5 Failsafe Strategies to Boost Your Accounting Firm Profits. Sandi Smith Leyva, CPA Certified QuickBooks ProAdvisor, Xero Certified Advisor

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1 5 Failsafe Strategies to Boost Your Accounting Firm Profits Sandi Smith Leyva, CPA Certified QuickBooks ProAdvisor, Xero Certified Advisor

2 Where to Download This PowerPoint Download the PowerPoint Generate Your Own CPE Certificate

3 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

4 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

5 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

6 Agenda The one thing that predicts top growth for accounting firms, that many of you can implement immediately

7 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

8 My Why When you can run your business better, you can pass it to your small business clients

9 #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

10 #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

11 #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

12 #2: 5 Skills to Grow Your Practice Client Services Poor communication is #1 client complaint The payback is: Lower marketing costs Increased profit margin

13 #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

14 #2: 5 Skills to Grow Your Practice Leadership Current talent shortage Developing an HR department The payback is more productive employees

15 #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

16 #3: 3 Behaviors that Hold You Back Early: I have to do it myself to get it done right

17 #3: 3 Behaviors that Hold You Back It will get better. I just need to work harder. I ll just wait.

18 #3: 3 Behaviors that Hold You Back I know that already. I know. That doesn t work. (overgeneralizing) Example: accounting web sites

19 #4: The Progressive Firm The culture is changing Technology is driving transparency & collaboration

20 #4: The Progressive Firm Old world Today Scarcity Abundance Hoarding Sharing Competition Collaboration, even with competitors Fear Compassion Authoritarian Partnership Practice-centric Client-centric /7 Private Sharing Silent, secretive Communicative, open Meet with client once a year Meet with client once a month Get paid for time Get paid for performance and results Clients are purchased or acquired through mergers Clients are acquired through relationships and marketing Employees are encouraged to follow rules Employees are encouraged to innovate

21 #5: 1 Predictor of Growth/Revenue Anyone want to guess?

22 #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

23 #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

24 Make more, work less, serve clients better For accounting practices grossing under $1Million in annual revenue

25 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

26 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

27 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!

28 What You Get Practice Management Sample budgets, sample P&L Planning ideas Staffing forms, interview process Checklists, forms, procedures Case studies Metrics

29 How We Deliver It Fully virtual EBooks, Recordings, and Templates Monthly Webinars Community Forum Public Profile Library

30 Sampler and Core 2 Levels

31 Special Offer Give Yourself a Raise 3 hours of my best pricing training - available through Feb. 15, 2014

32 Your Action Items What one thing will you do from this webinar?