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The Accountant Entrepreneur — Doug Sleeter


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The Accountant Entrepreneur — Evolve Your Business Model For Maximum Growth

Moving your practice —and your clients —to the cloud is about more than technology. It's a fundamental shift in your business model, a combination of broadening your abilities with today's technology and redesigning your business to maximize growth.
There are compelling new business models for accountants who want to take charge of their future. This presentation presents a roadmap to help you tackle new services for new clients, how to select the right vertical market focus, and how to drive success by driving improvements in business processes with your clients.

Published in: Economy & Finance
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The Accountant Entrepreneur — Doug Sleeter

  1. 1. @Dougsleeter The Accountant Entrepreneur Compelling New Business Models to Maximize Growth in Your Practice
  2. 2. @Dougsleeter Follow on Twitter @ dougsleeter Doug Sleeter The Sleeter Group 800 Member Accounting Consulting Group Author —Textbooks and Reference Guides Consultant to Software Developers CPA Practice Advisor Columnist Top 25 Thought Leader Accounting Today Top 100 Most Influential People Small Business Influencer Champion
  3. 3. @Dougsleeter 85% of SMBs want Opportunity Knocks proactive, strategic advice from their accountant 24% say they receive it Source: What SMBs Want, March 2014 Research Report, The Sleeter Group, Inc.
  4. 4. @Dougsleeter Why the Traditional Paradigm No Longer Works
  5. 5. Obsolete Assumptions Most Accounting Firms Built the Business Model Assuming: 1. The client does bookkeeping using @Dougsleeter desktop software 2. A paper Based Information transfer between client and firm 3. Communication will be mostly in person and by phone, with some email 4. Primary revenue source: Tax
  6. 6. @Dougsleeter OBSOLETE ASSUMPTION Firm will be viable for decades to come and you'll be able to sell your firm for 1 times billings.
  7. 7. @Dougsleeter Speed of Change DON’T GET HIT BY A TRAIN.
  8. 8. @Dougsleeter It’s All About the Data
  10. 10. @Dougsleeter Customer Expectations All business interactions should be possible via the web • Communicating • Shopping • Support • Learning • Banking • Pay and Receive Money • Purchasing
  11. 11. @Dougsleeter THE WEBCOUNTANT Count (male) or Countess (female) is a title in European countries for a noble of varying status, but historically deemed to convey an approximate rank intermediate between the highest and lowest titles of nobility. Can Your Clients Work with You via the Web?
  12. 12. @Dougsleeter Practice Design Goals Continually Upgrade Your Skills Agility Trumps Ability 01 02 03 04 05 Deepen Your Client Engagements From Serving, to Partnering for Success Change Leadership Not Change Management Specialize Use Accountant-Centric Tools
  13. 13. @Dougsleeter Accountant-Centric Tools Examples of Accountant- Centric Tools at Cloud Summit 2014
  14. 14. The Roadmap for Webcountants 12 Steps to Securing Your Future @Dougsleeter
  15. 15. @Dougsleeter All Records in Secure Cloud Portals
  16. 16. Eliminate Dependency on Paper • All transactions and data will be digital • Accessible via secure internet connection @Dougsleeter
  17. 17. @Dougsleeter Client Portal Secure website where clients can see the big picture of their business in real time. FINANCIAL REPORTS HISTORICAL DATA STATUS UPDATES FIRM INTERACTION ONE DASHBOARD
  18. 18. @Dougsleeter Value Billing • Value pricing for all services • Electronic client invoicing and secure electronic payments • No billing by the hour. Clients value results, not hours.
  19. 19. @Dougsleeter The Best People Your PEOPLE are your Brand
  20. 20. @Dougsleeter Reward & Keep The Best
  21. 21. @Dougsleeter Entice the Next Generation • Flexible Hours • Telecommuting • Growth Opportunities • Path to Leadership
  22. 22. @Dougsleeter Develop Careers
  23. 23. @Dougsleeter Specialize the Practice • 65% of SMBs surveyed say • “I want my CPA to be a specialist in my industry.” Definitions: • Vertical Market • Medical, Legal, Restaurant, Retail, Franchise, Real Estate, Landscaping • Horizontal Vertical Market • POS, Payments, Ecommerce, Inventory, Payroll, CRM
  24. 24. @Dougsleeter Specialize – Largest Vertical Markets 1,417,346 1,232,520 1,232,384 1,008,272 932,451 720,243 660,614 595,875 520,357 491,409 458,466 456,111 431,177 770,924 1,207,032 2,661,067 2,499,447 3,404,884 - 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 Construction Retail trade Real Estate Health care services Arts, entertainment, and recreation Transportation Building/Dwelling services (Janitorial, Landscaping, etc.) Personal care services (Beauty Salon, Barbershop, Nails, etc.) Social assistance (Day care, community food and housing, etc.) Professional consulting Wholesale trade Food services (Restaurant, Bars, Catering, etc.) Manufacturing Insurance Finance Accounting services Automotive repair and maintenance Legal services Top SMB Markets by Number of Firms
  25. 25. @Dougsleeter Specialize – Largest Employers Top SMB Markets by Average Number of Employees 8.3 8.0 7.6 7.6 7.4 7.2 9.7 8.6 13.1 11.8 10.7 12.4 17.5 25.3 30.5 32.9 36.6 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 Employment services Facilities support services Warehousing Scientific research and development Accomodations Manufacturing Rental / Leasing Market research Food services (Restaurant, Bars, Catering, etc.) Investigation and security services Health care Wholesale trade Arts, entertainment, and recreation Finance Dry cleaning/Laundry services Social assistance (Day care, community food and housing, etc.) SMB Average
  26. 26. @Dougsleeter Specialize – Largest % of Ecommerce Sales Top SMB Markets by Percentage of E-commerce Sales 1.8% 1.3% 3.3% 2.7% 2.5% 3.3% 5.1% 4.5% 6.0% 5.9% 5.8% 9.7% 15.0% 14.2% 17.2% Retail Trade Manufacturing Wholesale Trade Arts, entertainment, and recreation Education services SMB Average Professional services Accomodations and Food services Finance and Insurance Administrative & Business support Consumer services Real estate and Rental/Leasing Transportation and Warehousing Health care and Social assistance Construction 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
  27. 27. @Dougsleeter Mix of Revenue Sources • Bookkeeping • Payroll • Financial Analysis Services • Tax Planning • Tax Preparation • Strategic Business Consulting Client Accounting Services
  28. 28. @Dougsleeter Processes Upgrade • Stay up to date • Focus on Efficiency of Staff • Value to Clients
  29. 29. @Dougsleeter Keep services Up to Date
  30. 30. @Dougsleeter Summary • Focus on What SMBs Really Want • Think Change Leadership, not Management • Break free of Obsolete Assumptions • Embrace New World Business Models • Agility Trumps Ability • Eliminate Dependency on Paper Throughout Processes • Use Accountant-Centric Tools • Specialize the Practice • Deepen Your Client Engagements • Most Trusted Advisor, not Servant