Preparing for What’s Around the Corner

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The founder of Rea & Associates, Richard Rea, was once photographed wearing an accountant’s eyeshade. If I can get this photo file, I’ll share it with you someday. If you have a similar photo of one of your firm’s founders, please e-mail it to me (rob.nance@ishade.com). I have a feeling that Richard Rea would like iShade. You’re not in Ohio? Then you might not know of Rea & Associates, or how to pronounced “Rea.” Fortunately, the firm’s site can assist with the pronunciation. Click here.

Why am I mentioning this firm? Well, I attended a seminar that they held in conjunction with Key Bank about a week ago. It was well done, educational AND they served amazing cantaloupe. These, my friends, are the key ingredients for any successful business seminar.

Business owners Carlos and Polly Clavijo, and many other professionals like them, soaked up the latest insights, regulations and opinions regarding succession planning and exit planning–and were given food for thought in how to prepare for the tax tidal wave that’s currently set to wash ashore on January 1. Smart business owners are now waxing their surf boards, if you know what I mean…and I think you do. If ever there was a time for a business owner to utilize the bright minds of people like Tim McDaniel and David Cain at Rea, as well as Jeffrey Getty and Matthew Stewart at Key Private Bank, by golly, now’s the time. Sunsetting tax cuts and more…there’s a lot to sort out, especially for business owners faced with upcoming succession plan needs or exit strategies blooming on the horizon.

As Jeff Getty discussed deferred compensation and phantom stock options, he also questioned, “What does M&A activity look like now?” Nine of ten opinions from CPAs, attorneys and bankers I’ve spoken with and also read, seem to be on the same page with what Jeff stated: “It’s been a slow start this year, but last year was strong…it’s picking up now…and because of tax rates in 2012, sellers are pushing. We expect the second half of the year to be very active.”

“The biggest exit planning mistake you can make is procrastination,” proclaimed Tim McDaniel of Rea & Associates. We all know what it’s like to be busy—and spending too much time working “in” the business rather than “on” the business. Fighting procrastination was one of the themes of the day, rightfully so. Other notable tips from the event:

*Recommend scheduling the last day of each quarter as the time to properly spend working on your business succession plan—and then communicate it to those who need that information (key employees, family members, etc.)

*Business owners: treat your business like an investment–just as you would with investments in the stock market.

*The annual ROI of the business makes a huge impact over the long-haul.

*Value of Business:
Know
Increase
Protect

*Know the best timing and the worst timing to exit the business.

And remember, do not procrastinate!

*****
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What is Inside You?

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Does “making a difference” get you going every day? Accounting is certainly one of those professions that yields the opportunity to “make a difference,” especially if you’re firmly planted in client situations where you can perform proactively, a.k.a., being a true business advisor.

Mary Werner is one of those dynamic people motivated by making a difference each and every day. And make a difference, she does. With an arsenal of experience at Ernst & Whinney, being a controller at a manufacturing company, and as a financial analyst in the health care profession, Mary has fought hard on the battleground. Now, as a sought-after professional coach, driving executives and partners to excel in their leadership roles and in life, Mary is busy making that difference in many lives. Talking with her over a fine cup of coffee at Au Bon Pain, it became clear to me that making leaders to be better leaders–and guiding people and organizations through change–well, that’s right up her alley.

While not everyone is cut out for leadership, without a doubt, each person has room for improvement. “It’s all in there (inside a person); it’s just chipping away at the gunk.” Whatever a person’s “gunk” might be, there’s no cookie cutter plan to dissolve that gunk. “The client is the expert,” says Mary, “and through coaching, challenging and an inquiry process, the plan and mission take shape. I work with each professional on their vision of what they want to be, where they want to be…it’s a deep dive one-on-one, tailored to each individual.” We talked a while and then Mary was off to work with one of her many clients. I don’t know the client, but something tells me he’s like Mary’s other clients–glad he made the decision to jump down the rabbit hole of self-improvement.

As partners, CFOs and business owners discuss how to make their respective operations more profitable, the matter of coaching often arises. Do you think such a program will exceed your desired ROI? Maybe now is the time for some serious thought and discussion? You bet it is.

For more information about Werner Coaching & Consulting, Inc., click the photo of Mary Werner.

*****
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Heidi Wooden’s Take on Social Media for Professional Services Firms

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The game of social media reminds me of one of Coach John Wooden’s quotes. The insightful basketball and leadership legend once said: “Never mistake activity for achievement.” Sometimes I think activity on social media outlets is just tossing darts blindly without a strategy or clear path of execution. I have heard many accountants echo the same sentiments. Another Coach Wooden line also applies here: “It isn’t what you do, but how you do it.” Many firms are shooting accurately with social media, tied cohesively to their overall marketing plans and strategies; other firms need help (and most of them know it).

In that same breath, there are a lot of people who “do” the social media marketing consultancy game for accounting firms and do it very, very well. Heidi Wooden (no relation to Coach John Wooden) is one of those people. A busy professional services marketing expert and former CMO in New York, Heidi Wooden certainly has the pulse of the profession at her fingertips. Now also affiliated with Hinge Marketing, Heidi has some opinions based on her experiences. Marketers and partners, take note. Here are a few nuggets:

“The challenges–and opportunities–for marketing people at public accounting firms lie in how they differentiate their firms and its partners. Getting partner buy-in is key in all of this, though.”

“Involve key stakeholders and partners–and highlight those partners through social media.”

“Firms need the data behind proposed marketing strategies to back it up. This is part of what we (marketers) do. The traditional marketing model has evolved to a digital marketing model.”

“Use of social media in the business development process is smart, but it’s important to determine which platform(s) is the best match to your prospects and clients. LinkedIn, Twitter, Facebook…align what suits your targets the best to gain greater momentum.”

“My advice for accountants is that they have to be more than what they’ve been trained to do. By that, I mean, embrace the role of trusted business advisor.”

Ooohhh…trusted business advisor. We’ve all heard that term before! Are you living and breathing it? Social media knowledge is now a key component of what makes up that quest for being a top-notch business advisor. Is your game on? Whether it is or not, tune in to what Heidi Wooden has to say. Details on this engaging live online Q&A session are below. Attend, participate and make Coach Wooden proud.

***

In this iShade Ask The Expert, Heidi Wooden, will answer your questions about leveraging Social Media for Lead Generation.  Learn about:

  • Does Social Media work?
  • The importance of integrating your marketing efforts with a social marketing strategy.
  • What are the right best practices to follow?
  • How do you integrate Social Media with Business Development?
  • Selecting the right Social Media platform(s).
  • How do you generate more leads online?
  • Practical methods for meeting new clients through Social Media.

Login to iShade Thursday, May 17, 2012 between 2:00pm and 4:00pm Eastern, go to the Practitioner to Practitioner Group and look for the Discussion Topic, “Ask the Expert: Heidi Wooden – Social Media“.  Heidi will be online, answering your questions and sharing her experience and expertise.

Heidi Wooden is Founder & Managing Director of The Wooden Hub, a Growth Strategy and Marketing Services firm that delivers marketing solutions to Professional Services Firms. With a commitment to excellence in service, Heidi is responsible for formulating and executing metric-based strategies that yield measurable results. Prior to founding The Wooden Hub in 2009, Heidi was VP, Global Marketing at International Institute for Learning, Inc.  Heidi is a volunteer member at New York Cares, New York City’s leading volunteer organization and a volunteer marketing advisor to The New York Women’s Foundation. She has received a Bachelor of Arts degree in English Literature from University of California, Berkeley, and a Master of Business Administration from Columbia University, Columbia Business School.

*****
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Friday Potpourri

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From the mouths of CPAs in recent days…

Curator’s Collection of Comments:

“Synergies coming from technology are spurring M&A activity.”

“Reverse mentoring programs are really worthwhile and are making sense for many firms—increased respect and value.”

“Communicate to your younger staff frequently with positive affirmation if they deserve it.”

“Firms that have not gone fully paperless yet may want to start this process.”

***

Idea:

White Sheet Wednesdays
*all tax preparers are in the office that day, FIFO workflow process
*work not necessarily on your own accounts
*a lot of work gets done since everyone is available that day for questions, plus it results in cross-training

Does your firm do anything like this?

*****
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What Young Accountants Want

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Some firms are struggling with hiring and retaining young accountants, while other firms are enjoying great success attracting and keeping skilled 20-something accountants. Note these findings from a new study by staffing firm Adecco Group North America:

*23% of recent college graduates wouldn’t take a position where they couldn’t make or take personal phone calls
*20% would reject a place that didn’t let them check personal e-mail
*91% said they would leave within a year if they don’t like their jobs

The study surveyed more than 500 22- to 26-year-old graduates of four-year degree programs.

*****
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Competitive Forces: It’s All Back Pain, Poison Ivy and Bee Stings

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What business owner, executive or public accounting firm partner doesn’t say, “We’re in a very competitive market/niche/whatever?” They all do. Everyone thinks they are in a very competitive space; roughly 99.9% of them are correct. Battling competitors, in business or otherwise, has existed since Day One on this planet—and this condition will surely continue.

On a recent expedition battling the unstoppable force of nature in my yard, I selected my weapons (tools) of choice for a battle against the results of the warm, early spring. The main competitor was the trees. Thinking of the end of the song “The Trees” by the rock band Rush…

and the trees are all kept equal
by hatchet, axe and saw

…our tools of competition: price (hatchet), service level (axe), innovation (saw), etc., keep it all in-check in the business world. However, we all know that on a regular basis, “surprises” sprout like weeds in our businesses. They’re all of varying degrees, of course–could be a new competitor, a promotion that steals business, an updated product–it’s always something. Constant, yes, but it’s a full spectrum of competitive forces, some of which keep you awake at night and others that barely register.

So in my yard a couple of weekends ago, I chose my weapons and went to work. However, the competitive forces were against me. I encountered these competitors:

Back Pain – it was a surprise that hit me the next morning; an unanticipated striking blow (an aggressive firm acquires a firm in your market; your firm keeps losing RFPs, getting undercut on price by your competitor “just to have the work”)
Poison Ivy – you can watch for it and prepare for it; sometimes it gets you anyway (firms in your market unveil snappy new marketing initiatives; an employee resigns and takes a few clients with them)
Bee Sting – minor annoyances and momentary dents in the armor; the expected waves in the battle (a referral source starts sending more prospects to the CPA across the street than to you; a competing firm gets an “in” with leaders of a trade association you’ve been working)

What are the competitive forces on your battle field? How can you prepare? What can be done to minimize damage? Regardless of your market, strength, resources…there’s always a battle to be had. If you’re having more bee stings than episodes of back pain, you’re winning.

*****
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Thoughts from the Rainmakers

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At a recent Rainmaker Academy Workshop conducted by Troy Waugh and Angie Grissom on the topic of “The Value of Growth, Building a Personal Development Culture & The Power of Pyramid,” this big question was challenged and put up for debate: With 100 hours to sell your services, what could you do? Everyone has a different answer; whatever your answer may be, how would you go about putting that time to work? Think: “Don’t just grow, outpace your competitors!”

Waugh and Grissom commented: “the big area for growth potential is the time you are currently spending on such activities as: performance evaluations, planning and scheduling” and “if partners attract $50,000-$100,000 a year in new business, it compounds and causes firms to grow.”

According to these rainmaking gurus, everyone can help the firm to grow. You basically have the three levels of people who bring in business: Mist Makers, Rain Makers and Storm Makers.

What happens in a professional firm that is not growing? Costs are cut and people leave. What happens in a professional services firm that experiences steady growth? Buzz builds and they get the best talent.

Time Management Tips from Troy
1) Attack the ugliest duty first thing in the morning
2) Plan every day in advance
3) Know how to handle interruptions

Revenue Action Plan
Focus on the Top 7 in Each Category:
>Clients
>Prospects
>Referrals

The Three Growth Strategies
1) Sell to your “A” clients as if they were your “A” prospects
2) Sell to “B” clients—turn them into “A” clients
3) Target “A” prospects

Client Notes
>68% of clients leave due to individual treatment
>With clients, there’s a huge difference between SATISFACTION and LOYALTY
>What do clients want? You to understand their business!

On a final note, Troy Waugh voiced these gems: “what you do with non-billed time is your future” and “the interested introverts are the accountants who can sell.”

You now have even more to think about…

*****
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