Now we need one central location for this list; and our current clients; and our referral sources. This is the Client Relationship Management (CRM) system.

Here you want to collect as much data about your database. Information such as:

• Date of birth/ anniversary,
• Spouse/ partner/ children’s names
• Hobbies
• College attended.

The list can go on, but you want to collect information that will enhance the relationship you have with them. From this data you will always have their preferred beverage ready for them when they visit the office, you will be able to send birthday and anniversary cards and you’ll be able to talk to them about their children’s college fund when the time is right.

You will also store the details of previous conversations and meetings, so with one click of your mouse you know exactly what was said, by who and when. It’s also a great way to make sure you can cross selling services at upcoming meetings.

For your marketing efforts a good CRM is critical. Here you will store all known data including referral source and where you met them. You will also use the CRM to automate components of your marketing plan. You will need to create the steps, but once created you can rest assure every prospect will get the same level of follow up each and every time.

There are a number of CRM providers out there. Unfortunately the CRM modules that come with your tax and accounting suite are often not robust enough; and at the other end of the extreme, dedicated CRM packages often have too many bells and whistles that don’t integrate well with your current databases.

Some providers to check out include Office Tools Professional which provides CRM as a part of their integrated practice management software; Act!, Maximizer & Goldmine are well know dedicated CRM software packages; and Salesforce.com and Zoho.com are web-based CRM applications (Zoho.com is FREE!). Outlook is not a CRM, nor is excel. If you’re serious about marketing ( as well as superior client service) then a quality CRM is an important component of your marketing infrastructure.

Please let us know if you would like to discuss CRM in greater detail.

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They’ve put some great work into their SCAN + ORGANIZE + POPULATE products. Regardless of whether you just scan and organize or add the populate function, the time savings have been dramatic.

We had a chat with them because we want our members to experience the product, so here’s what we came up with:

• 10 free 1040SCAN ORGANIZE returns; then
• 1040SCAN ORGANIZE returns for $5.50 per return (45% savings);
• 1040SCAN ORGANIZE evaluation guide;
• 1 hour of free training to help develop your work flow process.

So, if you have returns on extension this is a great opportunity to check it out for the first time or maybe revisit the tool.

Not much to lose really. Their goal is for you to trial risk free and hopefully fall in love with it. Some firms have had dramatic results and the profitability of their individual returns has skyrocketed.

If you’re interested, and you should be, click here for more information.

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1. Have a Defined Credit Policy

It’s imperative that you clearly state your terms of payment in writing for every customer before every engagement. Some firms even have the payment terms as appendix which the client must sign. Your policy should:

• Define “past due”;
• Define acceptable payment terms;
• Defines what happens once the account becomes past due.

2. Invoice Promptly & Send Statements Regularly

It’s important to get a systematic billing system in place and make sure you log time in real time – not at the end of the day or end of the week. Have the time card on a separate screen at all times. With this in place you can move to more regular billing.

3. Use Your Aging Report Not Your Feelings

No exceptions! Not even for the nice clients that you really like (or dislike).

4. Contact Overdue Accounts More Regularly

The squeaky wheel gets the oil as they say, so have a flag system in place that prompts someone to call every 5-10 days that and account is past due. Get creative and offer to accept credit cards over the phone. Or by chance be in their area and offer to pick up the check.

5. Make Sure the Team Sticks to & Enforces Credit the Policy

Not surprisingly partners are sometimes the folks most at fault. Make sure past due information is readily available for everyone in the firm. Then empower everyone to play a role in the collections process.

Transworld Systems has a great fixed fee service for accounts receivable. Once an account is deemed overdue, it is uploaded to their system and their automated service becomes your accounts receivable department. It’s a neat system worth checking out, that will save you time, money and a lot of headaches!

We’ve negotiated special pricing for 2020 members, so contact Pat Edgerton at 925-212-3397 if you have questions.

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“Excellent Course! Lots of good ideas that we can use immediately.”

“Best CPE I’ve been to.”

“2nd time & still learning a ton of great stuff”

“Chris Frederiksen’s Growth & Profitability Seminar will help our firm be successful for another 25 years.”

“I hate going downtown for anything. This was very worthwhile – loved the ideas presented.”

To celebrate July 4th, this week we’re offering a 25% discount on your registration. Use code mot25.

Full agenda and more information.

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Too many firms don’t pay proper attention to cultivating a pipeline of prospects. They fall into the trap of buying a list, mailing to them once and when nothing happens they give up never to use that list again. Alternatively each partner hordes business cards and puts them in the bottom drawer never to see the light of day again.

For your marketing to be effective you need a good list. First step is define who you want on the list – you may have a couple of lists. Then you need to build it. You might buy one from a listing company, you might round up all the loose business cards in the office or you might grow your list guerrilla style and using yellowpages.com or manta.com, collect names of your target audience.

Set a goal for the firm. Maybe it’s add 100 names a month and give a prize for the person who adds the most names. Or it might be the job of your dedicated marketing person to spend 20 minutes everyday adding 5 names from web searches.

Your marketing ROI will improve as the quality of your list improves.

Now get to it!

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Being a business owner can be a lonely job. As the owner you bear the responsibility of getting things done, and sometimes it’s hard!

In the recent webinar, Creating Your Strategic Plan, we first discussed what is a strategic plan and unfortunately we spend too much time trying to work out what should be in the strategic plan that we never get anywhere.

Think about strategic planning like this:

• What is my CURRENT situation?

• What is my IDEAL situation?

• What is my PATH to achieving it?

What is your current situation?

When you analyze the current situation make sure you look at all aspects of your business – finance, organizational, personnel and so on. Also make sure you ask yourself “how did you get here?” Often there are behaviors that you will have to correct when you get to the third step of identifying the path you have to take. This inward looking process can be tough.

What is my ideal situation?

There are a few ways of visualizing the ideal state. Some start with various visioning questions, such as the magic wand question, or the what did you originally go into business for question. These can be difficult to answer as your ideal state may end being so far from the current state that the strategic plan becomes overwhelming.

To overcome this start small. What headache or frustration would you like resolved in 3 or 6 months time? For example, cash flow could be a head ache, so the ideal state in 3 months time might be to reduce receivables by 10-15 days. Remember keep your ideal state SMART.

Finally what is my path?

In creating your path think about the activities you need to do on a daily, weekly and monthly basis. Break the 3 month goal down into actionable steps. Before you know it, you’ll have realized the goal and will be moving onto the next one.

Some may say it’s too simplistic, but I disagree. Instead it encourages small steps that will build momentum. It identifies what specific actions you need to take each week to achieve your goal.

As you start on your path towards your ideal state, make sure you keep score – otherwise how will know how you’re doing. You may need someone else to report to and keep score for you. This accountability will help keep you focused. It will also help you bounce ideas off someone and get their feedback on your progress.

And be sure to stay flexible. Things will change and you will need to adapt your plan or your path. no problems, remain cool and react as you see fit.

Good luck!

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What is the Annual Performance Review (APR)?

The APR is a 90 minute planning session, where we benchmark your firm against major data sets and create a mini-strategic plan to improve your firm’s performance.

90 minutes isn’t a long time, but we can identify 3-4 strategic initiatives for your firm to work on this year which will have a positive impact on your firm.

How much does the APR cost?

For Premium Members, this service is free. For non-premium members, your investment is normally $495, but if you get booked by June 14, your investment will be $295.

How do I get started?

Fill in the excel questionnaire and return to damien@2020groupusa.com. We’ll then tee up a time for our phone conference and we’ll go from there.

What happens at the end of the APR?

You’ll receive a Strategic Initiatives Report and we’ll book a 6-month check-in call – we want to know you’re making progress.

Take advantage of the Annual Performance Review today.

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Click on the arrow to get started. Hit the More button for the autoplay feature. See you there!

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1. Identify the attorneys, bankers and other service providers of your current clients. Then, make contact with these referral sources.

2. Evaluate your current referral network. How are you keeping track of your activities? Who is sending you leads? This will help you prioritize who you need to spend time with.

3. Organize small scale networking events or mixers with referral sources you want to do business with. Invite a group of bankers (from the same bank) or attorneys (from the same firm) or both groups to your office or other appropriate venue to learn more about each other’s businesses and the types of desired new clients.

4. Provide networking skills training for your entire professional staff. Then, reinforce the training by accompanying them to networking functions and referral source meetings.

5. Teach your entire professional staff how to build their networks. Their base of contacts includes co-workers, clients, former clients, alumni, competitors, classmates, family, friends, neighbors, sports friends, parents and friends of their children, and church or synagogue contacts.

6. Collect client testimonials to use in your promotional materials, proposals, and website.

7. Remind your clients that you are interested in new business referrals. The best time to ask is after receiving a compliment.

8. Add networking activities to the performance evaluations of your entire professional staff. Reward them for success.

9. Research the organizations in your market that correspond with your client base and where you need to be seen. Then, be seen.

10. Call people in your network to see how they are doing, invite them to lunch, or discuss a current event in your marketplace. Haven’t talked to them in a while? If you’ve worked together before follow up to ask about the results of the project. Ask for their advice. Or, simply say, “Something reminded me of you …”

11. Ask for leads! Be sure that you have a description of the types of business that you’re interested in to help your referral sources.

12. Support your face-to-face networking with a LinkedIn profile. Be sure to coordinate your LinkedIn strategy with your firm’s overall marketing strategy. Be consistent with your firm’s description, etc.

As I was reading the post I was reminded of the great book, Breakthrough Business Development, which suggested instead of using the term “referral” switch to “introduction” or “recommendation” especially with clients. Their research and experience suggested that clients felt pressured when the term referral was used, however they were much more inclined to introduce their CPA to someone. Give it a go and see how it works for you.

I was also reminded of the great interview I did with Jean maybe last year. Below if the first track of Yes! You do need marketing.

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If you haven’t seen it before check out the Simon Sinek’s How Great Leaders Inspre Action:

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