Roadmap for today. Risk Mitigation. CPA Firm Risks. Client Firm Risks. Opportunities (internally and with Clients) Implementing the Client opportunity

Transcription

1 Risk Mitigation Preventing Problems from Occurring January 2017 Sue Groszkiewicz, Accountable for Change Dr. Chris Mason, Mindshop Roadmap for today 1 CPA Firm Risks 2 Client Firm Risks 4 3 Opportunities (internally and with Clients) Implementing the Client opportunity 5 Q&A 1

2 CPA Risks Mindmap Exercise: What were the key risks in a CPA firm for 2017? Client Firm Risks Exercise Group: Discuss at your tables the risks applicable to a client firm and decide on the top three risks for 2017? 2

3 Mitigating Risk Mindshop 5 Tool Risk Mitigation Process 1. Mindmap 2. Pareto 3. Failure Mode and Effect Analysis (FMEA) 4. Force Field Analysis 5. One Page Plan Number 1 Client Risk 3

4 Failure Mode Effect Analysis (FMEA) Product/Process/Service: Poor Sales Function: Managers achieve sales targets Date: 24 Oct 16 FMEA prepared by: A. Johnson FMEA revision date: 8 Jan 17 Force Field 1. Leverage good products a. Implement a referral System b. Dedicated promotion at conference c. Keep all team informed of benefits 2. Motivated sales staff a. Pair up motivated staff with juniors b. Implement reward system for all c. Review roles and future skills required 3. New innovative products a. Attend 2 industry conferences b. Survey future customer needs c. Run a think tank of A class customers 4. New website a. Review brand positioning b. Implement new website c. Re write positioning of products P O S I T I V E G R O W S A L E S N E G A T I V E 6. Quality of sales Staff a. Develop and train new sales process b. Review recruitment process c. Follow up and feedback improved 7. Poor sales admin a. Review role of sales manager b. Streamline sales process to conversion c. Customer service training 8. Lack of quality customers a. Start loyalty ladder b. Reward system for customer referrals c. Do case studies on A class customers 9. Poor strategies a. Train all team in strategy development b. Run a 1 day strategic planning day c. Directors need common vision 4

5 One Page Plan From Now analysis From Visioning exercise Now Sales 3 million 14 staff Profit 6% Average Sale 7k One page growth plan XYZ Company 12 month plan Where Sales 3.6 million 15 staff Profit 12% Average Sale 9k Strategies Actions Who When Grow sales 20% Develop and train new sales process Implement a referral system Implement new website JM SW PH 14 th Nov 28 th Nov 24 th Jan Leadership training Determine list of 10 core competencies Focus on 3 4 commercial projects Book experienced advisor to train team New CRM Platform Review best practice used in industry Short list 3 providers. Do cost benefit Select one to pilot with super users JM SW PH JM SW PH 1 st Dec 5 th Feb 12 th Jan 1 st Nov 1 st Dec 10 th Feb From Strategic SWOT or Mindmap of HOW then top 3 Pareto items From Force Field on each of the Pareto items. Who and When added in one page plan Opportunities for CPA Advisors 5

6 ADVISORY SERVICES LEAD GROWTH FIRMS ARE LEARNING TO SURF THE WAVES TO BECOME MODERN ADVISORS You can t stop the waves, but you can learn to surf. - John Kabat-Zinn Strategic Problem solvers Implementers Spot opportunities 6

7 Advisory Opportunities Current solutions provided by most firms Dashboards Questions Diagnostics Graphs Solutions demanded by mature clients Strategy Mentoring Vision Accountability Training Implementation Growth Profit Succession Clients need help! 7

8 Barriers Key Success Factors 8

9 Knowledge Leadership Papers on risk mitigation Workshops Videos Website Risk Mitigation Facilitation Meetings Use Mindshop five tool process Suggested timing of 2 to 3 hours Have decision makers and influencers in the group 9

10 Proof of Capability Knowledge leadership Testimonials Videos on line (ZMOT) Implementation Support 8 week cycles Opportunity for younger staff Online support preferable to Face to Face 10

11 Building confidence in the CPA Advisors Using it on the CPA firm Training Rewards and Recognition Ensuring success in the engagement Normal probability of success only 30% 11

12 Pricing the engagement Provide three options (toe in water, middle of the road, let s get serious) Retainer Model Preferred Short term commitment Making it happen Select friendly clients Send them risk mitigation paper Facilitate a meeting with deciders Implementation support Review and correct 12

13 Summary of today 1. Risk is a permanent factor in doing business 2 Need to have applied the Mindshop 5 step process internally 3. Select friendly clients and most capable advisors at the start 4. Have proof of capability in place and keep improving it 5. Use retainers as the default pricing model 6. Keep it mind we are fixing the root cause not the symptom 7. This is paid learning Thank you. Questions? Contact details are: Sue Groszkiewicz sueg@accountableforchange.com Chris Mason cmason@mindshop.com 13