strategy

when the inmates are running the asylum

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crazy doesn’t get better by adding more crazy.

by dom cingoranelli

“we can’t really enforce this because we don’t want to risk having him (or her) quit.”

i can’t tell you how many times we hear something to this effect when we talk with cpas. we hear this at small firms and we hear it at large firms. we hear it from partners, from directors, and from managers. it doesn’t matter what size firm they’re in, nor does it matter what level or position they hold.

it’s always the same line. it reminds me of the old adage, “the inmates are running the asylum.” and, it raises the question of who actually is running the firm. who’s in charge?

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the dangers of low-hanging fruit

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pan of apples in woman's hands over green grassseven questions to ask about new clients.

by domenick j. esposito
8 steps to great

it’s 2017 (hard to believe).

more on strategic planning: how to capitalize on the trusted business advisor opportunity | why is strategy execution so difficult? | time running out for succession planning | the benefits of a client situation review | capital markets 101 | how to implement industry practice groups | what is ‘acceptable’ performance? | 6 measures of partner performance | is hr ready for your partner pipeline? | is your pyramid upside down? | taking a balanced scorecard to your partners
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

many mid-market firms are finalizing their numbers for 2016 and it appears to be shaping up to be a pretty good year with

  • organic growth averaging at 4 percent to 6 percent,
  • equity partner compensation seeing a modest increase principally through technology enhancements,
  • more and more work being shifted to india and
  • intense expense control.

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marketing objectives determine marketing amount

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ring engraved with words marketing, strategy, profitbonus: a chart of growth rate to double revenue.

by rob nixon

i get asked all the time, “how much marketing should i do?” or, “when should i hire a marketing person?”

more on strategy: marketing must be about sales | 8 questions for product creation | how to deliver wow! every day | communicate until it hurts | why a virtual team makes sense | 14 ways to leverage client data for new billings | what it means to be a real-time accountant
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

my answer is always the same: it depends what your objectives are.
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how to capitalize on the trusted business advisor opportunity

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two businessmen talking in officewhen to move past the lip service.

by domenick j. esposito
8 steps to great

several of the top 50 cpa firms, particularly the larger ones that derive a majority of their revenues by providing recurring attest services that add integrity to financial statements and reduce the cost of capital, emphasize that they are trusted business advisors providing forward-thinking solutions to their clients.

more on strategic planning: why is strategy execution so difficult? | 10 common leadership traps | expand your national and global geographic reach | show clients how to improve working capital | do you belong in cybersecurity? | why you need marquee clients | net profits: how much to whom? | how to drive partner performance with a smart compensation plan | 3 tools to boost your metrics | start with sound firm governance, economics
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as examples, here are excerpts found on the websites of four cpa firms:

  • “we are more than accountants, we are trusted business advisors”;
  • “our role is to be trusted advisors….”; “
  • our mission…serving as a trusted business advisor to our clients”; and
  • “we believe a true business advisor always protects a client’s vital interests.

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marketing must be about sales

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businessman and businesswoman shaking hands in office hallway“the message you need to be selling is social proof and the results i get when i use you.”

by rob nixon

what’s the point of having a great service offering, fantastic client results, great people and an inspiring vision if only you and your team know about it?

more on strategy: 8 questions for product creation | what products should you create? | keep a watchful eye on clients | rewards go far beyond money | people still needed, but in different ways | don’t let technology make you dumber | are your goals big enough? | finding new opportunity in compliance services | how offshoring is shaking up accounting
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

your business might be a finely tuned instrument but if it is not played in the orchestra then no one will hear it.
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why is strategy execution so difficult?

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maze with word "plan" at the center14 key components to actually executing your firm’s strategic plan.

by domenick j. esposito
8 steps to great

many cpa firms do not have a living, breathing strategic plan that enables them to successfully navigate through their next two or three years.

more on strategic planning: 10 common leadership traps | leadership must be persistent and consistent | using a high-performance business framework | what a client service plan can add | 36 consulting services you might be overlooking | how to drive consistent partner behavior
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

that in and of itself is not very surprising since most cpa firms are basically small and mid-sized businesses with the same generational challenges faced by most small and mid-sized family and privately owned operating companies. after all, the 100th largest cpa firm in the united states is only about $35 million in annual volume.
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8 questions for product creation

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businessman looking at question mark sketch on the wallbuild the plane as you fly it.

by rob nixon

i have noticed that accountants can be pretty good procrastinators.

more on strategy: what products should you create? | turn your knowledge into products | why clients really stay | 8 ways to build team engagement | how to create 4 new billable hours per day | do you know what clients want? | is your business by design or default? | the world is flat | the profession disrupted: compliance commoditized
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

really you say! i think it’s because they think they need to get it right before getting started. if you take that attitude then you’ll never get anything off the ground.
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ge outsources tax department to pwc

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big four firm finds new growth in acquiring clients’ tax and accounting departments.

by 卡塔尔世界杯常规比赛时间 research

ge is hiving off its tax group to pwc to become pwc’s new global enterprise tax solutions team. their first client: ge.

pwc calls the move “an innovative agreement with ge to provide integrated, enterprise managed tax services to ge on a global basis.” as part of the deal, pwc is hiring more than 600 of ge’s tax team members from around the world and acquiring ge’s tax technologies to bolster both pwc’s focus on the “tax function of the future” and to provide global enterprise tax solutions to clients. it may be a sign of things to come. read more →

what products should you create?

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20 ideas to get you started.

by rob nixon

we are moving away from the time-selling business and into the productized ip business. the first step is to work out what you know and the second step is work out what the package looks like.

more on strategy: turn your knowledge into products | how to deliver wow! every day | communicate until it hurts | why a virtual team makes sense | 14 ways to leverage client data for new billings | what it means to be a real-time accountant | 12 predictions on the future of accounting | will the internet replace cpas?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

most accountants i meet believe that there are opportunities for additional business in their current client base. however, they don’t seem that active in discovering the opportunities nor promoting the services. i think it is a big disservice to the client if you do not promote new ideas and new services.
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turn your knowledge into products

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businessman with light bulb for head in front of conference table and upward-trending chartthe 3 things that have to be in sync.

by rob nixon

every time i do a seminar and ask the question “what do you sell?” the answer is always the same. they either say knowledge, solutions, me or ideas.

more on strategy: how to deliver wow every day | keep a watchful eye on clients | rewards go far beyond money | people still needed, but in different ways | don’t let technology make you dumber | are your goals big enough? | finding new opportunity in compliance services | how offshoring is shaking up accounting
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i completely agree this is what you sell. however, the vast majority of business models of accounting firms suggest they sell “time.”
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20 ways to deliver wow! every day

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word "wow!"amaze clients with 8 ways to add real value and 12 ways to delight clients.

by rob nixon

i have been telling accountants to be proactive and add value ever since i started working with you in may 1994.

more on strategy: keep a watchful eye on clients | why clients really stay | 8 ways to build team engagement | how to create 4 new billable hours per day | do you know what clients want? | is your business by design or default? | the world is flat | the profession disrupted: compliance commoditized
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you are going to remain relevant you are going to have to be proactive and add value. that means the level of wow needs to improve.
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common leadership traps

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businessman writing on paperand how the author led his own firm.

by domenick j. esposito
8 steps to great

being a cpa firm leader requires you to “walk the talk,” make tough decisions and avoid common traps or errors that are attributable to a failure of providing persistent and consistent leadership.

more on strategic planning: leadership must be persistent and consistent | time running out for succession planning | the benefits of a client situation review | capital markets 101 | how to implement industry practice groups | 6 measures of partner performance | is your pyramid upside down?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in addition to “walking the talk” personally, a ceo must drive action and change.
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keep a watchful eye on clients

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artistic kaleidoscope rendering of eyes and binary codethe cloud makes it possible.

by rob nixon

i love the way cloud technology is shaping the future of the accounting profession.

more on strategy: why clients really stay | communicate until it hurts | why a virtual team makes sense | 14 ways to leverage client data for new billings | what it means to be a real-time accountant | 12 predictions on the future of accounting | will the internet replace cpas?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i love it because for the first time in history you can see what is happening in your client base as it is happening. if the client is on a cloud accounting system as they are transacting every day, their software is automatically being updated with those transactions.
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