The Ultimate Blueprint for After Tax Season Profits By Salim Omar, CPA 1
Welcome Congrats! You made it. 2
Which One Are You? 3
What’s Holding You Back? 4
#1: Not Using The Momentum Built During Tax Season 5
6
The greatest companies today started small, inefficient, sloppy. INNOVATION is what made them great.
#2: Lack of a Proven Post Tax Season Strategic Gameplan 8
#3: Not Getting Your Team On The Same Page 9
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 10
The Promise Proven 3 Step “After Tax - Season” Game Plan 11
That Will Result In….. Work lesser hours Attract quality clients High profits and cash flow Successful 2016 12
3 Step “After Tax - Season” Game Plan Operations Team Attracting clients 13
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 14
Say hello to SONU……… I had the best tax season in 14 years. 15
Are You Ready To Have Your Best Year Ever? ….. Work lesser hours Attract quality clients High profits and cash flow Successful 2016 16
3 Step “After Tax - Season” Game Plan Operations Team Culture; Fees People; Systems; Communication; Workflows; Meetings; Policies; Praise Client retention Attracting clients Positioning; The 3 M’s (Market, Message, Media) Client conversion 17
SECRET #1: TEAM CULTURE
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 19
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 Culture is the glue that binds an organization together and it’s the hardest thing for competitors to copy 20
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 21
3 Levels of T eam Culture Poor Average Excellent • • • Staff cliques Inconsistent High integrity • • • Mistakes Ups and downs Performance- • • Lack of urgency Will NOT go the focused • • Missing deadlines extra mile Accountable • • Excuses 9-5 mentality Innovative • • • Disrespect Not accountable Collaborative • • • Argumentative Resistant to Agile and adaptive • growth Oriented towards winning 22
Where Does Your T eam Fall? Poor Average Excellent • • • Staff cliques Inconsistent High integrity • • • Mistakes Ups and downs Performance- • • Lack of urgency Will NOT go the focused • • Missing deadlines extra mile Accountable • • Excuses 9-5 mentality Innovative • • • Disrespect Not accountable Collaborative • • • Argumentative Resistant to Agile and adaptive • growth Oriented towards winning 23
Examples of excellent culture 24
Designing Your TEAM CULTURE
• Growth because staying still or dormant equates to “dying” My Firm Operates With • World Class 5 star The Philosophy • Make a Difference Of… to “matter”, to “serve”, to “contribute”
The Culture at Straight Talk CPAs 27
How to Create the Right Culture: 3 Principles 28
Delivery Turn around time Client happiness Principle #1: T eam Use a Productivity “Post Tax Season” Communication Meeting Systems to Identify… Backlogs What went well? Workflow What did not go well? Lifestyle Stress
Principle #2: CREATE GOALS Company goals: T eam member one year and quarterly quarterly goals: KPIs Example: Team member goals: • Revenue goals Company goals: • Productivity goals • Revenue goals • Efficiency • Productivity goals • Efficiency 30
Principle #3: T eam COMMUNICATION Work flow and Team Building Weekly Huddles QUARTERLY TEAM MEETINGS 31
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 32
What would happen to your practice if YOU had EXCELLENT TEAM culture? 33
3 Step “After Tax - Season” Game Plan Operations Team Culture; Fees People; Systems; Communication; Workflows; Meetings; Policies; Praise Client retention Attracting clients Positioning; The 3 M’s (Market, Message, Media) Client conversion 34
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) 35
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? 36
Va Valu lue e Be Beli lief ef + + Va Valu lue e Con ontr tribut ibution ion + + Va Valu lue e Perce rcept ptio ion = = Id Idea eal l Fe Fees es 37
Limiting pricing beliefs “It’ll probably take X hours so we’ll charge Y” “What if they “There’s too much say no” “I’m too busy, time on the clock- I’ll just charge we’d better write by the hour” some down” “Our rates “I’m afraid of must be in what the “I can get it “My clients line with client will done really will never pay others” think” that much” 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
What if you have clients that are paying you $5k – 25k/year in fees Commercial repair and maintenance $162k Fees to my firm: $18k/ year to date: – Machinery and rubber tracks family owned business $184k Fees to my firm: $32k/ year, to date: – Dental practice $38k – Fees to my firm: $7k/ year, to date: Elevator company $158k Fees to my firm: $24k/ year, to date: – Elder care company $52k – Fees to my firm: $8k/ year, to date: 40
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 41
4 Principles The Awesome 8 Services Packaging your services Value drivers Right sizing your current clients
Services – the awesome 8 [CATEGORY Financial NAME]ment Reporting Sell Growth Tax compliance Profit and reduction Protect Cashflow 43
428 Business People have spoken! If you had to choose one of the following pieces of advice to assist your 39% accountant, which would you choose? Offer more services to help me improve my business 22% 17% 14% 8% Do more marketing Lift your client service Be more transparent Focus more on the Offer more services to levels with pricing future than the past help me improve my when working with business clients
Every client should be buying A new approach every service they need that helps them achieve their goals!
What’s the Revenue Potential of Offering Adding Value Added Services to Clients? Number of clients x additional services x fees x 5 years 46
Packaging Your Services 47
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 48
Client name Client name Client name Client name Client name Client name 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 49
Value Drivers 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? 50
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