Archive for the ‘Uncategorized’ Category

Monday, November 23rd, 2020

Expend The Effort

“Don’t let the sun go down without saying thank you to someone, and without admitting to yourself that absolutely no one gets this far alone.” Stephen King

For years I have talked about the value of writing (by hand) a personal note or thank-you to individuals on your team.

Last week I received a handwritten note from a CPA. I did a presentation for a group he chairs. It is a small firm networking group and they met in Key West.

I did not go there. I did it via video from my home office and enjoyed my time with them discussing various practice management topics.

Douglas H. Chaffins of Chaffins, Batdorf & Austell in Georgia sent the note. It made me smile and pleased me so much. It’s been a long time since I received a handwritten thank-you note! How about you?

Read more about the power of this small task below. Expend the extra effort to send one to someone. Make their day!

Client Service – A Simple Thank-you Can Be Powerful

“Wow! You Are Doing Great.” – – Tell Them

  • We must find time to stop and thank the people who make a difference in our lives.
  • John F. Kennedy

Wednesday, November 18th, 2020

More Important Than Ever

“You never get a second chance to make a first impression.” – Will Rogers

Websites are on my mind today. When comes to promoting your firm, yourself, and your people, your website is more important than ever.

As you might guess, I constantly look at CPA firm websites. If you ever send me an email or if your firm is ever in the news, you can bet I will be perusing your website.

There are still a significant number of firms that have not taken action on updating their website. It appears that it has been the same for the last ten or fifteen years. You can tell immediately when you hit their site. When I ‘hit’ one, it makes me sad.

In these times of no meeting and greeting potential clients in person, the only impression they get of you is from your website. Someone should be managing your website daily. You need current articles and high-quality pictures of your partners and other leaders. Your site needs to give the impression that you are modern, future-focused, and extremely knowledgeable. If your website says (without using words) that you are an “old school” firm, you are in trouble.

For progressive firms, a significant number of new clients come to the firm because of their website. How many are coming to your firm because they simply looked at your website and were impressed?

  • You only get one chance to make a good first impression, and yours may be in the hands of the receptionist.
  • Harvey Mackay

Tuesday, November 17th, 2020

The Rosenberg Survey

“There’s never enough time to do all the nothing you want.” – Bill Waterson, Calvin & Hobbes

The 2020 Rosenberg Survey is NOW available!

The 4-day Thanksgiving weekend would be a good time to study the Rosenberg Survey. It has so much great information.

The number of firms that have mandatory retirement provisions in their partner agreements remained relatively steady after an upward trend for the past few years. In working throughout the industry, we have noted a general acknowledgment of the importance of mandatory retirement provisions. For more information on partner retirement, purchase The 2020 Rosenberg Survey.

CLICK HERE to Order the Survey!

  • Working people have a lot of bad habits, but the worst of these is work.
  • Clarence Darrow

Thursday, November 12th, 2020

The CPA Profession 2027

“The best way to predict the future is to create it.” – Peter Drucker

Today, I am sharing a press release from the Illinois CPA Society. I think it will definitely be of interest to those working in the CPA profession. They are providing seven predictions for the future titled, “CPA Profession 2027: Racing for Relevance.”

CHICAGO, Nov. 11, 2020– Unveiling seven provocative predictions for the future of the CPA profession, the Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—has released its 2020 Insight Special Feature, “CPA Profession 2027: Racing for Relevance.”

The result of more than a year’s worth of strategic planning conversations and reviewing countless articles, interviews, reports, studies, and surveys—and conducting some of its own—“CPA Profession 2027” coalesces ICPAS’ findings from these authoritative, and sometimes disparate, sources into a powerful report detailing the underlying trends and challenges driving change in the CPA profession and how they may shape its future.

Inside “CPA Profession 2027,” ICPAS outlines how the CPA profession is facing a pace and type of change unlike any it has experienced before, where the rules of the race are literally being rewritten by technology. Key predictions include outlooks on how artificial intelligence and robotic process automation will forever change accounting, audit, finance, tax, and more;  the ways services are provided to companies and clients, and the ways companies and firms are staffed, will shift dramatically; and how implications of the global pandemic, along with rapidly changing company and client expectations, will demand CPAs change both mindset and skill set. The most provocative prediction of all is that the number of CPAs will decline in the years ahead as technology becomes more pervasive.

“While many strategic plans and reports look just one, two, or maybe three years out right now, we believe we cannot risk being shortsighted given the long-term implications of all that is changing around us,” says ICPAS President and CEO Todd Shapiro. “We understand the risks of making predictions. We acknowledge it’s unlikely each one plays out perfectly. But we firmly believe they’re directionally correct. Our hope is that the insights compiled here will rev up conversations that help us chart a roadmap for ensuring the sustainability, relevance, and growth of the CPA profession for many years to come.”

“CPA Profession 2027” is available now in PDF and digital formats at www.icpas.org/CPA2027, and print editions are available upon request. Shapiro welcomes feedback and is available for further comment.

  • The future belongs to those who believe in the beauty of their dreams.
  • Eleanor Roosevelt

Monday, November 9th, 2020

Don’t Be So Cheap

“Spend at least 10% of your budget on the best professional advice available before you spend a nickel on anything.” – Harvey Mackay

Accountants are often known for being frugal. Your employees might think you (as a group of owners) are actually very cheap.

Here’s the difference – – Cheap people are driven by saving money regardless of the cost; frugal people are driven by maximizing total value, including the value of their time. … Being cheap is about spending less; being frugal is about prioritizing your spending so that you can have more of the things you really care about.

I don’t know how many times I have heard an experienced, competent firm administrator, practice manager, HR director, or marketing director say, “I won’t be able to attend the conference (event, webinar, meeting) because the partners won’t spend the money.”

On the other hand, I have heard those same people, the ones who did attend the conference (event, webinar, meeting) say, “I learned so much and brought so many great ideas back to the firm that the partners said I should attend every year.”

That’s why Harvey Mackay’s quote, above, is so appropriate for those leading CPA firms.

  • Never have a partner retreat without a paid facilitator – someone very familiar with the CPA profession.
  • Don’t hesitate to hire outside mentors and coaches for your partners, firm administrators, marketing directors, etc. Hire them for your partners, too.

Just last week, a client said to me after a fairly brief phone session, “You have given us several valuable nuggets during our conversation! We will act upon them!”

How much are you budgeting for outside, professional advisors?

  • If the price is very cheap then it's almost certainly a fake.
  • David Russell

Friday, November 6th, 2020

This & That For Friday

“All truly great thoughts are conceived while walking.” – Friedrich Nietzsche

For this Friday’s flashback post, read about having a commitment statement and how one can be designed to notify your clients of your commitments to them and informing them what commitments you expect from them. Samples are included.

Don’t forget about the CPAFMA Virtual Accelerator Program coming up on Monday and Tuesday. I’ll be involved both days and there are a wide variety of helpful sessions.

Yesterday, I had a great time talking with (via Zoom) with a group of partners from different firms who get together to network and learn from each other a couple of times per year.

I am hearing a lot about hiring from my clients and contacts. Every firm is looking for experienced people – that is nothing new but the demand seems to have increased in urgency as we approach another tax season.

The hybrid model of CPA workforces is gaining strength – Hybrid meaning sometimes in the office and sometimes remotely. It seems to be desired by a growing number of team members. Sometimes it is nice to get away from home and actually work in the office.

Have a calming and enjoyable weekend. Be kind.

  • Reflect upon your present blessings -- of which every man has many -- not on your past misfortunes, of which all men have some.
  • Charles Dickens

Friday, October 30th, 2020

Friday Musings

“Great ideas emerges from useless fragments of thoughts.” – Michael Bassey Johnson

On Fridays, I often provide you with a flashback post – something I have written about before. Sometimes I save Fridays for random thoughts, ideas, and comments.

Here’s a flashback post on an age-old topic – Getting Partners to Change.

Now on to other stuff.

This week I spent some time preparing for CPAFMA’s virtual Accelerator for people managing accounting firms. The virtual event will take the place of FMA’s 2020 annual conference and will provide practice managers with some timely and helpful information. This program is exclusively designed to help participants professionally manage accounting firms of varying sizes.

I will be involved in the Strategy, Leadership & Growth Accelerator – Monday, November 9th at 11:40a – 1:30p EST and also in the Talent & People Accelerator on November 10th at 12:20p – 2:20p EST.

This week I was featured via an AICPA PCPS podcast – Small Firm Philosophy. I hope you will set aside some time this weekend to listen.

Next week, I will be speaking (virtually) with one of the AICPA PCPS small firm networking groups.

Finally, my newsletter went out yesterday. Did you receive your copy? Be sure to check your spam filter. Here’s a link to one of the articles titled, Afraid. This article will only be available online for a limited time. Sign-up for my newsletter via my website.

Have a nice weekend. Monday will be November and you have a lot to do!

  • The best advice I’ve ever received is 'No one else knows what they’re doing either'.
  • Ricky Gervais

Tuesday, October 27th, 2020

Influence

“Leverage your uniqueness.” Bruce Tulgan

Over the years I have worked with and talked with a lot of support professionals working in public accounting.

They are the firm administrators, COOs, practice managers, HR directors, marketing directors, IT managers, training managers, etc.

What I have told firm administrators for years, and it applies to all the others, is that you may not have power but you have influence – make that influence work for you.

Sometimes it seems like an uphill battle but I have observed some awesome initiatives accomplished mostly through the use of influence to guide a diverse group of partners in the right direction!

Bruce Tulgan tells us:

The problem is that too many people believe influence is about playing workplace politics, building personal rapport, or establishing a quid pro quo with others. That’s what I call false influence. Real influence is a generous, other-centered focus based on adding value in every single interaction.

If you understand the mathematics of real influence—and believe in it—you can make yourself incredibly rich in a very potent source of power by dedicating yourself to serving others, moment by moment, in every interaction.

There are four tactics of real influence.

Read this recent article from Tulgan where he shares the four tactics of real influence: 1) Interpersonal influence. 2) Specific commitments. 3) Rational persuasion. 4) Facilitating success.

I hope you read all of Tulgan’s books. I have shared “It’s Okay to Be the Boss” with many clients and friends over the years. I was fortunate to have him sign my dog-eared copy several years ago.

  • Example is not the main thing in influencing others. It is the only thing.
  • Albert Schweitzer

Wednesday, October 21st, 2020

Being Visible

“The power of visibility can never be underestimated.” – Margaret Cho

I have written often about the importance of branding and how being visible helps build your firm brand and it is also how you build your personal brand.

Here is a link that will take you to a search I did on my blog for stories about brands and rebranding. You might want to read some of them.

This year has been a difficult year for branding and personal visibility. You haven’t attended Rotary meetings, you haven’t seen many clients face-to-face even though some of you are lifting the “no clients in the office ban.”

Many of you have done a great job of keeping your clients informed, especially on the PPP topic.

For your firm: Keep sending all clients informational emails and doing timely blog posts about current issues. They count on you for this information.

For your personal branding: Tell stories on your firm Facebook page about various partners and other team members. Send more personal, individual emails to your assigned clients (whether you are a partner or a staff person working on a client’s engagement).

Share your personal Facebook page with some clients (if you are sure it is appropriate). They just might be interested in what you are doing with your life during these unique times.

Do more than just use the phone – let your clients talk to you often via Zoom, Skype other video channels.

Being visible is a great way to build your brand. Visible is just different for the time being.

  • Out of sight, out of mind. The absent are always in the wrong."
  • Thomas a Kempis

Tuesday, October 20th, 2020

Be Honest With Yourself

“This above all: to thine ownself be true.” – William Shakespeare

I hope, at your firm, you are asking your team members to do a self-evaluation periodically. I also hope that those evaluating the performance of others read the self-evaluations.

So many times I hear the stories about an accounting firm team member who is asked to do a self-evaluation. They take the task very seriously. They reflect back on the period of time being evaluated and expertly list their accomplishments and often also note some deficiencies.

It seems that the above Shakespeare quotation truly applies to them.

It has been my observation that people really do know themselves. They realize their strengths and their weaknesses.

When you compare their self-critique with the evaluations supplied by others, they usually align quite well.

The problem is, many people with power over the person’s career progress often do not study the self-evaluations or even read them at all.

  • A company could put a top man at every position and be swallowed by a competitor with people only half as good, but who are working together.
  • W. Edwards Deming