How to Create a Lifestyle CPA Practice. By Salim Omar, CPA

Transcription

1 How to Create a Lifestyle CPA Practice By Salim Omar, CPA

2 Welcome Congratulations on one of the most important decisions you ve made in your life Showing up on this webinar was a move that I believe will change the course of your future for the better Here s why: Today you'll be discovering..."

3 What You ll Be Discovering? Skyrocket your profits in ANY economy More (better) quality clients Highly productive staff Liberate yourself from day-to-day stress and headaches Create wealth with a lucrative exit strategy

4 Have You Ever Wondered Why some practitioners (who are not smarter than you) seem to have all the money, time and freedom while you work hard and hardly anything to show for it? Why some practitioners get things done fast, are stress free while you might be struggling with your day to day tasks? Why some practitioners attract quality clients who pay, stay, and refer without struggle or strain?

5 You Are in the Right Place if: You are working too hard for too little Your practice has turned into just another JOB You are watching your life pass you by from inside your office Your team is just a revolving door of barely motivated employees You are overwhelmed by running your practice

6 My Big Promises I ll show you how I went from $100k in debt to building a systematized practice that allowed me to create more wealth than I ever thought was possible (while working less). Systems for Client attraction Staff Productivity Creating Wealth

7 I worked as a CFO in Manhattan My Story Six figure salary, corner office, prestige, etc HATED my job office politics, lunatic boss and long commute Started my practice in 1996

8 My Story Not as easy $100K in debt Employee problems Low quality clients Cash flow always tight Long hours BAD lifestyle

9 My Story Stumbled across the 5 Steps to Practice Management Autopilot I now own a successful, thriving 8 person CPA practice that allows me to live the lifestyle I want Have been teaching and transforming CPA practices for the last 4 years

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11 Feedback From Practitioners Excellent, informative and timely tool to increase business volume. We should have many more of these kinds of webinars. Thank you. Great points made by Mr. Omar that would help our practices to be more efficient and profitable!! I am using Salim s program and already getting great results. I expect it to be a cornerstone to help me achieve my goal of doubling my practice over the next 12 months. This was the best webinar I've attended in the last 2 years. Thanks! Great conference. Mr. Omar is a genius. I learned a lot today. Excellent information. Very relevant. Salim practices what he preaches, giving me hope that I CAN run a successful practice and still have time to spend with my wonderful family. Thank you, Salim!

12 Feedback From Practitioners Excellent webinar - presented actionable concepts that should allow for improving my practice. If you are a CPA just starting out on your own or a seasoned CPA looking for more effective and efficient ways to market your firm, do yourself a favor and sign up for anything Salim is offering...you will certainly not be disappointed. I have seen the biggest return on marketing dollars from the things I learned and implemented from Salim's programs Best webinar I have ever attended I have tried many marketing programs in the past, Salim is the real deal. He is the marketing guru for CPA's. Salim has done a great job of breaking down Elite-Level marketing strategies into an easy to follow step-by-step success system. Thanks Salim for the guidance you provide in your Genius CPA Marketing System. It has been truly helpful in getting my business off the ground. I have recently signed up 2 new business clients in my first month and have 3 potential new clients that are getting their information together for me to review and discuss services I can provide. All these will result in new annual revenues of approximately $10,000 -$12,000 for my practice.

13 What a LIFESYLE Practice Quality clients who are a pleasure to provide services to Generates a high net profit Consistent cash flow Top notch employees who can be relied upon Systemized practice that operates like a finely tuned machine Work less hours Looks Like

14 Poll Question #1: What are the characteristics of a Lifestyle Practice? Please select the correct answer: Poor Quality Clients Healthy and consistent cash flow Dissatisfied Employees 65+ hour work weeks

15 5 Steps to Practice Management Autopilot 1. Understanding the BUSINESS You Are In 2. 50% Boost in Income by Delegating 3. Your Team Reduces Your Stress 4. Systems Equals Freedom 5. Raise Fees to Increase Take Home Pay

16 Step #1: Understanding The Business You Are In So, really, what business are you in? Are you in the: - Tax return preparation business? - Financial statement preparation (write up) business? - Payroll and sales tax returns preparation business? WRONG!

17 What Business Are You In? How you define your practice is important You are in the REDUCING ANXIETY business It s the #1 reason why clients select a CPA firm Do NOT undervalue yourself - I just prepare tax returns My patio story Next slide: NEW Paradigm

18 What Business Are You In? The NEW Paradigm Biggest fear I.R.S. New Mindset: YOU are the CPA that PROTECTS your clients from the I.R.S. You offer the TOTAL Package: Preparation services (commodity) + Protection + Trust + Advice + 5 Star Customer Service = Market Domination

19 Understanding STEP ONE (the real business you are in) helps you with STEP TWO

20 Step #2: Delegate Most CPAs Are Working Way Too Hard For most practitioners there are four kinds of tasks: $10 per hour work $100 per hour work $250 per hour work $500+ per hour work Key Problem UNDER-DELEGATION The fastest way to increase your income is to do more of the $250 and $500 per hour work Dump the $10 and $100 per hour jobs

21 Tiny Hinges Swing Big Doors 50%+ Boost in Income What are the $10+ hour jobs? Answering the phone Responding to client inquiries (copy of tax return, etc.) Preparing monthly invoices, trying to collect fees Paying the bills Going to the post office and bank

22 Tiny Hinges Swing Big Doors 50%+ Boost in Income What are the $100+ hour jobs? Preparing financial statements Preparing payroll and sales tax returns Preparing personal and business tax returns Responding to tax notices

23 Most practitioners are BUSY: CONSUMED by the $10+ and $100+ tasks Doing it, doing it, doing it! Their income is on a FLAT plateau They work way too hard The Reality for Most Clients DON T appreciate and respect them

24 Tiny Hinges Swing Big Doors 50%+ Boost in Income What are the $250+ and $500+ hour jobs? Creating a SYSTEM that can DELIVER the: TOTAL PACKAGE Preparation service (commodity) + Protection + Trust + Advice + 5 Star Customer Service = Market Domination Creating a CLIENT ACQUISITION System Creating a CLIENT RETENTION System Creating a system to increase the TOTAL CLIENT VALUE Creating a REPUTATION MANAGEMENT System

25 50%+ Boost in Income If you get rid of all your $10 per hour tasks and only do $100 per hour tasks all year, you d earn: $200,000 If you shifted only 10% of that time to $250 per hour work and another 10% to $500 per hour work, you d make $310,000 A slight change in the way you work boosts your income by more than 50% Step #2 for Practice Management Autopilot: DELEGATE

26 Poll Question #2: What is the fastest way to boost your income? By delegating: Please select the correct answer: $10+ tasks $100+ tasks $250+ and $500+ tasks None of the above

27 5 Steps to Practice Management Autopilot 1. Understanding the BUSINESS You Are In 2. 50% Boost in Income by Delegating 3. Reduce Stress with your Team

28 What if: Step #3: Reduce Stress with Your Team Your staff took responsibility as if they owned the practice Your staff truly understood how much your time is actually worth and protected it against time sucking activities that don t produce results Your staff became more motivated, super productive, and goal oriented

29 I ve Made ALL the Staffing Mistakes and More! In the first few years of my practice, I had a revolving door policy My staff was a mess. Turnover was ridiculous. I ve made all the mistakes. And along the way, I ve learned exactly what works Today, I have a passionate, loyal team of talented individuals working for me Their efforts make my firm a success, day after day

30 Benefits of Having a Competent Team It Results in: Good quality work being produced Less stress for you because you know the work was completed properly Clients are happy so retention is high Profit is high because of efficiency and you work less hours Net Result Great Lifestyle

31 2 Keys to Build a Great Team Recruiting Managing (high productivity) (top talent)

32 Mistakes To Avoid When Recruiting Not involving your staff in the recruiting process A poorly crafted help wanted ad How you interview job candidates makes all the difference in the world Phase One: Phase Two: Phase Three: Phase Four: Discover the candidate s ability to self-assess Look for compatibility How much does the candidate want this job? What are candidate s technical abilities More new hires FAIL due to personality-culture clashes rather than the inability to perform the role

33 Not involving your staff in the recruiting process is a mistake you want to avoid? Please select the correct answer: True False Poll Question #3:

34 Managing Employees for Maximum Productivity Set HIGH standards (clients communicated in a certain way, work produced in certain way, delivery times, etc) Expect high productivity (How? Systems) Appreciation Most craved thing on earth Develop a culture of gratefulness

35 5 Steps to Practice Management Autopilot 1. Understanding the BUSINESS You Are In 2. 50% Boost in Income by Delegating 3. Reduce Stress with your Team 4. Systems Equals Freedom

36 Step #4: Systems - The McDonald s Secret What do you know about McDonalds: Consistent experience Same menu Same look and feel Run by high school kids on minimum wage Very profitable business Such a high level of efficiency, productivity and profitability is only possible by: Building Systems

37 Lack of Systems Leads To: Inconsistent experiences for your clients Work NOT delivered on time Work produced with low efficiency Unhappy employees due to guesswork Delegation becoming more DIFFICULT You becoming a slave of your practice

38 What is a System? Your practice is a system of systems Each system has a purpose, it produces a certain result Like clockwork, predictably, on time, on budget, every time Document each system - otherwise it is not a system

39 Systems creation strategies Have your staff create the systems See a problem as an opportunity to create a "system Problem being experienced: Errors in tax returns System solution: Create a checklist to go through

40 Type of Systems: Staff management system Staff Recruiting System Lead Generation System Client management System Lead Conversion System Workflow System

41 Example of a "1040 Workflow" System

42 Poll Question #4: Lack of Systems leads to? Please select the correct answer: Clients have an inconsistent experience Work is not delivered on time Delegating becomes difficult All of the above

43 Step 5: Raise Fees to Increase Take Home Pay Services and Fees / per year Personal tax preparation services: $100k Business tax preparation services: $50k Write up work: $200k Compilation/reviews: $100k Special assignments: $50k Total annual revenues $500k Raise fees by only 20% - Revenues jump to $600k

44 How to Charge the Right Fees? You offer the TOTAL Package: (Step #1) Preparation service (commodity) + Protection + Trust + Advice = Market Domination Fees are a function of supply and demand

45 Fees: a Function of "Supply" and "Demand" Economics 101: What happens to price when its supply goes DOWN and its demand goes up? Prices go HIGH

46 Charge the Right Fees By: How to Control supply - SCARCITY 1) Less accessible Controlling Supply NEVER say: Just stop by, I am here all day OR I can meet with you at anytime Instead say: I can meet with you at 2:00pm tomorrow or 11:30am on Friday. Which works better for you? 2) My firm can handle only x number of clients 3) Currently at near full capacity

47 How to Create Demand for 1) Expert positioning Example: Author, speaker, interviewee, etc. 2) Social proof Example: Testimonials from existing clients. 3) Build VALUE Yourself and Your Services Example: (don't devalue the work you do, etc.) a) I want to take the time to look at this from all angles to be sure we are doing the absolute best we can to minimize your tax liability b) There is a lot to this project. I will get started on it and will keep you apprised of the status as I work through it.

48 Polling Question #5: How should a CPA increase demand for his or her services? Please select the correct answer: By expert positioning (e.g. author, speaker, etc) Become the lowest fee service provider Provide fast but poor quality services None of the above

49 5 Steps to Practice Management Autopilot 1. Understanding the BUSINESS You Are In 2. 50% Boost in Income by Delegating 3. Your Team Reduces Your Stress 4. Systems Equals Freedom 5. Raise Fees to Increase Take Home Pay

50 Step 6 Attract High Quality Clients What is the #1 challenge sited by CPAs? Client Attraction MYTH from the 18 th century: Build a better mousetrap and the world will build a path to you 50% of problems DISAPPEAR when you take care of client attraction It s the BIGGEST influencer to create a lifestyle practice Special gift on my BEST client attraction strategies

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