10 Reasons I’m NOT Putting My Enrolled Agent License Into “Inactive Retirement” Status

Tax Firms / By

Despite my recent retirement, I renewed my Enrolled Agent credential this year.

Why would I do such a thing, and continue to being subject to the requirements of the credential, if I don’t need it anymore?

For those readers that are unaware, the Enrolled Agent credential is granted by the IRS after taking a three-part exam on federal tax law. It grants tax professionals standing equal to CPAs and … [ Continue reading ]

Action Item: Write Your Elevator Pitch

Business Development / By

Your elevator pitch, or elevator speech, is your response to the classic question, “So, what do you do?” Your answer to this question should never be, “I do taxes”, or “I’m a CPA”, or worst of all, “Uhhhhhhhhh…..” Ouch!

Your elevator pitch helps you to communicate the kind of clients you’re looking for. It should be specific, and have a purpose. It should not be generic. You want people … [ Continue reading ]

Action Item: Issue document deadline to all extension clients

Tax Firms / By

Most of the frustration stemming from tax clients that procrastinate can be eliminated via proactive client management.

Simply put, you set the rules of the engagement, not the client. If the client doesn’t want to do business with you on YOUR terms, then you encourage them to take their business elsewhere.

One of the most important client management systems to have in place is one that addresses tax … [ Continue reading ]

Why should a client do business with you?

Marketing / By

In order to grow your business in an ever more competitive world — a world with endless consumer choice — you must have something that differentiates you from your competition.

On top of that, given all the demands for people’s attention, you need to be able to communicate your competitive advantage within about three seconds.

This is where your USP comes in.

USP stands for Unique Selling Proposition, and … [ Continue reading ]

Public Speaking: Cheap, Effective Cold Lead Generation

Marketing / By

Generating leads can be difficult, time consuming, expensive, and exhausting.

Or, it can be simple, invigorating, and very affordable.

One of many possible strategies for obtaining the latter instead of the former is to:

  • Deliver a presentation…
  • …in front of a crowd somebody else assembled.

In just 11 words, I’ve given you the marketing plan that has built numerous seven-figure businesses.

The largest public accounting firm in the … [ Continue reading ]

Build a Marketing Success System

Marketing / By

Regardless of whether you have an established business or are just starting out, one simple fact stands out above all other things in your role as a business owner:

If you can’t get clients or customers, you’re going to starve.

It’s a very, very simple equation: If you fix widgets for a living, then you need people walking through your door with a widget needing fixed in order to … [ Continue reading ]

It’s OK to Fire Crappy Clients

Practice Management / By

Fact: Not all clients are created equal.

Some clients are great. Some clients are awful.

It’s 100% acceptable for you to tell the awful ones to pack sand.

You know exactly the ones I’m talking about. The ones that don’t pay you on time. The ones that constantly procrastinate getting documents to you. The ones that expect you to be at their beck and call 24/7.

So, get rid … [ Continue reading ]

When was the last time you raised your fees?

Practice Management / By

The topic of fee increases is one of the most contentious subjects to discuss with accountants.

For some bizarre reason, many of the people that are responsible for monitoring and reporting on the financial health of businesses and families are vehemently opposed to looking out for their own financial self-interests. I’ve never understood it, and I never will.

Bottom line: You either believe in getting paid what you’re worth, … [ Continue reading ]

The “Ripple Effect” of Building an Email List

Marketing / By

Everything that we do in running a business has some sort of downstream impact.

Fortunately, this “ripple effect” can be controlled. You can set certain things in motion that will make then make other things in your business easier or better.

One of these things is to make a very simple change in your how you conduct your lead generation marketing, by starting to collect email addresses from the … [ Continue reading ]

Boosting Profits Starts With Decisions You Make Today

Business Development / By

“If you always do what you’ve always done, you’ll always get what you’ve always gotten.”

If you were completely satisfied with your 2021 gross receipts, your 2021 net profit, your 2021 clientele, your 2021 hours worked… Then that’s great! Seriously, kudos to you. You found the formula that works for you, and you’re happy with it. That is legitimately amazing, so keep doing it.

However…

If you’re not happy … [ Continue reading ]