five grass roots techniques that produce results presented by: art kuesel wilmette roundtable...
TRANSCRIPT
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Five Grass Roots Techniques that Produce Results
Presented by: Art Kuesel
Wilmette Roundtable
Rosenberg Associates
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Art Kuesel, President
EXPERIENCE
¨ Sales Executive¨ 3 years inside $60M CPA firm¨ 5 years inside $25M CPA firm¨ 6 years at PDI/Koltin Consulting¨ 2.5 years at Kuesel Consulting
EXPERTISE Sales Coaching Sales/Marketing Training
EXPERTISE (Cont.) Keynotes, Presentations,
Workshops on Growth Growth Plan
Development/Implementation Managing Partner Coaching Sales & Marketing Recruiting
STREET CRED→ Top 100 Most Influential Person in
Public Accounting: 2014→ In-house and external experience→ Clients include scores of T250 Firms
including a third of the T100→ Frequent writer and blogger for
Accounting Today→ Accomplished speaker and
presenter on growth trends2
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Today’s Workshop
Five Grass-Roots Growth Techniques that Produce Results - Wilmette GroupDevelop/Package and Promote “hidden” Consulting Services
Succession PlanningProfit EnhancementInternal Controls Assessment/Risk Reduction StudyTax PlanningRetirement Planning
*Bill all these at higher consulting rates*Be Proactive with top 10 clients 4x/year (40 meetings to see how they are doing, find
out professional goals, personal goals, ascertain challenges and obstacles, suggest ideas to help, make recommendations, make introductions and/or consult)Discuss a template that may facilitate thisAsk for referrals from top clients
Get your partners and managers involved with marketingWhy not 2x or 3x your marketing efforts?Where to start
Develop a niche expertise (from within)Analyze your practice for existing “hidden” nichesAssess client/market opportunitiesIdentify trade groups and potential referral sourcesIdentify target clientsDevelop thought leadership
Acquire a niche expertise externally via lateral hire Boost your breadth and capabilities by bringing a new resource to your clientsIdentify niche(s) to prioritizeUtilize LinkedIN to research candidatesReach out and have some conversations
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Today’s Workshop
1. Baseline discussion2. Develop, package, and promote hidden consulting
services3. Be proactive with 10 top clients at least 4x year4. Get others involved in marketing5. Develop a niche expertise internally6. Acquire a niche expertise
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Baseline Discussion
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Baseline
How many of you are reasonably satisfied with your revenue level?
How important is it to you to increase your revenues? Be honest! Obviously, to get the revenue increase, you are going to have to do something.
How many of you are willing to invest time and perhaps a little money to increase clients? Or, is your game plan to sit back and wait for the phone to ring?
What have you sworn never to do (re marketing)? Like making cold calls or attending rotary meetings.
Is part of why you are solos and small firms is because you hate practice development and marketing?
Have any of you had ideas about marketing or wondered if something might work, but just haven’t done it? What has stopped you?
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Top Five Hidden Consulting Services
1. Succession Planning
2. Profit Enhancement Services
3. Internal Controls Assessment/Risk Reduction Study
4. Tax Planning
5. Retirement Planning
Source: AICPA/PCPS
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Develop, Package, and Promote “Hidden” Consulting Services
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Develop, Package, and Promote “Hidden” Consulting Services
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Develop, Package, and Promote “Hidden” Consulting Services
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Develop, Package, and Promote “Hidden” Consulting Services
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Top Five AICPA/PCPS Issues 2015
1. Retaining Staff2. Finding Staff3. Partner Accountability and Unity4. Seasonality/Compression5. Succession Planning (tie)5. Finding New Clients (tie)
Source: AICPA/PCPS13
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Most Firm Succession Plans Require…
G-R-O-W-T-H !Growth Enables:1) Meet current/future DC needs2) Reward/Retain top performers3) Make new partners4) Fund service expansion5) Increase partner compensation
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Average Firm Growth Last Year
6.3%
This INCLUDES:Rate increasesCross-Selling New clientsMergers
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Is it enough?
Will 6.3% Growth Enable:
1) Meet current/future DC needs2) Reward/Retain top performers3) Make new partners4) Fund service expansion5) Increase partner compensation
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Most Firm Succession Plans Require…
WILL 6.3% ENABLE?
1) Meet current/future DC needs?
2) Reward/Retain top performers?
3) Make new partners?
4) Fund service expansion?
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Strategy #1: Build a Marketing Culture
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Growth with a Strong Marketing Culture?
DOUBLE?TRIPLE?
Fact: Firms with strong marketing cultures outperform their peers in growth.
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1) Set Roles/Expectations/Goals
Outline marketing roles/expectations/goals by level:
a) Partners (#/$)b) Managers/Senior Managers (#/$)c) Staff/Seniors/Supervisors (#)d) Administration (#)
What it does: Helps people understand generally what types of contributions we expect from them – and how they can contribute
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2) Skills Training Workshops
Client developmentBuild a personal brandNetworkingBuild referral sourcesWin at the sales process
What it does: Gives your people basic tools and skills to succeed in various marketing and business development situations as well as be proactive in new areas 2115
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3) Referral Sources
Support your people in finding more high quality referral sources Banks, law firms, P&C insurance, FA’s Hold mixers FACILITATE prep FACILITATE follow-up
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What it does: Gives your people easier access to potential referral sources. Gets more people involved in networking and referral source marketing
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4) Pipeline Meeting/Marketing Club
Talk about marketing and sales!Wins and LossesKey Pursuits/ProposalsReferrals In/OutChallenges and OpportunitiesGroup Therapy!
What it does: Enhances communication, knowledge sharing about wins, help each other with challenges, reminder of goal, develop marketing mindset
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5) FORMAL Client DevelopmentTarget top 25 relationshipsBuild more and deeper relationshipsEducate clients on servicesUncover opportunities for additional revenue (cross-sell)Seek referralsFACILITATE Satisfaction interviews
What it does: Assists in creating stronger bonds with your clients, enhances selling skills of your people, grows revenue, boosts client retention
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6) Niche DevelopmentUncover hidden niches in your firm“The riches are in the niches”Specialization wins every time Niches are fueling growth (is compliance?)Build a passionate team that can: Target participation in an association Develop thought leadership Pursue a targeted list of referral sources and prospects
What it does: Creates teaming opportunities among staff, enables greater marketing success, creates greater retention among clients in that niche 19
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Place client logo here
Niche Practice Growth 80% +
Source: Accounting Today
60% +
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7) Internal “PR”
Communicate about marketing often!
• “Another Win” Emails• Key Pursuit Communication• Conf. Room Celebrations• “Bolt-on” Communication
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What it does: Publicizes success, fuels excitement, reminds of importance of marketing
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8) Rewards
Make it worth their time:Commission/Bonus on New Business (Results)Rewards for Individual EFFORTRewards for Group Results
What it does: Incentivizes individual and group behavior. People band together to achieve a goal.
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9) Content/Social/Thought Leadership
Refine your Content StrategyEducating is Selling!Content marketing engages clients, prospects, and referral sourcesDemonstrates knowledge and mastery of a topic Engage your people to writeLeverage/Maximize your Social Media channels starting with LinkedIN and blogging
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What it does: Engages more people in the marketing process, engages clients, prospects and referral sources
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10) Key Hires
Hiring a marketing professionalCan help drive grass roots/institutional efforts
Hiring a sales professionalBring new opportunities in the door
Lateral hires: Practice buildersStart or boost a niche with an external hire
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What it does: Tells EVERYBODY in the firm that the firm is serious about marketing/sales.
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Results: 50 Person Firm/California
Marketing Culture Development Began in 2011
Efforts have included:Roles & Responsibilities by Level, “First Ever” Marketing Plan, Marketing Skills Training, Pipeline Meeting, Marketing Club, Enhanced Incentives
Results: 2011-2014 Revenue Growth = 7.3-11.4% per year (HALF of which
came from new contributors and non partners) In 2012 compensation/raises began rewarding for marketing
effort and behavior as marketing is a responsibility for everyone at the firm
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Results: 40 Person Firm/Pacific Northwest
Marketing Culture Development Began mid-2011
What they did:
Roles & Responsibilities by Level, Niche Development, Client Development, Marketing Skills Training, Pipeline Meeting, Marketing Club, Enhanced Activity Incentives
Results: 2012 New Revenue Nearly $1M 2013 New Revenue $650K 2014 New Revenue $450K
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Marketing: BEST IDEAS [Discussion]
As COO/FA have you implemented a powerful or unique marketing idea?
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Strategy #2: Retention
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Top Five AICPA/PCPS Issues 2015
1. Retaining Staff
2. Finding Staff
3. Partner Accountability and Unity
4. Seasonality/Compression
5. Succession Planning (tie)
5. Finding New Clients (tie)
Source: AICPA/PCPS
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Top Five AICPA/PCPS Issues 2015
1. Retaining Staff
2. Finding Staff
3. Partner Accountability and Unity
4. Seasonality/Compression
5. Succession Planning (tie)
5. Finding New Clients (tie)
Source: AICPA/PCPS
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High People Retention Influences:
Reduced costs/time for recruiting
Happy people refer their friends
Happy people take better care of their clients
Happy clients stay with firms longer (and buy more)
This all makes GROWTH easier!
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What Top Talent Wants! Feedback/Reinforcement/Recognition Flexibility Culture of Training/Development/Mentorship Top Technology Collaborative Environment Complete Transparency Be a Part of Something Bigger/Make a Difference Leadership Opportunities Above Average Compensation
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What’s in your “Retention Plan?”
• Better and more Frequent Feedback/Communication
• Internal Training Academy• Flex/Remote Arrangements• Internal Culture Committee• Firm Events• Leadership Opportunities @ All
Levels• Internal Recruiting Committee
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Internal Training Academy “XYZ-University”
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Firm Development
Business Development
People Development
Client Development
Personal/Professional Development
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Personal and Professional Development
• Personal SWOT• Defining your Personal
Leadership Style*• Creating a Personal
Development Plan• Time Management 101• Accounting Firm KPI’s:
How a Firm Really Makes Money
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Client Development
• Understanding your Role with the Client
• Being a Proactive Advisor• Developing Relationships
and Building Trust• Cross-Serving/Selling• Achieving Loyalty – and
Referrals!
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People Development
• Delegation and Leverage as a Development Tool
• Team Building 101• Serving as a Mentor and
Coach to your Team• Performance
Management • Delivering Effective
Feedback43
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Business Development
• Building a Personal Brand and/or Niche
• Capitalizing on your Biggest Asset: Clients
• Developing a Referral Source Network
• Succeeding at the Sales Process
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Firm Development
• Herding Cats: Leading Other Professionals
• Creating a Culture of Accountability
• Strategic Planning 101• Leveraging Technology• Talent Acquisition &
Retention• Niche Growth and
Expansion45
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Higher Retention Facilitates Growth!
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Higher Retention Facilitates Growth!
1. Benchmark
2. Set a Goal
3. Develop a Plan
4. Build a Team
5. Implement
6. Measure
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What’s Working @ Our Firms?
60 Partner Firm• Internal Leadership
Academy• Hartman Assessment• Path to Partner
Program• Internal and External
Coaches• ELA
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What’s Working @ Our Firms?
25 Partner Firm• CPAM NextGEN• Internal Coaching
Program• Roundtables• ELA
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What’s Working @ Our Firms?
15 Partner Firm• Elevated HR Role• Leadership and
Development Courses
• Internal Mentorship• Rainmaker
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What’s Working @ Our Firms?
10 Partner Firm• New Talent/Learning
Director• CPAM
NextGEN/CALCPA YP• DiSC & Course
Offerings• ELA
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Retention: BEST IDEAS [Discussion]
Have you implemented a powerful or unique retention idea?
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Strategy #3: Recruiting
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Top Five AICPA/PCPS Issues 2015
1. Retaining Staff
2. Finding Staff
3. Partner Accountability and Unity
4. Seasonality/Compression
5. Succession Planning (tie)
5. Finding New Clients (tie)
Source: AICPA/PCPS
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Top Five AICPA/PCPS Issues 2015
1. Retaining Staff
2. Finding Staff
3. Partner Accountability and Unity
4. Seasonality/Compression
5. Succession Planning (tie)
5. Finding New Clients (tie)
Source: AICPA/PCPS
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More Effective Recruiting Influences:
Reduced costs/burden for recruiting (doing less of it!)
Recruits more aligned with culture (easy on everyone)
“Good fit” people will recruit their “good fitting” friends someday
Reduced annual voluntary turnover
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Reactive Hiring Model
1. We run lean so there isn’t any excess capacity, because that would be foolish.
2. Someone quits
3. We scramble to begin the hiring process
4. The remaining team members struggle to maintain service levels
5. We “settle” on the best person we can find at the time (but know they aren’t a long-term fit)
6. REPEAT WHEN THEY QUIT 57
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Reactive Hiring Model
1. We run lean so there isn’t any excess capacity, because that would be foolish.
2. Someone quits
3. We scramble to begin the hiring process
4. The remaining team members struggle to maintain service levels
5. We “settle” on the best person we can find at the time (but know they aren’t a long-term fit)
6. REPEAT WHEN THEY QUIT 58
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Proactive Hiring Model
1. Attempt to over-hire in each department by 10+%. There is some “slack” in the system to deal with unanticipated issues. Anticipates attrition
2. Maintains a pipeline of possible candidates at all times
3. When someone quits, it’s not a crisis and our team members don’t suffer/struggle
4. And, because there isn’t an acute crisis we can hire the right person who is a long-term fit
5. Long term we have more of the right people and better retention!
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Proactive Hiring Model
1. Attempt to over-hire in each department by 10+%. There is some “slack” in the system to deal with unanticipated issues. Anticipates attrition
2. Maintains a pipeline of possible candidates at all times
3. When someone quits, it’s not a crisis and our team members don’t suffer/struggle
4. And, because there isn’t an acute crisis we can hire the right person who is a long-term fit
5. Long term we have more of the right people and better retention!
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A Few Concerning Statistics…
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Talent Shortage Issues
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Just the facts…
New bachelor graduates 2003: 53,000 New bachelor graduates 2009: 35,000 New bachelor graduates 2011: 53,000
>>>The ranks of our 6-9 year experienced professionals are meager!
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New Graduates Hired by CPA Firms 2014
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< 24,900
< 18,300
< 43,200
Source: Accounting Today
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Just the facts…
Expected hiring demand for accounting graduates across all industries to grow about 16% through 2020.
Expected growth for accounting firms is about 52% through 2020.
Source: BLS and Accounting Today
What does this mean?
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Just the facts…
In 1990 we hired 31% of available graduates…
In 2000 we hired 32% of available graduates…
In 2005 we hired 33% of available graduates…
In 2012 we hired 48% of available graduates…
In 2014 we hired 53% of available graduates….Source: BLS and Accounting Today
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> Just the facts…
Expected hiring demand for accounting graduates across all industries to grow about 16% through 2020.
Expected growth for accounting firms is about 52% through 2020.
Source: BLS and Accounting Today
What does this mean?
67Source: Accounting Today
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What’s in your COLLEGE Recruiting Plan?
College Recruiting
1. Who’s representing your firm?
2. Are you at the right schools?
3. Are you nimble and quick?
4. Do you have relationships with professors?
5. What are you sponsoring at the school?
6. Have you considered the Hogan assessment?
7. Is your marketing adequate?
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What’s in your EXPERIENCED Recruiting Plan?
Experienced Hires
1. Are you leveraging your staff?
2. Do key leaders have personal/individual talent pipelines?
3. Do you know who’s your next big hire?
4. Do you have relationships with (good) recruiters?
5. Are you limiting yourself unnecessarily by geography?
6. Are you fully considering non-traditional hires?
7. Is your marketing adequate?69
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Why is Sourcing Recruits Solely your Responsibility?
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Leverage your Staff!
Every firm has a significantly underutilized recruiting engine – it’s people. (each firm is its own recruiting agency!)
In many cases your client service staff will have existing connections that can be leveraged immediately
It’s can be faster, cheaper, and produce higher quality candidates than doing a job posting…
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Staff Recruiting Committee
Establish a recruiting committee Publish every opening internally and
using your firm’s social media Talk about recruiting often in meetings Offer a generous recruitment bonus Host proprietary recruiting events Celebrate recruiting successes
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Consider Personal Talent Pipelines
An active list of people who are suspects for employment by your firm.
They are touched quarterly with information of value
The pipeline is developed and managed individually by each one of your people.
Considered a RESPONSIBILITY
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Name Focus Years Exp
Firm Last Touch
Next Touch
Notes
Colleen Kuesel
AuditNPO
14 EY March 2015
August 2015
NPO Leader?
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> Why it makes sense?
Great people are hard to find Culture fit is easier to assess It’s relatively easy and it takes just a few hours of
non-billable time per person per quarter It fills the medium/long term pipeline You can pay a bonus to your people instead of a
recruiter
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Better Recruiting Facilitates Growth!
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Develop your Recruiting Plan
1. Benchmark
2. Set a Goal
3. Develop a Plan
4. Build a Team
5. Implement
6. Measure
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Recruiting: BEST IDEAS [Discussion]
Have you implemented a powerful or unique recruiting idea?
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Strategy #4: Build a Practice
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Top Five AICPA/PCPS Issues 2015
1. Retaining Staff
2. Finding Staff
3. Partner Accountability and Unity
4. Seasonality/Compression
5. Succession Planning (tie)
5. Finding New Clients (tie)
Source: AICPA/PCPS
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Top Five AICPA/PCPS Issues 2015
1. Retaining Staff
2. Finding Staff
3. Partner Accountability and Unity
4. Seasonality/Compression
5. Succession Planning (tie)
5. Finding New Clients (tie)
Source: AICPA/PCPS
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Why Build a Practice?
1. Help firm clients
2. Indisputably contribute to growth
3. Increases your financial value/leverage
4. Be “closer to the table”
5. Leverage/reduce your less value tasks
6. Remember 50% (or more) of firm growth is coming from consulting services
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Billable Practice Facts
1. Approximately 20% of COO, Firm Administrators, HR/Marketing Directors have a billable “practice”
2. Billings are usually between $50-100K/year – “solo model”
3. Services are aligned with past experience and capabilities (and client needs)
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Can you Provide any of these Services?
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> Audit? Tax? What else????
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How to get Started?
1. Have a discussion with your MP2. Start “off-broadway” & work out the
kinks first!3. Make partners aware of your
capabilities/interest4. Target clients with high-potential first
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Billable Practices: BEST IDEAS [Discussion]
Do you run a practice and have you considered starting one?
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Summary
1. AICPA/PCPS top issues 20152. Contributions via marketing:
Marketing culture - is marketing everybody’s responsibility at your firm?
3. Contributions via retention People development programs
4. Contributions via recruiting Enhancing your recruiting model
5. Contributions via direct revenue Building a practice to drive revenue
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Find Resources: kueselconsulting.com/CPAMOCT15