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Business Strategy for CPA's

Business Strategy for CPAs: work less and make more. You know how to be an accountant – it’s running your business you need help with. With guests interviews and solo episodes, you will get business strategy every week to help you simplify your practice, get out of the compliance trap, get your time back, and command higher fees. Stop missing out on life: start working less while adding the next six figures of income. Business Strategy for CPA's is the show for you!

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207 How to Scale Without Hustle: Other Business Model Options

***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list What I have for you today is the audio from a webinar I recently hosted on Crowdcast, in which I shared 4 other business model options for CPAs that don’t require hustle or a battle with technology and automation in order to scale.  What I notice in the accounting space is an absence of how to grow your revenue without hustling. The going model is the hustle model, and there aren't many examples, models, ideas or inspiration about how to do it a much more mellow way so that you can enjoy the fruits of your labor and hang out with your kids, hang out with your family, take care of aging parents, and so on.  If you want to have a really nice business, a really nice income, save for retirement, save for kiddos’ college, and work 20 - 30 hours a week. In CPA terms, sometimes you guys call that a thousand or 1,500 hours a year, then this is the place for you.  So that's what I want to offer you today. I want to give you models, ideas, other ways of looking at your business. Highlights: — “Transformation and experience are far and away more valuable than services and deliverables.” — “There's easier money to be had if you focus on the transformation and the experience first.” — “Narrowing who your ideal buyer is makes it easier to become an authority. There's easier money to be had when you deepen your authority.” — “Most accountants and CPAs are not building an audience, which makes it harder to grow and add ever-improving clients.” — “What got you here is the very thing that will prevent you from getting there.” Episode mentions: 179 Digital Products, Courses, and 90% Margins with The Real Estate CPA, Brandon Hall https://businessstrategyforcpas.com/179 203 Killer Niche: Farm + Ag CPA with Catherine Ozment https://businessstrategyforcpas.com/203 113 Out of Compliance and into Tax-savvy Stock Option Consulting, with Minnie Lau, CPA https://businessstrategyforcpas.com/113 167 Specializing in Stock-Option Tax Strategy and Consulting, with Minnie Lau https://businessstrategyforcpas.com/167 204 130% Revenue Increase While Working Less with Paige Gott https://businessstrategyforcpas.com/204   Book mention: What Got You Here Won't Get You There: How Successful People Become Even More Successful by Marshall Goldsmith https://www.amazon.com/What-Got-Here-Wont-There/dp/1401301304

46mins

14 Sep 2022

Rank #1

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206 Breaking Away from the Mainstream Medical Model with Dr. Lewis Weiner

***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Long time listeners to this podcast know I am on the hunt for a better business model for CPAs, than the traditional time-for-money-for-reports model. In many cases, that model doesn’t work well for the client, and for CPAs who are working long hours, that model doesn’t work great for them either.  CPAs may want to do things differently, but lack role models and examples they can point to to convince them they have other available options.  Here today to talk with me about his journey switching from the traditional model to a more limited size practice in medicine is Dr. Lewis Weiner.  Dr. Weiner is an internal medicine physician in his own private practice in Providence, RI. He offers the MDVIP program - a different approach to primary care with a focus on prevention and a better healthcare experience. Highlights: — “The breaking point comes when you feel like you're forsaking the patients you're caring for.” — “The fear of the status quo, the risk and the knowns of doing nothing were scarier than the potential for change.” — “What was scary about transitioning away was that people may not, or will not understand this thing. Why is this physician that we all know and has been a part of this community for so long, breaking away from the mainstream?” — “What helped to get past the angst was that there was so much belief in this being a valid, appropriate and positive option that's being offered to people.” Connect with Dr. Weiner: MDVIP Website: https://www.mdvip.com/

36mins

7 Sep 2022

Rank #2

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205 Create High-Paying Clients: a 5-Step Process for CPAs

***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list One of the most common questions I get from readers of my email list is:  “How do I get high-paying clients?” This process need not be a mystery. There is a formula for creating high-paying clients, that gets you out of being at effect of outside forces, and gets you in the driver’s seat. These five steps are ones you can start implementing right away. Here are five steps you can use to create demand and attract high-paying clients: STEP 1 - Front-load the crap out of the value your service provides. Find all the ways to provide Effortless Value (listen to episode 201) and build those into your services.STEP 2 - Undercharge relative to the value to the buyer. Make the price an easy win for your client. This is much easier to do when your service is packed with value, because it allows you to float the price up in keeping with the value you added. Of course, make your price profitable for you too. STEP 3 - Always create demand. Always. Always does not mean sometimes. Or intermittently. Or once in a while. Or when you need a client. Or when you “feel like it,” or “don’t feel like it.” Always means always. You have 4 types of followers: new and existing, ready or not yet ready to buy. Cultivate all four groups by always creating demand. STEP 4 - Limit supply for your HIGH-VALUE package. The more demand you create, the more limiting supply becomes necessary. And limited supply enables you to select the best clients from your pool of prospects. STEP 5 - 100% control over 100% results. While you could focus on that which you cannot control, you are better off focusing on that which you can control. Much is within your control. Much more than you realize. If you're thinking, “Creating demand sounds great. And boy, I could use help with this.” This is what we work on throughout CPA Mastermind.  We help you niche so you can figure out who you want to provide value to. And we help you build that value out. We create packages so you know what you are selling, and so do your prospects. We price so you understand where your money will come from, how much you need to sell, so your clients know how much the thing they are buying from you costs. And then we build demand for high value, high-paying clients. CPA Mastermind is the only program out there of its kind. We're enrolling right now for the fall cohort. Enrollment is open until September 4th. Get in on this round. The next round isn’t until 2023. If you want high-paying clients and you want to take the mystery out of where they come from, get in on this round. You can go to https://geraldinecarter.com to enroll. Episode mentions: 201 Effortless Value https://www.businessstrategyforcpas.com/201

18mins

31 Aug 2022

Rank #3

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204 130% Revenue Increase While Working Less with Paige Gott

***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Sometimes you want to transition away from your current situation and create a new set up.  But between knowing what exactly to create, and how to create it, while transitioning away from the old thing can be a bit daunting.  Here today to talk with me about this is my guest Paige Gott.  Paige is the owner of Tidewater Consulting, and successfully navigated this transition over the last 18 months.  Highlights: – “I am making basically 130% more per month per client. And I have half the amount of clients than I did at that time.”  – “The best thing I did was go through my client roster and figure out what clients I had outgrown, or who didn't necessarily want or need the level of services I was going to be providing on a regular basis.” – “My clients are grateful that they can make decisions based on real evidence.” – “Getting my first client at four figures per month gave me a huge confidence boost, after which I felt better about giving people my prices.”  Connect with PAIGE: Website: https://tidewater-consulting.com/ Instagram: https://www.instagram.com/tidewaterconsulting/

25mins

24 Aug 2022

Rank #4

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203 Killer Niche: Farm + Ag CPA with Catherine Ozment

Many of you know how difficult and time-consuming it can be to run a tax shop. It's all too easy to get buried under a mountain of tax, underprice services, and be in what feels like a near-steady state of chaos. My guest today is Catherine Ozment. Catherine is a CPA in south Texas who called two years ago now, wanting to get off the hamster wheel and get intentional about creating a thriving practice that is designed and built to sell at a high multiple. We're talking today about what has changed since we spoke last year on the podcast and what she has learned in the year since then, so that you can have a window into what shifting your accounting practice is actually like.  Highlights: — “We have an aging industry. Yet, technology continues to consume our space. Some older and aging senior CPAs are not keeping up with those times, so there’s an opening for those who keep up.”  — “When you have your sights set on excellence and you build relationships with your people, those people see that value and they are willing to pay you for that value.”  — “Getting myself out of the tax factory has made it possible for me to start networking in this (ag) space, and has confirmed that the value that we're producing is so well worth it for these people. We are offering a critical service so they can continue to grow in the ag space.” Want one piece of business strategy delivered daily to your inbox? Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Connect with CATHERINE: Website: https://www.farmandagcpa.com/ Episode mentions: 141 One Year: From Tax Factory to vCFO & Ag CPA with Catherine Ozment https://www.businessstrategyforcpas.com/141 142 From Impossible to Exponential Growth: The CPA Mindset https://www.businessstrategyforcpas.com/142 192 Free Time and 7 Figures Net Revenue with John Lee Dumas https://www.businessstrategyforcpas.com/192

32mins

17 Aug 2022

Rank #5

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202 Selling Value to Create Better Clients at Higher Prices with Mark Stiving

Many CPAs struggle with pricing. Some have moved to flat rate or subscription pricing, and some still bill by the hour. For CPAs who are used to getting compensated for time and effort, it can be difficult to learn how to see value and to learn how to price accordingly. But if they don't make the transition, they risk underpricing themselves in perpetuity and having to keep working long hours to make up for unearned revenue.  To talk with me about this problem is my guest, Mark Stiving.  Mark is a pricing educator and advisor, the host of the Impact Pricing podcast and the owner of Impact Pricing, where he teaches clients how to win, keep, and grow customers to drive higher revenue. In Mark's most recent book, Selling Value, he shares his expertise to help companies win more business at higher prices.  Highlights: — “Salespeople need to know how people value products.”  — “Our buyers buy products because they want to solve problems.” — “The salesperson's job is to help the buyer understand the true amount of value they're going to get from the product.” — “Buyers who don't believe that you understand their problems won't listen to your solutions.” — “If we truly believe that we're going to deliver more value, we should make sure they understand the value before we give them the price.” Want one piece of business strategy delivered daily to your inbox? Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Connect with MARK: Website: https://impactpricing.com/ LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com Episode mentions: 125 Value and Segmented Pricing for CPAs with Pricing Expert Mark Stiving, PhD https://www.businessstrategyforcpas.com/125 153 A Formula for Quantifying Value with Mark Stiving, PhD https://www.businessstrategyforcpas.com/153 172 Subscription Pricing Strategies with Mark Stiving, PhD https://businessstrategyforcpas.com/172 Mark’s book: Selling Value: How to Win More Deals at Higher Prices  https://www.amazon.com/gp/product/B09Y8V7FWX/

25mins

10 Aug 2022

Rank #6

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201 Effortless Value

There is vestigial thinking in the accounting space that value comes from working. “If I worked hard on a thing, then you should pay me money for it.” But that's not how money works: people don't really care if you worked hard on a thing.  I want to undo this idea in your mind that working hard is the thing that is valuable. The idea is effortless value: that you can create a lot of value for your clients without actually having to work hard. When we create effortless value in our businesses, we can capture that value with our pricing without putting in a lot of extra effort. And when you can capture the value that you create with your prices, then you can work less and make more.  In this episode, I list a dozen ways you can add value that are not tied to doing work:  Improve the onboard experience. Create quick wins early on. Get more proactive for your clients. Improve the timing and the clarity of communication.  Improve the clarity of your expectations and communicate those expectations. Improve your clients’ likelihood of achieving success or results. Increase the speed that you provide results.  Increase the ease with which clients can reach you. Minimize the hassles that they need to deal with in working with you.  Building effortless value into your accounting firm is a sure-fire way to help you generate more revenue without having to work so hard for it.  * Building effortless value is something that we work on inside CPA Mastermind.  If you want to know more about CPA Mastermind, check out the webpage at https://geraldinecarter.com/cpa-mastermind. If you want to get on the interest list so that you can stay apprised of when registration is open and accepting applications, go to https://geraldinecarter.com/interest. * Want one piece of business strategy delivered daily to your inbox? Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Episode mention: 196 CPA Mastermind: Create More Profit with Less Effort https://businessstrategyforcpas.com/196

28mins

3 Aug 2022

Rank #7

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200 Make Podcasting Great for Your Accounting Firm

On why and how podcasting can be great for your business. It has been the core of my business for four years and my business wouldn't be where it is without a podcast. I share this with you because I see few accountants and CPAs with podcasts in niche spaces. I look for them because I want to get them on my podcast and they're difficult to find. Yet, podcasting can be valuable for your business and so beneficial. Reasons why that is, and why, especially for accountants and CPAs, I think you are uniquely positioned to benefit from creating and having a podcast: Podcasting grows your audience.  Your expertise deepens by hosting. It helps you grow a subscriber list. It grows your connections and your network. When ideal buyers are listening to your podcast, they tend to come better educated. You get to bring your business to life. Pro tip here from experience: if you want your podcast to serve your business, focus on a specific audience, focus on a specific set of problems that you solve for your people. This is the stuff that we work on in CPA Mastermind. I designed it to be the best program for CPAs and accountants who want to get their business on the right track. Want one piece of business strategy delivered daily to your inbox? Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Episode mentions: 192 Free Time and 7 Figures Net Revenue with John Lee Dumas https://businessstrategyforcpas.com/192 196 CPA Mastermind: Create More Profit with Less Effort https://businessstrategyforcpas.com/196 179 Digital Products, Courses, and 90% Margins with The Real Estate CPA, Brandon Hall https://businessstrategyforcpas.com/179

22mins

27 Jul 2022

Rank #8

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199 Selling Cloud-based vs Traditional CPA Firms with Brannon Poe

A lot of CPAs have had enough, and are looking to sell off parts or all of their business. They have options when it comes to selling. And the farther ahead they plan, the better deal they’ll create for themselves. Here today to talk with me about what he sees happening right now in the buying and selling of CPA firms is my guest Brannon Poe, owner of Poe Group Advisors. Highlights: — “Firms that have a large number of personal tax, not associated with a business, tend to have higher staff turnover, higher tax season hours, lower cash flow to owner.” — “Staffing is changing the accounting profession faster than anything. Because of staffing changes, people are having to make difficult pruning decisions.” — “Accounting firms are the slowest to change models. The cloud firm space, however, is definitely growing fast.” — “If traditional firms don't keep up with the innovation, they're going to lose clients to innovative cloud firms.” — “The full cloud firms sell for a higher multiple and they tend to sell faster.” Want one piece of business strategy delivered daily to your inbox? Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Connect with BRANNON: Website: https://poegroupadvisors.com/ Virtual Workshop: http://accountingpracticeacademy.com Episode mentions: 162 How to Sell a CPA Firm for Optimal Price with Brannon Poe https://businessstrategyforcpas.com/162 Book mentions: Scaling Up: How a Few Companies Make It... and Why the Rest Don't by Verne Harnish https://scalingup.com/book/

24mins

20 Jul 2022

Rank #9

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198 Killer Intel for CPAs on the Real Estate Investor Niche with Tom Wheelwright

For many CPAs, it feels risky to pick a cross-section of the tax-code, and burrow in. The fear is around losing clients, having to turn people away, and what if there’s a recession? Consequently, most CPAs work as generalists, and pay the price in the form of seemingly infinite rotations on the treadmill.  My guest today has built an exemplary business around expertise in one niche, and that person is Tom Wheelwright, CPA.   Tom is a tax and wealth expert and is the CEO of WealthAbility®. He is the bestselling author of Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes, and he is releasing his next book this summer titled The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make.   His goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes.  Highlights: — “I wrote The Win-Win Wealth Strategy to talk about how taxes really work, how incentives really work, and what the government gets out of it.” — “Tax incentives have just taken off as a way for the government to influence investment behavior.”  — “Tax incentives are actually investments the government will literally pay you to make.” — “You subniche to increase your focus and reduce the amount of time that you have to spend doing research, because then you don't have to know about everything.”  — “One of the challenges we have as CPAs, especially the smaller firms, is we tend to rely on personal, direct oversight as opposed to having systems. The client will get to a point where they're looking for systems help. And this is something where we can provide high value services to them.”  — “Don't think this is tax avoidance or tax evasion. It's none of that. This is what the government wants you to do.” Want one piece of business strategy delivered daily to your inbox? Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Connect with TOM: Tom Wheelwright, CPA Website: https://tomwheelwright.com/ WealthAbility Website: https://wealthability.com/ LinkedIn: https://www.linkedin.com/in/tomwheelwright/ Episode mentions: 178 Killer Niches for CPAs https://businessstrategyforcpas.com/178 Tom’s book:  The Win-Win Wealth Strategy: 7 Investments The Government Will Pay You To Make Pre-order: https://winwinwealthstrategy.com/ For multiple copies: https://winwinwealthstrategy.com/bonuses

35mins

13 Jul 2022

Rank #10