5 Failsafe Strategies
to Boost Your
Accounting Firm Profits
Sandi Smith Leyva, CPA
Certified QuickBooks ProAdvisor,
Xero Certified Advisor
Where to Download This PowerPoint
• Download the PowerPoint
• Generate Your Own CPE Certificate
http://accountantsaccelerator.com/aa2014preview-download/
CPE
To qualify: > / 50 minutes / 3 polling
Sandra L. Leyva, Inc. is registered with the National Association of the State Boards of
Accountancy (NASBA) as a sponsor of continuing professional education on the
National Registry of CPE Sponsors. State boards of accountancy have final authority on
the acceptance of individual courses for CPE credit. Complaints regarding registered
sponsors may be submitted to the National Registry of CPE Sponsors through its
website www.learningmarket.org.
Agenda
• 1 strategy that will almost entirely
determine your profits (most
accounting firms are not using it)
• 5 skills you need to develop in order
to grow your practice without being
salesy or pushy, and which one is
most important for you right now
Agenda
• 3 behaviors that will derail you and
hold your accounting practice back,
keeping you from serving more
people who need your help
• 3 characteristics of the progressive
firm, and how you can begin to get
there
Agenda
• The one thing that predicts top
growth for accounting firms, that
many of you can implement
immediately
My Why
• It’s all about boosting prosperity….
• Women = 75% of small business staff
– Only 19% are partners
– “Talent shortage”
• Huge need for accountants
– Most small businesses can’t afford
quality advice
– Most small businesses are uneducated
about how you can help
My Why
• When you can run your business better,
you can pass it to your small business
clients
#1: 1 Strategy Determines Profits
• Understanding the power
of leverage and how it
applies to the accounting
industry
– Deep understanding of the
power of leverage
• One way is team
• There are 6 other ways
#1: 1 Strategy Determines Profits
• My very inelegant term for
1 aspect of leverage:
– Low-hanging fruit
• The payback is:
– Less work, more profits
– At the same time
– Really
#2: 5 Skills to Grow Your Practice
• Marketing
– Accounting firms are too
low key about marketing
– Less qualified people are
moving into our space
– More small businesses
are failing than need to
#2: 5 Skills to Grow Your Practice
• Client Services
– Poor communication is
#1 client complaint
• The payback is:
– Lower marketing costs
– Increased profit margin
#2: 5 Skills to Grow Your Practice
• Systems
– Not just about IT
– The payback is:
•
•
•
•
Increased margins
Better business advisor
More respect
New revenue stream
#2: 5 Skills to Grow Your Practice
• Leadership
– Current talent shortage
– Developing an HR
department
– The payback is more
productive employees
#2: 5 Skills to Grow Your Practice
• Visionary
– Going beyond compliance
– The payback is
• New revenue streams
• Really making a difference
in your client’s lives
#3: 3 Behaviors that Hold You Back
• Early: “I have to do it myself to get it done right”
#3: 3 Behaviors that Hold You Back
• “It will get better.”
– “I just need to work harder.”
– “I’ll just wait.”
#3: 3 Behaviors that Hold You Back
• “I know that already.”
– “I know.”
– “That doesn’t work.” (overgeneralizing)
• Example: accounting web sites
#4: The Progressive Firm
• The culture is changing
– Technology is driving
transparency &
collaboration
#4: The Progressive Firm
Old world
Scarcity
Hoarding
Competition
Fear
Authoritarian
Practice-centric
9-5
Private
Silent, secretive
Meet with client once a year
Get paid for time
Clients are purchased or acquired through
mergers
Employees are encouraged to follow rules
Today
Abundance
Sharing
Collaboration, even with competitors
Compassion
Partnership
Client-centric
24/7
Sharing
Communicative, open
Meet with client once a month
Get paid for performance and results
Clients are acquired through relationships
and marketing
Employees are encouraged to innovate
#5: 1 Predictor of Growth/Revenue
• Anyone want to guess?
#5: 1 Predictor of Growth/Revenue
• Growth:
– Marketing skills and materials
• Revenue:
– Your fees – how high you can go with
your rates
• Raising your rates
#Bonus: Huge Competitive Edge
• So few accountants are competent
in marketing that those who do
develop even a little bit will have a
huge edge
• Tipping point
Make more, work less, serve clients better
For accounting practices
grossing under $1Million
in annual revenue
Payoff – AA Membership
• CPE – Up to 15 hours
• Price increases
– $5,000 - $25,000
• Additional revenue from new
and current clients
– $1,000 - $50,000
• Lower marketing costs
– $3,000- $5,000
• Revenue from new staff hired
– $10,000 - $30,000
What You Get
• Time management – these
ideas are not practiced in our
profession
– 1-2 hour per day pickup when
implemented
• Huge time savers
– Writing templates/samples
– Checklists, forms, templates
– Marketing materials
What You Get
• Marketing skill build
– Marketing channels in order of
lowest cost to highest cost
– Plans for each channel
– Case studies of peer successes
– Checklists, samples, forms, ideas
for reducing the reinvention of the
wheel!
What You Get
• Practice Management
–
–
–
–
–
–
Sample budgets, sample P&L
Planning ideas
Staffing forms, interview process
Checklists, forms, procedures
Case studies
Metrics
How We Deliver It
• Fully virtual
– EBooks, Recordings, and
Templates
– Monthly Webinars
– Community Forum
– Public Profile
– Library
2 Levels
• Sampler and Core
Special Offer
• www.FillYourAccountingPractice.com
• “Give Yourself a Raise” 3 hours of my best
pricing training - available through Feb. 15, 2014
Your Action Items
• What one thing will you do from this webinar?