for After Tax Season Profits By Salim Omar, CPA 1 Welcome - - PowerPoint PPT Presentation

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By Salim Omar, CPA

The Ultimate Blueprint for After Tax Season Profits

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Welcome

Congrats!

You made it.

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Which One Are You?

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What’s Holding You Back?

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#1: Not Using The Momentum Built During Tax Season

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The greatest companies today started small, inefficient, sloppy. INNOVATION is what made them great.

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#2: Lack of a Proven Post Tax Season Strategic Gameplan

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#3: Not Getting Your Team On The Same Page

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If You Don’t Do Anything About It

Cash will dry up No new quality clients Low profits for 2016 Same situation in next tax season End up working a lot – burn out Stress

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The Promise Proven 3 Step “After Tax-Season” Game Plan

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That Will Result In…..

• Work lesser hours
• Attract quality clients
• High profits and cash

flow

• Successful 2016

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3 Step “After Tax-Season” Game Plan

Operations Team Attracting clients

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Say HELLO to Dan………..

I have earned an extra $45k this year in fees, my bank account has never had this much in it and all of my bills are paid in full to date. FYI, I am also all booked (and paid for) to attend your next conference in Dallas. Need to keep my streak alive as the only person that has attended all of your

• conferences. Never stop learning!

Dan Henn, Rockledge, FL

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Say hello to SONU………

I had the best tax season in 14 years.

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Are You Ready To Have Your Best Year Ever? …..

• Work lesser hours
• Attract quality clients
• High profits and cash

flow

• Successful 2016

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Fees Systems; Workflows; Policies; Client retention

3 Step “After Tax-Season” Game Plan

Positioning; The 3 M’s (Market, Message, Media) Client conversion

Operations Team Attracting clients

Culture; People; Communication; Meetings; Praise

SECRET #1:

TEAM CULTURE

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What is Team Culture?

• The personality of your firm
• The beliefs and behaviors that determine how a company's employees and

management interact and handle outside business transactions

• A company’s culture can have a powerful impact on its performance

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• The ways it conducts its business, treats

its employees, clients, and the wider community

• Extent of freedom with decision making,

developing new ideas, and personal expression

• How power and information flow

through its hierarchy

• How committed employees are towards

collective objectives

How your Firm’s Culture shows up

Culture is the glue that binds an organization together and it’s the hardest thing for competitors to copy

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Why YOUR TEAM Matters

• You can’t enjoy exponential growth without a

productive team

• You can’t provide your clients exceptional service

without a caring team

• You can’t enjoy a satisfying workplace and interesting

career without a reliable team

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• Staff cliques
• Mistakes
• Lack of urgency
• Missing deadlines
• Excuses
• Disrespect
• Argumentative
• Inconsistent
• Ups and downs
• Will NOT go the

extra mile

• 9-5 mentality
• Not accountable
• Resistant to

growth

• High integrity
• Performance-

focused

• Accountable

Innovative

• Collaborative
• Agile and adaptive
• Oriented towards

winning

3 Levels of T eam Culture

Poor Average Excellent

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• Staff cliques
• Mistakes
• Lack of urgency
• Missing deadlines
• Excuses
• Disrespect
• Argumentative
• Inconsistent
• Ups and downs
• Will NOT go the

extra mile

• 9-5 mentality
• Not accountable
• Resistant to

growth

• High integrity
• Performance-

focused

• Accountable

Innovative

• Collaborative
• Agile and adaptive
• Oriented towards

winning

Where Does Your T eam Fall?

Poor Average Excellent

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Examples of excellent culture

Designing Your TEAM CULTURE

My Firm Operates With The Philosophy Of…

• Growth

because staying still or dormant equates to “dying”

• World Class

5 star

• Make a Difference

to “matter”, to “serve”, to “contribute”

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The Culture at Straight Talk CPAs

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How to Create the Right Culture: 3 Principles

Principle #1:

Use a “Post Tax Season” Meeting to Identify…

What went well? What did not go well?

Delivery Turn around time Client happiness T eam Productivity Communication Systems Backlogs Workflow Lifestyle Stress

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Company goals:

• ne year and quarterly

Principle #2: CREATE GOALS

Example:

Company goals:

• Revenue goals
• Productivity goals
• Efficiency

T eam member quarterly goals: KPIs

Team member goals:

• Revenue goals
• Productivity goals
• Efficiency

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Work flow and Team Building

Principle #3: T eam COMMUNICATION

QUARTERLY TEAM MEETINGS Weekly Huddles

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When You Get This Right

• You can provide your clients exceptional service with a

caring team

• You will exponential growth with a productive team
• You will enjoy a satisfying workplace and interesting

career with a reliable team

• Less stress

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What would happen to your practice if YOU had EXCELLENT TEAM culture?

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3 Step “After Tax-Season” Game Plan

Positioning; The 3 M’s (Market, Message, Media) Client conversion

Operations Team Attracting clients

Culture; People; Communication; Meetings; Praise

Fees

Systems; Workflows; Policies; Client retention

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Why is CHARGING THE RIGHT fee important?

Direct impact on the bottom line Higher take home pay More money to reinvest in the business Foundation of practice success

9 out of 10 firms are undercharging their fees

(based on strategy sessions with hundred of firms)

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What is the hardest part about pricing?

? Articulating value to the client ? Having the courage to price ? Knowing how much to price ? Convincing the client of the value ? Other?

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Va Valu lue e Be Beli lief ef + + Va Valu lue e Con

• ntr

tribut ibution ion + + Va Valu lue e Perce rcept ptio ion = =

Id Idea eal l Fe Fees es

Limiting pricing beliefs

“I’m too busy, I’ll just charge by the hour”

“It’ll probably take X hours so we’ll charge Y”

“There’s too much time on the clock- we’d better write some down”

“I’m afraid of what the client will think”

“What if they say no”

“My clients will never pay that much”

“Our rates must be in line with

• thers”

“I can get it done really fast”

Typical REVENUE breakdown and fees

300 1040 x $300 $ 75,000 100 Business Clients x $2,000 $200,000 Other services $ 50,000

TOTAL $325K

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What if you have clients that are paying you $5k – 25k/year in fees

Commercial repair and maintenance

– Fees to my firm: $18k/ year to date:

$162k

Machinery and rubber tracks family owned business

– Fees to my firm: $32k/ year, to date:

$184k

Dental practice

– Fees to my firm: $7k/ year, to date:

$38k

Elevator company

– Fees to my firm: $24k/ year, to date:

$158k

Elder care company

– Fees to my firm: $8k/ year, to date:

$52k

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Typical REVENUE breakdown and fees

BEFORE

• 300 1040 X $250

$ 75,000

• 100 Business Clients X $2,000

$200,000

• Other services

$ 50,000 TOTAL $325K AFTER

• 300 1040 X $400

$120,000

• 100 Business Clients X $5,000

$500,000

• Other services

$100,000 TOTAL $720K

4 Principles

The Awesome 8 Services Packaging your services Value drivers Right sizing your current clients

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Services – the awesome 8

Financial Reporting Growth Profit Cashflow Protect Tax compliance and reduction Sell [CATEGORY NAME]ment

8% 14% 17% 22%

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Do more marketing Lift your client service levels Be more transparent with pricing Focus more on the future than the past when working with clients Offer more services to help me improve my business

If you had to choose one of the following pieces of advice to assist your accountant, which would you choose?

428 Business People have spoken!

Offer more services to help me improve my business

A new approach

Every client should be buying every service they need that helps them achieve their goals!

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What’s the Revenue Potential of Offering Adding Value Added Services to Clients?

Number of clients x additional services x fees x 5 years

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Packaging Your Services

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Transitioning Clients: Compliance to Advisory

• Avoid offering business advice to “compliance only” clients
• Let them know of your new role as “business advisor”
• Why you? (experiences, study, etc.)
• Offer options via frequency of meetings

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Client services mix

Prepare F. Stmts QuickBooks Financial Stewardships Sales tax Budget Cashflow Planning succession Monitoring – monthly / quarterly Tax planning Payroll Taxes Asset protection Coaching Systems development Client name Client name Client name Client name Client name Client name

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What keeps you up at night? What are your main challenges? What are your short term (0-3 years) growth plans? What are your long term (5 – 10 years) growth plans? What differentiates you from your competitors? What market share do you currently have? What’s your exit strategy?

Value Drivers

Right-Sizing Your Fees

• Create a standardized

pricing sheet

• Complete the pricing sheet

for all clients

• Bucket your clients
• Decide on how you are

going to communicate the fee increase to the client

• Right sizing one of my

clients this week led to an ADDITONAL $7.2K in fees

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Pricing Sheet

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Why do most practitioners end up charging low fees?

• Fees increases are NOT

seen as a strategic activity

• Uncovering opportunities

to offer additional services NOT performed in a strategic manner

• Fee increase not planned

for and scheduled in the calendar

• Uncovering opportunities

not done proactively

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Don’t know how to structure it AND If not done right, it has negative repercussions

Why do most practitioners end up charging low fees?

What impact could this have on your revenues and profits?

Every client should be buying every service they need that helps them achieve their goals!

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When You Charge The Right Fees….

Direct impact on the bottom line Higher take home pay More money to reinvest in your practice Build a more valuable asset

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What has been most valuable so far for you?

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3 Step “After Tax-Season” Game Plan

• The 3 M’s (Market, Message,

Media)

• Positioning;
• Client conversion

Operations Championship Team Attracting clients

• Culture;
• People;
• Communication;
• Meetings;
• Praise
• Fees
• Systems;
• Workflows;
• Policies;
• Client

retention

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Dan Kennedy, Best selling author of 15+ books

Client Attraction

Frankly, if you have emotional hang-ups about sales and marketing, don’t “like” it, are convinced you aren’t good at it, and refuse to hunker down and get good at it, I just don’t have much hope for you when it comes to wealth attraction.

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Attracting the RIGHT Clients

• We all know the characteristics of a bad client.
• We also know the consequences of having a

practice that is filled with bad clients

• Stop signing them up
• Instead, become clear about the RIGHT clients
• The success of your practice and your lifestyle

hinges on putting a system in place to bring them in

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Demographics: classify people and businesses in ways that can be measured – Example: People in their 30s, married with 3 children Psychographics: the use of demographics to study a measure attitudes, values, lifestyles and

• pinions, as for marketing purposes.

– Example: Conservative, religious, health-conscious

Your Client Avatar

(As adapted from David Tyreman’s book, World Famous.)

• Who are your top

clients?

• What do they like

about you?

• You want more of

them.

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What are the "demographic" commonalities of your ideal customers?

• Are more of them male or female?
• How old are they?
• What kinds of businesses do they

have?

• What jobs do they do?
• How much money do they make?

Your Client Avatar – Demographics

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What are the “Psychographics" commonalities of your ideal customers?

• What is their inner reality
• What are their fears and

frustrations in life?

• What are their desires and

aspirations?

Your Client Avatar – Psychographics

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Get creative here.

Do they like the same music? Do they share a political view? Do they have an experience that they've all shared?

What do your customers have in common?

If you had to sum up the "story" of your ideal customer's life – as they tell it – how would it go?

• What's a day in the life of your ideal

customer like? Think of it from their

• perspective. We learn an important skill

at 4 years old.

• We learn to EMPATHIZE.
• Most of us never practice this skill

proactively, so we experience only a fraction of the value and benefit we could get from this amazing skill.

• To practice, write a narrative, from your

customer's perspective telling the story

• f being in a painful, frustrating situation

without knowing what to do… then discovering the valuable solution that YOU offer...taking advantage of it…and then experiencing the benefit.

• Focus on irrational, emotional fears,

fantasies, and drivers - and the emotions felt once the solution is found and realized.

Let me share with you what I have found out when I have gone thru this process and how it has shaped who my ideal client is in my practice.

• One of the BIG Fears they have is the I.R.S.

They are scared of it and do not want to do anything against the law.

• They believe that their business can be more profitable and the reason

they got into it is to give them a certain lifestyle.

• They feel their accountant can help them more than just telling them

where to sign on the tax returns and giving them financial statements they don’t know how to decipher. They want more meaningful communication with their accountant.

• They lose confidence in their CPA when things are not completed as
• promised. When response time is too long.

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• 40 to 62 years old
• Has 2 to 3 kids
• College educated
• Has a business that is within

20 miles of my office

• Revenues of $1M - $15M
• Employees: 5-25

From a “demographics” standpoint, my ideal business client is:

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• Growth minded.
• They see themselves as leaders and striving to be the best in

their industry.

• They are respectful.
• They are smart, have business savvy, seek and

value good advice.

• They know they don't have all the answers so they are open to

reading and attending seminars.

• They are community minded - they are givers.

Once I had a clear idea of who my ideal client was, I was able to put a client attraction system in place to bring them on board.

From a “psychographics” standpoint, my ideal business client is:

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My Client Avatar…..

• These types of clients are fun to work with and very profitable.
• No more clients who would beat me up on fees or

who are stressful to work with.

• Same practice I had BUT now earning 3 to 4 times more.
• And working much less.
• Importantly, I am ENJOYING my practice.

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Who is Your Perfect Client Avatar?

• What are characteristics of the perfect client avatar….

so you know exactly who it is you’re targeting.

• Describe from both standpoints of:

Demographics and Psychographics

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1: “Positioning” It's how you pre-sell, most important part of the whole process. Quality of a relationship dependent on how you bring them in. Push versus pull (expert). 2: “Client Experience” Once they’ve become your client. You want it to be congruent with the positioning you laid out. (proactive advisor.) 3: “Retention” All the ways to retain clients (constant touches, personality, extra mile, etc).

3 Very Important Steps to Attracting Clients

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What would happen to your practice if you had a client attraction system that brought in a consistent stream of quality clients?

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WRAP UP

Operations Team Attracting clients

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Are You Ready T

• …..
• Work lesser hours
• Attract quality clients
• High profits and cash

flow

• Successful 2016

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Make This a Thing of The Past

Cash will dry up No new quality clients Low profits for 2016 Same situation in next tax season End up working a lot – burn out Stress

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 Fees  Systems  Workflows  Policies  Client retention

Deep Dive & Blueprints

 Positioning  The 3 M’s (Market, Message, Media)  Client conversion

Operations

Team

Attracting clients

 Culture  People  Communication  Meetings  Praise

2015 www.CPAliveEvent.com

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Q & A!