how to create a lifestyle cpa practice › ppt › lifestyle.pdf · stumbled across the 5 steps to...

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How to Create

a Lifestyle CPA

Practice

By Salim Omar, CPA


• Congratulations on one of the most important decisions

you’ve made in your life

• Showing up on this webinar 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:


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 8 person CPA

practice that allows me to live the lifestyle I want

Have been teaching and transforming CPA practices

for the last 4 years

My Story


• 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. Thank you, Salim!”

Feedback From Practitioners


• Excellent webinar - presented actionable concepts that should allow for improving my practice.

• If you are a CPA just starting out on your own or a seasoned CPA looking for more effective and

efficient ways to market your firm, do yourself a favor and sign up for anything Salim is offering....you

will certainly not be disappointed. I have seen the biggest return on marketing dollars from the things I

learned and implemented from Salim's programs“

• 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.

• Salim has done a great job of breaking down “Elite-Level” marketing strategies into an easy to follow

step-by-step success system.

• Thanks Salim for the guidance you provide in your Genius CPA Marketing System. It has been truly helpful in

getting my business off the ground. I have recently signed up 2 new business clients in my first month and have

3 potential new clients that are getting their information together for me to review and discuss services I can

provide. All these will result in new annual revenues of approximately $10,000 -$12,000 for my practice.

•

•

Feedback From Practitioners


• 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 “Practice

Management Autopilot”


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: Delegate Most 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 Doors 50%+ 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




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 Competent Team

Net Result

Great Lifestyle


2 Keys to Build a Great Team

Recruiting (top talent)

Managing (high productivity)


• Not involving your staff in the recruiting process

• A poorly crafted help wanted ad

• How you interview job candidates makes

all the difference in the world

• 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

More new hires FAIL due to personality-culture clashes rather than

the inability to perform the role

Mistakes To Avoid

When Recruiting


Not involving your staff in the recruiting process is

a mistake you want to avoid?


• True

• False

Poll Question #3:


• Set HIGH standards (clients communicated in a certain way,

work produced in certain way, delivery times, etc)

• Expect high productivity (How? – Systems)

• Appreciation – Most “craved” thing on earth

• Develop a culture of gratefulness

Managing Employees

for Maximum Productivity




3. Reduce Stress with your Team





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:


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


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 #4:


Services and Fees / per year

• Personal tax preparation services: $100k

• Business tax preparation services: $50k

• Write up work: $200k

• Compilation/reviews: $100k

• Special assignments: $50k

• Total annual revenues $500k

• Raise fees by only 20% - Revenues jump to $600k

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


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”


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 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 #5:




3. Your Team Reduces Your Stress


5. Raise Fees to Increase Take Home Pay




• 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 create a lifestyle practice

• Special gift on my BEST client attraction strategies

Step 6 – Attract High Quality Clients


• Superstar CPA print newsletter archives ($147 value) 12 pages jam-packed with

articles on topics such as client loyalty and retention, office operations, internet marketing, etc!

• CPA Genius Referral Marketing System ($197 value) The Genius Referral

Marketing System will open the floodgates to your new client flow by leveraging your current

relationships to instantly generate a life-changing income.

• Two Exclusive Interviews with 7-Figure Practitioners ($167 value) Audio CDs and transcript booklets of two interviews with 7-Figure practitioners.

• The Ultimate CPA Practice Marketing Swipe File ($197 value) 30 pages of my

most powerful marketing pieces! With this booklet, there is no need to waste another penny on

ads that won’t work.

• Special Report on Newsletter Marketing ($102.33) In this special report, I’ll give

you practical strategies for implementing a newsletter in your practice for increased client

generation and retention!

The Most Incredible Gift Ever

Worth $810.33


• Monthly 12 Page Print Newsletter

• Monthly Interview With an Expert CD and Transcript

• Access to SS member Vault

• Two 15-min “one on one” Coaching Calls With Me

• Two Group Open Q+A calls

• Two Webinars

• Two Marketing Ad Critiques

Membership To Grow Your Practice


• Superstar CPA Membership is Normally $97 per month.

• As part of my risk free offer to practitioners today, you can

get started for JUST $7 Activation Fee.

• On Day 30, your card will be charged ONLY $97. No long-

term obligation.

• You may cancel at any time. You KEEP The Most Incredible

Gift Ever.

30 Day TRY BEFORE YOU BUY


To Claim your FREE Gift and to start your 30 day Risk-

Free trial subscription, go here:

https://salimomar.infusionsoft.com/app/manageCart/addProdu

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