Where do you really want your tax practice to be in ONE year?

Most tax professionals that I speak with aren’t really sure where they want there practice to be. They’re doing this thing that they do, week in and week out, but don’t really have a vision for where they want to take it.

Many motivational speakers will talk about having a 5-year plan for your life. They talk in terms of very long-term goals and planning. But I think on a much shorter scale, and there’s no reason not to. Amazing things can be accomplished in twelve months or less, particularly in a professional services business like tax or accounting. There’s absolutely no reason for us to look on a time horizon longer than a year, especially if you focus heavily on tax services, due to the natural annual cycle of most things in tax.

Have you given any thought to where you want to be a year from now? If not, this is the time to think about it. We’re in the lull between tax seasons, and it’s convention and seminar time, so practice management and planning are probably near the top of your mind right now. In fact, if you haven’t yet registered for one of my live workshops, I’d encourage you to do so. See the workshop schedule here.

It’s completely possible to take an accounting practice from one person and $60,000 per year in revenue to 10 people and $2 million in revenue in one year flat: It’s been done. If your ultimate goal for your practice is to grow to this level, then what are you waiting for?

If your goal is to never have employees and remain a solo practitioner, but want to double your revenue and live full time in a foreign country while serving your American clients, that’s been done, too. There’s nothing stopping you from doing it, and it’s very doable within just a few months.

Go for a walk and give serious consideration to what you want your practice to look like a year from now. If it’s growth, then there is a marketing solution. If it’s location independence, there’s a practice management solution. No matter what you want out of your practice, you can have it.

Remember, you created your business to serve you, not for it to be the master of your life.… Continue reading

How to leverage written tax articles to get more leads

Today it’s called content marketing, but the reality is that it’s one of the most effective marketing strategies in the history of capitalism.

The core idea behind this strategy is to create engaging content that entertains and educates your target market, while simultaneously reminding your prospects that you possess the solution to their tax problem.

That problem can take numerous forms, from the frustration of completing their tax return to the nightmare of owing millions in back taxes.

In my tax resolution practice, ALL of my marketing leverages the concept of content marketing, in one way or another. Everything from my free reports offered in response to letters and postcards, to 24 hour recorded information lines, to my books written for consumers — all of this is content marketing.

What’s this about writing articles?

Despite the prevalence of video on the Internet today, the fact remains that the Internet is a platform built with and for the distribution of the written word. We still use words to search for things on Google, and Google must still use words on pages to determine the relevance of web sites.

On top of that, direct mail is still one of the most effective means available for reaching new prospects, reactivating lost clients, and keeping existing clients coming back. From reaching out to new movers in to the neighborhood for tax prep season, to tax lien marketing, to client newsletters, direct mail, and it’s inherent use of the written word, is something that should be part of every tax professional’s marketing arsenal.

The written word, despite the audiovisual world in which we live, is still a remarkably valuable form of communication. Aside from being a tool for appearing high in search engine results, the written word is a vehicle for attracting new prospects and converting prospects into clients.

Why is this? Never forget that, no matter what services we actually provide to our clients, we are in the people business. People do business with other people, something that some really big accounting, legal, and consulting firms seem to forget.

Before a new client ever gives you a dime, three things in particular must happen:

1. They must come to know who you are (which is why we do marketing).
2. They must come to trust you and your ability to address their needs.
3. They have to like you (this is the step that … Continue reading

6 Quick Tips For Making Second Tax Season Better Than The First

For two months now, I’ve been telling you to get ready for second season. Well, guess what?

Surprise, it’s here!

Unless your lifestyle plan revolves around shutting down for the rest of the year, there is absolutely no reason for you to make less money in the next several months than you did during tax season. In fact, the smartest of tax professionals will actually make more money than they did during tax season.

Here are six quick strategies to employ to help you achieve this:

1. Put in place a year-round client touch strategy. Maintaining regular, year-round contact with your tax return preparation clients is the absolute best way to ensure that they come back next year.

2. Don’t stop your seasonal lead generation efforts. Most tax professionals stop their active lead generation after tax season, which is a massive mistake. Taxpayers need their tax professionals all year, so be sure to provide your ideal target clients with the opportunity to discover who you are and what you can do for them. Shameless plug: If you haven’t yet created your online lead generation strategy, learn how here. You can also jump straight to pre-ordering the manual, before the price goes up by $30 on Saturday.

3. Look for additional opportunities to serve your existing clients. How can you assist them with ACA compliance? How can you save them money on their 2014 tax bill? Who can you help in setting up payment plans for their 2013 and prior tax bill? Be of greater service to your existing clients, and reap the rewards.

4. Fire your worst clients. There are some clients that simply aren’t worth your time. They aren’t worth the stress they create for you, and some clients simply aren’t profitable. Trim the fat, and live happier and more profitably within your practice.

5. Seek out networking opportunities. Network within your professional sphere to find sources of referrals. For example, if you have an extensive examination representation practice, then seek out other tax professionals that do not practice in that arena to connect them with their clients that are in trouble. Simultaneously, network within your local community to find new business and individual clients for your various services.

6. Test a lot of brand new marketing campaigns simultaneously for all your services. I already said to continue your seasonal tax prep marketing campaigns. But when was the last time … Continue reading