Is it Really Necessary for Professionals to Track Their Time?

I think the real key is to share the RESULTS of the tracking of time (billable and non-billable).

I advise my professional services firm clients to track the following: all new opportunities (new prospective clients as well as additional opportunities for existing clients), the lead generator, the team leader (these are often different, depending upon services required), the origination of the source (the client, the banker, consultant, etc. that referred your firm) and the estimated fee (recurring or non-recurring). When reports like this are shared among the partnership each month, everyone sees who/what is in the pipeline, monitors the timeline of the “sale” and can identify those referral sources (and clients) that should be ranked ”A”. They also can see where people are spending their non-billable time (when the source of origination is a networking or speaking event or membership in a trade organization) and it is a great educational tool to show younger partners “how it’s done”.

Lisa Tierney

How does a firm create a culture of accountability?

Accountability is the Holy Grail of the Accounting Industry!

I hear from so many CPA firms around the country, about the seemingly inability for partners to hold each other accountable. I believe that no one can hold anyone else accountable at all; you can only hold yourself accountable. I have found that the trick to creating a culture of accountability begins with the empowerment of the leaders – so they want to participate in creating the kind of success they deem important and therefore value. It starts with a unique, individual marketing plan that draws on their natural abilities and puts them in an environment that will attract what they perceive to be their ideal client. One they have a plan that showcases their abilities and puts them in a group of people they want to be with, I find that the uphill battle is OVER.

A 20-year CPA partner just told me that she has started to enjoy networking events for the first time in her life. She asked me “What changed?” I reminded her we’d finally put her in the right room. A room in which she felt she belonged, surrounded by people she genuinely liked and respected – and it made all the difference in the world!

Motivating the Middle - discussion recently among members of the Association of Accounting Marketing

I recently read a post on the AAM LinkedIn group that inspired me. It noted how the group in between the "rainmakers" and the "bee-keppers" (my terms, not the author's) needs some attention in CPA firms. I couldn't agree more!

This group of "second-tier leaders" as I call them must be empowered as a means of ensuring the long-term success of the firm. It is unfair to allow this group of professionals to continue to rise through the ranks at their accounting firms, with no real knowledge or training when it comes to leadership, marketing skills, even having a real understanding of the workings of the firm. I’ve seen it time and time again – the 39 year old partner all of a sudden is charged with so much more than he ever realized would be expected of him – and he is unprepared.

Empowering this level of staff to ensure buy-in to growing the business (including education on how this can be achieved) as well as encouragement to allow them to start getting involved is how CPA firms will grow in the next decade, and beyond.

Remembering Ed Koch, beloved former mayor of New York City

Altman Weil recently released their Annual Chief Legal Officer Survey. Dan DiLucchio of Altman Weil had a most telling observation: “As long as the company is sending them work,” says DiLucchio, “the firms assume that that is their evaluation.” Law departments miss out on the opportunity to change the firms’ behavior, says DiLucchio. He’s seen one of two things happen for firms: “Either you die a slow death, where the faucet is slowly turned off. Or you’re just called in one day and told that the company is moving the work elsewhere.”

It reminds me of two things that professional services providers need to do:

1. COMMUNICATE. Regularly check in with your clients to ask them two questions: Am I meeting all of your needs? And Am I aware of all of your needs? (this second question might require some guidance; try asking a few thought-provocative questions)

2. DEMONSTRATE VALUE. Keep them informed about whatever it is you’re working on for them in a way that describes the benefit. Don’t just tell what you’ve done, explain why you did and what it means to them. They don’t know what you’re doing for them on their behalf – they are busy living their lives, running their businesses, etc.

I read an article about the survey results and the author reminded me about Ed Koch, my favorite New York mayor when I was growing up in that area, who always greeted voters and visitors with “How am I doing?” ; the point was that annual client surveys or annual visits by a managing or originating partner just don’t do the trick anymore. Ed Koch was such a great mayor – he cleaned up NYC (which, at the time had become a smelly dump!) and he was a great marketer, coming up with the Big Apple campaign. Writing this post makes me want to plan another trip to New York City – soon!

LinkedIn Recommendations - how valid or important are they?

I think the key is WHAT the recommendation says about the professional. When someone refers to a specific accomplishment made by the individual or a presents a clear demonstration of the VALUE that the professional provided, then the recommendation becomes a value proposition. Recommendations that are vague or “warm and fuzzy” don't lend any credibility to the professional, which is what a recommendation ought to do.

And remember, you don't have to accept or show those warm and fuzzy recommendations on your profile!

Training on Effective Use of LinkedIn for ALL staff of professional services firms

Many CPAs and marketing directors out there confide in me how they still don’t “really get” LinkedIn. You can’t value what you don’t understand and the best way to demonstrate the value of this medium is to show examples and share success stories – as they relate to the accounting industry. The first step is to write your profile to attract your ideal client. Profiles should engage, have photos and tell readers more about the professional than simply a list of services they can provide and what schools they attended. Personality needs to show through. Joining appropriate groups (the ones where your ideal client is) comes next, monitoring the discussions, cultivating thought leadership, researching hot prospects and how to make meaningful one-on-one introductions that deliver your value proposition should all be taught in your training program. This is an educational process so training should happen over a course of time – say, 6 – 8 weeks. Some will catch on sooner than others and those success stories should be shared regularly, which will boost morale, incite some friendly competition and teaches others how it should work!

Industry Focused Marketing Plans - NOT GOOD ENOUGH!!!

I don’t think industry focus is enough. I narrow down industry-focused niche groups further, by defining the ideal client within that industry – healthcare becomes multi-physician group medical practices, 10 docs or less; manufacturing becomes agri-business or food processing. The sub-niche is selected based on the level of experience of the professionals, their attraction to certain personality types within the industry, the marketplace and consideration of the firm as a whole (in terms of potential for cross-selling additional opportunities). This shift from a general industry to a specific dream client assists with language (tone and message) in all your collateral pieces and conversation points that will demonstrate value that will blow your competition away and establish YOU as the provider of choice.

Power to the People - they are your best assets!

As a professional coach, I have personally worked with a number of professional services providers - many at the partner level - who were miserable on the job and considering departure from the firm. The tensions seemed insurmountable as we worked together to identify the obstacles that were keeping them from reaching their potential in their current position. After enabling them to identify their individual potential – with respect to their personal contribution to the growth of the firm – and then becoming empowered enough to explore their unique, genuine avenue to do so (I am happy to report that) all of these professionals remain at the their firms with a renewed energy and enthusiasm that they haven’t experienced in years.

If your professionals are disengaged and have stopped contributing to the practice's growth, if they have stopped asking questions....then coaching might help you to rejuvenate your professionals to come back to LIFE AT WORK.

Surveying Partners to Define the Role of the Marketing Director...Does this Make Sense?!

I was recently asked what questions should be asked a group of shareholders at a professional services firm so she could draft an accurate job description to fill the position of their marketing professional.

The last time I saw the result of a partner survey about the role of a marketing director I was shocked! The “job description” was a numbered list of 42 items, tasks and/or attributes – true story! Worse, this was the document being passed around as the job description. Needless to say, it took a long time to fill that one!

This topic is one that really hits home for me – because it addresses a critical issue for professional services marketing – the disconnect between management and marketing that is absolutely industry-wide. Generally speaking, you are dealing with two sets of personalities: analytical vs. creative; linear vs. holistic.

I told her she was absolutely SPOT ON with the idea of surveying the partners, however – I thought she was asking the wrong question.

Ask them what THEY WANT. (Not what they want in a marketing director – what they want TO ACHIEVE as a FIRM – ask for specifics (questions like which industries they want to grow and by how much or how much more market share they think they can get and why or ask them about how they feel their personal professional experience might be improved). Use this survey as an exercise to help them define some realistic expectations.
Once they have figured out what they want, then the strengths of the marketing professional you should hire should be much more apparent.

Leadership = Empowerment

I was recently asked what specific things are professional services firms doing to develop leadership skills among their staff members?

I SAID: "What are the leadership skills that will take CPA firms to their next level of growth and achievement?" might be a better question.
In this case, leadership = empowerment.

CPA firm leaders should recognize the strengths of the team, acknowledge their areas for weakness, and motivate them to find their own way that they can contribute to the growth of the firm – i.e. through technical proficiency, business development, research, training of others, etc.

CPAx Philadelphia offers: Tricks of the Trade - Coaching Accountants to Success

PHILADELPHIA (SEPTEMBER 27, 2011)

Lisa Tierney will be a featured speaker at the CPAx Show, which provides a forum to see cutting-edge technology for accountants, and is expanding to Pennsylvania under the auspices of the Pennsylvania Institute of CPAs and the Warren Group.

The conference takes place on Sept. 27 at the Radisson Hotel Philadelphia Northeast in Trevose, PA. See Lisa's presentation at 2:30 pm.

For more information, visit www.cpaxshow.com.

What are the true opportunities of social media for CPA firms today?

Social media has opened a big fat door in the world of professional services marketing. I only wish more would walk through! My clients have achieved between 10% and 25% return on investment on their personal social media campaigns. The trick is to know:

• your target audience (your ideal client)
• how to find them, and
• what they need from you

Many professionals today no longer see value in turning off their computers and cell phones in order to drive to a networking event, a seminar or even a client meeting – when they can stay connected, in front of their computer – and reach 200% more people in the same amount of time – while saving money and supporting a clean environment (gas).

Social media plays a significant role in assisting professional service providers in targeting their messages appropriately to those who can specifically hire them – or introduce them to someone who can.

Sadly, I still work with many CPAs who are still either confused about the value this provides – as well as hesitant to make the shift toward using the vehicle of say, LinkedIn, as opposed to broadcast e-mail. These firms would rather spend money to purchase e-mail lists when the same folks have given them permission to contact them for FREE on the very subject matter they will discuss on LinkedIn groups.

I saw the same hesitance when e-mail came into the American work environment (yes, I’m old!) and I have heard that telephones were also discouraged in the workplace – back in the day (I’m not that old!).

Someday, our Outlook address books will be replaced with an Internet-based world-wide CRM of sorts and we will all be connected. The prediction of six degrees of separation will be proven – and improved upon. We will probably,over time, be connected by more like 3 or 4 connections wiht each other around the world. It is certainly an exciting time to be a marketing professional!

I was recently asked what's the biggest hurdle to long-term commitment to business development?

I believe the biggest obstacle remains the lack of understanding of just what marketing is in professional services. Simply put, it is the nurturing of relationships. Everyone has the ability to do this - uniquely and independently. In today’s marketplace, each and every professional is capable of - and really has an obligation - to help to grow the practice. The most successful CPA firms are those who demonstrate the value of focusing on business development by regularly communicating success stories in a way that shows everyone HOW and WHY it works.

The Association for Accounting Marketing Announces newly elected Officers of its Philadelphia Chapter

The Philadelphia Chapter of AAM Congratulates its Newly Elected Officers who will begin serving a three-year term effective June 1, 2011:

Congratulations to Jill Lock of Isdaner, LLA who has been elected as President

Lisa Tierney of TIERNEY Coaching & Consulting will serve as Vice President

Amy Sikorski, Marketing Coordinate or Herbein & Company will serve as chapter Secretary and,

Pat Buchanan who has been elected as the Treasurer

Thanks to all who voted and continue to support the Philadelphia Chapter of AAM

What are best practices for improving accountability at the partner level in firms?

Let’s talk turkey about this topic of accountability – and say what we really should about accountability – and being held accountable.

To whom are we to be held accountable? And for what?

The successful individual has only to be accountable to himself. No one can really hold someone else accountable unless he will exercise full power on the subject of the fine points that detail what is to be measured and institute appropriate consequences that reflect the outcome.

So the real question becomes: How do you instill the desire to succeed?

Everyone has their personal definition of success. Individually, this desired outcome needs to be fine-tuned to compliment the game plan of the CPA firm. It takes some finesse, but if your partners are of the caliber that the industry standards mandate, there should be something in there to find. Regular intervals/meetings with that brass ring as the focal point should do it. Getting what you want is EASY - once you know what it is, exactly.

Understanding Your Partners' Character and Competence

I can't tell you how much the Association for Accounting Marketing ("AAM") meets to me. AAM refers to the many hundreds (nearing a thousand actually) of people who work in some capacity at a CPA firm in the United States who are charged with its marketing initiatives. Because the marketing professionals do something different from the majority of the professionals that make up their workplace, it is imperative that they have a resource, a team of their own to provide support, feedback, opinions, success stories and of course a shoulder to cry on once in awhile.

This month the Philadelphia chapter meets at the office of Marcum, LLP in Bala Cynwyd, PA, with breakfast & networking beginning at 8:30 am. Our presenter is August Aquilla, who will discuss the elements that go into a high trust organization and how you can help your firm develop a culture of trust and profitability.

Entitled Understanding Your Partners' Character and Competence this is one event you won't want to miss. Hope to see all my marketing friends there!

Lisa

1. What specific things are we seeing firms do to develop staff leadership skills and develop them into partners?

This was the question asked of me this month by the CPA Leadership Institute.

My answer? "I have observed increased awareness and support from Managing Partners regarding leadership programs, business development training and, generally, nurturing a marketing culture.

Specifically, I am working with firms who are supporting staff to take responsibility and ownership of their contribution to the practice of the firm as a whole.

This has been demonstrated by the formation of Task Forces to help tackle seemingly daunting tasks, like the redesign of the firm intranet, LinkedIn training and internal processes like proposal writing and prospect research procedures."

I wrote a full article about this very topic which will appear in the next issue of the AAM (Association for Accounting Marketing) newsletter, Marketrends.

Lisa

Feedback from my speaking engagement to Elected Officials in Bucks County

The BCATO (Bucks County Association of Township Officials) was a surprisingly welcoming organization of local township officials - as well as some of the firms who pitch them for services, namely engineering firms - who greeted me with warmth and appreciation as I acted as their keynote speaker at their annual conference yesterday. My presentation was about effective marketing and communication strategies for municipalities and the officials who serve them.

Another speaker was from the state association of elected officials and he pointed out how many services we get from our townships that we take for granted: trash collection, snow plowing (it really is not Penn Dot doing all the work), etc. Most residents complain about all that's wrong - they only enter the township when they’ve been arrested or if there's a problem. Hopefully, TIERNEY will have some opportunities to offer some ideas for sharing the word and inciting more people to become INVOLVED and ENGAGED.

Send your councilman (or woman) a nice e-mail or shake their hand and say thanks at the next local parade would ya?


Of course when it came to blogging most were short of GROANING LOUDLY.

I have a lot to say about this but will save it for my next post. Stay tuned...

The Trick to the Effectiveness of Coaching

I have started to think about my presentation about coaching that I will be giving at this year’s AAM (Association for Accounting Marketing) annual conference in Chicago in June. (That’s because I have to submit it in a couple of months). How am I going to demonstrate the value of coaching in a way that people will embrace it – and then be able to really absorb some of the techniques in a way that they can bring back to their firms and actually USE in some type of meaningful way?

I think the trick is teaching them to ACTIVELY LISTEN and then to ASK QUESTIONS. I think that professionals often resist the temptation to ask a question for fear they will appear ignorant or unsophisticated. This is an important shift that needs to be made. I don’t understand how people can ever learn anything without asking questions. Are YOU asking enough questions?

Active listening can be hard enough for some people. You know those types, whose eyelids are fluttering because they are forming their next sentence when you haven’t even finished making your point yet – is this really a conversation you’re engaged in? During the course of an average day, if you start to notice, you are not having as many real conversations as you should be, I’m afraid. With co-workers, supervisors, friends – your spouse. (Are you and your significant other really listening to each other?)

After you can turn yourself down a few notches in order to really LISTEN, then you have to craft some pertinent, thought-provocative questions that will help facilitate a discovery, a result or a commitment to the next step. Takes time – takes practice – takes patience.
Coaching works because, ultimately, the coach does not provide any real ANSWERS at all. A successful coach is so because of the GOOD QUESTIONS they ask.

Start asking “Why?” today and see what happens.

You can have the latest and greatest...

You can provide the best products, outstanding services or the latest and greatest in technology; but if you don't market them - and no one knows about it - WHO CARES?

That was my message when I spoke to NAWBO last week and I tell that to all my clients who tell me they are hesitant about marketing - or they are cynical about marketing - if it works or not. Come on! We all market ourselves each and everyday to the people in our lives. Just look at the couple who is deciding their destination for next year's vacation. She wants a tropical island and he wants Vegas. WATCH those marketing campaigns kick into high gear - and may the best marketer win!

We all market - we all respond to marketing. So just LOVE marketing - it's so much easier that way!

Lisa

Tips for Planning a Large Networking Event

One of my clients asked me about ways to improve an Open House the firm is planning. They expect around 250 guests. I thought it would be helpful if I shared these tips with you:

Define a clear goal for the purpose of the event - if it’s just a goodwill gesture, is that enough to justify the time and expense of planning this event?

Promote the event beforehand in newsletters, on social media forums and in a broadcast e-mail prior to the event

Use the invitation to collect information about your attendees. Provide areas of interest for them on the invitation – I am interested in…and have checkboxes of what type of person they are interested in meeting – attorneys, forensic accountant, manufacturing company owner, etc.

Define and communicate your professionals’ role at the event. This can include rehearsing the various “elevator pitches” with staff and tasking attendees with a goal of making 2 - 3 introductions … saying something like “We have over 200 professionals slated to be here today – may I help you meet a particular type of contact here?”

Set up service area or industry “stations. Creating areas that are specific to an industry or service area (designated with simple signage and hosted by 2-3 representatives from the firm for hour-long shifts is a great way to help direct attendees to meeting someone that holds benefit for them.

Play a continuous slide show featuring the benefits and service areas of the Firm could be shown at key areas (food and bar)

Collect business cards from all attendees – asking them to write their area of interest on the back – is a no-brainer. This should be done at either the service area “stations” or somewhere else – have a drawing – collecting business cards in a fish bowl is another idea for collecting attendee information.

Offer unique entertainment at the event can help your firm stand out – perhaps a clown that performs magic tricks could ease any “stiffness” around the event.

Follow-up on the event – if you can collect business cards and send out a message two weeks afterward with a call to action. If you can attach a survey of what they liked or suggestions for improvement for next year and also a checklist for topics of areas for upcoming seminars, etc. Ask if they’d like to be contacted by one of your professionals about a certain topic…leave an open space for commentary.

Have a great event!

Lisa Tierney on Marketing Planning

Discover how to market yourself and your company in a way that makes you feel comfortable, showcases your talent and allows you to shine!

• Never have to engage in a marketing activity you don't like - ever again!

• Customize a perfectly-tailored marketing plan that is comprehensive and long-reaching, so your target audience is touched by you each and every month in a way that provides value.

• Stay focused on the brass ring and use your authentic and unique self to reel in your ideal client.

Tuesday, January 18, 2011 from 8:00 am - 11:30 am
Holiday Inn in Fort Washington, PA - 432 Pennsylvania Avenue

Cost: $35 for members and $45 for non-members

Other Expert's Topics Include
• Measurement Eliminates Argument
• Strategic Planning
• Sales and Your Strategic Business Plan
• Peace of Mind for Business Owners

To register, go to
http://www.gonawbophilly.org/programs/2011-01-18-Key-Elements-to-Business-Planning