Happy New Year to you all and welcome to 2009. A year of hope, belief and change! At GPL we certainly hope you had a wonderful break over the festive season and are back ready for an exciting year.
This quarter I will share my thoughts to how you can change the mindset to our current economic position, and how NOW more than ever your clients will want your services, therefore see this as an opportunity!
Enjoy the read!
Paul Jansz
Managing Director
By Paul Jansz
In anticipation for a rewarding year, I have prepared a short & sharp checklist to ensure you are on track to meet your financial and non financial targets.
- Re-focus with your goals/achievements for the next 6 months
- Set a planning day with the team to set the next 6 month goals
- Forecast – start to measure you financial year capacity & work to understand your GAP for the next 6 months
- Understand your cash position and be even more detailed with a clearer cash flow position each week
- Adopt a ‘back to basics’ attitude, with a focus on workflow & client service
- Start setting your plan to ensure your clients are being offered a tax planning meeting… start educating your clients to the benefits
- Growth – make sure you have your 1 page marketing plan in place
- Continue positive reinforcement with the team
As part of your Operational & Strategic Planning for 2009 I encourage you to map out your resource plan, structure, model and growth plan.
Working with more than one thousand firms, GPL Network continues to provide the highest level of coaching & training to accountants throughout Australia & New Zealand. Here are the top 8 key growth areas from GPL Networks Accounting Firms of 2008:
- Increased profit through greater practice management systems
- Increased profit lead to greater cash flow
- Less stress from greater workflow management processes
- The development of a greater soft skill training program for the team
- Greater performance management measurement, which lead to greater accountability
- Communicating with the team for greater results
- Adding ‘special projects’ as a key growth strategy
- Clearer definition of the managers role and what the partners should be doing
By Paul Jansz
Most companies will need their accountant on the way up and on the way down, therefore what are you doing to assist your clients to weather the current economic storm?
While Australia tends to be more protected than other countries like the UK and US, it’s my belief that the 10,000 accounting firms throughout Australia still struggle to meet the ‘needs’ of their clients. For all of you reading this, I would like you to challenge yourself to turn the global financial crisis into an opportunity for your business.
The 2009 calendar year should be a year of even greater planning, with a more meticulous mindset. As you commence the planning process challenge your business model to create greater profits with reduced costs. This may include investigating a greater level of skill to provide business clients with more value added consulting. Your corporate relationships will be essential to your future growth and your ability to ‘differentiate’ your accounting firm.
Successful businesses like your accounting firm should be clearly communicating why your firm is the number 1 choice - your Value Proposition. What can you tell your customers about your business or service offering that will differentiate you from the competitors, and make your firm the obvious choice?
Tips to get started on developing & creating your Value Proposition:
- How are you better than your competitors? What areas can you improve in?
- Among the factors that make you stand apart from the competition, what are the most important to your clients?
- What can you provide your clients with that cannot easily be replicated by your competition?
- What differences can be communicated to your clients and have a positive impact on their buying decisions?
- Can you communicate to your clients in 30 seconds what you do and why your business is unique and a better choice?
- How will you communicate your Value Proposition to potential and current clients via alliances, advertising, PR, a referral program, packaging, database?
Your point of difference may be small, however one that leads to a customer experience will continue to differentiate you and your firm.
This is the key challenge to our industry as the partners and directors of the 10,000 accounting firms search for a way to view the crisis as one of opportunity and turn the negative into a positive providing your clients with the experience of dealing with your accounting firm. I recently read an article where one Chief Executive described it as “moments that matter”. What are your moments that matter?
No greater time exists to break your business model down and look to educate and develop your team members into a consulting mindset. Develop and encourage your team to create a closer working relationship with their clients. Ask your team to review the clients current operating structures, risk management plan, top 3 strategies to increase profits, top 3 strategies to increase growth and top 3 strategies to increase cash flow ensuring that your client understands the importance of building a business for growth and opportunity in these tougher times. Challenge your team to work with clients to search for more efficient systems.
Most businesses may be struggling to overcome the biggest problem - liquidity. With oil prices down, petrol prices down, interest rates down and spending on the increase, liquidity will be a key issue that all businesses will have to address. Again, develop your team to get out and chat to your clients about their business, their goals, their cash flow and assist them to take advantage of market conditions with a detailed cash flow budget to 30 June 2009.
Tips on setting Goals to get Results:
In order to reach a large goal or a big rock, you must first successfully complete a series of smaller ones. Here are three tips to setting and realising your goals;
- Write goals down - Write these goals down on paper, or develop a system for all your team members. This will take time, thought and consideration, but the more time you spend thinking and planning your course of action, the easier it will be to implement. At the end of each day and week, spend a few minutes reviewing and analysing your progress. Make sure you celebrate when you reach your goals.
- Set Personal goals first, then Business goals – Start with your top 3 personal goals for 2009, then move into your top 3 business goals. Then work towards some timelines for each one, and identify possible ‘obstacles’ and ‘possible solutions’ to assist you to achieve your goals.
- Share your goals - The people around you can help you achieve your goals when they know what they are.
Good luck and start making a difference to your clients over the coming weeks!
Snapshot to Success – Practice Management Workshops
FREE 4 hour Snapshot to Success – Practice Management Workshop series in Australia & New Zealand in February 2009. Get a sneak preview to what over 500 accountants have already experienced at GPL Network’s Leadership Advanced Practice Management 3 day Conference.
Click here for more information or to register click here.
Leadership09 Conference
Get READY to ROCK! The dates are April 6 – 8 2009 in the wonderful tropical paradise of the Sheraton Fiji. Work for 3 days in an environment where you will be challenged and lead by successful leaders wanting to improve in practice management of an accounting firm.
Click here to download our brochure or register now.
Manager Development Workshops
Scheduled for April & May. These full day workshops coming to your capital city are soft skill manager development training for the successful 2009 Partner, Manager & Supervisor. Learn from the Coaches that have successfully implemented change. Stay tuned for more information.
2009 Carbon Accounting Conference
Be educated in the power of consulting and auditing within the Environment and Energy sectors from high profile keynote speakers and industry experts. Learn about the new development process for reporting on greenhouse gas emissions in line with The National Greenhouse and Energy Reporting (NGER) Act 2007 and Carbon Pollution Reduction Scheme.
To register your interest click here!
Getting the RIGHT TEAM on the Bus! Workshops
Scheduled for May & June. These full day workshops coming to your capital city are for the whole team to work together as a group to break down the 11 key areas of an accounting firm, and work together to develop better more efficient processes for greater results. Essential learning for all administrative team members to partners of accounting firms. Our coaches will facilitate an interactive educational day and you will walk away with a plan for the new financial year. Stay tuned for more information.
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