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How to Be a Great Partner! Steve Erickson National Consultant to CPA Firms
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Questions Interactive Exchange of ideas Valuable information
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Objectives Improve your value and effectiveness Promote a client service culture Build your team and your practice Enjoy your career Have more fun Realize true Work/Life Success™
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Copyright © 2012 Steve Erickson LLC CPA Firm Value Enhancement Process TM
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Qualities of a Great Partner Respected by partners, staff & clients Focused on client service and results Creates value for others in the firm Enhances the reputation of the firm
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Respected by partners, staff and clients
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Executive Presence “Present” Listens Less judging Positive Offers constructive ideas and solutions
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Approachable Predictable Behavior Integrity Helpful Considerate of others
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Accountable Do what you say No Excuses Manage client work Manage intake processes Focus on mutual success
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© 2012 Steve Erickson LLC 10 Intentions Conversations Action Mutual Benefit Trust-Benefit Cycle
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Focused on client service and results Meets Commitments Communicates timely Technically Excellent No surprises
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Managing Client Expectations Timing Required information Pricing Change orders Discussion outline
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Billing Become a great biller Value your time and services Don’t quote fee ranges Communicate early and often – Status of work – Fees – Offer alternatives
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Engagement Letters Scope Change orders Credit policies Scheduled payments Budgeted payment plan
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www.SteveEricksonCPA.com Leverage Strategy and Value $ Specialty Commodity
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Cognitive Process Psychological processes – Acquisition and understanding of knowledge – Formation of beliefs and attitudes – Decision making – Problem solving
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Client Value=Better Decisions Partner
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Trusted Business Advisor Resources Clients for Life Power Questions
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Revenue Management Timing Pricing Industries Functional services – Tax – A&A – Other
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www.SteveEricksonCPA.com January through December Strategy and Capacity $ X X X X X X X X X X X X Expenses Revenue
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www.SteveEricksonCPA.com January through December Strategy and Capacity $ X X X X X X X X X X X X Expenses Revenue Valuable Work
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www.SteveEricksonCPA.com January through December Strategy and Capacity $ X X X X X X X X X X X X Expenses Revenue Less valuable work
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www.SteveEricksonCPA.com January through December Strategy and Capacity $ X X X X X X X X X X X X Expenses Revenue Utilization Contribution Margin Capacity Rate
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www.SteveEricksonCPA.com Cost Per Hour Annual salary$60,000 Benefits$15,000 Total$75,000 Charge Hours1500 Cost per hour$50.00
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www.SteveEricksonCPA.com Meaningful Measures Contribution margin – Per hour – Per Month – Per client – Per partner
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Passive Management Measuring after the fact – Firm results – Job success – Individual performance Less ability to influence the results – Lower utilization – Lower profitability
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Target Profit Planning for Partners – Budget profitability – Assign responsibility – Hold accountable – No surprises – Sample plan
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Key Drivers of Strategy, Differentiation & Profitability CompetitiveDistinctBreakthrough Products Client Service Relationships Source: How to Maximize Fees Alan Weiss, PH.D. 2008
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True Differentiation Distinct client service – Match service to expectations – Make the routine special Ask the most important question!
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The Question What decisions do you have to make in the next: – Month – Quarter – Year – 3 years – 5 years
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Retention Satisfied Employees Service Profit Chain Internal Service Quality Client Satisfaction Client Loyalty The Service Profit Chain 1997 James Heskett et. al.
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Creates value for others in the firm Facilitates succession Shares knowledge Marketing/Client acquisition Helps others in the firm be successful
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National Survey Career Development Survey – Over 1800 responses – Proven research
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Survey Demographics
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Rating of Motivators
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Management/Staff Engagement Strategy Annual plans Coaching Career Development Focused on success
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Supervision Behavior – Coping – Expressive Supervision – Direct – Supportive
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Firms will embrace coaching for improved performance Copyright © 2011 Steve Erickson LLC
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Enhances the reputation of the firm Civic minded Participates in professional organizations Personal reputation
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Be a Great Partner Manage client expectations Manage staff expectations Become a great biller Be a person that is easy to do business with Enjoy the ride!
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