Business Development
18 Ways CPAs Make It Rain
Marketing Concepts
Low Hanging Fruit and Asking for the Order (Some posed as Questions not Answers)
How A CPA Firm Works: The Business of Public Accounting Review! (Some posed as questions not answers)
100
Outside Professionals that recommend your firm to a prospective client.
What is a referral source or referral?
100
This practice is driven by the concept, "the more people you meet, the more you increase your chances of getting a client or a referral source." This practice often occurs at Organization Events, Charity Events, School Reunions, Churches, Synagogues, Roundtable groups and even by meeting fellow parents at your child's athletic events.
What is Networking?
100
Activities that create name recognition and awareness of the firm in its markets.
What is Marketing
100
You receive a call from a client who informs you that they would like to purchase a segment of business from a competitor. Before moving forward, you might suggest this service.
What is due diligence.
100
What is the hottest management issue in the CPA profession today?
Succession Planning
200
Initiating contact with a prospect or referral source that you have never met - often through a telephone call, email or letter.
What is cold calling?
200
This "18 Ways CPAs Make It Rain" concept is where the rubber meets the road. Once you've developed the right attitude and have formed a relationship with a prospective (or current) client, this is the next step.
What is "If you don't ask, you don't get"?
200
The act of asking for business and getting it.
What is selling
200
One of your clients, a manufacturer, just earned their biggest client ever - one who they're not quite prepared to handle under their current capacity. They need help planning for this big client, and need to understand the risk involved with taking on such a big client. This client service might help in your clients planning process.
What is a forecast?
200
What is the single most important skill, talent or attribute that it takes to become a partner at a CPA firm?
What are Interpersonal Skills or People Skills
300
This is the most important activity after meeting new individuals who may fit the criteria of a prospective new client or referral source.
What is follow up?
300
This oxymoronical "18 Ways CPAs Make it Rain" concept is driven by the idea that when your clients or prospects say no to your selling efforts, they may really be saying "not yet" or "they need to know more. On average, you will hear 4 "no's" for every yes you get.
What is "Make money by getting rejected"?
300
The monthly informational communications MBK sends to its clients. These communications are only sent to those who wish to receive them. HINT: No post man is used in the process.
What are eNewsletters? DAILY DOUBLE - Name two of MBK's eNewsletters sent to clients. Can't answer? This daily double will be sent to another team. :)
300
When visiting with a client for regularly scheduled work, they share some great news with you: They're building a brand new building to be completed by the end of this year. What service does MBK offer that might be relevant to their new building?
Cost Segregation Study
300
What is one of the top four ways to increase revenue at a CPA firm?
DAILY Triple - Name three more!!!
400
Practices that illicit the "oh wow" response from your clients. (Name 3)
(Too many possible answers to list here!)
400
A well rehearsed-yet-spontaneous-sounding script about yourself and your firm will help you leverage these opportunities.
What is an elevator speech? DAILY DOUBLE - Earn double points by giving us an elevator speech on who you are and what you do! If you decline, the daily double is given to another team. :)
400
At this phase of the marketing funnel, the focus is on developing a specific relationship with an end in mind of making a sale or generating referral opportunities.
What is the Target Phase?
400
You're having a candid conversation with a healthcare client over lunch, and he or she explains to you that they're having to work much harder with less due to many of the medicare/ medicaid cuts, among other things. They're concerned moving forward, and wish they knew how they stacked up against their competition.
What is a Highlight Analysis?
400
Name two of the three main reasons why write-offs might occur.
(Too many possible choices to put on the board)
500
The MBK process that allows Engagement Team Partners and Members to identify additional needs of a client and to provide additional solutions to that client.
What is Client Focus?
500
The most important "18 Ways CPAs Make It Rain" Concept. Without this, all other practice development techniques may not be possible.
What is ATTITUDE
500
Activities that position a professional, or the firm as a whole, as an expert or definitive authority on a given topic. These activities might include giving an informative client education presentation, authoring an article on a particular topic or serving on a panel at a conference or seminar.
What is thought leadership?
500
While at lunch with a client, who is a small business owner, that individual mentioned he's thinking about retiring soon. What MBK services might come to mind?
Succession Planing; or Business Valuations; or Estate Planning
500
Of the two over-arching CPA firm management styles, this style focuses on partners doing two things: Taking care of clients and taking care of staff. Firm management is left to professionals hired for this purpose.
What is Corporate Style Firm Management
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