August 20, 2010 in Blog by admin

Female Accounting Women: Do You Know Where Your Hidden Assests Are?

Your Assets are Gold! They are the key to making you more money…

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August 10, 2010 in Blog by admin

How Accounting professionals should NEVER get clients

I took a picture on my way to pick up my son from school of an electronic billboard that advertises for various businesses, some retail and some service providers.

It’s on a very busy street and ideally located at the traffic light.

This form of advertising is okay for retailers, as you can actually SEE an image of the product and get the number to call or see the company address before you drive off.

For example, if you’re selling shoes or dresses or hats, then you can easily show a picture of the product, with your logo or your address and phone number so that prospective customers can contact you to purchase the product.

This, however, is not a great advertising media for accounting professionals as you cannot accurately communicate your service.

Service professionals like accountants, CPA’s and bookkeepers need to attract propects who in turn get to know, like and trust them. Only then will they be willing to part with their money.

A more effective strategy for service providers is to select a target market or niche. For example if you are a IT providers, you can select women-owned businesses to market to.

The easiest way to do this, is to go through the yellow pages, select woman-owned businesses and send them a direct mail letter to introduce yourself, if you are just starting up or to let them know about a new service you’ve just started.

What are your thoughts on this? Share them with us.

August 2, 2010 in Blog by admin

Accountants and CPA’s: Help! I just realized I don’t have a business!

Accountants and CPA’s in business are known to work with clients one-on-one until their work is completed…then, on to the next client.
Not only is this way of doing business painstakingly slow and tedious, but it’s an incredibly long and drawn-out way of building a business.

This way of doing business seems more like a job where you answer to many bosses (read: clients) and where you are not able to make as much money as you truly desire.

Here are 3 ways that You should recognize that you have a practice and not a business:

(1) You can’t go on vacation when you want
(2) Even if you get to go on vacation, your income slows down or, even worse, stops completely!
(3) You only have 1 source of income…working with your clients.

We, wholeheartedly, endorse accountants creating businesses that are set up to bring in multiple streams of income.
With revenue coming in in a variety of ways, you become less stressed, even if you have no one-on-one clients to work with.

You are able to manage your business as a true CEO and most importantly, you can start to create more leverage and more equity AND start to actually have more fun!

At the International Association of Women Accountants in Business, we support and educate female accountants to build sustainable and profitable businesses.

See our many benefits that amount to over $9000 per year!

July 29, 2010 in Blog by admin

International Association of Women Accountants in Business In Pre-Launch

On Your Marks….Get Set….

The International Association of Women Accountants in Business is currently in Pre-Launch mode!

We’re still tying up some loose ends, but will be open for memberships at a HIGHLY discounted price until September when we launch.

What should YOU do in the meantime??

1. Pick up your FREE Kit here.

2. Look out for our weekly newsletter on your email

3. View our benefits

4. Join AND SAVE Big!!

5. Tell your accounting friends and colleagues.

Stay tuned…..

May 13, 2010 in Blog by admin

Start a Club

The affluent are different. They expect more. They pay more. They want more. But they also want DIFFERENT.

The easiest way to offer something different and exclusive to your clients is to start a club.
Memberships are truly the best way to attract a more affluent clientele and charge higher prices too!
In any type of business, whether you do this with your services or your products, you should be able to create a membership around your offerings.

In any type of business, there will always be a certain percentage of people that will want to upgrade to your top level.

There is a car wash that I know where you cannot just walk into without an appointment. They are too busy serving their VIP clients that book out the entire month before the start of the month!

In my accounting practice, we offer a certain level of services, including accounting, consulting, admin work, payroll all bundled together for a certain price per month.

This is for the VIP clients. Membership is limited AND we make that known! Our levels are Gold, Gold + and Platinum. We also offer a Diamond level which is an annual pre-payment level where the client uses our services unlimited (between 9-5) for an entire year.
We call this the Ultimate VIP Club for Entrepreneurs and market the Club in the upscale magazines.

We don’t market our regular retainer service in those media though.
This is crucial to remember – not to dilute your message to different audiences.

YOUR ASSIGNMENT:

Look at your business. How can you start a high-level club or membership in your business?

How will you limit the services or products offered so that everyone cannot or will not be able to have access?

What will you call the club? Think exclusive or members only or VIP or elite…you get the idea.

May 13, 2010 in Blog by admin

Are Accountants Being Threatened In Their Own Profession?

This may be a little controversial for some, but then if you are offended, examine your reasons why.

I am a professional woman in a so-called ‘male’ profession and after over 14 years in accounting and audit, ventured out into my own business. So when I speak of accountants, my focus is the entrepreneur or professional running their own business.

When I started my own business, I had no intention of following the flock and I still don’t.

But, I truly believe that we as accountants are being threatened in their own profession.

Why, you ask?

Accountants have been indoctrinated into a culture and like a cult, they fear change.

They look around, see what everyone else is doing to create and manage their businesses and do something similar, fearing to step out of their comfort zone.

Then again, perhaps they just don’t know what to do differently.

Accountants believe that clients need them.

 But how could this be when we now have ‘Accounting for Managers” courses, QuickBooks & other user friendly accounting programs.

A long time ago, I came to the realization that most small businesses and solo-entrepreneurs don’t want number-crunchers.

In this case, their solution would be to get a bookkeeper and have their books audited once per year. It certainly is cheaper.

You see, accountants are educated on technical issues, preparing the financial statements, analyzing the profit and loss, balance sheet and cash flow statements…all good in preparation for getting a job in a company.

However this is not so good if you want to start your own business and make money running it. They need to know about business.

Even when you look at the articles and tips written by accountants to their clients, they talk about “accruals” and “software” and “concepts”

CLIENTS DON’T CARE!!

That’s YOUR job! They don’t want the details.

Clients only want 3 things:

1. Make Money
2. Save Money
3. Save Time

Accountants are being threatened because they are not fulfilling this basic requirement to their clients.

They do not know how to market their business and become attractive to their clients. When I say ‘attractive’, I mean you attracting your clients, clients coming to you, rather than you going out to get them.

So what do accountants do instead?

They resist embracing change and establish ‘rules’ like “Accountants don’t advertise”.

Bah-humbug!

This makes us too reactive and subject to clients dictating our fees, because now they are in charge.  We went out and worked to get that client. We didn’t attract them. Sadly, we really just sit and wait for clients to walk in!

Hey, businesses don’t want accountants anymore. They want those 3 things. (Know them by heart!)

So who are the main threats to the “Accountant”?

I have identified 2 main professions, namely:

• Business coaches
• Consultants

Now, this is NOT a bad thing. In fact accountants need to learn from these types of people or even better, BECOME these people.

If you don’t advise your client on making and saving money and saving time, then your business will be in trouble.

This recession that’s happening right now, is weeding out businesses and changing business culture and structures.

What can we do right now?

The major transformations that accountants need to undergo in their businesses are few and doable.

• Accountants must change the way they do business NOW!

• They must become a marketer and an adviser, coach or consultant to their clients.

• Accountants must begin to market to a specific target audience and they have to become the expert in their niche.

These professionals must learn how to get clients, learn how to market their business, learn how to keep their clients and learn to give the clients what they want.

Instead of putting up barriers to prevent the threat (this is like using a typewriter instead of a PC or trying to ignore the internet for getting business), accept and embrace the threat.

Or should we call it an opportunity?

May 13, 2010 in Blog by admin

How Accounting Professionals Can Create Better Productivity And More Profits-The Top 10 Fab Tips

As service professionals in the accounting industry, it is so very common for us to be working 60+ hours a week trying to sort out our clients business and personal finances.

Our clients need our help so badly and sometimes so quickly that we are jumping from here to there, from project to project to try and finish their work.

This usually ends up with us working harder and longer and results in poor performance and a big loss on the job.

Here are our 10 favorite tips for creating better productivity and more profits in my business:

1. Get a diary or a notebook. When anyone calls to hire you for that audit or financial project, write it down. If it’s a notebook, include the date, name and phone # of the person calling you.

1. Set one or two days per week for meetings and interviews with clients. Any other day, you are not available!

1. Do only high payoff activities. Look at what is generating you money. When I looked at my P&L statement for the previous year, I noticed that audits had moved up quite a notch in my revenue. Interesting… I decided I only wanted a few retainer clients. These are client that we do accounting work for, reconciliations, financial statements, etc. Audits for small biz clients, on the other hand, are where the money is. The returns on this type of work is highly profitable.

1. Take time off. When you’re working on figures, your brain gets tired. It’s important to take your week-ends off or take vacations more often to recharge.

1. Have only 2 days per month focusing on your bills and out-goings. The rest of the month, your main focus is to generate revenue for your business.

1. Become the CEO in your biz now! This may be hard as you spend your days pouring over clients books and records.

1. Hire a part-time assistant or a virtual assistant to field your calls. Answering the phone takes up so much time in your day and keeps the distraction high!

1. Start working with sub-contractors that know about accounting or finance so you don’t have to train them. Hire students to come in during the summer to handle the book-keeping and the arduous task of number-crunching then you review what they’ve done and finalize.

1. Start focusing your time and energy on more affluent clientele and people who are willing and able to pay you what you want.

1. Make a daily list of what you intend to accomplish each day and each week. I truly believe in the power of intention. What you intend most often happens. Your brain will find all sorts of ways to achieve your intention.

Try some of these tips and let us know how you get on!

May 13, 2010 in Blog by admin

Don’t Be Like Phineas and Ferb In Your Business!

If you’re a mother with toddlers or small children who watch Disney Channel 24/7, like my son, you should know about Phineas and Ferb. http://tv.disney.go.com/disneychannel/phineasandferb/

For those who don’t, you’ve got to watch this cartoon at least once. It’s hilarious!

The 2 step-brothers hang out during the Summer holidays and decide each day, what they’re going to do, to occupy their time.

Every day, Phineas says “Ferb, I know what we’re gonna do today!”

Why is this important to you and your business?

Here’s my summary: If every day you need to decide what you’re going to do, then you’re in problems!

Sorry to be so blunt.

You must have a weekly plan and a daily task list, if you’re going to be really productive and build that business of yours to 6 and 7-figures.

In my Fabulous Business Plan model, one of the ‘S’s relate to Systemitizing your business. One of the best ways you can systemitize your business is to create a daily task’s list from your weekly and monthly plan which should all lead you to your big vision.

Let me give you a quick example which relates to the Telesummit.

The Telesummit is one of my events for the year and I have a goal to be at a certain place before the actual week of the Summit.

So, for this week, for instance, we need to follow up on all the Experts, make sure their free offers are in place and we have their interviews scheduled.

By next week, there is another task list until the Event is run.

I have specific days when I see clients…the other days are for working on my business-the plans, the goals, the vision.

Do you have a specific plan for this week and for today?

Remember if you don’t know what you’re going to do until the same day, like Phineas and Ferb, then someone else will fill your day with THEIR plans.

May 13, 2010 in Blog by admin

Accountants, Recessions Are Great For Your Business Too!

I know I know..I can hear you asking. How can a recession be good for my business, when my income is down and my customers are taking longer to pay me?!

Let’s look at the flip side of the situation then.
It’s a simple case of taking the negatives and turning them into positives.

(1) Prices are down so this is the time to buy some property. Start looking at some deals. I have a good client and a dear friend who has not stopped building his apartments. In fact he called me yesterday to meet with him and he wants another 3/4 million dollars from the bank to build a high end apartment block!

My client is great friends with an auctioneer and buys the majority of his real estate through auctions. A great benefit of this is, of course, he never pays the true value of the property.

(2) Stop marketing one-to-one. Start marketing one-to-many.
If your clients are no longer paying full costs for services and are holding onto their wallets tighter, you need to understand that and fit your marketing to accommodate them!
Taking your business online and having technology work for you will help with this tremendously.

I did a teleseminar on this a few weeks ago on how financial professionals can step from behind their desks and start marketing one-to-many.

(3) In this period of slow down, get your systems and business running smoothly to take advantage of that upsurge.
Accountants need to look at THEIR businesses as well. If there any expense that you can eliminate or reduce from your Profit & Loss? Can you move out of rental accommodation and find somewhere less costly?
Remember the same advice you give your clients, you need to take as well!

(4) Offer what your clients want, not what you have!

This is huge! In this period, there has been alot of refinancing going on with both individuals and companies. With refinancing comes consultations, business plans, financial statements, etc.
Why not put a small classified ad in the paper targeting your niche, letting them know that you offer this service.

(5) Offer existing clients a new service.

This obviously is an individual process and depends on what you are good at. Find out what clients want and give it to them. Create a joint venture with a related company eg. partner with an IT specialist and an attorney and offer their services to YOUR clients and take a small commission.

This is a bonus tip for you!

(6) Start a new and unrelated business!

You need to go where the money is.  Find out what’s missing in your area and look into offering this service yourself. Internet businesses are fairly less expensive to start. Alot of businesses were started during economic downturns, why not you?

The bottom line here is to stop thinking about your profession (accounting, financial professional) as a box!
Step out and start thinking like an entrepreneur that is offering accounting and financial services.

You CAN do other things as well to make more money.

May 11, 2010 in Blog by admin

What On Earth Is Continuity?

 After reading my new report (you can pick it up at my site), some people emailed me with questions about “continuity”.  So let me break down this phenomenon further.

Do you remember the “book of the month” club? Or think of cable TV even?

These are examples of a continuity program.

Or this can relate even to those companies that auto-ship…you know that Proactiv™ infomercial, don’t you?

What happens is that you purchase their products once and for a monthly fee they supply you with a set of products every month and they charge your credit card.

Continuity or a forced continuity program (the latter occurs when you AUTOMATICALLY are included in the monthly program unless you opt-out), is when you make a sale one-time and that one sale results in multiple charges over and over again.

Here are some examples:

*           a bookkeeping service consults with you on how to keep proper records and automatically charges you a monthly retainer to keep your books

*           you get a facial and massage at a day spa and you are automatically charged $x per month every month for a selection of premium services at a discount

*           a limo company picks you up and you are enrolled into their VIP programme where once a month you are driven to wherever you want to go

*           a CPA performs an audit for a company, and then enrolls you for the next year into their monthly accounting service …

You get the idea?

What’s important here for YOU, the financial professional, is that your income is GUARANTEED every month!

Once you provide continuous value to the client or customer, they are assured not to cancel!

I guarantee you that continuity will change your life, your bottom line and indeed your bank balance!

Instead of making a sale once, then attempting to find new customers by advertising and marketing, set up a continuity program and make 3x as much profit or more!

Think about the products and services that you offer.

How can you use this model in your business?