@JulieatTheWELL, it was definitely a solid relationship building night. I have a very good business relationship with this client already, but we definitely learned a lot more about each other on a personal level, which I'm all for. I value relationships and don't want to be in business with clients who don't value them as well...   And no, this craft brewery is one of the few in NH that isn't mass producing "juice bombs"  They create more traditional IPAs, and European styles, have great food, and awesome ambiance. The establishment has actually been in my cross-hairs for awhile to approach as a client because they would be an ideal fit for me with the services I provide...so I guess last night could be considered both a relationship building event and reconnaissance mission    ... View more

I am actually taking one of my clients out to a new brewery in town tonight. Very impromptu "meeting" to discuss business for a minute and then work on continuing to build a solid relationship. Relational strength is just as important as being knowledgeable and skilled...typically it is the great separator between you and the competition when all other variables are equal or similar.  ... View more

I replied to this yesterday, but apparently my post is lost somewhere in cyberspace! Here are the highlights lol. At first I thought I was at about a 6 on the scale, but after writing out my post, I realized I basically crushed 2018 in relation to meeting my goals. I did what I needed to do on a personal level, professionally things are moving in the right direction, and even better there are still over 2 months to go in 2018! I know what needs to be done and we're moving into the time of the year where planning happens and implementation begins. Enjoy your vaca in Kauai...I woke up to snow on the ground and I have a cord of wood to pickup and stack today. I love snow, but October 18th is wayyy to early to be seeing it ... View more

Hey @JulieatTheWELL, I reluctantly accept that public speaking is uber-important in building a brand. I've led few classes with SCORE for QBO and QBDT and even though I don't like public speaking, my nerves fade away quickly. I feel it is imperative to get out in the community, and work with professional associations to get your face known and more importantly let people know that this guy/gal knows what they are talking about! My big thing to finish out 2017 once we pass the 15th, is to look at more rewarding ways of getting my name out there. I want to target social media and FB live because I can pick the topic of discussion and keep it brief. I would prefer to do 10-20 minute blasts a few times a week over 90 minute classes every few months!  ... View more

Hey @JulieatTheWELL, I reluctantly accept that public speaking is uber-important in building a brand. I've led few classes with SCORE for QBO and QBDT and even though I don't like public speaking, my nerves fade away. I feel it is imperative to get out in the community, and work with professional associations to get your face known and more importantly let people know that this guy/gal knows what they are talking about! My big thing to finish out 2017 once we pass the 15th, is to look at more rewarding ways of getting my name out there. I want to target social media and FB live because I can pick the topic of discussion and keep it brief. I would prefer to do 10-20 minute blasts a few times a week over 90 minute classes every few months!  ... View more

Sounds like a plan @JulieatTheWELL. Once I create an agenda I will share it with you for some feedback!! ... View more

Hi @JulieatTheWELL it's been a productive albeit stressful week. I don't know how we are approaching the end of September already, but I'm very excited to move past October 15th!! The following day I have seminar to lead for QBO and then I am free of any and all major deadlines. I'm looking forward to sitting down with my father after this time and charting a new course for this business! I know there are many improvements that we can make to maximize our potential; mainly by improving our workflows and actually addressing our lack of marketing.   Safe travels  ... View more

Thanks for the advice @ParkwayInc. I took a very quick look at their website and as far as appearances go, looks like a very professional operation. Might be a relationship for me to explore. Unfortunately, I won't be going to Connect this year, but it is an event I plan on attending in future years! ... View more

That's awesome @JulieatTheWELL, I had meant to ask if you would be doing that. I'll definitely continue to pop into the community for positivity!  Good vibes are very needed during this strenuous month. Times like these make me hungry to craft a strategy that will enable me to have a business that is not reliant on tax work; the tax game is a gift and a curse let me tell you! The goal is to pump up MRR profit centers like bookkeeping and consulting, allowing me to keep & seek out the tax clientele that I WANT and scale back the rest. #businessbydesign #lifebydesign #buildingabrand   ... View more

@JulieatTheWELL, I'm bummed I missed the webinar. I was really looking forward to it, but business and those left coast time slots got in the way of making it happen!! I'll do my best to make the next one; because I know there will be a next one    Unfortunately, I haven't been thinking about KPI's or strategy much...I know, a cardinal sin when building and operating a business!! The final countdown is underway for tax extension deadlines and we have some biggies and complicated ones over here, so my nose is to the grindstone. However, there will be many discussions post-October 15th between my father and I (and maybe a few in between) about where this firm is going organizationally, the types of clients we want, niches to explore, expansion, workflows, etc., etc., etc. In our business, major change needs to be made between Oct. 15 and Jan. 1. We just don't have the manpower to do otherwise. There is a good foundation here, but effecting changes and implementing a well-crafted strategy would make it a GREAT firm! For now,  the name of the game is getting through tax season redux and meeting our deadlines!! Wish I had some sweet strategy to lay down for you, but that is the current state of things here in NH. ... View more

Great topic per usual @JulieatTheWELL!! This was a large discussion between my father and I. We recently increased rates for all services because they had not been raised in several years. It was a very easy decision based on a few factors: WE DESERVE IT! Our A and even B clients realize the value we provide them. When clients are satisfied with your work and are provided with VALUE by the services you provide, reasonable rate increases are not a relationship breaker.  As you pointed out, the cost of living is always increasing...it's called inflation! It is necessary for any business owner to continually adjust rates by the year. At the very least evaluate them.  To piggy-back off that last point, business owners need to be proactive not reactive. Join professional associations that provide data and analysis from research and surveys they have completed within your industry. This makes it very easy to find conclusive data on where rates should be in whatever region you conduct business. It takes the guessing out of where you "believe" rates should be and provides a solid benchmark to work from. ... View more

Awesome insight and thanks for sharing your experience @ParkwayInc. I'm looking forward to checking out your video later today! ... View more

@JulieatTheWELL very important message here!! As you noted, in the professional services industry, profit margins are larger because we do not incur the additional costs that retail and contracting services do in our businesses. PS business owners should be more than happy to go all in on lead generation. Clicks do lead to clients if done the right way. As you said, spending $100, heck even $500, is worth gaining a new client that will provide you several thousand in revenue   ROI analysis should be ingrained in all of our minds, it is an extremely important financial ratio!! ... View more

Thus far, 2018 has been full of blessings, rewards, struggles, growth, & new opportunities. The next 4 months will undoubtedly be exciting! The rest of this year is about closing old doors & walking through new ones. Work is intoxicating when you're engaged and committed to your craft. On to the prospecting!!  My inspirational phrase comes from Yoda; "Do or do not. There is no try." The power of thought is strong. Failure is only an option if you allow it to exist. ... View more

My takeaways: Fire up the shredder, and break out the cleaning supplies...check! Stop pigging out like I will never eat food again...that is probably a good idea! Clear my beautiful mind with some paddleboard yoga...I'm on it!! Get another couple hours of sleep per night...so necessary, but so hard to do    Well I'm in & I'll be there on the 19th @JulieatTheWELL ... View more

@JulieatTheWELL, I love your motivational boosts. However, for today I am shutting down the laptop and heading out of the office! This hot and muggy afternoon should be spent at the lake, on the beach, with a little paddle boarding and cliff jumping mixed in!! Sometimes the best motivation comes from sheer relaxation. Cheers  ... View more

I have not used Facebook ads, but I definitely intend to increase this firm's exposure and using FB will be part of the marketing campaign. I have heard both positive and negative results from clients on the use of FB ads. Likewise, I have read the same in different forums I am in. I'm hoping that by hiring a firm that is experienced and reputable in this area it will work for my business. If the ROI isn't suitable then it can always be stopped. However, like someone said to me once "just because you had your heart broke once, doesn't mean you stop dating!"  ... View more

@rooftop I do not know about Canadian law, but in the U.S. you cannot normally have your client's refund sent to your bank account. I am not sure how HR Block does it. That is a well capitalized business that has the ability to front clients part of their refunds and get it back plus some on the back end. How they legally do it, I do not know. Big company, a lot of lawyers I'm sure! As you said, the easiest way to get your money for the tax returns is filing upon payment and that is how most small firms do it. I have HR Block directly across the street from me. I feel bad for the people who go see them. For the most part they provide little value and excessive prices for very simple returns. They have the market cornered on those types of returns because they can provide instant refunds up to X amount of dollars. If I were you I would not compete with that business model; provide valuable high cost services! People have no problem cutting a check when they are receiving exceptional service. The workflows you need to just experience for yourself and modify as you go. Internet forums and ads do a great job of making everything sound so easy and efficient. Everyone loves telling their amazing experiences, but we both know that isn't real life. You are starting out and most likely you will have to utilize different workflows for your clients to get a solid foundation built for your business. THEN you will be able to be more selective in how you operate. Of all the workflows you mentioned, I can check a box for each one. Different clients require different services. I go to offices and work on client's DT files, some drop off info at my office, or send me Accountant's copies to clean up. The best clients and my ideal ones are cloud-based, and virtual. I hardly see them (not because I don't like them lol) and everything runs smoothly. While it is not my ideal situation to do a little of everything, I have sufficient funds coming in and I am slowly being able to be more selective with new clientele. Success doesn't come with the snap of a finger; you will probably have to have a variety of workflows starting off and that's okay. Try to focus on what niche service you can provide, but while you corner that market do what you must to keep the revenue flowing.  ... View more

Hello @rooftop, congratulations on dipping your toes into the waters of self employment! You have a lot of of great questions. I'll answer a few based off my own experiences thus far. Taxes and bookkeeping go hand-in-hand, so you are on point with that thought process. When you provide the bookkeeping for a small biz client, preparing their taxes is a breeze (relatively speaking).  It is valuable to BOTH PARTIES and as such makes a great selling point for you. The end game should be to have employees to handle bookkeeping duties (which I'm sure you know) and for you to utilize your qualifications in more meaningful and lucrative ways. I view bookkeeping as a necessity, a great way to get your foot in the door with clients, and an excellent way to keep the ship full steam ahead with the recurring revenue it provides. It is a powerful portal to more valuable tax, planning, and consulting services.  As far as software is concerned, pick one and run with it. I'm responding to you on a Quickbooks forum, so you know which one I prefer. That is nothing against Xero, Sage, etc., but I have the most experience and demand with QBDT & QBO. I don't have time to learn various accounting software packages and quite honestly I could spend more time mastering the QB products. You should not cater to clients when it comes to accounting software. Your value comes from your experience and knowledge. BE GREAT WITH ONE THING & not a jack of all trades. Furthermore, if you are using a cloud-based application (QBO) they all utilize 3rd party apps and that alone will take up time figuring how to efficiently use those. However, like you saw and read, it depends on your clientele. A lot of my clients (sole proprietor contractors) don't take my recommendations to utilize some of the efficiencies 3rd party apps provide because they don't want to pay the subscription costs. So there is a lot of cost-benefit considerations that you need to figure out for yourself through further research and asking questions on forums like these. For tax software, I use Lacerte. It is powerful enough to handle all my different types of clients, from very simple US 1040's to very complex consolidated Corp returns. So again, it depends on your clientele. See what the packages offer and what you need. What you don't want is to have to continually learn new tax software. Obviously, it is highly ineffective  come tax season to be playing around with your tax software because it can't handle what you need it to...learned that the hard way!! Think about your clients today but also the ones you want in the FUTURE. They may look different and you should have the technological ability to handle whatever business comes through the door. The knowledge is already in your head, but transferring it to the software can be a PITA, so I suggest purchasing a quality tax software package and get to know it inside and out. As I said, I use Lacerte. I have also heard positive remarks about Drake and Prosystem fx.  ... View more

I'm very much in favor of checklists @JulieatTheWELL! I have a few different lists for passwords and client work flows that I created when I first started working with my father. I needed them to remember what the heck I was doing because everything was so foreign to me. I do update these lists when necessary and one day they will come in handy for a new employee or two!! ... View more

@EmilyCowan that stinks!! I feel for you, especially because it is volunteer work. Hopefully, the situation will sort itself out in a positive way    Love the idea for this Friday free-for-all though!!! ... View more