Business Coaching by CPA

We have been using a professional, Actuate Social, to assist our firm with getting our messages out using the various social media available and to manage and enhance our website.  One challenge we uncovered during strategy sessions with them was the public stereotype that all a CPA firm does is tax returns.  Since our firm does much more than that, we need to better communicate the other areas where we help our client; let’s do that now.

Accountants have traditionally been focused on the bottom line: the net income of the business.  They are known for scrutinizing expenses to see where money can be saved, such as identifying operational efficiencies.  That assumes that the accountants understand the business’ process; far too many don’t.

chart finger point success-1093889_1920ClearPath Accountants have shifted our focus to the “top line”, concentrating on how we can assist our clients’ businesses grow and be profitable on new and enhanced sales.  Here are some basics:

Know where your customers come from and duplicate your own success by pursuing new customers through channels that work best.  We had a client who spent $90,000 to produce a catalog and when we asked how much in sales they tied to the catalog, they did not know or build in the tools to track the results.  We can help businesses do just that.

Expand products and services to existing customers.  This newsletter is an open attempt for our firm to do just that.  We explained to a client that installed windshields that they could increase the average sale by proposing headlight restoration to their customers.  After some planning, the average sale per customer was increased 30% as they added the revenue from this new offering; consequently, their customers received the benefits from a service that they may not have known to ask about without the downside of any additional time without their vehicle.

Compare yourself to others in your industry.  We have a product we use called ProfitCents that allows us to take our clients’ financial information to compare to others in their industry.  We show them where their company is ahead and behind in the industry.  We put together plans to improve their standing in the industry with regular measurements to show results of plans implemented.  We have used this as a tool to prepare businesses for sale to get the greatest value for the seller.  It also works well to analyze businesses for acquisitions, showing how the company is positioned within their industry.

Next time someone mentions business coaching to you, think about this: Who knows your business better than the trusted professionals who help you every day – your CPA?  Just like Dan Hawkins said while coaching the University of Colorado football team, “This is not intramurals, brother.”

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