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Review of The Ultimate CPA Practice in the New Economy by Salim Omar


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Review of the book: The Ultimate CPA Practice in the New Ecomony. For the video review check out:

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Review of The Ultimate CPA Practice in the New Economy by Salim Omar

  1. 1. REVIEW The Ultimate CPA Practice in the New Economy by Salim Omar Review and Summary by Laura Berthiaume
  2. 2. Summary • Accountants are working too hard and earning too little • He teaches you how to achieve revenue growth, work less hours, get loyal clients and the best talent on the market • You don’t have to be the smartest to get these results
  3. 3. Where to start 1. Be open to change 2. Establish a “Strategic Objective” 3. Know what it meant to work “on” the practice rather than “in” it 4. Differentiate yourself from the competition 5. Streamline Your Practice
  4. 4. Time Management • Boycott your phone • Organize Your Time into Blocks • Learn to say no
  5. 5. Creating a World Class Practice Make your client’s experience is your #1 priority: • Have a staff member respond to all inquiries within 2 hours • Send your client’s business referrals • Deliver a birthday gift for their children • Mystery shop your staff • Free gifts at the end of tax season
  6. 6. Developing a Marketing Strategy • Determine the 3 M’s: Market: who buys your service Message: Why they buy from you Media: How you get your message across to them This will prepare you to get the best clients… not just anyone who’s willing to pay you
  7. 7. Defining your Market 1. Existing clients 2. Competition 3. Expertise 4. Earning 5. Growth prospects 6. Ease of contact
  8. 8. How to Market Start by thinking about where your ideal clients are: • Where do they congregate? • What do they read? • What workshops or seminars would they go to? • What trade shows will they attend this year? • What associations do they belong to? • What newsletters do they read? • Where can you reach them in large numbers and affordably?
  9. 9. Positioning Yourself as an Expert • White Papers and Special Reports • Public Speaking • Press Releases • Writing Articles • Writing a Book • Creating a Product
  10. 10. Taking it one step further • Video Marketing and Podcasting • Seminars and Workshops • Teleseminars and Webinars • Social Media
  11. 11. Writing your Ad Poor Marketing: 1. Talks about the advertiser 2. Solely focused on building awareness of your name 3. Does not ask for a specific response 4. Has no means to measure its effectiveness 5. Does not differentiate
  12. 12. Writing Your Ad Genius Marketing  Focuses on the prospect and their needs.  Encourages the prospect to take specific action  Has specific results which can be tracked and measured  Stands out from the competition  Is targeted to a specific audience Four Categories of Tools include: 1. Advertising 2. Direct mail and postcards 3. Press releases 4. Other offline
  13. 13. 5 Most Important Parts of a Website 1. 2. 3. 4. 5. Establish a Clear Purpose Keep it Simple Grab their Attention Keep Asking for Contact Info Make the Site Visitor Friendly
  14. 14. Common Online Marketing Mistakes Wasted web design Failing to collect email addresses Not driving traffic Not encouraging feedback and comments Not tracking and testing Wasting money on advertising Not integrating online and offline Failing to capture attention
  15. 15. 7 Ways to Build Client Relationships 1. Publish a printed monthly newsletter 2. Send personal cards and gifts 3. Issue a weekly newsletter or ezine 4. Keep in touch with regular mail 5. Maintain personal contact 6. Use a CRM Software 7. Use your email signature as a marketing tool
  16. 16. Hiring the Right People • Design a great recruitment ad • Make the hiring process slow • Fire fast when things don’t work out
  17. 17. Conclusion • Great for all levels • Good starting point for the new marketer AND the advanced • Tons of extra info and “how-to’s” • Plenty of first hand experience • Check out the book copywriting recommendations