Introduction to the 8 Pillars for Accountants

Introductory course to implement the 8 Pillars for Exponential Business Growth in an accounting firm.
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Instructed by Jeff Borschowa Business / Finance
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  • Lectures 33
  • Length 37 mins
  • Skill Level Beginner Level
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 8/2014 English

Course Description

Inefficiency strangles business growth. Plain and simple, there are several obstacles that each and every accounting firm must overcome if they intend to successfully grow. This is an introductory course to implement the 8 Pillars for Exponential Business Growth in an accounting firm. The 8 Pillars include:

  1. Operational Efficiency - Rapid growth in a firm has an interesting way of showing off problems in the underlying business model. We will explore improving efficiency by digitizing data, implementing a project management mindset, automating workflow, and by determining if an alternative staffing model can assist you.
  2. Marketing and Networking - Marketing encompasses all activities that encourage a prospect to contact you in the first place. Are you getting results for your efforts? Networking, when done correctly, can be a highly effective way to deliberately build your accounting practice with quality clients.
  3. Sales - The sales process focuses on closing deals, signing up new clients, and maintaining relationships with existing clients. Basically, this is the activity that converts your marketing leads and prospects into paying clients.
  4. Niche Building - Niche building is the intersection between marketing and sales and, arguably, the foundation for both. What is your ideal client?
  5. Value Pricing - The traditional model of billing for services is based on a single formula: hours worked multiplied by an hourly rate is equal to the fee to be billed. This formula creates an inherent conflict of interest between you and your clients.
  6. Technology - Technology offers some very exciting opportunities if leveraged correctly. Cloud solutions, in particular, offer opportunities for dramatic gains in efficiency and accuracy. By embracing cloud solutions and giving careful consideration to your actual Information Technology needs, you can see dramatic cost decreases and significant efficiency gains.
  7. Value Added Services - Providing good services at fair prices will earn you trust and loyalty from your clients. The great news is you can leverage this relationship to identify client issues and offer more in-depth solutions.
  8. Practice Management - The best run firms focus on key performance indicators in order to determine areas that need improvement. Monitoring business results and seeking improvement are critical aspects of working on your business.

The intent of this course it is to demonstrate the importance of the 8 Pillars to growing a traditional accounting practice. We will cover details in an intermediate and advanced course later on. We will also discuss action items that you can implement immediately in order to start building your accounting practice.

What are the requirements?

  • No pre-requisite knowledge is required, this is an introductory course.
  • Participants must be willing to critically evaluate their current accounting firm and have a strong desire to improve.

What am I going to get from this course?

  • By the end of the course, you will be able to create an implementation plan for building your accounting firm on the 8 Pillars.
  • You will explore exciting new technologies that you should leverage as your accounting firm grows.
  • Learn the fundamentals to build an accounting firm specifically designed to undergo exponential growth.
  • Learn how to find good quality clients that are willing to pay above-average fees.

What is the target audience?

  • Accounting professionals looking to build their business on a solid foundation should take this course.
  • This course is specifically for accountants who are interested in exponential growth in their accounting practice - those who are serious about building a solid business.
  • The materials in this course apply whether you are a sole proprietor or a multi-partner firm.

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction
01:06

This lecture includes a high level overview of the course.

01:21

Are you working on or in your business? This key distinction can make the difference between success and failure.

00:53

How do you define growth?

00:30

We introduce the 8 Pillars for Exponential Business Growth.

Section 2: Pillar 1: Operational Efficiency
01:06

How important is operational efficiency to the survival of your business? Absolutely crical!

01:25

We introduce a five step process to digitize your data, also known as "going paperless".

00:39

How can a "project management" mindset improve the efficiency of your firm?

00:46

Treat your workflow like an assembly line to see great gains in efficiency.

02:37

We define 5 staffing models and introduce the advantages and disadvantages of each.

01:00

Action steps that you can implement immediately in order to realize greater operational efficiency.

2 questions

Brief recap of the Operation Efficiency section.

Section 3: Pillar 2: Marketing and Networking
02:44

We discuss the significance of marketing in the success of an accounting firm, as well as focusing on how networking can be leveraged for growth.

01:01

Actions steps that you can implement immediately to build your firm through marketing and networking.

Section 4: Pillar 3: Sales
02:19

Do you have a consistent sales process? How do you ensure that your clients know about the services that you offer?

00:23

Actions steps to create a deliberate and reliable internal sales process in your firm.

Section 5: Pillar 4: Niche Development
01:10

In this lecture, you will learn how to build your firm by focusing on a specific niche. We will explore how to leverage a niche to improve both your marketing and sales efforts.

00:25

Action steps to help you identify and develop a niche for your firm.

Section 6: Pillar 5: Value Pricing
01:33

We introduce the concept of value pricing and encourage you to investigate how value pricing can help you build your firm.

00:46

Action steps to help you implement value pricing.

Section 7: Pillar 6: Technology
00:42

This section introduces disruptive technology that can help us build modern firms without the limitations of a traditional Information Technology infrastructure. We will focus on how the cloud can be leveraged for growth.

01:27

We will define the cloud so that we have common terminology for future discussions.

01:15

What questions should you ask your cloud provider before turning over your data?

00:59

Overview of the benefits that you will see if you introduce cloud solutions into your accounting firm.

01:52

Can you leverage the cloud to reduce your IT costs? Absolutely! We talk about the differences in cost structure between a physical server and a virtual server.

00:38

Examples of cloud technology that you can leverage to build your firm.

00:31

Action steps to help you identify and implement the appropriate solutions for your firm.

Section 8: Pillar 7: Value Added Services
01:48

Starting point to identifying and implementing value added services for your clients. Our goal is to increase your average fee per client.

00:21

Action steps to assist you with identifying and offering value added services to increase your firm's revenue stream.

Section 9: Pillar 8: Practice Management
00:45

Do you deliberately manage your practice or does it manage you?

01:13

Critical success factors are those items that your firm has to do well if it is going to survive. Do you know what they are for your firm?

01:12

How do you measure success in your firm? Key performance indicators should be customized to measure success in your firm as you define it.

01:16

Do you ever fire a difficult client? If not, you are missing out on one of the rare treats of running your own firm - choosing who you work with.

00:27

Action steps to improve your practice management.

Section 10: Conclusion
00:57

Thank you for joining our introduction to the 8 Pillars for Exponential Business Growth. The next step is to take action!

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Instructor Biography

Jeff Borschowa, Growth Strategist

I have been in the accounting industry for over 20 years. In that time, I have pursued every opportunity to advance my knowledge in the field of practice management and technology. The result is a unique combination, someone with the ability to interpret accounting and technology and translate the two into everyday language.

I provide training and consultation for accounting firms and bookkeeping businesses that are specifically looking to grow.

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