designing your ultimate lifestyle accounting practice · designing your ultimate lifestyle...

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Designing Your

Ultimate

Lifestyle

Accounting

Practice

By Salim Omar, CPA


• Congratulations on one of the most important decisions

you’ve made in your life

• Showing up on this online training was a move that I believe

will change the course of your future for the better

• Here’s why: Today you'll be discovering.......

Welcome


• Skyrocket your profits in ANY economy

• More (better) quality clients

• Highly productive staff

• Liberate yourself from day-to-day stress and

headaches

• Create wealth with a lucrative exit strategy

What You’ll Be Discovering?


• Why some practitioners (who are not smarter

than you) seem to have all the money, time and

freedom while you work hard and hardly anything

to show for it?

• Why some practitioners get things done fast, are

stress free while you might be struggling with your

day to day tasks?

• Why some practitioners attract quality clients who

pay, stay, and refer …without struggle or strain?

Have You Ever Wondered…


• You are working too hard for too little

• Your practice has turned into just another JOB

• You are watching your life pass you by from inside

your office

• Your team is just a revolving door of barely

motivated employees

• You are overwhelmed by running your practice

You Are in the Right Place if:


How to get the most from this training?


I’ll show you how I went from $100k in debt to building

a systematized practice that allowed me to create

more wealth than I ever thought was possible (while

working less).

Systems for…

• Client attraction

• Staff Productivity

• Creating Wealth

My Big Promises


I worked as a CFO in

Manhattan

Six figure salary, corner

office, prestige, etc

HATED my job – office

politics, lunatic boss and

long commute

Started my practice in 1996

My Story


Not as easy

$100K in debt

Employee problems

Low quality clients

Cash flow always tight

Long hours – BAD lifestyle

My Story


Stumbled across the 5 Steps to Practice

Management Autopilot

I now own a successful, thriving 12 person CPA

practice that allows me to live the lifestyle I want

Have been teaching and transforming CPA practices

for the last 7 years

My Story

http://www.CPAmarketingGenius.com

Copyright 200911

Feedback From Practitioners• Excellent, informative and timely tool to increase business volume. We should

have many more of these kinds of webinars. Thank you.

• Great points made by Mr. Omar that would help our practices to be more efficient and profitable!!

• I am using Salim’s program and already getting great results. I expect it to be a cornerstone to help me achieve my goal of doubling my practice over the next 12 months.

• This was the best webinar I've attended in the last 2 years. Thanks!

• Great conference. Mr. Omar is a genius. I learned a lot today.

• Excellent information. Very relevant.

• Salim practices what he preaches, giving me hope that I CAN run a successful practice and still have time to spend with my wonderful family.

• Best webinar I have ever attended

• I have tried many marketing programs in the past, Salim is the real deal. He is the marketing guru for CPA's.


• Quality clients who are a pleasure

to provide services to

• Generates a high net profit

• Consistent cash flow

• Top notch employees who can be relied upon

• Systemized practice that operates like a finely

tuned machine

• Work less hours

What a LIFESYLE Practice

Looks Like


What are the characteristics of a Lifestyle Practice?

Please select the correct answer:

• Poor Quality Clients

• Healthy and consistent cash flow

• Dissatisfied Employees

• 65+ hour work weeks

Poll Question #1:


1. Understanding the BUSINESS You Are In

2. 50% Boost in Income by Delegating

3. Your Team Reduces Your Stress

4. Systems Equals Freedom

5. Raise Fees to Increase Take Home Pay

5 Steps to a

Thriving Lifestyle Practice


So, really, what business are you in?

Are you in the:

- Tax return preparation business?

- Financial statement preparation (write up)

business?

- Payroll and sales tax returns preparation business?

WRONG!

Step #1: Understanding The Business

You Are In


• How you define your practice is important

• You are in the REDUCING ANXIETY business

• It’s the #1 reason why clients select a CPA firm

• Do NOT undervalue yourself - “I just prepare tax returns”

• My patio story

• Next slide: NEW Paradigm

What Business Are You In?


• Biggest fear – I.R.S.

• New Mindset: YOU are the CPA that PROTECTS your

clients from the I.R.S.

• You offer the “TOTAL” Package:

Preparation services (commodity) + Protection +

Trust + Advice + 5 Star Customer Service

= Market Domination

What Business Are You In?

The NEW Paradigm


Understanding STEP ONE

(the “real” business you are in)

helps you with STEP TWO


For most practitioners there are four kinds of tasks:

• $10 per hour work



• $500+ per hour work

• The fastest way to increase your income is to do more of the $250

and $500 per hour work

• Dump the $10 and $100 per hour jobs

Step #2: DelegateMost CPAs Are Working Way Too Hard

Key Problem

UNDER-DELEGATION


What are the $10+ hour jobs?

• Answering the phone

• Responding to client inquiries (copy of tax return, etc.)

• Preparing monthly invoices, trying to collect fees

• Paying the bills

• Going to the post office and bank

Tiny Hinges Swing Big Doors50%+ Boost in Income


What are the $100+ hour jobs?

• Preparing financial statements

• Preparing payroll and sales tax returns

• Preparing personal and business tax returns

• Responding to tax notices



Most practitioners are BUSY:

• CONSUMED by the $10+ and

$100+ tasks

• Doing it, doing it, doing it!

• Their income is on a FLAT plateau

• They work way too hard

• Clients DON’T appreciate and respect them

The Reality for Most


What are the $250+ and $500+ hour jobs?

• Creating a SYSTEM that can DELIVER the: TOTAL PACKAGE

Preparation service (commodity) + Protection + Trust + Advice + 5

Star Customer Service = Market Domination

• Creating a CLIENT ACQUISITION System

• Creating a CLIENT RETENTION System

• Creating a system to increase the TOTAL CLIENT VALUE

• Creating a REPUTATION MANAGEMENT System



• If you get rid of all your “$10 per hour” tasks and only do $100

per hour tasks all year, you’d earn: $200,000

• If you shifted only 10% of that time to $250 per hour work and

another 10% to $500 per hour work, you’d make $310,000

• A slight change in the way you work boosts your income by

more than 50%

Step #2 for Practice Management Autopilot:

DELEGATE

50%+ Boost in Income


What is the fastest way to boost your income? By

delegating:


• $10+ tasks

• $100+ tasks

• $250+ and $500+ tasks

• None of the above

Poll Question #2:




3. Reduce Stress with your Team

5 Steps to a

Thriving Practice


What if:

• Your staff took responsibility as

if they owned the practice…

• Your staff truly understood how

much your time is actually worth and protected it

against time sucking activities that don’t produce

results…

• Your staff became more motivated, super productive,

and goal oriented…

Step #3: Reduce Stress with

Your Team


• In the first few years of my practice, I had a revolving

door policy

• My staff was a mess. Turnover was ridiculous.

• I’ve made all the mistakes. And along the way, I’ve

learned exactly what works

• Today, I have a passionate, loyal team of talented

individuals working for me

• Their efforts make my firm a success, day after day

I’ve Made ALL the Staffing

Mistakes and More!


It Results in:

• Good quality work being produced

• Less stress for you because you

know the work was completed properly

• Clients are happy so retention is high

• Profit is high because of efficiency and

you work less hours

Benefits of Having a Championship Team

Net Result

Great Lifestyle


TWO TRIPS DURING TAX SEASON

Kenya

California


2 Keys to Build a Championship Team

Recruiting(top talent)

Culture(high productivity)


Poor recruiting results in

• Misfits

• Quitters

• Underperformers

• Cost $$$


WHEN YOU GET THIS RIGHT

• Pick the smartest

• High performers

• Reach your firm goals


"The secret of my success is that we have

gone to exceptional lengths to hire the

best people in the world.” Steve Jobs


Successful hiring

Hiring Game Plan


Successful hiringDiligent

4 Phase Interview questions

Phase One: Discover the candidate’s ability to self-assess

Phase Two: Look for compatibility

Phase Three: How much does the candidate want this job?

Phase Four: What are candidate’s technical abilities

Involve your team

More new hires FAIL due to personality / culture clashes

than the inability to perform the role


Not involving your staff in the recruiting process is

a mistake you want to avoid?


• True

• False

Poll Question #3:


KEY #2: 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

• Culture is the glue that binds an organization

together and it’s the hardest thing for competitors

to copy


HOW YOUR FIRM’S CULTURE SHOWS UP:

• 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


7 ATTRIBUTES OF HIGH PERFORMING FIRMS:

1) Honest (i.e. high integrity)

2) Performance-focused

3) Accountable and owner-like

4) Collaborative

5) Agile and adaptive

6) Innovative

7) Oriented toward winning


THE CULTURE AT STRAIGHT TALK CPAS


#1: Core Values

What are your core values?

What experiences from the last 3-12 months represent the values of your firm?


Core Values Examples


Designing your core values

• Get your team involved

• Pick categories eg: clients, growth, systems, etc.

• What is your most important belief about it


2) Goals


CREATE GOALS

Company goals:

one year and quarterly

Example:

Company goals: • Revenue goals

• Productivity goals

• Efficiency

Team member

TRIMESTER/KPIs

goals/KPIs

Team member goals:

• Revenue goals

• Productivity goals

• Efficiency

OWNER TRIMESTER GOALS

Owner goals:

• S & M

• High end technical work

• Team engagement


120 Day Action Plan

Rocks for 120 Days (Focus, why, what, who, when, goals, KPIs)

One Page plan (Theme, critical focus, team celebration/reward)

New 120 Day Targets (Production Fee Earners %, Productivity Owner %, AHR Client Hours $, AHR Hours worked $, # of leads, # of sales meetings, Conversion rate %, Value of new projects won $, one on ones, Revenue $, Profit %, Gross Profit %.


Work flow and Team Building

#3: COMMUNICATION

QUARTERLY TEAM MEETINGS

Weekly Huddles


CURRENT SITUATION

Left hand does not know what right hand is doing

Client don’t benefit from the genius of a team

No sharing of knowledge


WHEN YOU GET THIS RIGHT….

• Everyone is on the same page

• Focus on common vision and goals

• Accountability

• Get unstuck


Meetings

Daily Huddles

Weekly Meetings

Monthly Team Meetings

Trimester

Team Meetings

Annual


WORK FLOW MEETINGS

Weekly: 30 to 45 minutes

Schedule it and hold it, no exceptions

Start and end time

Team leader – encouraging but firm

Go over work flow tracking sheets – status and who’s doing what

Power of the mastermind to get solutions to any bottlenecks


High Performance Firms are Agile and Adaptive?

True

False

POLLING QUESTION #4




3. Reduce Stress with your Team


5 Steps to “Practice

Management Autopilot”


What do you know about McDonalds:

• Consistent experience

• Same menu

• Same look and feel

• Run by high school kids on minimum wage

• Very profitable business

Step #4: Systems - The

McDonald’s Secret

Such a high level of efficiency, productivity and profitability is

only possible by: Building Systems


• Inconsistent experiences for your clients

• Work NOT delivered on time

• Work produced with low efficiency

• Unhappy employees due to guesswork

• Delegation becoming more DIFFICULT

• You becoming a slave of your practice

Lack of Systems Leads To:


Credit to Michael Gerber – the master at Systems

Development


What is a System?

• Your practice is a system of systems

• Each system has a purpose, it produces a certain

result

• Like clockwork, predictably, on time, on

budget, every time

• Document each system - otherwise it is

not a system


Systems creation strategies

• Have your staff create the systems

• See a problem as an opportunity to create a "system”

Problem being experienced:

Errors in tax returns

System solution:

Create a checklist to go through


Type of Systems:

Workflow System

Staff Recruiting

System

Staff management

system

Lead Generation

System

Client management

System

Lead Conversion

System


Example of a

"1040 Workflow" System


Procedure - Example ARRIVAL RESPONSIBILITIES

The reception area, including the administrative assistant’s desk area, is the first part of the office clients see at most practices. It is important that this area looks its best.

Remember: first impressions are lasting impressions.

Before even carrying out any duties, staff should know the importance of punctuality. The expressed start time for your business should be firm—8:30 a.m. means 8:30 a.m. and no later.

Upon arrival to the office, the administrative assistant first straightens the reception area:

Turn on the computer and open work-related programs. Browse through the scheduled appointments for the day to familiarize with clients who will be coming in for meetings and, if necessary, make sure client files have been pulled for meetings.

• Straighten brochures and materials (e.g. firm newsletter, etc.)

• Put away any supplies that were delivered

• Neaten desk and surrounding area

• Conduct any necessary cleaning. (Many practices employ a cleaning service to clean the office periodically, however, in-between cleans may be necessary between visits.)

• Check voicemails and emails.

• Restock the break room or related area.

• Empty all trash and recycling receptacles every other day or as needed.


When you get this right……

• Streamlined operation

• Delegation becomes easier (freedom)

• Consistent 5 Star services

• Higher profit

• Own a firm, not a job


Lack of Systems leads to?


• Clients have an inconsistent experience

• Work is not delivered on time

• Delegating becomes difficult

• All of the above

Poll Question #5:


9 Out of 10 Firms are Under-Charging

Their Fees

Step 5: Raise Fees to Increase

Take Home Pay


• You offer the “TOTAL” Package: (Step #1)

Preparation service (commodity) + Protection + Trust +

Advice = Market Domination

• Fees are a function of “supply” and “demand”

How to Charge the Right Fees?


Economics 101:

What happens to price when its supply

goes DOWN and its demand goes up?

Fees: a Function of "Supply"

and "Demand"

Prices go HIGH


1) Expert positioning

Example: Author, speaker, interviewee, etc.

2) Social proof

Example: Testimonials from existing clients.

3) Build VALUE

Example: (don't devalue the work you do, etc.)

a) I want to take the time to look at this from all angles to be sure we are doing the

absolute best we can to minimize your tax liability

b) There is a lot to this project. I will get started on it and will keep you apprised of

the status as I work through it.

How to Create “Demand” for

Yourself and Your Services


How to Control “supply” - SCARCITY

1) Less accessible

NEVER say: Just stop by, I am here all day OR I can meet with

you at anytime

Instead say: I can meet with you at 2:00pm tomorrow or 11:30am

on Friday. Which works better for you?

2) My firm can handle only “x” number of clients

3) Currently at “near full capacity”

Charge the Right Fees By:

Controlling “Supply”


How should a CPA “increase” demand for his or her

services?


• By expert positioning (e.g. author, speaker, etc)

• Become the lowest fee service provider

• Provide fast but poor quality services

• None of the above

Polling Question #6:




3. Your Team Reduces Your Stress


5. Raise Fees to Increase Take Home Pay

5 Steps to a

Thriving Practice


MY TURNING POINT….

I was at a LOW in my practice

I wanted OUT.

Working way too much.

Cash flow was tight. Low quality clients. Staffing issues. $100k in

CC debt.

I became a SERIOUS STUDENT.

Studied some of the brilliants minds. Modeled them.

Applied them to my practice to create a successful, 10 person

lifestyle practice.

No One is self made.

Do NOT re-invent the wheel.


MODELING: THE FASTEST, BEST,

EASIEST & SMARTEST WAY TO SUCCESSValuable Resource to help you MODEL my transformation

What is the #1 challenge sited by 2500+ CPAs?

+ Client Attraction

MYTH from the 18th century: Build a better mousetrap and the

world will build a path to you

50% of problems DISAPPEAR when you take care of client

attraction

It’s the BIGGEST influencer to creating a lifestyle practice

Special gift for you - my BEST client attraction strategies


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FEEDBACK FROM PRACTITIONERS "I have recently signed up 2 new business clients in my first month and have 3 potential new

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"I am using Salim's program and already getting great results. I expect it to be a cornerstone to

help me achieve my goal of doubling my practice over the next 12 months.“

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designing your ultimate lifestyle accounting practice · designing your ultimate lifestyle...

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