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TRANSCRIPT
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5 Steps to
“Practice
Management
Autopilot”
By Salim Omar, CPA
http://www.CPAmarketingGenius.com http://www.CPAmarketingGenius.com
• 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
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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”
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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
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Not as easy
$100K in debt
Employee problems
Low quality clients
Cash flow always tight
Long hours – BAD lifestyle
My Story
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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
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• 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:
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• 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
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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:
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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”
http://www.CPAmarketingGenius.com http://www.CPAmarketingGenius.com
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
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• 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?
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• 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?
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Understanding STEP ONE
(the “real” business you are in)
helps you with STEP TWO
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For most practitioners there are four kinds of tasks:
• $10 per hour work
• $100 per hour work
• $250 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
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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
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What are the $100+ jobs?
• Preparing financial statements
• Preparing payroll and sales tax returns
• Preparing personal and business tax returns
• Responding to tax notices
Tiny Hinges Swing Big Doors 50%+ Boost in Income
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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
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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
Tiny Hinges Swing Big Doors 50%+ Boost in Income
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• 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
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What is the fastest way to boost your income?
Please select the correct answer:
• $10+ tasks
• $100+ tasks
• $250+ and $500+ tasks
• None of the above
Poll Question #2:
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1. Understanding the BUSINESS You Are In
2. 50% Boost in Income by Delegating
3. Reduce Stress with your Team
5 Steps to “Practice
Management Autopilot”
http://www.CPAmarketingGenius.com http://www.CPAmarketingGenius.com
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
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• 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!
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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
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2 Keys to Build a Great Team
Recruiting (top talent)
Managing (high productivity)
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• 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
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• 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
http://www.CPAmarketingGenius.com http://www.CPAmarketingGenius.com
1. Understanding the BUSINESS You Are In
2. 50% Boost in Income by Delegating
3. Reduce Stress with your Team
4. Systems Equals Freedom
5 Steps to “Practice
Management Autopilot”
http://www.CPAmarketingGenius.com http://www.CPAmarketingGenius.com
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
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• 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:
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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
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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
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Type of Systems:
Workflow System
Staff Recruiting
System
Staff management
system
Lead Generation
System
Client management
System
Lead Conversion
System
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Example of a
"1040 Workflow" System
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Lack of Systems leads to?
Please select the correct answer:
• Clients have an inconsistent experience
• Work is not delivered on time
• Delegating becomes difficult
• All of the above
Poll Question #3:
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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
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• 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?
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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
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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”
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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
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How should a CPA increase demand for his or her
services?
Please select the correct answer:
• 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:
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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”
http://www.CPAmarketingGenius.com http://www.CPAmarketingGenius.com
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
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The 6 week Genius "CPA Practice
Management System"
Introducing…..
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• 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:
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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
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• 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!
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• 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
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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
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• 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
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• 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
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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
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• 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"
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Go here to Register:
www.CPApracticeAutopilot.com
Engineering a NEW Practice – One
That Liberates, not Overwhelms
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“ "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
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“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
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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:
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• 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:
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• $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