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5 Steps to

“Practice

Management

Autopilot”

By Salim Omar, CPA


• Congratulations on one of the most important decisions

you’ve made in your life

• Showing up on this webinar was a move that I believe will

change the course of your future for the better

• Here’s why: Today you'll be discovering...."

Welcome


1. Understanding the BUSINESS You Are In

2. 50% Boost in Income by Delegating

3. Your Team Reduces Your Stress

4. Systems Equals Freedom

5. Raise Fees to Increase Take Home Pay

5 Steps to “Practice

Management Autopilot”


I worked as a CFO in

Manhattan

Six figure salary, corner

office, prestige, etc

HATED my job – office

politics, lunatic boss and

long commute

Started my practice in 1996

My Story


Not as easy

$100K in debt

Employee problems

Low quality clients

Cash flow always tight

Long hours – BAD lifestyle

My Story


Stumbled across the 5 Steps to Practice

Management Autopilot

I now own a successful, thriving 8 person

CPA practice that allows me to live the

lifestyle I want

Have been teaching what I know to CPAs for

the last 3 years

My Story


• You are working too hard for too little

• Your practice has turned into just another JOB

• You are watching your life pass you by from inside

your office

• Your team is just a revolving door of barely

motivated employees

• You are overwhelmed by running your practice

You Are in the Right Place if:


• Quality clients who are a pleasure

to provide services to

• Generates a high net profit

• Consistent cash flow

• Top notch employees who can be relied upon

• Systemized practice that operates like a finely

tuned machine

• Work less hours

What a LIFESYLE Practice

Looks Like


What are the characteristics of a Lifestyle Practice?

Please select the correct answer:

• Poor Quality Clients

• Healthy cash flow

• High Employee turnover

• 70+ hour work week

Poll Question #1:


So, really, what business are you in?

Are you in the:

- Tax return preparation business?

- Financial statement preparation (write up)

business?

- Payroll and sales tax returns preparation business?

WRONG!

Step #1: Understanding the business

you are in


• How you define your practice is important

• You are in the REDUCING ANXIETY business

• It’s the #1 reason why clients select a CPA firm

• Do NOT undervalue yourself - “I just prepare tax returns”

• My patio story

• Next slide: NEW Paradigm

What Business Are You In?


• Biggest fear – I.R.S.

• New Mindset: YOU are the CPA that PROTECTS your

clients from the I.R.S.

• You offer the “TOTAL” Package:

Preparation services (commodity) + Protection +

Trust + Advice = Market Domination

What Business Are You In?


Understanding STEP ONE

(the “real” business you are in)

helps you with STEP TWO


For most practitioners there are four kinds of tasks:

• $10 per hour work



• $500+ per hour work

• The fastest way to increase your income is to do more of the $250

and $500 per hour work

• Dump the $10 and $100 per hour jobs

Step #2: Delegate Most CPAs Are Working Way Too Hard

Key Problem

UNDER-DELEGATION


What are the $10 jobs?

• Answering the phone

• Responding to client inquiries (copy of tax return, etc.)

• Preparing monthly invoices, trying to collect fees

• Paying the bills

• Going to the post office and bank

Tiny Hinges Swing Big Doors 50%+ Boost in Income


What are the $100+ jobs?

• Preparing financial statements

• Preparing payroll and sales tax returns

• Preparing personal and business tax returns

• Responding to tax notices



Most practitioners are BUSY:

• CONSUMED by the $10+ and

$100+ tasks

• Doing it, doing it, doing it!

• Their income is on a FLAT plateau

• They work way too hard

• Clients DON’T appreciate and respect them

The Reality for Most


What are the $250+ and $500+ jobs?

• Creating a SYSTEM that can DELIVER the: TOTAL PACKAGE

Preparation service (commodity) + Protection + Trust + Advice =

Market Domination

• Creating a CLIENT ACQUISITION System

• Creating a CLIENT RETENTION System

• Creating a system to increase the TOTAL CLIENT VALUE

•Creating a REPUTATION MANAGEMENT System



• If you get rid of all your “$10 per hour” tasks and only do $100

per hour tasks all year, you’d earn: $200,000

• If you shifted only 10% of that time to $250 per hour work and

another 10% to $500 per hour work, you’d make $310,000

• A slight change in the way you work boosts your income by

more than 50%

Step #2 for Practice Management Autopilot:

DELEGATE

50%+ Boost in Income


What is the fastest way to boost your income?


• $10+ tasks

• $100+ tasks

• $250+ and $500+ tasks

• None of the above

Poll Question #2:




3. Reduce Stress with your Team




What if:

• Your staff took responsibility as

if they owned the practice…

• Your staff truly understood how

much your time is actually worth and protected it

against time sucking activities that don’t produce

results…

• Your staff became more motivated, super productive,

and goal oriented…

Step #3: Reduce Stress with

Your Team


• In the first few years of my practice, I had a revolving

door policy

• My staff was a mess. Turnover was ridiculous.

• I’ve made all the mistakes. And along the way, I’ve

learned exactly what works

• Today, I have a passionate, loyal team of talented

individuals working for me

• Their efforts make my firm a success, day after day

I’ve Made ALL the Staffing

Mistakes and More!


It Results in:

• Good quality work being produced

• Less Stress for you because you

know the work was completed properly

• Clients are happy so retention is high

• Profit is high because of efficiency and

you work less hours

Benefits of Having a Competent Team

Net Result

Great Lifestyle


2 Keys to Build a Great Team

Recruiting (top talent)

Managing (high productivity)


• Not involving your staff in the recruiting process

• A poorly crafted help wanted ad

• How you interview job candidates makes

all the difference in the world

• Phase One: Discover the candidate’s ability to self-assess

• Phase Two: Look for compatibility

• Phase Three: How much does the candidate want this job?

• Phase Four: What are candidate’s technical abilities

More new hires FAIL due to personality-culture clashes than the

inability to perform the role

Mistakes To Avoid

When Recruiting


• Set HIGH standards (clients communicated in a certain way,

work produced in certain way, delivery times, etc)

• Expect high productivity (How? – Systems)

• Appreciation – Most “craved” thing on earth

• Develop a culture of gratefulness

Managing Employees

for Maximum Productivity




3. Reduce Stress with your Team





What do you know about McDonalds:

• Consistent experience

• Same menu

• Same look and feel

• Run by high school kids on minimum wage

• Very profitable business

Step #4: Systems - The

McDonald’s Secret

Such high level of efficiency, productivity and profitability is only

possible by: Building Systems


• Inconsistent experiences for your clients

• Work NOT delivered on time

• Work produced with low efficiency

• Employees are not happy due to guesswork

• Delegation becoming more DIFFICULT

• You becoming a slave of your practice

Lack of Systems Leads To:


What is a System?

• Your practice is a system of systems

• Each system has a purpose, it produces a certain

result

• Like clockwork, predictably, on time, on

budget, every time

• Document the system otherwise it is

not a system


Systems creation strategies

• Have Your Staff Create The Systems

• See problems as an opportunity to create a "system”

Problem being experienced:

Errors in tax returns

System solution:

Create a checklist to go through


Type of Systems:

Workflow System

Staff Recruiting

System

Staff management

system

Lead Generation

System

Client management

System

Lead Conversion

System


Example of a

"1040 Workflow" System


Lack of Systems leads to?


• Clients have an inconsistent experience

• Work is not delivered on time

• Delegating becomes difficult

• All of the above

Poll Question #3:


Services and Fees / per year

• Personal tax preparation services: $100k

• Business tax preparation services: $50k

• Write up work: $200k

• Compilation/reviews: $100k

• Special assignments: $50k

• Total annual revenues $500k

• Raise fees by only 20% - Revenues jump to $600k

Step 5: Raise Fees to Increase

Take Home Pay


• You offer the “TOTAL” Package: (Step #1)

Preparation service (commodity) + Protection + Trust +

Advice = Market Domination

• Fees is a function of “supply” and “demand”

How to Charge the Right Fees?


Economics 101:

What happens to price when its supply

goes DOWN and its demand goes up?

Fees: a Function of "Supply"

and "Demand"

Prices go HIGH


How to Control “supply” - SCARCITY

1) Less accessible

NEVER say: Just stop by, I am here all day OR I can meet with

you at anytime

Instead say: I can meet with you at 2:00pm today or 11:30am

tomorrow. Which works better for you?

2) My firm can handle only “x” number of clients

3) Currently at “near full capacity.”

Charge the Right Fees By:

Controlling “Supply”


1) Expert positioning

Example: Author, speaker, interviewee, etc.

2) Social proof

Example: Testimonials from existing clients.

3) Build VALUE

Example: (don't devalue the work you do, etc.)

a) I want to take the time to look at this from all angles to be sure we are doing the

absolute best we can to minimize your tax liability

b) There is a lot to this project. I will get started on it and will keep you apprised of

the status as I work through it.

How to Create “Demand” for

Yourself and Your Services


How should a CPA increase demand for his or her

services?


• By expert positioning (e.g. author, speaker, etc)

• Become the lowest fee service provider

• Provide fast but poor quality services

• None of the above

Polling Question #4:


Requests from practitioners for a Step-by-Step

“CPA Practice Management System” that:

• Removes all the guess work from creating a highly

profitable practice

• Helps you to create a highly efficient practice

• Gives you and your staff less stress

• Attracts a predictable quantity of quality clients

with NO struggle each month

•

Helping You Make the Transition


The 6 week Genius "CPA Practice

Management System"

Introducing…..


• Increase your net income, immediately, certainly, without necessarily

needing to spend a dime more on advertising (probably less)

• Reposition your practice so that you are perceived as the ONLY CPA of

your kind

• Attract infinitely more compliant, respectful and appreciative clients.

• Enjoy a totally unique status and competition-free position

• Be of far greater value IN MULTIPLE WAYS to the clients who welcome

and accept you as their expert advisor

This Unique Practice Management

System will:


What We Will Cover Together

Recipe for Setting up

Your Lifestyle

Practice

Building Your Team Systems, Systems, Systems

Client Management Office Set-Up,

Workflow, Technology:

Tools for Process

Improvement

Finance and Performance

Measurement


• Weekly Webinars (valued at $997)

• Weekly Guidebooks (valued at $997)

• Cheat Sheets (valued at $697)

• “Easy” Operations Manual (valued at $997)

• Weekly Q & A Calls (valued at $497)

• Exclusive Audio CDs and Transcripts of interviews

with my practice management experts (valued at $497)

• Unlimited Access to "Members Only" website (valued at $997)

TOTAL VALUE $5,679

YOUR INVESTMENT ONLY $1,997

Six Week Program

Covering EVERYTHING!


• Bonus #1: Secrets Of Seven Figure Practitioners ($997 Value)

• Bonus #2: Free attendance at my LIVE 2-day yearly marketing

event ($1,997 Value)

• Bonus #3: 30-Minute Personal phone consultation ($200 value)

• Bonus #4: “Practice Management for MAXIMUM Profits” Training

($197 value)

BONUSES ALONE ARE VALUED AT $3,391

You will also get 4 GIANT

Valuable Bonuses


TOTAL VALUE $8,470

Yours For Only $1,997

Or 3 Easy Payments of $697 (plus s & h)

Limited to only 15 practitioners!

To register, go here:

www.CPApracticeAutopilot.com

http://www.cpapracticeautopilot.com/


• For those who enroll prior to July 25, 2012 5PM EST

• Special “closed door” networking dinner the night

before my upcoming event in October

• You get everything for an investment of only $1,997 or 3

payments of $697 (plus s & h)

• Enroll here: www.CPApracticeAutopilot.com



• GUARANTEE #1: The first is virtually unconditional: as long as you

go through the training sessions and give it “an honest try”, you can

decide to leave with a full refund – nothing else asked of you.

No questions. No hassles.

• GUARANTEE #2: The second, extra guarantee extends

for ONE FULL YEAR, and I ask that you’ve attended the

training modules and coaching calls and can demonstrate you’ve tried to

implement some of the secrets you learned...and at the end of 12 months,

if you have not created, conservatively speaking, at least $50,000 of an

increase to your bottom line you would not have had otherwise, you can

still claim a full refund and I’ll give you a $200 Best Buy Gift card just

for trying.

Transform Your Practice in Six

Months or You Don’t Pay a Dime


The SERIOUS QUESTIONS are:

• Q: How much longer do you honestly care to work with

clients who take you for granted, with prospects that annoy

you, who are unappreciative or disrespectful or worse, both?

• Q: At what point is enough, enough? How successful do

you really want to be? Doing work you thoroughly enjoy,

without treading water, in the same place year after year?

• Q: Can you see yourself achieving all your goals? Not just

money-wise, but life and time-wise too?

A PROFOUND AND

FUNDAMENTAL DECISION


• You’ll get six FULL CONTENT FILLED weeks plus bonuses

• You’ll finally have a system that will give you TOTAL control over

your practice

• You’ll notice a massive surge in the productivity of your staff

• You’ll take the guesswork out of your practice and enjoy a stress-

free practice

• You’ll get access into the minds of other CPA practice experts and

SEVEN FIGURE practitioners to gain an unfair advantage in your

market

With the Genius "CPA Practice

Management System"


Go here to Register:

www.CPApracticeAutopilot.com

Engineering a NEW Practice – One

That Liberates, not Overwhelms


“ "I enrolled in Salim's programs, studied and learned everything I could from the materials and then put what I learned to work for me in my firm. The results were everything I hoped for and could have expected.” Ike Ikokwu, CPA, CFP Cummings, GA

“I am using Salim's program and already getting great results. I expect it to be a cornerstone to help me achieve my goal of doubling my practice over the next 12 months.” Peter Holtz, CPA Stockton, CA


“I knew from the moment I met Salim that I had a lot to learn from him,

and the longer I know him, the more I continue to learn. I couldn’t wait to

hear more about how he manages to run such a successful CPA firm,

without spending all his waking hours in the office. He readily shares

information that would cost a fortune to obtain elsewhere and helps give

perspective to problems so that the solution becomes clearer. He

practices what he preaches, giving me hope that I CAN run a successful

practice and still have time to spend with my wonderful family.

Thank you, Salim!”

H. Maggie Mayer, CPA, Mayer & Associates, CPA, LLC

Madison, Connecticut


SIX weeks of online training followed by LIVE telephone support

You’ll receive all of my cheat sheets, blueprints, and training guides as part of the

program

My firms’ Operations Manual

Entitled to 30 minutes of LIVE one-on-one telephone consultation

60 minutes of weekly Q & A

UNLIMITED ACCESS to the “Members Only" website

Exclusive interviews I've conducted with Practice Management Experts

Let’s Recap Everything You’ll

Be Getting With This System:


• BONUS #1: Three Seven-Figure Practitioner Interviews. This is one of the

best bonuses I have ever given with any of my products. You will hear me

interviewing 3 practitioners that have hit the million-dollar mark ($997 value)

• BONUS #2: Free ticket to my October event or any of my future BIG events

($1,997 value)

• BONUS #3: 30-Minute one-on-one consultation call. You’ll walk out with a

clear game plan that you can implement immediately after your call with me ($200

value)

• BONUS #4: “Practice Management for MAXIMUM Profits” Training.

You’ll get CDs & DVDs of my one-day exclusive event where we discuss the latest

“practice management” breakthroughs ($200 value)

Plus 4 GIANT Bonuses:


• $1997 or 3 payments of $697, plus s & h

• Limited to only 15 practitioners!

• To register, go here: www.CPApracticeAutopilot.com

• Any questions: [email protected]

You and Instant Autonomy Right Now


profitable cpa marketing systems - cpawebengage.com · “cpa practice management system” that:...

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