Corona Crisis | 6 Reasons Why Your Marketing Sucks
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These solutions are different from traditional audit and tax work in that they are opportunities for companies to retrieve monies they’ve paid in the past, or are ways for companies to lower the cost of a function, process, or service for which they are already paying.

Such solutions include:

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

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Don’t Buy a Rolodex, Buy a Process 

Bill Penczak
Bill Penczak

How to hire the optimal business developer.

By Bill Penczak

If you’re under 40, you may not be familiar with the Rolodex. Right after stone tablets, we used to keep track of our contacts in a really great contraption that was a rotating spindle on which business cards or handwritten notes of contacts were maintained. The “search” function was you fumbling through trying to remember that prospect’s name from two months ago.

MORE: The Three R’s for Beating the Corona Crisis | 6 Reasons Why Your Marketing Sucks
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When it comes to hiring a professional to build a practice, whether it’s a full-time business developer or a practice partner or principal to grow the business, many firms make the mistake of “buying a Rolodex.” Translated for today’s vernacular, they are hired because “they know everyone” or “have contacts in bigger target companies” or “are members of every organization.”
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What CPAs Can Learn from Lawyers and Doctors

Young Asian entrepreneur reading magazineHow will you distinguish your firm?

By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting

It has become pretty popular for law firms and medical doctors to advertise in group ads in magazine supplements.

MORE: Advising Cheapskates | My Top 10 Personal Game Changers | Yes, Christopher Columbus Had an Accountant | 10 Reasons for My Success | When the Kids Don’t Want to Take Over | Staff May Surprise You with Leadership | Problem Clients
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When I glance at the ads I find humor such as the bald dermatologist advertising his hair transplant prowess or the young woman doctor who does proctology, or the photo of the elder law firm partners where no one looks younger than 80. And they pay for these ads?
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