Today's Features

How Much Is Your Tax Practice Worth?

Five areas to calculate.

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

QUESTION: How much can I sell my practice for? And how do you value a tax practice for sale?

MORE: Ready to Retire? Selling Your Practice Is No Strategy | Uncooperative Partner Might Not be the Problem | Merge in Lower-Priced Work without Losing Out | 20 Things You Need for a Business Valuation
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RESPONSE: Good questions and ones I get all the time. Here is a listing of some of the things that need to be considered in the pricing. When you sell your practice, the elements that need to be dealt with are:
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Talent Gap Widening: Be Very Scared

pie charts

 

Five strategies for retention.

By CPA Trendlines Research

How long will your CPA firm or finance department be a going concern if a quarter of your accounting professionals walk out?

You shouldn’t just worry about that; you should be downright scared.

MORE: Accountants Hopeful, Concerned and Confused about AI | Looking for Recent Grads? Good Luck | CPA Biz Is Booming, But for How Long? | Survey Respondents See Exciting Year Coming Up | SURVEY: Accountants Economic Outlook Brightens | Understanding the Full Cost of a Data Breach
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Devastating losses of staff and a dearth of job candidates have reached crippling proportions, according to a study from the Institute of Management Accountants and personnel placement firm Robert Half, “Talent Retention in the U.S. Accounting and Finance Profession.”
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Your Clients’ Words = Your New CAS Marketing

Let them help tell your story.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

Your firm’s value proposition is not what you say. It is what your clients and prospects perceive. Perception is reality. Here are some proven ways to identify your firm’s real marketable value.

MORE: Attract Clients through Facebook Groups | How to Destroy Your CAS Profits | CAS Requires Reaching Out More | CAS Reports Are Better. Here’s How. | Is It Time for Your Firm to Outsource? | Raise CAS Awareness Among Your Clients | Which Clients Are Best for CAS | How Much Can Automating Bank Feeds Save You? | Wants vs. Needs: Why Not Fill Both?
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  • Ask your clients: It is not so easy to “be in the customers’ shoes.” You will be surprised how you can gain immense insights from your clients – about how they perceive and experience your service and how they feel; what they find of value and what they feel frustrated about. Don’t guess, don’t assume, just ask them. It is easy to conduct customer surveys online (e.g., SurveyMonkey has a free version that allows you to collect 100 responses; Google forms are also free to use). Identify the most common positives and negatives that emerge from survey data to be able to improve your marketing and customer experience.

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Five Tips for Cross-Selling and Upselling

Packages make the process easier.

By August J. Aquila
Price It Right: How to Value Accounting Services

While most accountants and consultants struggle with trying to sell their services to the next new client, there are two ways to get new and additional business without moving too far out of your comfort zone.

MORE: The Four Steps of Your Personal Marketing Process | Eleven Marketing Strategies for Smaller Firms | Five Questions for Developing Your Marketing Plan | You Only Have Four Strategies | The Damage That Traditional Fee Methods Do | Ten Keys to Marketing Success
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One way is cross-selling and the other is upselling. Cross-selling is persuading a client to buy other products or services to complement a purchase. Upselling encourages a buyer to purchase a higher-end, more expensive product or service.
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When Clients Think They Know Marketing

… but don’t. What they should know.

By Bruce Marcus
Professional Services Marketing 3.0

EDITOR’S NOTE: CPA Trendlines was privileged to have a long relationship with Bruce W. Marcus, who was ahead of his time in his thinking and practice in marketing for accounting. We are publishing some of the late expert’s evergreen work, which retains wisdom for the present.

There’s a wonderful cartoon in which a guy in a business suit is looking over the shoulder of an artist at his canvas. The caption, spoken by the artist, is “I used to dabble a bit in accounting, too.”

Then there’s the guy who said to me, “If you’re smart enough to be a lawyer, then you’re smart enough to do your own advertising.” To which I replied, “Yes that’s true. You’re also smart enough to be a nuclear physicist – but it doesn’t make you one.”

MORE: Internal Communications Are Underrated | Manage Knowledge as a Marketing Tool | Secret Marketing Formula: Get One Client at a Time | Marketing a Fixed Position in a Moving World | How to Build a Marketing Culture | Have You Planned How to Service Your New Revenue? | Why Is Change So Hard for Firms? | Why Value Pricing Works | Why Competition Matters Most
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There’s the guy who read a book about tightrope walking. He knew everything about tightrope walking – except how to do it.

The point is that while marketing may not be nuclear physics, it does have its craft, its artistry, its techniques, its experiences and its history. And if you’re not within the realm of all those things and more, you don’t know much about marketing. Marketing mythology doesn’t count for much.
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