Effective Networking: Not Fade Away

It’s Friday and it’s Networking Pet Peeve Day at my desk.

To network effectively, it can’t all be about you. Here are two real scenarios for our Networking Pet Peeve Day illustration:

1) Someone you know loses his/her job and then seeks your advice and assistance on looking for a new position. You then provide that assistance and connect him/her to other business people and float a couple of open job opportunities to this unemployed person. You continue to keep your eyes and ears open in a genuine effort to help him/her, and then one day you tell this person of a new position that you feel would be a good fit for them and are told, “Oh, I started my new job three weeks ago.”

Result: That person will never get help from me again.

2) Someone you helped find a new position, they worked it for a couple of years, then they contact you asking for your help to find another position—without having had the slightest bit of contact with you the past two years. Make no mistake, I have no problem with them trying to find a better job, but this reaching out “only when you need something” doesn’t fly. I am all for lending a hand to assist someone, but where was this person the last two years? You can’t go that long and then show up out of the blue asking for something. It’s kinda like the bratty teenager who doesn’t lift a finger to do anything to help around the house or pick up his/her room…and then have both hands out at Christmas saying “Give it to me!”

Result: That person will never get help from me again.

Networking Conclusion: A two-way street must exist.

Alas, for those of you heading into the final pre-April 15 work weekend, Godspeed!

Opinion

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Life’s A Sale — Living Is Selling

The Curator offers this insightful article by Bill Kistner. It’s interesting. Enjoy.

“No, that can’t be true I’m a professional,” you are thinking. So, let me help you get a handle on this by asking you a couple of questions.

> Is any part of your daily work or personal-life involved in getting others?
to understand or accept your concepts?

> How often do you find yourself trying to influence, persuade, encourage or
change others?

I believe the odds are high that you answered “yes” to one of the two questions. Your “yes” answer, clearly says you are in the business of selling.

It is easy to understand why you dislike selling or the idea of it because from childhood most of us were conditioned to dislike it. We heard tales about:  door-to-door peddlers, used car and aluminum siding salesmen. Their images produced feelings of gloom, trickery and that selling is degrading.

However, let’s change that negative picture by showing you why life’s a sale. To begin lets count the sales you made as a child. Gathering courage, you persuaded your parents to increase your curfew or stay overnight at a friend’s house. You sold Mom and Dad on getting a better bike. When older you made your best sale getting your parent’s approval to drive the family car.

Childhood sales successes groomed you for adulthood when you convinced a manager to hire you and the car dealer to drop the price on the car you wanted. Now you sell your friends, family, co-workers, and clients on 1001 things.

I rest my case for you can see that no matter who we are or what we do we are all salespeople. The question then is how can you become more effective. Because becoming a better salesperson increases your skills to help people fulfill their needs.

To help prospects and clients what tools will increase your effectiveness as a salesperson. Here are three easy to use tools that will strengthen your selling skills.

1. Sell yourself
This is about building rapport. Rapport is establishing open communication and a harmonious connection with a person. This paves the way to finding common interests and collaborating.

Yes, your credentials, expertise, abilities are the key to helping clients. However, they are not the most powerful ability you have to sell.

The most powerful capability you can sell is yourself, your essence, integrity, and character. Why, because people like and buy optimism. People like optimist because they are positive, confident promote success and pleasurable company. Optimism is a critical characteristic in sales success. Interestingly, the only thing keeping most of us from being optimistic is our attitude.

Therefore, sell yourself first it will greatly expand the value of your credentials.

2. Develop Trust
Nothing happens between people without trust, because trust is the foundation for all interpersonal relations. Trust, is the binder between people when they feel no threat to each other and understand the benefits of being connected.

To help you build trust here is a proven formula to follow.

One (1) over (RF) risk & fear = T (Trust). The one (1) is for the critical elements: Believability, Integrity and Intimacy. The more of these three elements you substitute for the one (1) over the RF – (Risk and Fear) you drive down risk and fear and increase trust.

Trust creates confidence and reliability, which opens the door to building, long-lasting relationships.

3. Ask Questions
Questions are the backbone, rhythm of all conversations. We ask questions in selling because they help us discover customer needs, gain information and build rapport.

The writer Rudyard Kipling gave us six questions that can assist us in asking questions. Those questions are: who, what, when, where, why and how.

Kipling’s questions fit the question formula called, “10 – 10 – 10”. The first ten questions are those you need to ask the prospect. The second ten questions are ones you brainstorm regarding what client’s want and needs answered. The third element provides answers to the questions you brainstormed that the prospect/customer needs, wants answered.

There is no magic in the number ten because in most industries there is the 24 to 36 questions prospects/ customers always ask. The 10-10-10-formula increases your confidence when you meet with clients/prospects.

Now you are aware of two valuable things. First, you are a salesperson and it’s not terrible or awful. Second, you now have three proven tools that can increase your effectiveness as a salesperson.

Think of all the famous people in history and consider how different things would be if Columbus had not sold the king and queen of Spain on his idea. Reflect on all the products Thomas Edison invented and sold. In short, you are in good company as a salesperson.

Bill Kistner & Company LLC
Helping You Discover & Satisfy Customer Needs
740-549-1980 — Cell: 614-795-1916 — E-mail: billkistner@mac.com

3225 Arctic Ave. Suite: 101 — Lewis Center, OH 43035

Unlock Opportunity

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Spotlight on Texas: TSCPA’s Janet Overton

Meet one of today’s marketing executives in the accounting profession, Janet Overton. As the Director, Marketing and Communications of the Texas Society of CPAs, Janet lives and breathes marketing in the great state of Texas. Enjoy the Q&A…

Q: What’s it like working at a state CPA society, especially in a state like Texas with multiple major markets, border issues and the sheer size of the state?
Interesting, challenging, fun, creative, and a lot more adjectives that come to mind…all good ones.  I really don’t think we have any more challenges than other states do, they are just different ones. It’s never a dull moment around here due to the fact that there are so many different issues, different segments of members to serve and the public to help with financial information.

Q: What have been some of the key things you’ve learned throughout your career?
I started out as a creative in the advertising world and then moved into the business end, so I have kind of an odd perspective of two very different worlds – one right brain and one left. The creative part of my life has helped me look at the business aspects of my career with an eye towards doing something different and not just what has been done in the past. It has also taught me about dealing with people from very different perspectives and visions.

Q: What might you do differently if you could go back in time?
Oh, I would have to say that I would save the world from hunger and do all I can to help make the world a peaceful place. Just wanted to have a chance to say that. Truly, though, I think there are a lot of things I would have done differently. I think a lot of us would. Having said that, I think the mistakes and missteps I made were more valuable to me than any of my successes. And I think a lot of people would say that as well.

Q: What have been some of your fondest memories of your time at TSCPA?
The members. Really wonderful people! The one thing I love the most about CPAs is they inherently want to do their best to do the right thing, and they will.

Dallas

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Interview with Karen Love, PKF Texas

Q: Being a strategic advisor to PKF Texas President, Kenneth Guidry on marketplace initiatives must be interesting, challenging and entertaining all in one. What are some of the key initiatives over the years that have surfaced as a result?

Kenneth Guidry as a leader has traditionally surrounded himself with people who are specialized in their thinking. This allows us to use our PKF Texas mantra of allowing people to “use their skills where they lie.” I find that I lead my team in an imitation of how Kenneth has led me and my fellow directors. I rely on my team to use their skills to keep me informed of the things they are smarter about than I am.  I believe Kenneth counts on the directors for the same thing. Together we have created a firm culture that still allows us to have a competitive advantage since people are the key to our future.  Because we have infrastructure in place for our talent to excel, it helps us to be an innovative firm in serving our clients and the marketplace. Everything from the award-winning PKF University in the early 2000s to the first accounting technology blog to our current Doing Business Over Coffee events, these have all worked well in stimulating buzz about our firm.

Q: Living and breathing accounting services marketing like you do, what frustrates you about where the public accounting profession is with marketing at this point in time? Where is professional services marketing lacking, falling short or just being too darned stale and boring?
I think “frustrated” is kind of strong, but I do see growth in our industry. Keeping pace just ahead of where the market is going is a challenge due to blend of virtual “no limits” and the traditional “confines” of the industry thinking. There are a few key players that have managed to do this, but the industry as a whole is trying to get their minds around the fast pace tracking we must do. Now, the international effect from world events is a “trickle response required” ingredient, particularly in geographic regions like Houston (4th largest city in nation). We have 92 consular corps offices here (next after New York and Los Angeles) http://www.houston.org/pdf/research/18AW001.pdf, along with housing one of three offices of the World Bank. A more cohesive joining together of our networks and alliances to figure out how to market to the needs of our clients, based on this international and cross-state line resource is needed. It is essential in overcoming the mindset of lack of physical presence needed to serve effectively, in an industry that has always placed prime value on personal, face to face relationships.

Q: PKF Texas has made a point to practice corporate social responsibility. What does this really mean and how has it impacted the firm, your clients and the places where PKF does business?
Our commitment to the community, not the transaction, is our recipe for success. When we lose sight of this we lose our bearing. We are proud of our Houston community and want people to know it as a center for entrepreneurship, creativity and innovation. Each year we choose three charities to support with various fundraising and on-site volunteer activities. This year we are supporting the Juvenile Diabetes Research Foundation (JDRF), Camp for All and the Houston Area Women’s Center. Additionally, each employee is given eight hours of paid time off a year to devote time to the non-profit of their choice.

Our commitment to Houston is why we also co-founded the Fast Tech 50 Awards, sponsor university business plan competitions and sponsor events and organizations such as Coffee with the Consuls, the Greater Houston Partnership’s Houston Young Professionals Endeavour (HYPE), and the Greater Houston Women’s Chamber of Commerce (GHWCC). I am the 2013 Chair of the GHWCC and our Manager of Practice Growth, Jen Lemanski, will chair HYPE in 2014.

Q: Along with many other honors, you’ve been named one of Houston’s 50 most influential women. What has this meant to you professionally? What has it meant to the firm?
It was a great honor for me! As my LinkedIn headline states, I am a marketplace strategist and connector. Within the firm and the marketplace, I develop strong trust and ties with people. By making the right connections and building the right teams, the firm or organization is set for success. Being honored as one of the 50 Most Influential Women is an extension of these efforts for the firm. The diversity of the list allowed for connections to women PKF Texas might not have met otherwise. It provided nice PR and an extra dash of credibility. I’m appreciative of Houston Women’s Magazine for recognizing women in this manner, and now the owner of the magazine has agreed to be a part of the Marketing/Communication Strategy team for the Greater Houston Women’s Chamber of Commerce. Our experience has been that ultimately these relationships have led to business for the firm.

Q: What advice might you bestow upon today’s university accounting student or those accountants who are new to public accounting?
I started in accounting marketing 18 years ago. Having experience in a range of industries prior to joining an accounting firm, I had clear goals in mind of the milestones I wanted to reach in the industry and my career. I knew I needed to find a firm which would support these goals. Both the firm I worked at in Dallas and PKF Texas in Houston have allowed me to use my skills to grow the firm and have positioned me for success. I have talked to many marketers over the years who have to fight for the tools, voice and appreciation they need in order to be successful. In each firm, I had (and still do have) a sponsor who “spoke” the CPA language. Having that sponsor is key to being positioned where you have a voice at the table and can accomplish the goals set for the firm and yourself.

Q: How does your firm recruit talent? What are the common characteristics in people who have been successful employees?
The Human Capital team handles this for the firm. We serve the HC team as an internal client and assist them in their communications efforts with recruits. We believe a well-branded firm can not only attract but retain excellent team members. We look for certain character attributes in our potential employees: positive spirit, confidence, ambition, pride, adaptive capacity and excellence. These characteristics are trademarks at PKF Texas. In 2001, we implemented a very successful internship program with major universities in the Houston area. Today, many of the managers in our firm started in this internship program.

Q: What have been some of your fondest memories of your time at PKF Texas?
In 2005, I became one of the first non-CPA owners in the industry. I had worked many years to achieve this and did so with the help of many people along the way. When I moved to Houston in 2000, ownership was a goal I had set for myself. I was clear about this when I met with various firms in Houston. PKF Texas had the culture, the resources and the willingness to recognize the value of having a marketer with a seat at the table. With my interest in women’s initiatives and positioning success, I would be remiss if I didn’t mention my sponsor Kenneth Guidry, for assisting to pave the way for me and many others within the firm.

One of the favorite parts of my job is seeing my team develop and grow within their own careers in an industry that I love. Accounting marketing as an industry has not been known for people’s longevity and consistency. Raissa Evans, Executive Manager and Jen Lemanski, Manager, are the exception to the rule. They have been on my team for 10 years and 7 years respectively. They have each had great success as marketers. Raissa was named the 2011 Marketer of the Year, the first to come from a firm with a previous Marketer of the Year winner. She is also on the national AAM Board of Directors and on the board of the Houston Interactive Marketing Association. Jen was the inaugural Steering Group Chair for the Leading Edge Alliance Young Professionals Special Interest Group. She also is the current Vice-Chair for the Houston Young Professionals Endeavor (HYPE).

Q: If you had to hop on a time machine and go backwards to a time before you entered the accounting world–and then had to pick a different career path–what might you have chosen?
Ironically, I had many different career paths that got me here. I was a fashion buyer for Allied stores, worked for a U.S. Congressman and Texas State Senator and was in the staffing industry before the accounting world found me. At the time, we don’t necessarily understand the path to where we will end up, but it’s clear how all of the experiences I have had, have helped to build me for today’s wonderful challenges.

Q: What’s in the future for Karen Love?
Well, just having had my 60th birthday, I hope having a 61st is in my future. Grin!

Karen Love

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“Compound Marketing”

With accounting services marketing, there’s always something to be learned. I offer this block of information from Craig Weeks, CPA. Soak it up.

This is the secret I’ve used for years to ensure my clients get an ROI that puts a smile on their faces.  2013 has the potential to be your most profitable ever if you put this concept to work for your practice.

The idea is that relatively small increases in marketing and conversion effectiveness, when combined, will produce a disproportionately large increase in new clients/revenue.  It’s the same principle as compound interest.

These modest increases are not difficult to achieve, and neatly avoid the necessity of major changes in behavior or modus operandi which, experiences teaches, are rarely successful in the real world.

Here’s an illustration of the effect:

1) Tina upgrades her marketing:

Tina upgrades her marketing effort and generates 24 desirable prospects in 2013.  This is a 20% increase over the 20 she experienced in the prior two years.  Tina’s average conversion rate (the percentage of these prospects who become clients) is 50%.  

Therefore, historically she has added 10 new clients, but in 2013 she adds 12, an improvement of 20%.  If Tina’s average desirable client generates $2,000 annual revenue, then her amped up marketing has added $4,000 to her top line. 

2) Tina embraces Compound Marketing and upgrades her marketing and conversion skills:

Once again, Tina’s upgraded marketing effort generates 24 desirable prospects in 2013; 20% more than her historic average of 20.  But, she also improves her conversion rate from 50% to 60%; a 20% increase.

The compounding effect generates 14.4 new clients vs. the historic average of 10; a 44% increase, or $8,800 in new revenue!

Improving your marketing effectiveness to attract 20% more desirable prospects is not difficult.   How?  For one, a relatively modest investment in the services of a marketing firm which has proven experience with accounting practices can easily accomplish this.  Or, you can initiate some of the personal marketing techniques we routinely explore in my blog on iShade to accomplish the same thing.  Or, you can simply upgrade what you are already doing, e.g. invest in a larger, more compelling sign in front of your office, upgrade and refine the SEO aspects of your web site, attend a few more local gatherings, pay a bit more attention to your referral network and solicit referrals from your existing clients.

Becoming 20% more effective converting prospects into clients is also readily within your grasp.  And, it’s a one-time thing … once you learn how, it’s yours forever.  The techniques we explore in the blog are a good start and they are free.  (Alert: the remainder of this paragraph is self-serving.)  Or, you can purchase the Accounting Practice Builder manual(s) and acquire the skills.  Or, you can buy a few hours of my time and I’ll teach you.  Or, you can go to CPELink and take their course  – which I authored and is closely based upon Accounting Practice Builder – and get 10 CE credits while you’re at it.

The bottom line is that this effect I call Compounding Marketing is incredibly powerful. 

Even if you’re already spending more time at the office than you’d like and don’t want more clients, Compound Marketing can be used for practice optimization, e.g. to populate your practice with a larger percentage of high margin clients, greatly increasing your bottom line.  Or, you could focus upon and eventually become dominant within a given niche.  Or, perhaps to narrow your practice focus so internal processes, personnel and technical knowledge can be employed more efficiently and productively.

The 20% improvement I’ve used as an illustration is easily attainable … many people achieve much higher percentages.  What could your practice look like after a few years of Compound Marketing? 

Marketing

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What’s Your Philosophy on Thought Leadership?

When a CPA firm partner recently said to me, “We aren’t going to share our thought leadership…clients pay us for that!” I was taken aback. As you might guess, this same practitioner also voted against this small firm’s decision five years ago to hire their first marketing director.

This remark caused me to think of another conversation that I had this week with a banker friend concerning companies who base all of their decisions on the needs of shareholders. Sometimes ‘doing the right thing’ does not jive with shareholder payoff; however, as this banker and I agreed, if companies ‘do the right thing’ consistently over the long-haul, that’s where real shareholder value accumulates.

Aren’t we really describing the same core issue of whether or not to regularly engage in positive actions that don’t show short-term gains, but you know they’re the ‘right thing to do,’ yielding even greater long-term results? Does anyone ever really lose by paying it forward?

**Choice***
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Are You at the Right Firm or Company For You?

There are a lot of people in the accounting profession who applaud the “fun” videos produced by public accounting firm WithumSmith+Brown (and what’s with the “plus” sign, anyway?), including me. Check out their latest video, 2013 State of the Firm.

While it’s smart marketing on their part, clearly, this firm is not for everyone. I don’t think I would want to work there (and certainly would not want to take part in one of these videos), but the firm is establishing a foothold in how they want to be perceived, giving people a taste of their culture and leadership. Brilliant.

Is your firm or company doing anything innovative, unusual or just downright fun that brings the team together, projecting an image to the public at the same time?

Fun Ahead*****
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The Best Thing About the Future is That it Comes One Day at a Time

During a recent chat with Eric Majchrzak, Director of Marketing of BeachFleischman, we got to talking about how even small firms need international tax proficiency these days. Sitting there in Tucson, Arizona, you can naturally imagine their business clients requiring cross-border experience and expertise when it comes to tax work, regulations knowledge and more. This forward-thinking $16 million firm is representative of what we’ve heard in conversations with public accounting firms–and on the accounting conference trail–this year. Whether or not your small accounting firm has this depth of ability or not, a decision had to have been made (or will be made) along the lines of either having international skill and ability or not. There’s no right or wrong answer. Many firms are doing it, acquiring it or developing it; other firms simply want to outsource international needs. In the words of the Rush song Freewill … “if you choose not to decide, you still have made a choice.”

The bigger question, though…is your firm savvy and moving toward the future?

International Business

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Surveys: Walking the Fine Line

How careful is your public accounting firm or company when it comes to conducting surveys of your customers or clients? With today’s technology, it’s incredibly easy to produce and distribute surveys in various forms and then collect the data without a whole lot of effort. However, like the kid in the candy store, just because there’s a seemingly endless supply, does that mean you should indulge?

Think about how much we are all hit with surveys and polls on a personal level. Aren’t there times when you just want to scream “enough is enough!”? Unless you’re in a coma, you know the feeling.

Over Thanksgiving break, our family used United Airlines, Dollar Rental Car and Hilton Garden Inn. These three companies have all assaulted me in the past week wanting my opinions on various aspects of their service. No way are they getting my time, now or ever—unless I have a complaint.

Think long and hard about the strategy behind the surveys unleashed by your public accounting firm or company. How often, how long, how complex…and remember, just because you can do something, it doesn’t mean that you should.

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Playing the Game of Risk

For companies and also public accounting firms, social media risk now rivals financial risk as an area of concern.

Growing trends to watch:
>Social media policies of accounting firms being challenged in court
>Team-based performance appraisals

You’ve been warned.

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