﻿<?xml version="1.0" encoding="utf-8"?><rss xmlns:a10="http://www.w3.org/2005/Atom" version="2.0"><channel><title>Subscribe to the Latest Practice Management Articles from MSI Global Alliance </title><link>http://www.msiglobal.org/news/practice-management/</link><description>Access the latest practice management focused articles from MSI's wide circle of strategic alliance partners.</description><language>en-UK</language><copyright>? Copyright 2013 MSI Global</copyright><generator>MSI RSS Generator</generator><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/9/fully-integrated-practice-management-tools-%E2%80%93-can-you-have-it-all-templeton/</guid><link>http://www.msiglobal.org/news/2012/9/fully-integrated-practice-management-tools-%E2%80%93-can-you-have-it-all-templeton/</link><category>pm</category><category>cpa</category><category>templeton</category><title>Fully Integrated Practice Management Tools – Can you have it all?</title><description>It took an accounting firm to develop a solution for … accounting firms.
We know that many accounting firms are juggling multiple software systems to manage their practice. It’s frustrating, expensive and time-consuming.
According to a recent survey by Harris &amp;amp; Associates (Accounting Today, 2/15/2010),</description><pubDate>Wed, 26 Sep 2012 00:00:00 +0100</pubDate><a10:updated>2012-09-26T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ It took an accounting firm to develop a solution for … accounting firms.
We know that many accounting firms are juggling multiple software systems to manage their practice. It’s frustrating, expensive and time-consuming.
According to a recent survey by Harris &amp; Associates (Accounting Today, 2/15/2010), client retention and cross selling of services are paramount to staying competitive and bringing in new business “well over 90 percent of executives complained that their firm ‘isn’t spending enough time’ cross-selling to existing clients.”
Business development consultants to CPA firms note that most firms are unable to easily produce an internal report that categorizes the firm’s business by industry and discipline.  Firms ask specific questions such as, how much business did we do in the healthcare industry last year and how much of it is attributable to audit, tax, or consulting services?  How about our pipeline?  In what industries and service lines is the firm engaged in selling activities?
Once this information is accumulated, a focused cross-selling effort can be undertaken; however, most firms do not have the system or underlying technology to produce the data without significant time, effort, and pain.
Why?We know that many accounting firms are juggling multiple software systems to manage their practice. It’s frustrating, expensive and time-consuming. Worst of all, the lack of visibility this causes cripples the firm’s ability to develop a meaningful view of their relationship with each, which is the basis for cross selling and growing a successful practice.
This problem can be solved with an integrated Customer Relationship Management [CRM] technology.  Although CRM is the standard throughout financial services sectors, many in our industry have been reluctant to embrace it.
CRM has traditionally been implemented as just another freestanding technology – separate from the practice management functions of most accounting firms. Not surprisingly  (and most understandably) executives have been hesitant to invest in what they see as yet another layer of IT complexity at a high cost.
A New Way of Looking at an Old ProblemThe solution is simple. Why not have everything you need to manage your firm within one comprehensive, integrated and affordable system? Consider this partial list of benefits:

Access from Microsoft Outlook © which aids in ease of use and user adoption
Time and billing
Tax filing management and due-date tracking
Resource management and personnel scheduling
Engagement management with reporting capabilities and forecasting
WIP and realization reports
Document management
Workflow
Sales “pipeline” and CRM opportunity management system to   nurture marketing efforts
Contact and account management
Deployed on premise, or in the cloud.
Automated marketing campaigns with reporting feature

At Templeton, our technology consultants worked closely with our CPAs to create TC Practice Management (TCPM). The decision to create a fully integrated CRM program came out of a cross-selling initiative where we realized the need to have CRM and practice management available in one easy-to-use and intuitive platform.  
Everybody in our firm uses TCPM. Our biggest “ah-ha” moment was that our experience using the program allowed us to reap the benefits of being on one automated platform, and as a result, our workflow processes are tighter, and our engagements are more efficient.  So yes, you can have it all. This new system solved our own management dilemma and we believe it will solve yours, too. To learn more about the power of TCPM, please contact info@templetonco.com. ]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/9/what%E2%80%99s-next-how-to-move-forward-in-business-the-whetstone-group/</guid><link>http://www.msiglobal.org/news/2012/9/what%E2%80%99s-next-how-to-move-forward-in-business-the-whetstone-group/</link><category>pm</category><category>Steffen</category><category>whetstone</category><title>What’s Next? How to Move Forward in Business</title><description>Perhaps one of the most telling characteristics of a successful business owner is the “what’s next” attitude. The understanding that you can’t just sit back and enjoy the spurt of growth you happen to be experiencing right now; the knowledge that unless you’re always moving forward, you’ll soon be moving</description><pubDate>Wed, 26 Sep 2012 00:00:00 +0100</pubDate><a10:updated>2012-09-26T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ Perhaps one of the most telling characteristics of a successful business owner is the “what’s next” attitude. The understanding that you can’t just sit back and enjoy the spurt of growth you happen to be experiencing right now; the knowledge that unless you’re always moving forward, you’ll soon be moving backward.  
So how to move forward?  Well certainly one important step is understanding how your clients’ needs are changing and figuring out what you can do to help them.  Developing the right services and knowing how to take them to the market is a challenge many firms struggle with; consider the following concrete action steps to make this challenge a little less daunting.   
First step forward – needsYou have a great source of information to help you figure out what the market needs:  your clients.  And it costs nothing.  Get together with a few of your clients and ask them some questions about what challenges they’re facing, how their business is being affected, what obstacles they’re running into in dealing with the challenges, what kind of help they need, what they’re willing to invest in help, etc.  
Add to the information you get from your clients by doing secondary research:  use web sites, industry publications and conferences, social media and even your competitors to figure out what people are talking about and struggling with.
Next steps – evaluate, prioritize, focusIf more than one new service idea bubbles up from your research, you need a systematic process to narrow the list and decide which to pursue.  Factors like the level of demand within your current clients, your ability to hire the expertise you need vs. having to acquire it through a merger or strategic partnership, how easy or difficult it will be to differentiate your offering from competitors, and the long-term revenue potential all should be considered.
You’re almost there – define the serviceBefore you’re ready to launch a new service, help ensure your success by defining the scope of the service very specifically:

the process you’ll use to deliver it
the timing for the client, the frequency of delivery
the “package” you’re delivering, including the name of the service
key deliverables and benefits to the client,
pricing 

Train your staff on these elements so all know how to talk about the service in a consistent manner and those delivering the service will do so with consistent quality.
Your launch to the future – taking the service to marketConsider beta testing the service with one or two good clients to refine your scope and develop marketing messages.  When you’re ready to go to market, define the target market, develop the key messages – benefits, differentiation – create materials you need, including a testimonial from your beta test, and then get your messages to the target market.  Conversations with clients, direct marketing campaigns, seminars, webinars – there are a variety of ways to do this.  Finally, measure your results to make sure you’re reaching your sales goals and getting a positive return on your investment.
Using this process will help you answer the question “What’s Next?” and keep your firm moving forward.
Carrie Steffen is a founding shareholder of The Whetstone Group, Inc. Whetstone provides growth consulting services to CPA firms, professional service firms and companies in business-to-business markets nationwide. Carrie helps clients determine how to best organize for growth. She works with them to develop comprehensive marketing and sales plans, providing ongoing support and consultation to help clients meet their growth goals.]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/9/small-but-mighty-how-to-market-your-small-firm-by-ross-fishman/</guid><link>http://www.msiglobal.org/news/2012/9/small-but-mighty-how-to-market-your-small-firm-by-ross-fishman/</link><category>pm</category><category>marketing</category><category>Fishman</category><title>'Small but Mighty' - How to Market Your Small Firm</title><description>Big firms seem to have a marketing advantage - big budgets, unlimited resources, and international reputations.  Their marketing departments are full of specialized marketing and business-development professionals churning out tailored new-business proposals produced by full-time in-house designers. </description><pubDate>Wed, 26 Sep 2012 00:00:00 +0100</pubDate><a10:updated>2012-09-26T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ Big firms seem to have a marketing advantage - big budgets, unlimited resources, and international reputations.  Their marketing departments are full of specialized marketing and business-development professionals churning out tailored new-business proposals produced by full-time in-house designers.  In a battle of resources, small firms always lose.
So how can smaller firms market themselves?What if you're not the biggest firm? Or not big at all?  What can small firms or boutiques use as their strategy, differentiator, or message? How can they compete against the large firms?
There can be a stigma associated with smaller size, a perception that the larger firm is invariably the better firm. Executives often think that bigger is better.  The large firms have long been reputed to be more skilled, having the smarter lawyers.  They paid more in salaries, offered more specialties, and recruited from the top law schools.  If you're the biggest firm, use that trait to your advantage. 
Over time, for many legitimate reasons (e.g. lifestyle, autonomy, conflicts, culture), high-quality smaller firms evolved. They were smaller by choice. They offered an alternative for companies that didn’t want or need to hire a costly large firm.
The problem many small firms have isn't the quality of theirskills, but the quality of theirmarketing. With fewer dollars to spznd, they often get sub-standard marketing that conveyed a low-quality message. That's a huge mistake.  As I always say, “If you’re the smaller firm, you have less margin for error. You have more to prove, you have to do all the little things well, particularly in your marketing.”
An ugly website won't hurt Skadden Arps or Clifford Chance.It won't harm their reputation or prevent their lawyers from getting hired. They're Skadden - their skills aren't in question. But when you’re the smaller or less-well-known firm, you have to look at least as good as the big firms. Frankly, I think you need to look better.

This leads us to one of our favorite campaigns, Novack and Macey’s “Small but Mighty.” A small, high-end litigation boutique, they’re a big-firm spin-off that has chosen to stay small. But they successfully beat up on many big firms in court, when they’re not genially co-counseling clients with them.
Many small firms are insecure.We've often heard small-firm clients insist “Don’t say we’re small!” As though if we didn't admit it, no one would notice. You're SMALL!  Don't be embarrassed by it, OWN it. Leverage the positive attributes -- lean staffing, smaller teams, increased efficiency, more partner involvement, lower hourly rates -- there are many good messages in a small size. 
Novack and Macey likes being small.They were completely confident in the high quality of their skills. They were led by two of Chicago's top trial lawyers and had chosen to be small, it was their foundational strategy and business model. We selected "Small but Mighty" as the tag line, and illustrated it with things from nature that were disproportionately powerful for their size.  Nature's crazy - we identified a lot of other powerful examples.
The first one's above, a Tepin pepper. It's tiny, the size of a pea, but it's possibly the world’s hottest pepper. It's a nice metaphor for Novack and Macey's trial lawyers. Small, but extremely powerful. When we were hired to develop the branding campaign, they had just finished a brand-new website with a different company, so we simply redesigned the existing home page to add this campaign (above).
 
In an ideal world we'd have developed a new website around the new campaign.  But realistically, it wasn't worth starting over; this was a simple and cost-effective solution.
With a strong campaign, we worked with their terrific Marketing Committee Partner to develop a variety of additional tools, including, e.g. buying wild Tepin peppers from Mexico and private-labeling them, sending out 2500 packets to the firm's contacts, with a spicy salsa recipe and all the necessary "Don't touch your eyes!" hazard warnings. A fun and effective giveaway, many years later these are still sitting on executive credenzas all over Chicago.
 
For the launch party, a brave partner and marketing committee member agreed to EAT one of the hot peppers, to help generate a front-page story in the Chicago Daily Law Bulletin.
If you know what the media is looking for, it’s pretty easy to create an event that they’ll write about. And if it’s a legal publication, we can usually shoot a sufficiently interesting photo that they’ll put it on the cover -- it’s better than the boring group shots of lawyers in suits holding a plaque that they usually have.
With this theme, we identified plenty of other visuals, which we explored throughout the campaign. Additional examples are shown below.
Ross Fishman, J.D.The CEO of Fishman Marketing, which creates differentiation campaigns and websites help law firms dominate their markets, and generating revenue.  Fishman Marketing has designed over 100 campaigns for law and accounting firms worldwide, and taught over 10,000 lawyers, accountants, and professional-services marketers from Istanbul to Iceland how to generate new business.
A former litigator, marketing director, and marketing partner, Ross has written more than 250 articles and received dozens of marketing awards, including the Legal Marketing Association's "Best of Show" grand prize five times. A Fellow of the College of Law Practice Management, Ross was the first marketer inducted into the LMA's Hall of Fame. 
Ross FishmanFishman Marketing, Inc.ross@fishmanmarketing.com+1.847.432.3546Web:FishmanMarketing.comBlog:FishmanMarketing.com/blog-page/
 



 ]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/9/building-a-%E2%80%9Ccool%E2%80%9D-culture-by-jennifer-wilson/</guid><link>http://www.msiglobal.org/news/2012/9/building-a-%E2%80%9Ccool%E2%80%9D-culture-by-jennifer-wilson/</link><category>pm</category><category>smarter practices</category><category>wilson</category><category>ConvergenceCoaching</category><title>Building a “Cool” Culture</title><description>Your firm’s best and brightest young leaders always have career options. That’s why it’s important to create a cool firm culture where your firm becomes a place where team members can envision building their careers.
Your firm’s culture is the essence of its being and the way it feels to be a part of</description><pubDate>Tue, 25 Sep 2012 00:00:00 +0100</pubDate><a10:updated>2012-09-25T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ Your firm’s best and brightest young leaders always have career options. That’s why it’s important to create a cool firm culture where your firm becomes a place where team members can envision building their careers.
Your firm’s culture is the essence of its being and the way it feels to be a part of your team. Your culture is multi-faceted and complex and includes both positive and not-so-great attributes of your firm, too. In this article, we’ll explore the six most impactful elements of firm culture: 

Firm leadership. Your firm’s culture is most influenced by the values, beliefs and behaviors of your partners or shareholders.  Your leadership team models the “do’s” and “don’ts” of client and team member management and the behavior of their clients and team members reflect these influences. The beliefs and values your leaders exhibit by their actions either attract or repel others.  When your firm publishes core values, a code of conduct or other guiding principles, it is critical that your leaders’ behavior reflects these promises consistently. When firm leaders behave in ways outside of agreed-upon norms and values, your firm must add the word “hypocrisy” to its cultural description. 
Firm organization and governance. The way your leadership team makes decisions, the clarity people have about their roles in the firm, the degree of empowerment your people feel in their positions and the political under-currents that surround the way things get done all impact your culture. For many firms, the organizational and governance structures are not well defined or communicated, so confusion, bottlenecks and bureaucracy can ensue. To ensure organization and governance positively affect your culture, begin by mapping your decision-making processes at the firm-wide level and then the service line or departmental level and identify any uncertainties that exist. Then, work to develop very clear role descriptions, complete with duties, responsibilities and decision-making authority for each person in your firm. 
Firm processes, policies and work flow. The degree of ease with which things flow through your firm, the level of organization you have in place and how it feels to get things done – whether supportive and smooth or filled with struggle -- all contribute to your firm’s culture. Your processes and work flow can vary significantly between service lines, departments and/or offices, and variances affect your culture. Work to align your processes and work flow so they reflect your intended values, beliefs, and your organizational and decision-making norms. 
Firm communication. Your firm’s communication structures, processes and the style, tone and mode all shape your culture. The degree of transparency and openness you exhibit and the formality of your communication impact the “feel” of your firm. Communication can be the most challenging cultural element because it takes so many forms and is occurring in such volume, with such speed, by so many that it is almost impossible to truly manage. Instead, teach communication strategies to your key leaders and managers so that they contemplate their intention, key message(s), stakeholders and their concerns and how all of these relate to the firm’s values and beliefs before they execute their communications, which will lead to much better results. 
Formal firm stories. There are both formal and informal stories told in your firm. The formal stories include your firm’s history, the story of its evolution, your vision for the future, your tag line and rallying messages, competitive positioning and differentiation, your stories of successes and failures, the stories told to new employees in orientation and training and more. These stories are fairly easy to manage, because they are typically “published” by firm leaders or administrators. It is important to ensure that these formal stories reflect your values and beliefs and strike the right tone and degree of openness that will be attractive to young up-and-comers. 
Informal firm stories. Your firm’s informal stories are those told in smaller groups and in one-on-one conversations. They are difficult to gauge and manage, but they reflect your firm’s culture more than any other attribute. The heroes and villains they portray and the degree of hope and positivity that story tellers convey tell so much about what it feels like to work at your firm. Most firm leaders are not privy to many informal stories – they stop when you walk in the room – but you can gain insight into the main themes with a well-executed employee survey.

If you want to develop a culture of cool, take an inventory of your firm in these six areas.  And, if you most want to shape your firm’s culture, evaluate these and other cultural elements by surveying those most affected by them – your people and your clients. To maximize your insight, include a few open-ended questions, allow the input to be offered anonymously and consider using a third-party assessor. Based on the data you gather, you’ll identify positive elements of your firm’s culture you’ll want to promote and preserve, and negative elements that should be addressed.
Don’t underestimate the power of culture and its effect on your success.  Begin cultivating a culture of cool today! 
Jennifer Wilson is a partner and co-founder of ConvergenceCoaching, LLC, a leadership and marketing consulting and coaching firm that helps leaders achieve success. She will be sharing some specific actions you can take to develop a culture of cool at MSI’s International Conference in Santa Monica next month. To learn more about the company and its services at: www.convergencecoaching.com.  ]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/6/david-turner-10-tips-using-trust-to-grow-your-business/</guid><link>http://www.msiglobal.org/news/2012/6/david-turner-10-tips-using-trust-to-grow-your-business/</link><category>pm</category><category>turner</category><title>10 Tips on Using Trust to Grow Your Business </title><description>David Turner, director of Questas Consulting and a recent speaker at the EMEA Regional Meeting in Lisbon, provides 10 tips on the importance of building trust in growing your business. 
1. Deliver as promisedNever make promises that you know you cannot deliver on. Strive for excellence in the way you</description><pubDate>Wed, 13 Jun 2012 00:00:00 +0100</pubDate><a10:updated>2012-06-13T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ David Turner, director of Questas Consulting and a recent speaker at the EMEA Regional Meeting in Lisbon, provides 10 tips on the importance of building trust in growing your business. 
1. Deliver as promisedNever make promises that you know you cannot deliver on. Strive for excellence in the way you plan and execute the project. Understand the client’s expectation about how you and your team will communicate with them and adapt the way you communicate to suit all key contacts.
2. Communicate internallyMake sure everyone in the firm understands the promises that have been made and the role they play in ensuring the firm delivers what the client expects.   
3. Manage your client’s experienceThe client’s perception of doing business with your firm is the cumulative result of hundreds of ‘moments of truth’. Moments of truth are touch points with your firm that are opportunities for an ‘ouch’ or ‘wow’ experience. Ensure that the number of ‘wow’ moments far outnumber the ‘ouch’ and treat everyone as if they were the decision maker.  
4. Understand the strength of your client relationshipsDevelop objective criteria and metrics to measure the strength of your firms’ relationship with key clients. Score the relationship to arrive a ‘loyalty quotient’ and identify potential risks and opportunities to improve.
5. Really understand your key clientsUnderstand your client’s world, their critical success factors and what motivates them. Demonstrate genuine interest by asking questions about horizon issues and not just the current project you might be working on. 
6. Build great relationships by providing valuable contentShare through all your marketing channels content that is of real value, which is useful and timely. Have an abundance attitude; sharing articles, research, white papers, reports and thought leadership freely and willingly. Today the differentiator is notifyou provide valuable content but howgoodyour content is.  
7. Think like a client to identify what content your clients will value Clients want to know you understand their world. Understand their critical success factors and the issues affecting their sector or business and you will learn what content to develop that will be useful to them. Only very rarely will this be anything that talks about how good your firm is! 
8. Build a network on line and off line Be seen in the same places your clients and potential clients network both face to face and using social media. Social media has become a vital business tool and has real power to help you build trusting relationships. Be helpful to people in your network and share valuable content with them.    
9. Put Principled Selling into business developmentSelling can be the most natural and comfortable business development activity if done ethically and with integrity. Be authentic and demonstrate a genuine interest in your clients world by asking questions (about what interests them) and listening - really listening.
10. Support and develop professional staffMost professionals did not qualify hoping to get involved in marketing and selling. The real world means they need to be involved in attracting new clients. Provide continual support and development not a one off ‘sheep dip’ workshop in the hope that this will be enough to make them into ‘rainmakers’ - it won’t!   
David Turner MCIM FIfL DMS(Ed) has over 30 years experience working with top organisations at the senior level. His diverse experience covers civil and oil engineering, creative industries and post-16 education. He is an educational consultant and a director of Questas Consulting Ltd helping organisations develop skills and practices for profitable growth.  ]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/6/heather-townsend-to-tweet-or-not-to-tweet,-that-is-the-question/</guid><link>http://www.msiglobal.org/news/2012/6/heather-townsend-to-tweet-or-not-to-tweet,-that-is-the-question/</link><category>pm</category><category>townsend</category><title>To Tweet or Not to Tweet, That is the Question</title><description>To tweet or not to tweet, that is the question? With apologies to Shakespeare, that is the question, which many accountants and lawyers are pondering. Is Twitter a waste of time or a serious business marketing tool? In my opinion, and the managing partner’s opinion, whom I was lunching with recently,</description><pubDate>Wed, 13 Jun 2012 00:00:00 +0100</pubDate><a10:updated>2012-06-13T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ To tweet or not to tweet, that is the question? With apologies to Shakespeare, that is the question, which many accountants and lawyers are pondering. Is Twitter a waste of time or a serious business marketing tool? In my opinion, and the managing partner’s opinion, whom I was lunching with recently, the answer is well and truly yes. As my companion put it, her fellow partners tended to be less scathing and far more interested in using twitter after she won a £100k piece of business using it.  That’s a sizeable piece of business for any firm… 
So, what are the secrets to winning referrals via twitter:
1. Use it as a keeping in touch toolTwitter is a great networking tool, and makes it easy to keep in regular contact with your network – without seeming too forward or pushy. Use the list functionality within twitter to group together your prospects, members of MSI Global Alliance, introducers and current clients. Then discipline yourself to check the tweets on this list, and have a chat with people on the list every day.
2. Integrate twitter into your every day business routineCast your mind back 25 years, when email was starting to become a business tool. If you can remember that far back, I bet you were wondering how you would fit checking and writing emails into your daily working routine. Now, you just do it… right? Well, it’s the same with Twitter, make checking and tweeting part of your every day routine. So, when you check your emails, check your tweets. 
3. Know why you (and others in your firm) are on twitterUsing Twitter in a vacuum is just the same as going to a face-to-face networking event and wondering why you bothered to turn up in the first place. Before you embrace the full delights of twitter, take some time to consider the answers to the following questions:

Who do you want to meet and communicate with on twitter?
How will this help you generate and convert more of your leads?
What type of content will you regularly share to help attract the right kind of followers to you?

4. Treat twitter as an extension of your face-to-face networking activitiesThe same etiquette, which you would use for face-to-face networking, exists on line. Spend the time to get to know people before you suggest a phone call to get to know them better. Don’t be tempted to ‘sell’ your services via twitter.  
5. Engage with other people on TwitterYou can delegate tweeting your content, e.g. links to articles or your blog, tips - but for maximum impact you can’t delegate or schedule the engagement with your followers. I.e. the conversations you have with them. So, take a deep breathe and take the initiative and find people to follow and talk too.
Author Credit: Heather Townsend, (Twitter ID: @Heathertowns) helps professionals and firms become the go-to-expert. She is the award winning author of the UK’s current best selling book on business networking, ‘The Financial Times Guide To Business Networking’. She regularly blogs on how professional service firms can win more business via referrals at Partnership Potential and Joined Up Networking. Her next book, How to make partner and still have a life is due to be published in November 2012.]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/6/ingenuity-cross-selling-is-an-internal-sell-first/</guid><link>http://www.msiglobal.org/news/2012/6/ingenuity-cross-selling-is-an-internal-sell-first/</link><category>pm</category><category>Ingenuity</category><category>Wagenaar</category><title>Cross Selling is an Internal Sell First</title><description>The failed programs were often too much about selling and not enough about service. But that’s not the only way to look at this business development tactic differently.
The more services that clients buy from you, the more loyalty you build with them. If you think about your services as solutions to</description><pubDate>Tue, 12 Jun 2012 00:00:00 +0100</pubDate><a10:updated>2012-06-12T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ The failed programs were often too much about selling and not enough about service. But that’s not the only way to look at this business development tactic differently.
The more services that clients buy from you, the more loyalty you build with them. If you think about your services as solutions to client problems, it’s much easier to suggest additional services that may help them. Clients would rather buy from you than have to qualify - and trust - yet another service provider. Which opportunities are you missing to get that business?
If you are missing opportunities, here’s why:
Clients don’t know what you do beyond the service they use. When receiving formal client feedback through third-party interviews, firm leaders are most surprised to learn that clients don’t realize the full scope of services available to them — especially the ones who have been with your firm for years.
Professionals don’t know how to - or won’t - sell their colleagues’ services. Whole firm business development trumps solo business development every time. One or two rainmakers can’t hold up an entire firm anymore.
Professionals share successes from the firm’s perspective and not the client’s pain. Instead of telling stories about your firm’s latest project or win, talk about how you solved a client’s problem or concern. It’s more likely to pique client interest if the story mirrors their needs.
Firms aren’t using their online presence to full advantage. Websites can share news and information important to clients at their convenience, but most professionals admit to only targeting prospects with their website. They assume that clients will just call them.
As you can see, successful cross-selling requires an internal sales process first. One idea is to create internal service spotlight cheat sheets for the staff to use. Put together a synopsis of the service, how it benefits the clients, the team members involved and five questions to ask to identify a need. Even better, have the service team leader come into a staff or department meeting and talk about a success story.  
On that note, staff also needs to understand each client. As firms grow larger, client knowledge is often scattered and diluted. Client highlighter meetings can get everyone on the same page to understand cross-selling opportunities. The professional with the primary relationship should facilitate this conversation by talking about one “A” client and the current services provided. Leaders from other departments and teams should ask questions. One tip: do some research on your client prior to the meeting. Do a Google search of your client and the relevant industry to facilitate more discussion.
Use agendas at client meetings. Be specific about what you want to address with the client. Instead of merely asking, “How’s business?” or “Is there anything we can do for you?” an agenda keeps you focused. For example, post-project meetings should go beyond questions of client satisfaction and discuss next steps for the client’s relationship with your firm. Be ready with suggestions based on what you learned from the last project or case. Keep the meetings short and focused to respect your client’s time.
Another way to spark discussions about additional services is a client service checklist. These can be filled out when the client service manager/partner in charge of the client has a few minutes to review the file and think about the client. The checklist should include questions that relate to the firm’s various services. For example, a law firm could list each practice area and ask questions such as: “Has the client in the last six months mentioned a difficult employee? Or “Were there any complexities to the client’s last leasing arrangement?”
Bring high potential team members with you to client meetings. Team members who have shown promise on your team but haven’t worked directly with a client may notice details during the meeting that the lead partner could miss due to familiarity. It is particularly helpful during a strategy session to include team members with specific technical expertise who can identify new service opportunities. For example, invite an accountant who works in employee benefits along for a general tax planning appointment. Plan a few questions for the team member to ask, and let the client know that you are bringing the team member along to provide additional guidance. Promo the time because your goal is to introduce the client to your team member. Have the team member make a few, value-added recommendations in order to initiate a conversation with the client about additional service solutions.
The final tip I can give you is - follow up! The biggest failure of cross selling is lack of communication after initially introducing a service offering to existing clients. You won’t get much traction if you simply assume that clients will visit your website, read your newsletter and call you when they need help. If you assume that, you should also assume that they’re thinking of shopping for another service provider.
Dawn Wagenaar is COO of Ingenuity Marketing Group, which provides the strategic InGenius GrowING™ program to support accountants and attorneys on growth strategies such as cross-selling techniques. Contact her at 651-690-3358 or dawn@ingenuitymarketing.com]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/6/xcentric-article-considering-the-cloud/</guid><link>http://www.msiglobal.org/news/2012/6/xcentric-article-considering-the-cloud/</link><category>Xcentric</category><category>pm</category><category>keely</category><title>Considering the Cloud? Adopting the Cloud is an Emerging Challenge in the CPA Profession</title><description>Asking the right questions about how the Cloud affects the variety of stakeholders at your firm or the bottom line is an important exercise for your firm to take part in so you can reduce the amount of unknowns. That said, this article is designed to help you get a start on your analysis.
Cost of the</description><pubDate>Tue, 12 Jun 2012 00:00:00 +0100</pubDate><a10:updated>2012-06-12T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ Asking the right questions about how the Cloud affects the variety of stakeholders at your firm or the bottom line is an important exercise for your firm to take part in so you can reduce the amount of unknowns. That said, this article is designed to help you get a start on your analysis.
Cost of the Cloud
The fact is you have a limited amount of resources— time, money, people, equipment— and the way you allocate these resources speaks to your priorities as a firm. In addition, understanding the true cost of IT is no easy endeavor, thus many firms, given their resources, are unable to consider the full picture.
The opportunity cost of Cloud adoption may be that you decide to free your IT staff from doing updates and place them on more strategic initiatives instead; or enabling your auditors who work in the field to access their applications wherever there is an internet connection; or no longer being in the business of owning servers; the list goes on. Keep in mind that the cost of adopting the Cloud is also the cost of not adopting the Cloud.
Questions Related to Cost:

How is budget/cash flow impacted by an operational IT budget expense versus a capital expenditure based budget?
What is the cost of an on-premise implementation versus a Cloud implementation?
How does moving to the Cloud impact your spend on disaster recovery?
What is the total technology spend per FTE annually over 3 years? How will the Cloud impact this? Include: all software, IT staff salaries, 3rd party consulting spend, DR, etc.
How much time are partners and staff spending on technology administration? How will the Cloud impact this? Include: software updates, vendor management time, planning, committee meetings, issue resolution, etc.
How does each scenario scale and how does that impact cost accordingly?
What’s your current internet bill? How is that impacted in the Cloud? (link to blog with thoughts on internet)

Organizational Change in the Cloud
Changing how and in what capacity people work across an organization is not easy. Is the culture of your firm prepared to adapt to the Cloud?
Questions Related to Organization Change:

What is the firm’s view of remote workers and/or working from home? (the Cloud will require the firm to address this policy)
How will the Cloud impact your other locations?
What routine tasks will be impacted by the Cloud? Will certain aspects create more or less work for individuals?
How will your employees be trained on the new platform?
How will being in the Cloud impact how you do audits? What does connectivity in the field look like?
Would overall system performance be improved in the Cloud?
What impact (if any) does the Cloud have on your phone system?

Stakeholder Impact in the Cloud
The Cloud affects your organization at all levels but perhaps none more so than the partners given the P&amp;L factor.
Questions for Stakeholders/Partners:

How will the Cloud impact your staffing levels?
Will the Cloud impact your peace of mind?
Does this fit your business objectives over the next 5-10 years?
Does the Cloud vendor know your business model and core applications? 
How will this make you more money?

Roy Keely is the VP of Market Strategy at Xcentric, which specializes in Cloud Com­puting and IT consulting for CPA firms.  He offers a broad range of experience in marketing, sales and consulting and is passionate about technology, productivity and market strategy. Roy is a native Texan and graduated from the University of Houston with a degree in marketing. He can be reached at info@xcentric.com or 678.297.0066 x 525.]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/6/ross-fishman-i-have-a-linkedin-account-but-i-don%E2%80%99t-know-where-it-is/</guid><link>http://www.msiglobal.org/news/2012/6/ross-fishman-i-have-a-linkedin-account-but-i-don%E2%80%99t-know-where-it-is/</link><category>pm</category><category>LinkedIn</category><category>Fishman</category><title>Professionals are Struggling with How Social Media Works &amp; Questioning "Do I Need It?"</title><description>The bulk of the recent queries seem to involve LinkedIn. There’s a lot of conversation in the market about this, but not a lot of real information.People who don't understand it proclaim that they don't need it.
 
When Social Media was just gaining steam, there were a variety of marketing consultants</description><pubDate>Mon, 11 Jun 2012 00:00:00 +0100</pubDate><a10:updated>2012-06-11T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ The bulk of the recent queries seem to involve LinkedIn. There’s a lot of conversation in the market about this, but not a lot of real information.People who don't understand it proclaim that they don't need it.
 
When Social Media was just gaining steam, there were a variety of marketing consultants who were suggesting that everyone needed a LinkedIn profile. Many suggested to the in-house marketers that it was easier to just set up the profiles for them, instead of teaching everyone how to do it themselves.Unfortunately, this yielded the predictable result - a lot of empty profiles with no information.  Some may argue that it’s better to have an empty profile than no profile at all. This might be a subject of legitimate debate, but I think that in a 21st-century economy, you can’t completely ignore technology. If you’re going to ignore it, I think it’s better to look like you’re (1) too busy to need it than rather than (2) too ineffectual to use it correctly.
Yes, it’s a significant time commitment to do it very well, and at this moment, most general lawyers shouldn’t rely on it to develop business - although some should (more on that some other time). But here's something everyone should do. Go to LinkedIn.com. In the box, search for your name. See what shows up.  Act like a prospect who is looking for more info about you. Click on your name. What shows up? Are you proud of it?  (For example, searching "ross fishman" shows six results, and I'm the only one with a photo.)Does it showcase you as a high-quality professional? Or do you have an empty shell with “1 connection.” That is, “1 [pathetic] connection.” That’s the free one you get for doing basically nothing.
Filling out a basic profile is something you can do over lunch. At bare minimum, paste your biography into the narrative section. Include your photo and contact information.  You want to make it easy for prospects worldwide to find you, so help them.  LinkedIn is particularly relevant for MSI members and accountants and lawyers in international firms. Today, I would suggest that EVERY MSI professional, particularly those in smaller markets, should have a strategically conceived and well-written LinkedIn profile.  Take the time to fill it out thoroughly.  Ensure that you include both your city and country in the biographical narrative, for Google and other search engine purposes. 
Send some invitations to increase the number of your connections. Join a couple groups, click on the Members tab, see who you know, then invite them too.  It's an easy way to find lots of people you know who are already on LinkedIn.
Start by joining the MSI group, and immediately invite EVERY MSI member to connect with you, to bulk up your connections and stay in touch. Join the group’s conversation.  (Frankly, I think this should be a requirement for membership, but that’s just me.)
In your biography, be sure to add the practice areas and industries in which you work,with specificity- not just “litigation” or “audits,” but the narrow types of cases you handle and the names of the contracts you draft.  The more specific and detailed you are the better.  Include honors and awards, identify the articles you’ve written, the speeches you’ve presented, the MSI events you’ve attended, and committees you’ve joined. Connect with me; I’ll connect back, and all of this will improve your own search-engine optimization.
Even if your firm’s website is not especially visible or well written, your LinkedIn profile can be.  For example, when working with a 200-lawyer Brazilian full-service firm regarding its US-based SEO for Brazilian tax work, we helped move one of their lawyers to the very top of the Google rankings for the popular “sao paulo tax law” search, above 21 million other results (see below).
 
LinkedIn is a very efficient and powerful online-marketing tool, and you can control the style and content, unlike your firm’s website biography, which usually is shorter and follows the firm’s “standard” form.  Use it strategically and aggressively.
It’s actually not that hard; ask your marketing department for help. If you don’t have a marketing department, or don't want to ask them, contact me directly and I’ll walk you through it - it’d be my way of saying “thanks for reading.”
For more marketing ideas, visit our new FishmanMarketing.com website. Click on “Case Studies” to review 65 detailed examples of a wide variety of common professional-services firm marketing challenges, with the supporting visuals, including how to market a firm, practice, industry, office, boutique, international, etc. You can sort the results by the type of marketing issue you’re facing and see some relevant examples. 
Ross Fishman is CEO of Fishman Marketing, Inc., specializing in helping professional-services firms improve their marketing, including websites, brand and positioning, SEO, and social and online marketing, and advertising.  You may remember him from his Creative Marketing presentation in London. He will be presenting again at our upcoming Santa Monica conference.  
EMAIL: ross@fishmanmarketing.com  +1.847.432.3546 WEB: www.FishmanMarketing.com  BLOG: www.rossfishman.com  
 
﻿]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/2/twitter-is-not-just-for-pop-singers-or-hollywood-stars/</guid><link>http://www.msiglobal.org/news/2012/2/twitter-is-not-just-for-pop-singers-or-hollywood-stars/</link><category>global</category><category>pm</category><category>social media</category><category>Loerzel</category><category>twitter</category><category>convergence</category><title>Twitter is Not Just for Pop Singers or Hollywood Stars</title><description>In this article, Tamera Loerzel of Convergence Coaching shares three business benefits that you can realize by engaging on Twitter - and they don't take a lot of time either:

Accessing news and information - Twitter is a free platform that provides access to a broad variety of industry associations</description><pubDate>Wed, 15 Feb 2012 00:00:00 Z</pubDate><a10:updated>2012-02-15T00:00:00Z</a10:updated><a10:content type="xhtml"><![CDATA[ In this article, Tamera Loerzel of Convergence Coaching shares three business benefits that you can realize by engaging on Twitter - and they don't take a lot of time either:

Accessing news and information - Twitter is a free platform that provides access to a broad variety of industry associations and publications.  You can access up-to-the-minute news by simply creating a Twitter account and "following" another person's or organization's Twitter posts, called "tweets."   If you have not begun your foray into the Twitter, this is a great place to start.   You can subscribe to publications that you may already receive in print; giving you an opportunity to access news that you will have already read by the time the paper version hits your desk.  
Connecting with those of interest (that you might not otherwise reach) - Twitter allows you to find leaders and people of influence in your profession and outside of your profession that you may not have access to through your normal sphere of influence.  By following others, you'll gain new ideas, learn best practices, and find points of collaboration, too - with no geographic or time barriers.  When you create your Twitter account, think about and define your key focus areas to help you find those that have a similar focus and let others find you, too, so you can begin to build your following.   
Becoming a thought leader - Consider using Twitter to position yourself or your firm as a thought leader in a particular industry, technical subject, or another area of specialty.  Building a loyal following requires patience and consistency over time. Begin posting valuable content - in a succinct fashion given that your tweets are limited to 140 characters - in your identified area(s).  Your Twitter followers will appreciate having access to valuable content, such as articles, tips or strategies, and links to information, and as they share your tweets with their followers ("retweeting" your posts), others will begin to follow you, increasing your potential to become a "rock star" in your area of expertise and build a following of thousands of people that you can communicate with anytime, anywhere and instantaneously - for free.

If you've been wondering what the Twitter buzz is all about, get started today by creating your profile, start following a few people, associations, news sources or companies and "listen" to what is being said on Twitter.  If you want to expand your Twitter reach, begin posting valuable content in your area of specialty at least three times a week, working towards daily posts, and increase your followers by following others, investing approximately fifteen minutes a day. You'll be surprised at how easy it is to connect with others and the impact you can have on this fun social media platform!
Tamera Loerzel is partner of ConvergenceCoaching, LLC, a leadership and marketing consulting and coaching firm that specializes in helping leaders achieve success. Follow her on Twitter @tameraloerzel and learn more about the company and its services at www.convergencecoaching.com]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/2/growth-through-accountability/</guid><link>http://www.msiglobal.org/news/2012/2/growth-through-accountability/</link><category>pm</category><category>bildstein</category><category>sales</category><category>cpa</category><category>accountability</category><category>whetstone</category><title>Growth through Accountability: It’s not Magic. It’s Metrics</title><description>
Many firms set an annual revenue goal, measure total
revenue vs. the goal regularly, but once the goal is established
they wait and hope for favorable results. And while most offer some
form of reward to individuals who bring in new clients, there are
risks to this minimal approach to measurement</description><pubDate>Fri, 10 Feb 2012 00:00:00 Z</pubDate><a10:updated>2012-02-10T00:00:00Z</a10:updated><a10:content type="xhtml"><![CDATA[ 
Many firms set an annual revenue goal, measure total
revenue vs. the goal regularly, but once the goal is established
they wait and hope for favorable results. And while most offer some
form of reward to individuals who bring in new clients, there are
risks to this minimal approach to measurement and accountability.
Setting one simple revenue goal for the entire firm may not give
individuals a sense of responsibility for reaching the goal-despite
the rewards offered. These individuals will be lulled into the
feeling that the goal will easily be reached and others will take
care of it.

Firms lacking accountability for business
development often exhibit the same symptoms. They may build great
marketing plans that never get implemented. They may have
individual partners experiencing little or no growth in their
personal books of business. The firm overall may experience less
than desired growth rates. Without accountability, business
development activity in a professional services firm is sporadic
and results are unpredictable.

So how do you start building a culture of
accountability if it hasn't been there historically in your
firm?

Keep it Simple
It isn't as hard as you might think.
&nbsp;Four simple metrics - and how you apply them - can begin the
process:

1.&nbsp;Annually - set the right growth
goal, determine what it will really take to reach the goal and
whether that's feasible, and determine where your growth will come
from.

2. Semi-annually - measure your billing
results using the same parameters you did in setting your goal to
determine if you need to step it up half way through the year and
how to set your goal going forward at year-end.

3. Quarterly - review the referrals
given and received by your firm for each referral source to assess
whether you're networking with the right people and effectively
implementing this valuable lead generation
tactic.

4. Monthly - analyze your sales
pipeline to determine if you are generating enough leads and
working opportunities to move them through the sales
cycle.

Once these metrics are in place it's how you use
them that will determine your success. Don't just produce the
reports; hold regular business development meetings with all who
have responsibility for growth. Ask them to report status of
results and activity. Offer to help those who have fallen behind
and recommit to implementation. Then, watch as eventually
accountability starts to work its magic. Activities are implemented
when people said they would be. Your people commit to building
their skills so they can be more effective, and growth results will
follow.

The Whetstone Group is a growth
consulting firm that helps professional service firms meet their
business development goals. Since its inception in 2000 Whetstone
has helped hundreds of firms nationwide establish and use tracking
and reporting mechanisms to help foster accountability in their
firms. For a copy of their free accountability tool, contact
info@thewhetstonegroup.com. For more information, visit www.thewhetstonegroup.com
.
]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/2/ingenuity-marketing-business-development-differences/</guid><link>http://www.msiglobal.org/news/2012/2/ingenuity-marketing-business-development-differences/</link><category>pm</category><category>Growth</category><category>Ingenuity</category><title>Ingenuity Marketing Explain the Difference Between Marketing and Business Development</title><description>
"Maggie just isn't working out. She does a great job on the
newsletter, but we're not getting any business."

The opposite can also occur when a salesperson suddenly has
marketing added to his or her job expectations. We hear: "We need
to place an ad. Tell Sam the sales guy to do that for us."

There</description><pubDate>Fri, 10 Feb 2012 00:00:00 Z</pubDate><a10:updated>2012-02-10T00:00:00Z</a10:updated><a10:content type="xhtml"><![CDATA[ 
"Maggie just isn't working out. She does a great job on the
newsletter, but we're not getting any business."

The opposite can also occur when a salesperson suddenly has
marketing added to his or her job expectations. We hear: "We need
to place an ad. Tell Sam the sales guy to do that for us."

There are certainly professionals who handle both roles in a
firm - and handle it well - but it can't be assumed that the skills
and strengths for business development and marketing are
interchangeable. Plus, the goals for marketing and business
development can be different even if the end result is new clients.
Let me try to clear this up for you.

Q: Is marketing the same as business development?&nbsp;
A: No, each requires different skills and strengths.

Q: Is marketing the same as public relations?&nbsp;
A: No, but they are close cousins.

Q: Should we focus on business development or sales?&nbsp;
A: Both.

In an ideal world, your firm's marketing, business development
and media strategy are integrated - sharing the same messages that
lead to…yes, SALES. But achieving that ideal world won't happen if
just one person is left holding all the hats. It requires effort
from the entire firm. Just to get things rolling, you may even need
an outside perspective.

Rather than fire or hire another marketing sales media business
development web assistant director manager, let's clear up the
confusion further.

Marketing is…&nbsp;

• your promise to the market, crystal clear

• your key differences, tested and validated

• your market position, solidly established

• your ideal clients, qualified and loyal

These four things come into being when marketing is done well.
Marketing is not just about logos, ads, newsletters and holiday
cards. If you think it's about doing stuff, you'll end up with a
lot of scattered ideas and confused [or bored] prospects. If
everyone in the firm is going off in their own directions with
marketing tactics, you waste time and money for very little
return.

Before we even discuss stuff, we need to find out why clients
should be loyal, what sets your firm apart and what you can
promise. It might seem easier to work on a new firm brochure, but
then it won't really be marketing. It will be stuff, and you won't
be certain that your stuff is much different from the other guy's
stuff.

According to strategic growth consultants L. Harris Partners
(www.lharrispartners.com), professional service firms with a
well-defined market position garner a higher premium fee per
partner and manager than firms that compete mainly on price. These
firms have clearly defined the value they deliver - and their ideal
client base - and they share those marketing messages consistently
in their marketing "stuff."

Business Development is…&nbsp;

• your consistent focus on generating leads

• qualifying leads as good potential clients

• your consistent focus on nurturing prospects

• converting prospects to clients

Once you know who you really are and what you stand for (through
marketing strategy), then you go out and gather the people who want
what you've got. You take your criteria for ideal clients and match
it with the leads you encounter through business development tatics
like trade shows, networking, social media and referrals.

You identify their pain. Then you share your market promise and
key differences either in person or through your marketing stuff
(brochures, newsletters, sell sheets, website content,
seminars).

Because sales cycles are longer these days, you need to keep
nurturing those qualified prospects with additional touches (see
Rachel's article on 14 touches, next page). Keep your marketing
messages consistent, share stories of similar clients who have
benefited from your service, develop relationships with others who
will refer business. A lead nurturing software solution can assist
in tracking the progress of your efforts and keep everyone informed
on whether a prospect is just warm or is ready to buy.

Now that you see how marketing differs from business
development, but is instead the foundation upon which you pursue
stronger business development, let's add another layer.

Public Relations is…&nbsp;

• media strategy, planned well

• your firm's visibility, magnified

• your thought leadership, shared

• your credibility and integrity, enhanced

Public relations is a close cousin to marketing because it
requires a clear understanding of the value you bring to the market
and your ideal clients. With those established, you can create
messages and content to reach your ideal audience.

Ingenuity recently hosted a webinar about new media strategy and
how it supports your market position (go to http://bit.ly/
INGwebinar_newmedia). By sharing the thought leadership

or knowledge from your firm in various media (e.g. pitched, paid
and proactive media), you magnify your visibility, credibility and
integrity in the market.

So public relations supports marketing and business development
because it provides vehicles to share your message and expertise.
It shares your unique story.

This is important because media vehicles and search engines are
calibrated to the quality of information about companies and how
it's shared online (see article on Google Panda, page 4). Consumers
are also more selective about the type of information they'll
accept or share. To reach them, your messages have to be focused,
relevant and interesting.

And, say it isn't so, but professionals can't just be good at
their jobs. They have to build an image and reputation of greatness
- and deliver on that. That means a focus on clients as well as
marketing, business development and media strategy.

And you thought I was only speaking to marketing and sales
people. I'm talking to any professionals out there who sell what's
in their big brains. You are the marketing department. You are the
sales force. You are the spokesperson.

Get ready to share the hats - and learn what you're wearing. For
any questions about how marketing ties to business development that
ties to media strategy, contact us.
]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/2/the-business-discipline-of-practice-growth/</guid><link>http://www.msiglobal.org/news/2012/2/the-business-discipline-of-practice-growth/</link><category>pm</category><category>Crosley</category><category>Market Intelligence</category><category>Growth</category><title>Gale Crosley on The Business Discipline of Practice Growth</title><description>
Our yard was inundated with bird food-eating squirrels and
we were desperate.&amp;nbsp; So we did what desperate people do.&amp;nbsp;
We fell for a shiny advertisement promoting a highly specialized
(read "expensive") squirrel-defying bird feeder.

The squirrel spies the contraption, thinking he's
discovered</description><pubDate>Fri, 10 Feb 2012 00:00:00 Z</pubDate><a10:updated>2012-02-10T00:00:00Z</a10:updated><a10:content type="xhtml"><![CDATA[ 
Our yard was inundated with bird food-eating squirrels and
we were desperate.&nbsp; So we did what desperate people do.&nbsp;
We fell for a shiny advertisement promoting a highly specialized
(read "expensive") squirrel-defying bird feeder.

The squirrel spies the contraption, thinking he's
discovered a birdfeeder lazy Susan, which is pretty much what it
looks like.&nbsp; But in fact, climbing on it sends the
unsuspecting pest on a vertigo inducing merry-go-round ride.&nbsp;
We were promised that this does not harm the squirrel.

What it does do is send the dizzy rodent straight back to
the forest with a powerful message for its fellow squirrels:
"Dudes.&nbsp; DO NOT go foraging in the Crosley's yard.&nbsp;
Nothing good will come of it and you'll likely come away with a
monumental headache."

It struck me that this sylvan communication is a perfect
example of shared market intelligence.&nbsp; Market intelligence is
the aggregate of information about a particular market, and the
strategic use of that information to grow the firm.&nbsp; It takes
you beyond the tactical to the strategic, leading to faster
growth.

Picture a fishing pond.&nbsp; Stand at the edge and throw
a line in and you'll probably catch a fish now and again.&nbsp;
Compare that tactical approach with a more strategic method -
jumping into the center of the pond and closely studying the
dynamics of the ecosystem.&nbsp; Surrounded by so many organisms
and so much activity you're certain to figure out where in the pond
most fish reside, what they're hungry for, etc.&nbsp; And as a
result you're sure to reel more of them in.

Random Acts of Networking
When it comes to business building in CPA firms,
however, most partners have resisted that soggy jump into the
center of the pond.&nbsp; They're more comfortable with "random
acts of networking" like the traditional banker breakfasts, lawyer
lunches and chamber cocktails. This might have been good enough
when the economy was soaring, but not anymore.

So here's the deal.&nbsp; Master rainmakers have never
been content with that kind of unfocused networking.&nbsp; Super
successful partners are by nature strategic thinkers who have
figured out how to discover market intelligence by getting up close
and personal with that pond. Once discovered, they connect the
dots, leading them to a great quantity of potential buyers and
growing their understanding of buyers' interests.

Market intelligence is a result of the relentless pursuit
of information, especially through focused research calls on
prospects, competitors and others in your niche.&nbsp; You
supplement this knowledge by reading everything you can about that
industry - trade journals, magazines, electronic publications. Add
the new social media tools at your disposal. If you haven't begun
to tweet, Facebook, blog or Link In, you're missing the opportunity
of a lifetime to get in on the (nearly) ground floor of incredible
tools to learn your market from the outside in.&nbsp; From what's
on the minds of buyers to what they're reading, thinking, buying
and responding to.

Consider these hypothetical examples of how CPAs can
leverage market intelligence:
- Through contacts in the manufacturing sector you
hear about a new conference on Lean/Six Sigma strategies.&nbsp;You
realize this would be the perfect presentation forum for a
manufacturing consultant you know who specializes in Lean/Six
Sigma, and is trying to grow her base.&nbsp;Your knowledge of this
opportunity is a valuable piece of market intelligence that you
share with her. (PS - Someday she gives you a juicy nugget of
market intelligence).

- You learn through a lawyer, of growing
European interest in purchasing U.S. real estate
companies.&nbsp;After researching the situation, you use this
market intelligence to restructure several of your services into
international offerings.&nbsp; You start identifying areas of
thought leadership to help these global players and, eventually
become the go-to firm in this space.


- You discover that a publication is launching a new
benchmark in the construction industry. You convince them to
jointly sponsor it with your firm, and the firm becomes positioned
as the go-to place for benchmarking on this issue.

Listen for the Theme
The closer you get to the epicenter of your market
and the more high value market intelligence you uncover, the more
the dots start to connect. Rather than looking for a lead here or a
referral there, you're looking for the big picture to emerge.&nbsp;
It's not the individual notes of music, but the large themes they
produce that matter. The results include a better strategic
direction, a bigger pipeline and faster revenue growth.

That's when you know you're trading in the currency of
market intelligence, the strategic method to growing your
firm.

Copyright ® 2011 by Crosley+Company
Gale Crosley, CPA, was selected one
of the Most Recommended Consultants in the Inside Public Accounting
BEST OF THE BEST Annual Survey of Firms for eight consecutive
years, and one of the Top 100 Most Influential People in Accounting
by AccountingToday for six consecutive years.&nbsp; She is an
honors accounting graduate from the University of Akron, Ohio,
winner of the Simonetti Distinguished Business Alumni Award, and an
Editorial Advisor for the Journal of Accountancy.&nbsp; Gale is
founder and principal of Crosley+Company, providing revenue growth
consulting and coaching to CPA firms. She brings more than 30 years
of experience, featuring a unique combination as a practicing CPA
in two national accounting firms, along with significant experience
in business development in the cutting edge technology environment
with such firms as IBM and MCI. For more information, visit the
website at www.crosleycompany.com
or contact her at gcrosley@crosleycompany.com.
]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2012/2/leveraging-linkedin-to-develop-business/</guid><link>http://www.msiglobal.org/news/2012/2/leveraging-linkedin-to-develop-business/</link><category>pm</category><category>social media</category><category>LinkedIn</category><category>Johnson</category><title>Leveraging LinkedIn to Develop Business</title><description>
Increase Your Visibility
LinkedIn boasts a global membership of more than 135
million members. In addition to the opportunity to connect with
this staggering number of professionals and key decision makers,
your LinkedIn profile offers another benefit: Many LinkedIn
profiles are listed well above</description><pubDate>Thu, 09 Feb 2012 00:00:00 Z</pubDate><a10:updated>2012-02-09T00:00:00Z</a10:updated><a10:content type="xhtml"><![CDATA[ 
Increase Your Visibility
LinkedIn boasts a global membership of more than 135
million members. In addition to the opportunity to connect with
this staggering number of professionals and key decision makers,
your LinkedIn profile offers another benefit: Many LinkedIn
profiles are listed well above traditional websites on the first
page of search results. This increased visibility keeps you in
front of decision makers and translates into more connections,
which can be leveraged to create more opportunities for
business.

The key to success with your profile is to make it
personal. Most professionals make the mistake of cutting and
pasting their stiff corporate bio. That's the last thing you want
to do. LinkedIn is a network. People want to get to know the real
you, not your legal or marketing department's version. Draft your
profile in a manner similar to how you would speak. Give the reader
an opportunity to get to know your story.

Leverage Your Network
The most powerful feature of LinkedIn is your network.
It's the hub that powers everything else. LinkedIn's advanced
search feature gives you the ability to see who you are connected
to and exactly how. This can make building prospect lists,
preparing for prospect meetings and active business development
activities way more efficient.

The key to success here is two fold. First, you need to
have connections that are continually growing. At a bare minimum,
you will want to make sure you have listed all your academic
degrees and credentials, as well as every company you have worked
for professionally. This will tell LinkedIn where there are
possible connections so that they may suggest people to connect
with. Second, you have to be proactive. Connecting or just having a
profile won't win you the business. You have to use the information
to reach out to people.

Generate Opportunities
One of the secrets of LinkedIn is the ability to
bring together people who can share relevant, quality content
around a particular topic. They do this in two areas - "groups" and
"answers." By monitoring and participating in both areas,
professionals will find opportunities to share their knowledge
around particular topics, which can lead to opportunities for
business, speaking or writing, as well as identify direct requests
for resources.

The key to success when participating in groups is to
avoid the appearance of self-promoting. No one wants to read an
advertisement. If you share relevant and valuable information,
people will seek you out. If you are responding to a direct
request, especially one in the answer area, make sure your response
isn't generic. If, for example, the request is for an international
tax expert with experience in Germany, do not respond with, "I am a
CPA who does audit and tax." Instead, reference the specific
request, mention your experience, and then reference helpful
resources.

Sarah Johnson is the chief growth
strategist with Inovautus
Consulting, a firm that works with CPA, law and professional
service firms to help them grow more effectively. She is author of
"Practical Ideas for Growth," a blog dedicated to growing
professional firms. Her counsel and strategies have helped move
firms to the next level in their marketing and recruiting efforts.
Connect with Sarah at 773-208-7170, sjohnson@inovautus.com,
or www.linkedin.com/in/sjjohnson.&nbsp;
]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2011/9/organizing-your-firm-for-growth/</guid><link>http://www.msiglobal.org/news/2011/9/organizing-your-firm-for-growth/</link><category>pm</category><category>bildstein</category><category>whetstone</category><category>sales</category><category>culture</category><title>Organizing Your Firm for Growth</title><description>
Sales management - that is, the function of coaching,
accountability, measurement and evaluation relative to business
development-is critical in creating a growth culture for CPA firms
and law firms. One of the sales manager's (usually the Managing
Partner's) most difficult challenges in leading</description><pubDate>Fri, 23 Sep 2011 00:00:00 +0100</pubDate><a10:updated>2011-09-23T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ 
Sales management - that is, the function of coaching,
accountability, measurement and evaluation relative to business
development-is critical in creating a growth culture for CPA firms
and law firms. One of the sales manager's (usually the Managing
Partner's) most difficult challenges in leading the growth effort
is engaging everyone in business development activity.

In my work with firms throughout the US and Canada I find that it's
rare that professionals won't participate in business development.
Most often, professionals' lack of participation is a result of
either not knowing what they should be doing, or not knowing how to
do it. Some firm leaders make the mistake of assuming people know
their roles, so they never define or communicate it clearly. Most
accountants and lawyers are not trained to know their business
development role intuitively.

Sales managers can overcome these objections by first defining the
firm's approach to growth.

Strategic Growth Alternatives
There are four ways for a firm to grow as illustrated below:

The alternatives are comprised of
the intersections among the firm's core and expanded services and
the firm's current and prospective clients. The definitions of core
and expanded services are:

Core: The fundamental services for which the firm is known
and has the capacity to deliver to all or most clients.
Expanded: Those services the firm does not deliver
as widely because they are newer and/or the firm may not be as well
known for offering these services.

These intersections create the four strategies firms can use to
grow. As seen in the illustration&nbsp;above the four growth
strategies are:

Penetration - look for opportunities to drive more
core services into the current client base. This is the least
expensive, shortest term, most predictable way to find
growth.
Service expansion - look for opportunities to
introduce expanded services to current clients. This is the second
easiest way to find growth because of the client
relationship.
Market expansion - prospect for new client
relationships. With this strategy, the firm attracts new clients by
taking advantage of its current brand recognition. This requires
more hard dollars to be invested and is less predictable and longer
term in producing results than either penetration or service
expansion.
Diversification - create new opportunities for the
long term either through expanding into new geographic markets or
developing new services. This is the strategy that requires the
most patience, as the expectation should be that results will occur
in the long term.

Once the firm defines its core and expanded services and its target
market for market expansion, the management team can decide where
the firm's best opportunity for growth exists, and allocate
portions of the firm's overall business development time and effort
to each strategy. Once the growth strategy is defined the
appropriate business development activities can be
determined.

When the firm has developed a solid plan for how to achieve growth
and identified the activities and roles associated with
implementing the plan, firm leaders can then effectively
communicate specific business development responsibilities to
everyone in the firm.

Larry Bildstein is president and CEO of The Whetstone Group,
Inc. Whetstone's mission is to help companies in the
professional services market find growth and hone their competitive
edge. Whetstone provides clients a variety of simple, yet effective
tools for this purpose.
]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2011/9/blogging-social-media-for-business-development/</guid><link>http://www.msiglobal.org/news/2011/9/blogging-social-media-for-business-development/</link><category>pm</category><category>o'keefe</category><category>lexblog</category><category>social media</category><title>Blogging &amp; Social Media for Business Development</title><description>
Professionals have always received
their best work by virtue of relationships and word of mouth. The
Internet did not change this. The Internet, when used properly,
accelerates relationships and word of mouth. Imagine an engagement
continuum where on the left side we have broadcast, one-way, and
talk</description><pubDate>Tue, 06 Sep 2011 00:00:00 +0100</pubDate><a10:updated>2011-09-06T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ 
Professionals have always received
their best work by virtue of relationships and word of mouth. The
Internet did not change this. The Internet, when used properly,
accelerates relationships and word of mouth. Imagine an engagement
continuum where on the left side we have broadcast, one-way, and
talk at. On the right side we have listen first, two-way, and
converse.

Until blogging and social media, professionals did their Internet
marketing through websites and email newsletters. They lived on the
left side of the engagement continuum. Blogging and social media
focuses on the same principals as traditional networking.
Listening, conversing, and talking with people.

Imagine attending a networking event. Would you walk into the room,
tell everyone to be quiet, get up on a soapbox, and read
'regulatory updates' through a bullhorn? Of course not. You'd
approach people you'd like to get to know, politely listen to
conversations, introduce yourself, and, as appropriate, offer your
take on the subject being discussed. Look at blogging and social
media the same way.

Develop a strategy. What type
of work do you want? What type of clients are you looking for? Who
are the influencers of prospective clients and referral sources?
Engage clients and prospective clients by listening to the
questions and concerns they raise when speaking with you. Without
breaching confidence, answer questions in your blog in a
conversational tone. Your blog posts will be found on Google
searches.

Email a relevant blog post of yours to a client letting them know
you were thinking of them. Demonstrates your care as well as your
expertise. Engaging influencers of your prospective clients is even
more important than engaging prospective clients. 95% of people are
influenced by 5%.

What publications do your prospective clients read, what blogs do
they follow, what associations do they belong to, and what
conferences do they attend?

Reference relevant publications and blogs in your own blog; offer
your own insight and commentary on what they are writing. Reporters
and bloggers will notice you. Reporters will call for a quote and
bloggers will cite you in their blogs.

Highlight association activities and conferences in your blog. This
will endear you to association leaders and conference coordinators.
You will be invited to speak at conferences attended by your
prospective clients. Twitter, LinkedIn, Facebook, and other social media complement a
professional's blogging. Without a blog, it's difficult to
establish a credible web presence, offer a clear, consistent voice
for your practice, and get known as the "go to' person in your
field.

Use Twitter to build social media equity by sharing the relevant
news you are reading. Connect with people on LinkedIn whom you meet
through blogging. Engage with friends, close business associates,
and relatives through Facebook. At all times, think engagement just
as in the real world.

How do you measure your success in
blogging and social media?

•&nbsp;Is your reputation being enhanced?
•&nbsp;Are your relationships growing?
•&nbsp;Are you being viewed as a subject matter expert?
•&nbsp;Are you landing not just clients, but high quality
clients?

The same way you measure business development success
offline.

Kevin O'Keefe is CEO and Publisher of LexBlog, the
leading provider of social media solutions and strategies to law
firms. The LexBlog Network, with over 7,000 members, is the world's
largest professional blog network.
]]></a10:content></item><item><guid isPermaLink="true">http://www.msiglobal.org/news/2011/9/building-a-strong-culture-in-your-firm-of-the-future/</guid><link>http://www.msiglobal.org/news/2011/9/building-a-strong-culture-in-your-firm-of-the-future/</link><category>pm</category><category>culture</category><title>Building a Strong Culture in Your Firm of the Future</title><description>
Unless you've been sleeping under a
rock, you're aware of giant shifts taking place in our knowledge
economy. One massive shift is that employees now own the means of
production-their brains. We take for granted that employees are
inspired to work to their full potential, giving us the
discretionary</description><pubDate>Mon, 05 Sep 2011 00:00:00 +0100</pubDate><a10:updated>2011-09-05T00:00:00+01:00</a10:updated><a10:content type="xhtml"><![CDATA[ 
Unless you've been sleeping under a
rock, you're aware of giant shifts taking place in our knowledge
economy. One massive shift is that employees now own the means of
production-their brains. We take for granted that employees are
inspired to work to their full potential, giving us the
discretionary part of them beyond the bare minimum.

Another shift involves the freedoms and leadership complications
technology brings. We have employees we can't see: multiple
offices, people in the field, and people who work outside of
business hours.

And we've all known-or perhaps been-the employee who mentally
"quit" yet still shows up. We've had reason to worry that people
aren't performing and we react by observing them more
closely.

Yet when we observe employees more closely, they feel our
skepticism and concern. And this contributes to a vicious circle by
"disinspiring" them to give us their best. This is a culture of
distrust.

Quality derives from peoples' inspired participation. Inspired
participation requires a culture of trust. I can't sugarcoat it:
trust is very difficult to maintain, especially in professions
built around skepticism and argument like accounting and law. These
acquired skills interfere with our positive human
interactions.

Three Keys to a Stronger Culture
To achieve a trusting culture, we must fix current distrust issues
and change how we think about managing people and their work.

Step 1 - Repair trust
To learn what creates trust and how to rebuild damaged trust, read
a short, powerful book called The Thin Book of Trust: An Essential
Primer for Building Trust at Work by Charles Feltman.

Feltman teaches Four Distinctions of Trust:

* Sincerity: say what you mean, mean what you say
* Reliability: keep your promises
* Competence: ability to do what you're doing
* Care: have the other person's interests in mind as well as your
own when you make decisions and take actions

These building blocks of trust apply to all relationships.

Step 2 - Hire well
Hire people with strong communication skills and autonomy (Greek
root meaning self governance). Define positive behaviors so they're
not left to individual interpretation. Educate on, discuss, and
reward these behaviors. Praise is wonderfully contagious.

Motivating people is a learnable skill. My favorite book for this
is Love 'Em or Lose 'Em by Beverly Kay &amp; Sharon Jordan-Evans.
It includes 26 strategies to engage and retain your talent.

Step 3 - Manage work by defining it
For people to excel, they've got to know exactly what you need from
them. This requires more project management than firms are used
to.

* Create parameters for employees that define success for them and
your firm.
* Define what needs to be done, by whom, and by when; include
project duration and mid-project milestones.
* Define quality needs by giving examples of what would be OK,
what's "not good enough," and what would be "absolutely
amazing."

Everyone involved should know the final objectives and the
project's purpose. Use web-based project-management tools so people
have real-time access to this information.

Make Shift Happen
"The best way to find out if you can trust somebody is to trust
them." - Ernest Hemingway

We are professionals who tend to hire smart people; isn't it time
to inspire their best work? These shifts in your firm are founded
on inspired participation and fueled by trust. Discover how much
more accountability-and enjoyment-can exist when people want to do
their best. This impacts morale, retention, and customer service.
These are the greatest benefits of a strong firm culture.

Michelle
Golden, CPF, is a growth strategist and thought leader. As
president of Golden
Practices Inc., she works exclusively with accounting and law
firms and is a frequent public speaker on innovative practice
management and marketing strategies. She is a senior fellow of
VeraSage Institute, is named in Accounting Today as one of Ten Most
Powerful Women in Accounting (2009) and one of the Top 100 Most
Influential People in Accounting (2010). Her 25+ year career
background includes in-house marketing roles in CPA and law firms.
Prior to that, Michelle was an accountant in the corporate offices
of two public companies. She recently authored Social Media
Strategies for Professionals and their Firms (Wiley, 2011) and
writes the widely-read blog Golden Practices (.com). Please click here for
her full bio.
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