Overcoming the Barriers

Transcription

1 A Woodard Events Production Pathways to www. 1 About the Series Part 1: Part 2: Creating Visibility Part 3: Enhancing Performance Part 4: Deploying Technology The Pathway to Transforming Clients through Key Financial & Operational Measurements Transforming Clients through Strategic Transforming Clients through Strategic Technology Adoption 2 1

2 Questions Ask Questions Throughout the Webinar using the Questions Pane in Your GotoWebinar Panel Our Team Members Will Handle Administrative Questions Immediately with Typed Responses I Will Address Content Related Questions During an Optional, Extended Q&A Segment from 2:00 to 2:30 PM Eastern Tip: Watch Your Chat Pane During the Webinar for Important Information from our Team. 3 CPE Live Attendees Earn One Hour of CPE The Field of Study is Management Services You Will Receive Your CPE Certificate within Two Weeks of the Live Event Your Certificate will Contain the First and Last Name you Used to Register for Today s Webinar We Will Deliver the Certificate to the Address You Used to Register for the Webinar You Must Respond to All Three Polling Questions to Qualify for CPE Note: You Can Evaluate this Webinar Using an Online Evaluation Form. You Can Access this Form When You Leave the Webinar 4 2

3 Pathways to Defining the Category What is Transformation Work? 5 The Purpose of Transformation Work Cultural Psychological Reputational Structural Financial Increase in Wealth Etc. 6 3

4 The Purpose of Transformation Work Don t Sell Me Accounting Services, Sell Me Psychological Health Knowledge Solutions Process Time Back Direction/Opportunity Measurements (Why It Happened/What Happens Next) Metrics (What Happened) Automation Standardization Leadership Coaching Profits Scalability Peace of Mind Hope Work/Life Harmonization Financial Security A Plan Vision/Purpose Visibility/Clarity Stability 7 The Focus of Transformation Work Visibility Operations Technology 8 4

5 The Focus of Transformation Work Visibility Direction Measurements Metrics Psychological Health Financial Security Knowledge Financial Analysis (Past) Cash Flow and Profitability Studies Cost and G&A Studies Financial Trends/Seasonal Patterns etc. Key Performance Indicators (Present) Demographic Studies Market Trends Operational Benchmarks etc. Predicative Analytics (Future) Cash Flow Forecasts Leading Indicators Disruption Research etc. 9 The Focus of Transformation Work Operations Process Strategic Planning Coaching Scalability Stability Standardization Production Consulting Systems and Equipment Strategy Cost Monitoring and Controls Production Workflows Organizational Consulting Roles and Responsibilities Turnaround and Recovery Team and Culture Development Owner Mentorship Relationship Skills Leadership Skills Personal Productivity 10 5

6 The Focus of Transformation Work Technology Automation Solutions Time Back Back Office Automation OCR/Data Parsing AP Automation Importing (Feeds, Excel, etc.) Payroll/1099 Sales Tax etc. Team Collaboration Slack + G Suite + Evernote Microsoft Teams + Office 365 Document Management Expense and Time Reporting Operational Solutions QB Desktop Especially QB Enterprise Inventory Management Point of Sale/Billing Field Services etc. 11 Pathways to Starting Your Journey with Why The Compelling Case for Embracing Transformation Work 13 6

7 Why Transformation Work and Why Now? Reason 1: Remain Relevant Technology is Displacing the Bookkeeping Profession Response 1 Leverage the Machines Increase Automation to Increase Scalability Increase Automation to Increase Profitability Increase Automation to Create Adaptive Capacity Response 2 Transcend the Machines Machines Cannot Perform Complex Work (i.e. Transformation Work) Machines Cannot Coach Businesses (i.e. Transformation Work) 14 Why Transformation Work and Why Now? Reason 2: Prepare for Retirement Infuse Your Firm with Sales Appeal and Sanity Non Seasonal Work Steady Pace of Work Stay Pace of Cash Flows Increase (or At Least Level) Your Personal Billings with Less Effort Fewer Clients to Manage Higher Revenues per Client Transition Cyclical, Repeatable Service Work Slow Bake Transition to an Internal Successor (e.g. through an Earn In) Sell Your Bookkeeping/Tax Practice 15 7

8 Why Transformation Work and Why Now? Reason 3: Increase Your Pricing You Cannot Value Price Without Transformation Work Increases in Price without Increases in Value Price Inflation With Fixed Pricing and Hourly Pricing, You Charge a Percentage Over the Cost You Incur With Value Pricing You Charge a Percentage Under the Wealth You Generate Increases in Price without Unique and Differentiating Value Price Rejection Bookkeeping, Tax and Audit Services Have Deeply Entrenched Price Anchors Value Pricing Drives Clients and Prospects to Your Competitors Differentiate Yourself with Transformation Work Pricing Your Actual Value Industry Specialization Relationship Capital Experience and Historical Results 16 Why Transformation Work and Why Now? Reason 4: Change Lives Don t Sell Me Accounting Services, Sell Me Leadership Purpose Hope Peace of Mind Work/Life Harmonization Profits (Security) 17 8

9 Pathways to Mapping the Minefield The Barriers to Becoming a Transformation Worker 18 Challenges to Embracing Work Identity/Brand Intentionality Learning Curve Need to Specialize Clients Aren t Coachable Fewer Support Systems Low Personal Capacity The Way Clients See You Make My Clients Happy At Least One Focus is Outside Core Competency Industry Metrics/Measurements Perception Anchors with Existing Clients Few Coaching Programs Focus on Client Transformation Working In the Business Industry Best Practices Few Accountants are Transformation Workers Seasonal Work Distraction The Way You See Yourself React When My Clients Make Me Unhappy Deeper Dive within Our Core Expertise Industry Systems and Machinery Economically Challenging to Replace Existing Clients No Definitive Organization or Certification Process Sole Practitioner 19 9

10 Pathways to Getting Started Transformation Work You Can Begin Doing Immediately 20 Perform One Action ASAP Visibility Operations Technology Have One Financial Consultation with One Client Using MyAdvisor.ai Tell One Client to Stop Doing One Thing and Make Sure they Stop! Automate One Process for One Client Performing Mass Entry Measure the Increase in Wealth 21 10

11 Pathways to Leaning In Resources for the Advisor 23 Resources for the Advisor Visibility Operations Technology Part 2 February 12 Part 3 March 20 Part 4 April

12 Resources for the Advisor PODCAST A Monthly Podcast Series hosted by Joe Woodard and Ben Ross you to build transformative client relationships. ARTICLE SERIES Joe Woodard partnered with AcccountingWEB to offer an article series focused on transformative advisory services. 25 Resources for the Advisor Practice Development Advanced QB/Excel Tax Updates Practice Growth Disruptive Technology Transformation Work Tax Representation Advanced Excel Salt Lake City June 2019 Extreme Learning: Over 150 Breakout Presentations and Over 65% Brand New Content Extreme Inspiration: World Class Main Stage Presentations Extreme Networking: 1,000+ Small Business Advisors, 100+ Intuit Reps & 100+ Exhibitors Visibility Financial Analysis and Job Costing KPIs by Industry Custom Reporting and More! Operations Strategic Planning Project Management Process/Workflow Consulting and More! Technology Back Office Automation Office 365 and G Suite Setup Industry Specific Solutions and More! And Extreme Fun!! 26 12

13 Pathways to Questions and Answers Submit Questions Using the Questions Pane in Your GotoWebinar Panel 29 A Woodard Events Production Thank You for Attending! Up Next Creating Visibility: Transforming Clients through Key Financial & Operational Measurements 30 13