strategy

why clients really stay

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young businesswoman smiling down at tablet in officefocus on retention should turn into referrals.

by rob nixon

most firms have a high retention rate per client. that means their clients stay clients of the firm for a long period of time. somehow the accounting profession has got most of their clients bluffed that it is hard to change accountants. it’s actually not.

more on strategy: 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 | the profession disrupted: compliance commoditized
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

partners will argue that clients remain with the firm because of the great relationship they have with their clients. i beg to differ. how can you have a great relationship with someone when you see them once or twice per year?
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time is running out for succession planning

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digital visualization of a blue alarm clockbonus: 22-point m&a due diligence kit.

by domenick j. esposito
8 steps to great

much has been written and discussed regarding succession planning at cpa firms driven by the vast number of founders, leaders, and rainmakers who are retiring at a record pace.

more on strategic planning: expand your national and global geographic reach | 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 | cpa firm partner performance: different activities, different metrics | develop the partners you already have | how many partners do you need?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

key takeaways in this post:

  • mid-market sustainable brands generally combine practices as opposed to acquiring or buying practices.
  • spend time to make sure it feels right.
  • the easier part is getting the contract signed; the harder part is the integration of the two practices and to make sure 1 + 1 at least = 3.

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expand your national and global geographic reach

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colorful world mapthe cities and networks you need to be in.

by domenick j. esposito
8 steps to great

the business world was never simple, but it has never been as complex and dynamic as it is today.

more on strategic planning: using a high-performance business framework | 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 | learning to ‘run with the big dogs’
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

for decades, two key factors – technology and globalization – have driven profound change throughout the business world including the mid-market. and both will continue to do so – at an ever-increasing pace.
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rewards go far beyond money

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four businesspeople smiling and applaudingwhat kind of experience do you provide?

by rob nixon

i have a view that for a fair day’s work a fair day’s salary should be given.

more on strategy: 8 ways to build team engagement | 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 do not believe you should overpay people (base salary) just to keep them or get them in the first place. if you create a great culture where people are challenged, they are learning a lot and they are having fun, then they will stay with you regardless (within reason) of the base salary.
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using a high-performance business framework

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businessman holding word "success" and upward arrow in handsbonus: sample client feedback letter.

by domenick j. esposito
8 steps to great

the high-performance framework is a description of how middle-market companies can identify the components of high performance, assess their present position relative to high-performance benchmarks, and then create a plan of action to close any performance gaps.

more on strategic planning: the benefits of a client situation review | show clients how to improve working capital | do you belong in cybersecurity? | why you need marquee clients | net profits: how much to whom? | 3 tools to boost your metrics | seizing the $10 trillion opportunity
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the framework is essentially a set of models and common language that help communicate with a client. it provides the basis for developing an action to assist a client in a systematic and thoughtful way.
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8 ways to build team engagement

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underview of 6 businesspeople in a circle with hands in center in teamwork gesturechange management requires everyone to get on board.

by rob nixon

it’s hard to grow and develop an accounting firm on your own. you need the support of your team.

more on strategy: why a virtual team makes sense | 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.

you may want to implement a lot of new ideas; however, your team may have other ideas. unless you have a super-flexible team who is used to change then the reality is you may struggle with team engagement or buy-in. you may struggle to get the change you’re looking for.
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the benefits of a client situation review

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6 people in a business meetingthis is high-level and interactive, not a presentation.

by domenick j. esposito
8 steps to great

the client situation review (“csr”) is an effective tool for delivering client value.

more on strategic planning: show clients how to improve working capital | what a client service plan can add | 36 consulting services you might be overlooking | how to drive consistent partner behavior | cpa firm partner performance: different activities, different metrics | develop the partners you already have | how many partners do you need? | how to develop tactics for your strategic plan | the big eight: harsh realities for firms today
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the csr process is one of the most powerful and effective techniques for strengthening a client relationship and improving the quality and level of your service. in the spirit of building a mid-market sustainable brand, you can use the csr to demonstrate your ability to add value by providing creative ideas, asking the right questions, identifying challenges and providing solutions.
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when a virtual team makes sense

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four businessmen standing on world mapyour competitors are doing it.

by rob nixon

in 2014 there were approximately 50,000 australian office jobs sent to the philippines alone. according to experts this number is set to double this year and continue growing each year.

more on strategy: 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.

it can be a touchy subject with some people but it’s not going to go away. clothing has been manufactured overseas for years and now it’s office jobs.
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people still needed, but in different ways

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robot with penthe current team may be short-lived.

by rob nixon

around the world, technology is disrupting many jobs in many industries.

more on strategy: how to create 4 new billable hours per day | 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.

among jobs in the firing line include those that involve repetition, problem solving, information dissemination and data processing:

  • if there is any type of human algorithm involved it can now be done by a computer or a robot.
  • if there is manual data entry then much of that can be done by supercomputers with barcoding.
  • if there is consistent repetition in the job in the future it can be done by software and supercomputers.
  • if there is information dissemination involved then that can be done by the internet and clever algorithms.

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show clients how to improve working capital

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woman with tablet showing man something on laptopidentify issues and opportunities in the current process to craft the desired process.

by domenick j. esposito
8 steps to great

presented below is an example of an effective tool for distinguishing your firm from the rest – the ebitda/working capital improvements memorandum. this tool can be used when your client is owned by a large private equity group or other investment vehicle.

more on strategic planning: what a client service plan can add | 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 | seizing the $10 trillion opportunity
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the ebitda/working capital improvements memorandum is designed as a unique byproduct of your attest services. at the conclusion of your attest services, you share preliminary thoughts and observations on how to improve ebitda/working capital with senior management of the portfolio company as well as with an outside investor such as a private equity group.
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don’t let technology make you dumber

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courier on scooter delivering envelopeit’s a tool, not a substitute for you.

by rob nixon

accountants have been in the pursuit of efficiency for as long as i can remember.

more on strategy: what it means to be a real-time accountant | 12 predictions on the future of accounting | will the internet replace cpas? | the profession disrupted: compliance commoditized
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

you have electronic working papers, e-mail, document management, knowledge management, social media, two and three screens on every desk, intranets, portals, cloud accounting for your clients and superfast computers. the list goes on and on.
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capital markets 101

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money and business successthis could be an exciting opportunity for your high performers.

by domenick j. esposito
8 steps to great

technical specialization is also a key to attracting, developing and retaining marquee clients. examples are international tax, state and local taxes, stock-based compensation and sec/capital markets skills.

more on strategic planning: 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 | as tax season ends, strategic planning seasons begins
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

presented below is a granular look at the private and public capital markets and the opportunity it presents in securing marquee clients.
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the two most common management styles

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senior businessman with his team at officedo cpa firms need management or leadership?

by bill reeb and dominic cingoranelli

let’s start out with a straightforward question. what is the difference between management and leadership?

more on performance management: 8 ways to manage clients | the limitations of rainmakers | firms only grow when partners play their roles | the four basic parts of cpa firm partner agreements | younger partners see succession differently | how to compensate your managing partner | the job of managing partner: empowered or emasculated? | how the best managing partners turn ideas into reality
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

from one point of view, leadership is far different than management.
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