Golden Practices

The Research Call

From the Assoc for Accounting Administration conference the other day, I posted about consultant Gale Crosley's suggestion to conduct "research calls" instead of the ordinary lunch-with-the-referral-source approach. 

For those unfamiliar with the research call approach, here's an article on Crosley's website recapping the method and offering a few sample questions.

I suggest taking it a couple steps deeper if you try this.

There is tremendous power in the art of the question if you desire a memorable conversation. Asking a thought-provoking question and being engaged in the answer such that you're able to construct equally thought-provoking follow-on questions is a skill just about anyone can learn.

I recommend the books or tapes of an excellent speaker (from the 1997 Assoc. for Accounting Marketing conference in New Orleans...a GREAT event for many reasons...) by the name of Charlie Brennan who teaches advanced listening skills and authored "Sales Questions That Close the Sale."

The fact that Brennan's methods heard in a 1-1/2 hour keynote have stuck with me (an admitted brain content purger) for nearly 10 years should say a lot. His instruction inspired active listening training I've presented several times so it's good "train the trainer" stuff. The best examples that he used were interview snips of top journalists asking deep comparative questions.

It was Brennan who first convinced me that a memorable conversation is created when a person is challenged (caringly) to a) think in a new way about something they perceived they already knew most everything about or b) see something more complex in that which they considered ordinary.

These are the sort of results to provoke with your questions. Those that even CEOs and intellectual types can appreciate and won't find insulting to their intelligence.

Also on questioning/listening, someone else (can't remember the source) taught me that if you let the other person do most of the talking (by asking questions and listening attentively) they will be more likely to remember you as a great conversationalist.

And then there is the genius (who coined the saying?) that came up with something to the effect of "We're given two ears and one mouth--we should use them proportionately."

Fly on the Wall #3: "We Don't Have the Right People."

I sometimes hear firms say "we just don't have the RIGHT people."

Traits

I've worked with several firms lately helping them define the desirable characteristics necessary for success in a given role as they prepare to hire for the position.

First we brainstorm all the qualities the firm would like for the role be it a strong manager, a future partner, a good mid-level, etc.  Then we decide which are "must-have's" for that role. The others would be in the category of "would be a plus."

Firms tend to first put nearly everything into the "must have" category. Upon pointing out that this may be a bit unrealistic, some good thinking and discussion go into what are bonus characteristics versus core needs.

Then it's really interesting to re-sort all the traits by what they see as born traits and which can be learned.

It's always very enlightening to hear how the firm thinks their existing partners, managers, seniors, etc. fit--or don't fit--into these optimal characteristics. More importantly, it also seems to help the firms to better appreciate the strengths of the people they currently have.

It certainly helps, even subliminally, in the hiring process. It is well worth the time.

The Leadership Crisis

It's funny but smaller firms tend to find themselves in a cycle of hiring multiple people with similar personality types--whatever it is the hiring persons are most drawn to. And seldom do people in CPA firms seem to hire or retain those who are more aggressive, assertive, confident, whatever… than they are. (I think this is not as prevalent in law or larger firms.)

Wouldn't this mean that these firms get become progressively less leadership-oriented over the years??

If not setting about to actively look for leadership traits in new hires, since it is unlikely for people to later acquire leadership qualities, an organization would seem to be setting itself up for a serious shortage of future leaders/inspirers/motivators in their ranks.

MindManager is the Coolest Software

If you haven't checked out MindJet's MindManager, you may be missing out on what will become your favorite software EVER. I confess, I haven't been this excited about software since I was first introduced to Lotus 1-2-3, version 1.0 back in the 80's. (Have I just given away my age?)

I want to state now that this is not a paid or requested endorsement. It is pure product passion.

MindManager has enormous potential and capabilities, but it is also super easy and extremely intuitive. I use it everyday for:

• note-taking
• article or presentation outlines
• brainstorming
• facilitation
• website site maps
• process documentation
• to do lists or project outlines
• strategic or marketing planning
• anything!

And I'm only on the tip of the iceberg with regard to its potential uses.

It exports to Word, PowerPoint, etc and it interfaces with Outlook! As if it weren't amazing enough on its own (which it is) other companies like Gyronix have products that make it even more powerful. You owe it to yourself to check MindManager out because whether you are a linear thinker or an abstract thinker, it will help you. (and they have a free trial!)

To give you an idea of one way I've used it, I am sharing (FREE!) a map of Individual Marketing Plan elements--an activity suggestion sheet for professionals--that I use with CPA and law clients. Let me know what you think of the document and also of MindManager after you check it out!

Download firm_plan_elements_exp.pdf

Whirlwind Couple Weeks

Wow, has it been a crazy couple weeks! Frankly, I'm not used to being on the road for such a long stretch. My kids have grown while I was away.

A few things I wanted to share now that I'm back in St. Louis which is now in the full heat of summer...

While in Vegas for the AICPA Practitioner's Symposium, I had the distinct pleasure of meeting Arnie Herz of Legal Sanity. He saw on my blog that I'd be there and, as coincidence would have it, he was at the same hotel with his brothers celebrating one of their upcoming nuptials. Always so wonderful to meet fellow bloggers face-to-face (and their brothers, too). Arnie generates that rare special energy...

At the Symposium's Value Pricing and Timesheet Trashing sessions, Ron Baker and I thoroughly enjoyed a ready and able audience. Most were not new to the concepts and most were at varying stages of implementation. You may want to read Ron's recap of this session that contrasts it with a few other sessions he's done recently.

After the session, we enjoyed an incredible meal with Carter Heim of HeimLantz as well as Ric Payne and Barry Mohn of Principa, an international association of accounting firms.

Ric (co-founder of Results Accountants Systems that trained over 6,000 accountants on client-centric behaviors that would ultimately increase their firms' profitability) and Ron go way back...in fact, they have an on-going, stimulating argument about timesheet trashing (to do or not to do) that Ron featured in versions 3-6 of his book, Professional's Guide to Value Pricing.

Then it was off to Baltimore for the Int'l Assoc of Facilitator's conference where I learned an incredible number of new techniques and had delightful conversations with such leaders in facilitation as Sam Kaner, Lenny Lind, Michael Wilkinson, and more.

The IAF conference is an incredibly enriching experience that moves my spirit as much as it improves my intellectual knowledge. I cannot begin to name the large number of people who inspired me there last week, and showed me how much I have yet to learn in life, including my fellow board members.

I want to especially acknowledge my new Australian friend Chris Whitnall , managing director of "talkforce," who observed my intensity and actually got through to me about my need to improve my work/life balance. Thank you for seeing what I needed to hear. I have begun making changes, Christopher!

And who woulda thought that I'd meet the only CPA probably at that conference, Rief Kanan, accounting prof at SUNY New Paltz and active NY Society of CPAs member. Small world. The hours spent at the great James Joyce Irish Pub near the hotel were among my favorite of the entire week.

The last few days were in Indy for the AAA conference about which I've been writing over the last day or two. Definitely the best of the last three AAA conferences I've attended and a record-setting attendance. I mentioned it in an earlier post and will say so, again. The faces are getting younger at this meeting! I don't know if veteran administrators just came in smaller numbers or if the members are turning over.

Last year, the average length on the job for accounting firm administrators, per Kim Fantacci, AAA's ED, was 14 years. Contrast this with accounting firm marketers whose average time on the job remains under 2 years. The accounting marketers aren't out of whack with CMOs across all industries (see avg tenure discussions in Suzanne Lowe's post and my prior post) but I wonder about firm administrators. I'll look for some stats on operational directors and post later.

In the meantime, here's to a happy weekend for all. Can't wait to catch up on my blog reading!

Research Calls More Effective Than Asking for Referrals

Still at the Assoc. for Accounting Administration conference in Indy, today. Ran into Gale Crosley who just gave a well-received session on Turbo-Charging Lead Generation. In her session, she introduces the "research call" concept which, compares favorably to more commonly-used referral source techniques involving "asking for" referrals.

Her research call method is very different from the sometimes uncomfortable referral request. "Instead of asking for business," Gale says, "business is revealing itself." She says that it helps people "ramp up their book of business faster, in about one-third the time, as the old way."

This method sounds ideal for mid-level people who are perhaps on the partner path and need a solid book to be well-positioned for partnership. It also works for established practices, though changing ways of doing things is more difficult for people the longer they've done something another way. Either way, these are really good concepts to go back and teach your team!

Gale is giving this presentation again at the upcoming Virginia Society of CPAs 2006 National Practice Management Summit in beautiful Hot Springs, Virginia in August. Dates are Aug 23-25 at the Homestead Resort & Spa. Details at the VA Society site.

CPA Bloggers: Where Are The Accountants?

MODIFIED 7/5

Sadly, there are still far too few CPAs/CAs who blog. I've read that about 20% of all business blogs are law related.

So, where is the CPA profession?

Folks, I think it's time to pay attention. It's pretty hard to find accounting blogs but I pulled together the following list. I have not included blogs that are abandoned (no posts in past 6 months) or those by media. If anybody knows of others, they're welcome in the comments section.

Here are the blogs by CPAs, for the public (i.e. not just for other CPAs) that I could find:

Reed Tinsley's blog for health care niche (EXCELLENT)

From Greg's Head a technology blog by PKF in Texas (newish)

Corporate Governance blog by Citrin Cooperman in NY (very new)

Solo Accountant Reporter blog by Jeff Moore on managerial and forensic accounting tips, news, views & related resources

Tax Blagger in the UK (well done and with the humor you'd expect from our friends across the pond)

Roth & Co CPA Blog  Tax Update blog with frequent, interesting and varied dialogue

The Vanilla Accounting Blog  Info for the general public, couple posts a month, good "voice"

Tick Marks by Dan Meyer, accounting faculty (seems about half for cpas, half for public)

CPA Sense by Milt Baker, retired MI CPA blogging since 2004

Tax Guru--Ker$tetter Letter  Blogging for the public since 1999(!?) and regularly since 2001

Accounting for Non-Accountants Blog by John Day (rarely posts)

Business Valuation Blog  Eva Lang is probably one of the best known CPA bloggers doing the blog thing since 2002

Fraud Files by practice specialist CPA Tracy Coenen

Other CPA blogs (more for CPAs than for the public):

Big4Guy Confessions, Thoughts, Observations and Musings of a Big4Guy (very thorough)

Dave Rachford's CPA Marketing Center Blog  Sharing his tax accounting marketing experiences with other CPAs.

CPA Firm Technology Blog by CPA & technology advisory, Brian Tankersley

The Tech Gap by CPA & technology advisor, Gregory LaFollette

And accountants, if this doesn't get your attention, it certainly should!!! There's a lot of accounting-related stuff being discussed in lawyer blogs and by other competitors. There are scores of them. Here are just a few:

Death and Taxes blog

Tax Prof by Paul L. Caron at the University of Cincinnati College of Law

Mauled Again by James Edward Maule of the Villanova University School of Law

Start Making Sense by Daniel Shaviro at New York University Law School

A long list of the many law blogs, by specialty, found at the 3LEphiphany site.

Blogs about services CPAs offer but are by service providers who are not "CPA firms":

Mercer on Value BV guy, Steve Mercer of Mercer Capital, providing investment banking and financial advisory services

The Analyst's Accounting Observer  By CPA and CFA Jack T. Ciesielski

Taxable Talk by Russ Fox, EA, pres of Clayton Financial and Tax

Our Taxing Times by Trish MacIntyre, EA, on the US tax system and the business of doing taxes

Don't Mess With Taxes by Kay Bell, a journalist but also a self-proclaimed tax geek.
Bell's blog named "one of the Internet's 10 best tax sites" by Top 10 Sources; cited by Moneysmartz as one of the Web's best tax information blogs; recognized as a Web Star of the Week by WebCPA; included in Top 10 Tax Stories of 2005 by TaxProf...reprinted in the respected tax journal Tax Analysts.

C'mon guys, are you paying attention yet?  It's time to get busy!

Steve Erickson on Recruiting

Blogging live from Steve Erickson's session on Recruiting at Assoc. for Accounting Administration and I want to share some of his excellent points.

First, I want to express how pleased I am at the number of YOUNG people at this conference. The median age has to be ten years younger than it was just 2 or 3 years ago. This is extremely encouraging to see in the profession of accounting practice management!

Okay, so back to Steve, among the many gems he is sharing:

Leadership is a quality, not a position.

A great reminder!  Some of his other key points are:

• the #1 thing holding the profession back is lack of unity among the partners of firms

• if he could do one thing differently about his practice (retired 5 years ago) it would be more careful client selection -- don't keep clients that abuse employees or that your team members dread working for. Frankly, he says, strong human capital is very scarce right now and is more valuable than any single client relationship.

• he believes young people don't see themselves as successful in the accounting field:

• little meaningful work for them, little clarity about how to become successful and advance (this vague fuzzy thing out there), poorly defined assignments followed by negative feedback (go figure!)

• talk positively about your firm -- we know how word travels fast!

• just as important as developing technical skills, we must encourage and support learning of leadership, business knowledge and personal skills

• reduce internal competition for resources! people are frustrated being pulled in so many directions with less than enough time to do anything as well as they'd like and this is part of the reason the feel they are unable to really be successful

Please Don't Put This on Your Website

Just a quick list of things to steer clear of when working on your firm's next web renovation. Static portions of your web content as well as overall web design should be modified every two years, if not sooner. Watch out for these all too common, and somewhat annoying approaches:

Collectively, we have 2,864 years of experience…

Individually and collectively, your experience definitely matters. But adding cumulative years to achieve a staggering sum really doesn't mean much. Business has changed a whole lot in the last 10...20...30 years. A number greater than 30 or 40 years isn't exactly relevant to today's business world anyway. And, as a buyer, I cannot afford all 100 of you to work on my account so I know I'm certainly not going to see the benefit of that much experience. And, be honest now, do you really collaborate *that* closely with each other to discuss my situation, even if I could afford it??

We're large enough to….yet we're small enough to….

Everybody says that! Try another approach to differentiation because this one isn't setting you apart, it's lumping you together.

We partner with you…

Did someone specifically invite you to be their partner?  Unless they did, I think it's not good to say this. Maybe it's just me but I've always felt it presumptuous to think business owners automatically want you to be their partner. This is a status you earn with a long-term client or it may be a role you are invited to act within for a new client. Either way, It's not something you promise to the general public.

We're a full-service firm…

Assuming that clients do want a firm that can and will do everything under the sun for them, what exactly is "full" service, anyway? Will you come to my home and locate/organize all my documents? Cook me breakfast? Pick up my drycleaning? Instead of a vague claim of full-service, please tell me more specific stuff like how you'll catch mistakes that I don't know I've made and protect me from vulnerabilities that I don't see. Tell me how much easier it is to work with you than others, but also be sure to tell me why.

...timely, efficient, accurate, …

This is the minimum expectation! It's not a differentiator, by far. Go ahead and say it if you wish, but realize if you don't deliver, you immediately undermine the "accurate" part. So you might add a little something that says how you'll fix it if you make a mistake. But don't stop there. Your value proposition needs to be a lot deeper than this. Again, these things are expected!

Avoid overusing words like: perform, assist, help, serve, and provide...

Mix your content up with alternatives like these:

• Guide
• Fulfill
• Lead
• Direct
• Solve
• Create
• Answer
• Resolve
• Deliver
• Bring
• Interpret
• Increase
• Improve
• Build
• Result
• Protect
• Prevent
• Access
• Advise
• Design
• Recommend
• Participate
• Conduct
• Supply
• Address

Lastly, and I've posted about this before, but watch your we/you ratio. In fact, I recently encountered this dandy calculator: The We We Calculator (hat tip to Allison Shields) you could play with to get an idea of how you are doing on your webpages right now. Check out your competitors, too!

Ever Thought About Using Coupons?

Some PSFs (professional service firms) have tried the "coupon" strategy to get people to come in for a free consultation or to offer a free service with the purchase of another.

The coupon approach is not usually an appropriate strategy for firms interested in attracting customers who aren't price-sensitive. However, for smaller practices or those offering standard services where the customer is relatively unable to differentiate between providers, they can be useful.

Seth Godin has a thing or two to say about coupons...why they are good, and what mistakes to avoid when using them. He says:

Coupons are a surprisingly subtle invention. Now that anyone can offer them (because now anyone can have a store), it's worth a second to think about what they're for.

His thoughts below may help your appreciation for coupons whether applicable for your business or for that of your customer/client.

Benefits:

1. Coupons allow you to offer different prices to different people.

There's a reason that most coupons are not trivially easy to find or redeem. By trading effort for a discount, the marketer says, "if you care about price, I'll sell it to you cheaper, but you have to prove it." Hence the original idea behind Priceline. It was intentionally awkward to use so that the airlines could be confident that only the fare-obsessed would use it.

2. They provide the shopper with a totem.

With something tangible in hand, the shopper feels as though they have the power to go make an exchange. It's not just about trading money for the object or service. It's about trading in this thing I have in my hand (or pasted onto my clipboard). If I don't buy the thing, I've just lost the value of my totem. Now the purchase isn't just about spending money... it's about realizing the value of a thing I possess--or losing it forever.

3. A coupon can mean now.

Give me a coupon and I am forced to make a decision. Will I buy the service or product before the coupon expires or gets lost, or should I forfeit this thing of value?

Caveats:

1. Don't do a coupon unless you can execute properly.

It needs to be big enough matter..And it can't destroy the product and what it stands for. No coupons for high-end plastic surgeons, please. Why? Because those that don't want to use the coupon might see it, and its very existence means the surgeon is no longer who you thought they were. No coupons for Tiffany's either.

2. If you make the use of the coupon a hassle, you've blown it.

He offers a personal experience example that rings of bait and switch. Be careful to be clear about what is and what is not included with the coupon.

Out and About

Heading out to Las Vegas this weekend for the AICPA Practioner's Symposium.

If any readers are going to be there Sunday or Monday and want to say "hello," it will be a pleasure to meet you. I'll be with my colleague and friend, Ron Baker on Sunday teaching Value Pricing and Trashing the Timesheet.

Then it's directly to Baltimore for the North American International Association of Facilitators conference where I always learn so much and am very honored to be joining the board of directors as US Regional Rep.

The next week, I'll be in Indianapolis for the Assoc. for Accounting Administration conference. Look for our booth!

Blog will probably be quiet for awhile...

Advice for Professionals Considering a Blog

A lot of CPAs and lawyers ask me if they should blog. Why do their competitors blog? Is blogging a silly trend they can ignore until it goes away?

Not so oddly (for people familiar with strategic marketers), my advice is seldom the same from one firm, or one person, to the next. But here are some basic considerations...

For professionals who want "off the hook" where blogging is concerned, here's a list of who should NOT blog:

1. Blogging is not for the professional wanting to be "uninvolved" with his or her marketplace.
2. It is not for the person who doesn't stay informed on at least one particular area of practice (be it a specialty or industry)
3. It's not for someone who's uncomfortable stating a distinct opinion or offering analytical perspective
4. It's not for a professional who only writes in "technical-eze"
5. Blogging is not for someone who won't spend an hour or two a week (at minimum) working on posts.

Blogs do accomplish some things that no other current method of marketing or communications can.

1. A blog gives readers insight into the author's personality and demeanor
2. They can demonstrate actual expertise whereas websites usually claim it but fail to substantiate it
3. They help people and show others what is good about your profession and why you add value
4. Good blogs show young professionals that your firm is "with it" (bad ones, just like bad websites, show potential hires that you're NOT with it)
5. Blogs can lead to publicity, interviews and writing/speaking opportunities for you and your firm
6. They open the door for conversations and relationships with other bloggers, colleagues, and prospects who already know you somewhat through your blog and decide they WANT to know more!

If you are still thinking about blogging, there is some great advice on Seth Godin's blog where he shares over 50 tips on building blog traffic. Some of his tips are contradictory demonstrating that different strategies work for different bloggers for different reasons. My favorite tips are:

• Learn enough to become the expert in your field.
• Be among the first with a great blog on your topic, then encourage others to blog on the same topic.
• Share your expertise generously so people recognize it and depend on you.
• Announce news.
• Do email interviews with the well-known.
• Point to useful but little-known resources.
• Don't promote yourself and your business or your books or your projects at the expense of the reader's attention.
• Don't be boring.
• Write stuff that people want to read and share.

My addition to Seth's list: Remember, it's always about what matters to the AUDIENCE!

Fear the "Known." Dissolve Complacency.

People seldom realize they should fear the "known"—the status quo, the now—far more than they fear the unknown; for only amidst the unknown lies the chance to find a better way.

This saying may have come from somebody else or it could be my own. (I found it jotted on a piece of paper in my own writing. If the former, I couldn't locate a source but thought it was worth sharing anyway.)

Covey's "4 Roles of Leadership" teaches that "Organizations are perfectly aligned to get the results they get." and further states:

If you are not getting the results you want, it is due to a misalignment somewhere in the organization, and no pushing, pulling, demanding, or insisting will change a misalignment.

Therefore, as a leader, you must work to change your systems, processes, and structure to align them with the desired results...

Complacency is something firm leaders despise in their businesses, but it's something that needs much more than short-term plans to correct. Strategic plans, compensation systems, and an annual retreat are helpful tools, but they are not the foundation.

The foundation is structure and desire followed by vision, then strategy.

Another Must-Read Blog

A colleague I remember from years back, Suzanne Lowe, has a fantastic blog I have been enjoying for the past few months: Expertise Marketplace.

She just blogged about her guest posts on MarketingProfs, writing:

Here's my latest post, "The Myth of Intellectual Capital," in which I make my usual unbiased comments on the thought-leadership value of podcasting versus blogging.

It's a great post. Suzanne also has a recent three-part series on professional service firm identity management here, here and here.

She has a great "voice" and very informative, thoughtful posts. I'm delighted to add her to my blogroll. I think you'll enjoy her as well.

Best Law Firm Website Ever

Hysterically funny...a lawyer we work with just pointed us to this wonderful firm site. This "firm" spent a TON of time putting this together. It is in jest, but in many ways, it really is better than a lot of real firm websites.

I think this excerpt from their "Meaning of Life" page conveys more truth than comedy. The whole site does, really.

Our study has revealed, among other findings, that the meaning of life is hard work, performed without rest and without complaint, for purposes often vague and unclear, in concert with people you neither trust nor respect. And that those who seek meaning elsewhere are simply misguided, and in line for a life of failure and disappointment.

And an associate bio (Chicago location) reads:

Notable Experience: Ms. Grimes ("Grimey") provides support to partners who counsel chief executives and corporations on employment arrangements, incentive compensation agreements, and non-compete agreements, with a specialty in determining how corporations can avoid providing benefits to their employees. Thanks for Ms. Grimes' work, at least three dozen children have been orphaned, and seventeen others now live in the park. She is listed in The Best Lawyers in America.

Hobbies/Interests: Spider solitaire; freecell; minesweeper; Snood.

Family: Divorced twice. Non-custodial parent of two children. Elderly mother living in her basement.

Best Experience at the Firm: "I got a paper cut once. It was exciting to feel something."

Worst Experience at the Firm: "Getting suspended for a week without pay because I got a paper cut."

Advice to Law Students: "Don't get paper cuts."

This is the great work of Jeremy Blachman, author of Anonymous Lawyer. He says his site just went live on Tuesday! Check it out.

Measuring Marketing Efforts

As leader of a national marketing advisory and implementation practice (Golden Marketing Inc.) I was interviewed by Association of Accounting Marketing about my thoughts on measuring marketing efforts. An excerpt of the interview was used for an article in AAM's newsletter, but here is the interview in its entirety.

What marketing programs have you chosen to measure?

Just about everything possible! As an outsourced marketer for firms, there is even more scrutiny with regard to cost/benefit for marketing dollars spent. In-house marketers face much the same pressure, though, so similar tactics can be very helpful for marketers employed within their firms.

Expectations on the part of firms can be high. (And sometimes, firms expect their marketers to market "in lieu" of the practitioners!)

But even where the marketer is in pretty full control of an initiative, it is common for marketers to over-sell the benefits of a proposed marketing initiative in order to gain the support needed to try it at all. This is dangerous but happens all the time.

Setting goals and expectations with the partners that are reasonable and realistic, and then quantifying the expected results, are critical to our company staying in business. Mastering this is just as critical to keeping ones job as an in-house marketer.

We measure specific sales/marketing campaigns (mail, phone), all practice area growth initiatives, individual coaching results, sales of ancillary services, referral source activities, surveys, etc

Other projects taken on by marketing are measured against their time line and budgetary expectations as would be expected in any corporate environment with regard to accountability by a department: Web/brochure development, timely PR activities, proposal development, procedural development, internal consulting, practice area support and leadership, and other various functions.

How do you measure results?