The Practicing Accountant

38. Cross Selling and Specializing in Your Firm

In this episode of The Practicing Accountant, Doug and Dan discuss how accounting firms can strengthen client relationships and boost pricing power by focusing on a few core services instead of trying to offer everything. They argue that specialization allows firms to deliver higher-quality work, charge premium prices, and avoid the pitfalls of overextending.
Key takeaway: Focus on what your firm does best to attract ideal clients and enhance profitability.
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37. Starting from Scratch: How to Grow Your Firm Without Wasting Time

In this episode of The Practicing Accountant, Doug and Dan talk about the challenges of starting out as a solopreneur. Doug recalls focusing on non-revenue tasks like tweaking his website and designing business cards, instead of going after clients. They stress that the top priority for any new business is getting clients—even if they aren’t ideal—just to start generating income.
They highlight the importance of networking and reaching out to other CPAs for potential referrals. Doug suggests being proactive by contacting dream clients and leveraging personal networks to start building momentum. The key takeaway: focus on getting clients first, then worry about refining your business later.
For more tips, visit www.thepracticingaccountant.com.

36. Why Saying 'No' is the Key to Winning Better Clients

In this episode of The Practicing Accountant, Doug shares how he recently said “no” to new work, even with available capacity, emphasizing the importance of staying true to your niche. Doug and Dan discuss "niche working," a focused approach to networking that targets specific industries and relationships, leading to better results than traditional networking.
They share examples of how narrowing focus on a niche, like construction or law, can generate more ideal clients and higher value connections. Dan highlights how his firm became a recognized expert in a specific industry, boosting opportunities and pricing power.
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35. Why Losing Clients Could Be the Best Thing for Your Business

In this episode of The Practicing Accountant, Doug and Dan dive into why losing clients can be the best thing for your business. Doug shares a story of a client who was overwhelmed with too many low-paying, non-ideal clients. By firing a portion of them, the client freed up space, brought on better clients, and increased revenue, ultimately transforming his business. They emphasize the importance of cultivating a client list by letting go of clients that don't align with your niche or don't pay well, resulting in a better experience for both your team and your clients.
The guys add that regularly reviewing your client list and adopting a "one in, one out" approach helps keep your business focused on high-value clients. They also discuss the positive impact firing bad clients can have on staff morale and how doing so builds trust and credibility within your firm.
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34. Raising Prices, Happier Clients: The Surprising Strategy for Firm Growth

In this episode of The Practicing Accountant podcast, Doug and Dan discuss how raising prices can lead to happier clients and a more rewarding firm experience. By offering different service tiers—ranging from low-touch to highly customized high-touch packages—accountants can provide more value, strengthen client relationships, and increase revenue. They emphasize the importance of having a clear, compelling offer that resonates with clients and allows firms to focus on providing better service to fewer clients.
For more resources and insights, visit www.thepracticingaccountant.com. Don’t forget to like, share, and subscribe!

33. Why fewer clients could be your secret weapon

In this episode of The Practicing Accountant podcast, Doug and Dan discuss how reducing the number of clients can lead to a better experience for both accountants and their clients. They explore how overloading on clients diminishes the quality of service, leading to transactional relationships and missed opportunities. Drawing parallels to the iconic "Jerry Maguire" moment of prioritizing fewer clients with more personalized service, Doug emphasizes the importance of building meaningful relationships and providing higher value.
By setting clear expectations and creating a tiered service model, firms can charge higher prices, deliver better service, and increase client retention. The episode highlights how improved client service can generate referrals, create more opportunities for cross-selling, and allow firms to become more sustainable. They also discuss how offering a premium client experience transforms a practice into a lifestyle firm rather than an overwhelming, transactional operation.
For more resources and insights, visit www.thepracticingaccountant.com. Don’t forget to like, share, and subscribe!

32. Stop Networking More, Start Networking Better

In this episode of The Practicing Accountant podcast, Doug and Dan dive into the importance of networking strategically rather than just networking more. Doug shares his journey of realizing that simply attending more meetings wasn’t productive and highlights the need for a focused approach. He introduces a three-question filter to ensure networking efforts are worthwhile: is the person a prospect, do they know prospects, or can you learn from them? They also discuss the concept of "niche-working," which focuses on networking within a specific niche to target the right people and make connections that matter.
Additionally, Doug emphasizes the value of using a CRM or spreadsheet to track networking efforts and ensure consistent engagement with key contacts. By being intentional with networking, accountants can save time and create stronger, more meaningful connections that lead to business growth.
For more resources and insights, visit www.thepracticingaccountant.com. Don't forget to like, share, and subscribe!

31. Drafting Your Ideal Firm: Streamlining Services and Maximizing Capacity

In this episode of The Practicing Accountant podcast, Doug and Dan explore how focusing on your service offerings can significantly increase your firm’s capacity, revenue, and overall efficiency. They discuss the importance of intentionally designing your business model, much like drafting a fantasy football team, to ensure you’re leveraging the right resources and staff in the most effective way possible.
They highlight the value of outsourcing, offshoring, and leveraging non-billable roles like virtual assistants and project managers to free up CPAs from low-value tasks. Additionally, they emphasize how narrowing down your service offerings to the most profitable and high-margin services can help grow your firm sustainably, improving both client satisfaction and your own work-life balance.
For more resources and insights, visit www.thepracticingaccountant.com. Don't forget to like, share, and subscribe!

30. Building a Better Business Model: Intentionality in Accounting Firms

In this episode of The Practicing Accountant podcast, Dan and Doug explore the concept of building a better business model for accounting firms. They discuss the importance of being intentional about how your firm operates, including client selection, service offerings, and overall business structure.
The conversation highlights the risks of maintaining an unintentional or reactionary business model, which can lead to taking on the wrong clients and experiencing burnout. Doug emphasizes the need for a well-defined business model that aligns with your firm's vision and values, allowing for a more sustainable and enjoyable practice. By being selective and intentional, accountants can avoid the pitfalls of a default business model and create a more fulfilling and profitable experience.
For more resources and insights, visit www.thepracticingaccountant.com. Don't forget to like, share, and subscribe!

29. Surviving Busy Season: Practical Tips for Retaining Your Sanity and Productivity

In this episode of The Practicing Accountant podcast, Dan and Doug discuss essential strategies for surviving the busy season. They focus on the importance of setting personal minimums, such as maintaining health routines and prioritizing family time, even during the busiest times.
They also emphasize starting and ending each day with intentional practices like gratitude and focusing on a single important task. Lastly, they explore the concept of Parkinson's Law, which warns that work will expand to fill the time allotted, urging listeners to avoid letting work spill into weekends unnecessarily. By establishing boundaries, being intentional, and staying aware, accountants can maintain a healthier balance during peak seasons.
For more resources and insights, visit www.thepracticingaccountant.com. Don't forget to like, share, and subscribe!