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This week is all about closing the sale. From rethinking your service positioning to using ChatGPT to identify clients ready for an upsell, you already have a lot to work with. We’re also covering the systems to have in place before offshoring and data-sharing tips to keep your client info safe.
But first, check out this accounting intern’s dunking skills helped him take home $500K in the Dunkman World Championship (watch the win here).
Gif by nba on Giphy
Bookkeepers Binge
Moving up: Thinking about selling your firm? Ensure continuity by evaluating your business priorities and the internal expertise making them happen
Under pressure: Growth is great, but make sure you’re addressing capacity constraints before it becomes too big of a problem
Track what matters: Improve your bookkeeping profitability with these seven steps
This not that: Reframing your service offering names could be the secret sauce to closing more sales
Stalling out: When you hit a revenue plateau, it’s time to evaluate your governance, positioning and people systems
Sponsored by Canopy
Join Canopy's accountant in residence, Luke Frye, CPA, as he moderates this year's Great Accounting Debate: a plain-language look at what it takes to make your firm work for you.
Two industry experts, two opposite approaches, one debate on how to run (and simplify) your firm:
Matt Tai (CEO of Demical, host of After the First Million) makes the case for scaling up, growing enterprise value, and building a bigger team.
Yuri Kapilovich (#thefuncpa) shares how he stays under 40 hours a week year-round with a streamlined roster and protected freedom.
📅 Date: September 3rd
🕐 Time: 1:00 PM ET
🎓 Earn 1 FREE CPE Credit
You'll learn:
The real day-to-day tradeoffs of each model
How to pick the direction that fits your goals, team and life
The systems needed to run either model smoothly
How to use AI (including Canopy Coworker) to free up your team's time
Upward Trajectory
Improve client experience with these ChatGPT tips
Wish you could give all of your clients a personality quiz to figure out what they want from their CPA? You’re actually already sitting on the answer—you just need to add some analytical tools like ChatGPT to tease out the insights. You can feed years of client information into ChatGPT (while following proper confidentiality protocols, of course) to get advanced reports on each individual's behavior and preferences. Insights into these different personality types can help you customize interactions and identify who may be ready for an upsell to advisory services.
Why this matters: Responsibly using AI tools like ChatGPT can help you adjust your approach for a personalized experience and also identify any signs of dissatisfaction early enough to course correct. But remember, always be cautious and check proper protocols when putting client information online. (CPA Practice Advisor)
Industry Shares
Thinking about offshoring? Read this first
Bringing on an offshore team can be a mixed bag, according to Bharat Kanojia. In order for the experience to be a successful one, you need to have specific operating plans in place, including clear workflows, standardized processes and strong capacity planning. Without them, you risk adding more work to your plate in the form of additional reviews and rework.
Why this matters: Offshoring some of your firm’s work can help expand capacity, but it’s not a silver bullet. Make sure you’ve maximized your operational efficiencies first, which could even resolve your issues before hiring additional support staff. (Inside Public Accounting)
The News
The Bottom Line
This administrative bottleneck could be costing your firm
Most small firms house their files in emails and shared drives, but that can become increasingly expensive as you expand. The time it takes to search for individual files isn’t billed anywhere and can add up exponentially as you scale. Plus, security is an issue when your firm relies on unsecured links and shared drives with loose permissions.
Why this matters: Both customer service and liability concerns are especially at risk during tax season. Implementing a document management system now can save your team time and help you reduce the risk of a data leak. (World Business Outlook)
Poll
Have you offshored any part of your firm's work?
Thanks for reading this week's edition! You can reach the newsletter team at [email protected]. We enjoy hearing from you.
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The Net Gains is written and curated by Lauren Ward and edited by Bianca Prieto.
