Accounting and Bookkeeping Articles

As competition increases and some marketing techniques become more complicated, the best approach for small businesses is often the simplest approach.  In an article found on BNet.com, Steve Tobak reflects on “Marketing Megatrend: Simple Sells.”  In it, he evaluates the latest trend in retail marketing-simplicity.  Could it work for your practice?  More than you might imagine.

In a USA Today article by Bruce Horovitz, this new trend is introduced as a way to promote products with fewer additives or ingredients.  While this is a significant trend in food products, is it possible that it could help you better promote your accounting practice? Tobak shares 5 reasons why simplicity could work for you as well:

1. Simple is best.

When it comes to convincing your target market that they should select your services over the competition’s, simple is always the best and most successful approach.

2. Trends are popular for a reason.

Not that you should hop on the bandwagon simply because it exists, but consumers are going to gravitate towards this new trend because it’s popular.  You might as well take advantage of the momentum.

3. In the midst of marketing chaos, simplicity is more calming and appealing.

According to USA Today, 2009’s hottest marketing trend was buying things for less money.  After all the chaos generated by the recession, simplicity represents ease and effortlessness.  At this time in the marketing continuum, that’s going to be more appealing.

4. Simplicity is arguably a universal law.

The universe loves simplicity.   Not only did a 14^th-century Franciscan friar believe as much, but so did Albert Einstein.  In an article entitled “In Management, Keep it Simple, Tobak explains, “…simple concepts-such as core competency-have been successful over the long haul, while complex ones-like matrix management-haven’t stood the test of time.”

5.    Simplicity appeals to both the left and right-brained. Tobak explains, “Emotionally, we associate ’simple’ with easy, quick, controlled.  …These days we just want things to work the way they’re supposed to-no instructions, no drama, no returns.”  The emotional aspect appeals to the right-brained, and performance expectations appeal to the left-brained.  Simplicity equates to a win-win for both.

While we wouldn’t encourage you to follow a trend simple because it exists, we would ask you to evaluate the benefits of simplicity marketing to see if it might work for your practice.

Proven Marketing Trends for Your Practice

We get it.  Marketing just isn’t your thing.  You’re more comfortable running numbers than you are running ad campaigns.  At least that’s how most financial professionals are.  Unfortunately, in order for your business (and your bottom line) to grow you must promote it.  And promote it effectively.

We understand that you can’t afford to waste countless hours a week marketing your business.  If you did then when would you actually work for your clients?  So each and every minute you spend marketing must be effective and practically guarantee a payoff in attracting and securing a better clientele.

For 30 years Universal Accounting Center has trained financial professionals like you in small business accounting.  In all our years working with accountants, bookkeepers and tax preparers we’ve come to understand that most don’t know how to promote their services to this niche market of small businesses.  We do!  And not only do we know how to market those services, but we know which strategies and approaches will grow your business to the point where you will become so busy you may just have to start turning clients away – that or consider increasing your staff in order to increase your capacity (and your bottom line!).

To share this priceless information we developed the Universal Practice Builder Program, otherwise known as Marketing on Steroids.  You will learn how to increase your billable hours and get the monies you deserve by leveraging your time with techniques proven to get clients, allowing your firm to become the premier service in your area for accounting, bookkeeping (write-up) and tax.  Your ability to market your business and network with key community players will promote your practice to those who need and appreciate it most.

But don’t take our word for it.  Read what some of our students have said:

Student Testimonials

UAC is a great company with great staff, teachers & presenters. (Integrity in approach to accountants and businesses. Great knowledge of subject matter and how to market our skills.) I will recommend this to others – I thought the UPB exceeded my expectations. The DVD’s and binders are top quality and the one-on-one with the presenters and fellow attendees was fabulous. I was initially attracted to attend the program by the opportunity to have a good income from bookkeeping and accounting. – Vicki G.

UAC is the premier trainer of the accountants of the future. They truly understand how to differentiate their clients from the average accountants. To be honest, I don’t want anyone in my area to know about UAC. I think the information provided will truly separate my services from 95% of my competition.-Magnus E.

You guys certainly over-delivered. I now feel extremely confident to be able to sell my profession, knowing that I am truly providing a great value to my clients. – Igor P.

Universal Accounting is out to help accountants and bookkeepers to understand how to market their trade and to help their business clients become profitable. The training and programs are great. The materials and the presentations were very easy to follow and enlightening. All the presenters, the staff were great. It is comforting to know that I have this great company (UAC and staff) to provide support to me if I need it or falter. Thanks for a great job. – Anthony A.

Learn proven marketing techniques guaranteed to increase your clientele and your bottom line.  Make 2010 a banner year for your practice.  Enroll in the Universal Practice Builder Program now!

Resource

Horovitz, Bruce.  “Marketers Such as Starbucks Discover that Simple Sells.” 28 October 2009.  USAToday.com

Tobak, Steve.  “In Management, Keep it Simple.” 16 April 2009  BNet.com

Tobak, Steve.  “Marketing Megatrend: Simple Sells.” 2 November 2009  BNet.com

You probably already know that a yellow-page advertisement is a valuable marketing tool.  Unfortunately, not many business owners place very effective ads.  With a few simple changes, however, you can capture your target market and increase your clientele.  Here are 5 simple tips that will help:

1. First, determine if it’s worth the investment

Placing an ad in the yellow pages is expensive, and you should do a little research to determine whether or not it will pay off in the end.  Once you make that decision, don’t allow the listing service to design the ad for you.  To get the most bang for your buck, design a lucrative advertisement yourself.

2. Critique other listings

Before you get to work, look at the listings for your competition.  Which are most appealing and why?  Assume the perspective of your prospective clients and determine which practices are most prominent.  This is one instance where size isn’t all the matters.

3. Watch your words

Often your copy, more than your graphics, will attract the most attention.  Most important is the construction of a captivating headline that communicates your key benefits.  In his article “Effective Yellow Pages Ad Design,” author John Morana recommends you, “Spend 60% of your design time developing your unique, benefit-related headline.”

Speaking of benefits, when writing the copy, remember to avoid explaining what you do and focus on how your services benefit clients.  As they say in marketing, “sell the sizzle, not the steak.”  Also, in order for that copy to stand out, it’s recommended that your text cover less than 50 percent of the ad space.  Otherwise, your ad may become textually overwhelming for most yellow-page surfers.

In addition to an alluring headline and appealing copy, you must also include a call to action.  These prospective clients are looking for someone to call-why not extend an official invitation to “Call Now!”  John Jantsch also suggests that you “Use your ad and your headline to offer a free report, offer a reason to call, or communicate how you are different from the rest.  If you don’t do this one thing in your ad, the calls you will get…will all be price shoppers.”

4. Use clean, professional graphics

It’s important that your ad look professional, and one way to project that image is in the graphics you select for your advertisement.  In fact, John Morana suggests you avoid using “expected” images which will ensure that your ad fades into obscurity.  Instead, he explains, you should select “an arresting, eye-grabbing image that reinforces your main headline…and differentiates your business from the others in a meaningful way.”

5. Differentiate yourself from the competition

It’s important to remember that unlike other marketing methods, the yellow pages are where people generally go when they’re ready to secure products and/or services.  So you don’t need to convince your client that accounting is a valuable service; you do, however, need to convince them that your accounting services are the most appealing of all those listed.  You do that by differentiating yourself from the competition.

A yellow-page advertisement can be a great way to secure more business, if done effectively.  This can be one of many weapons in your marketing arsenal.

Partner with Universal for Marketing Expertise

With 30 years of experience, Universal Accounting knows which market strategies will best promote your business.

It’s no secret that accountants are not marketing experts.  In fact, some accountants even get a little nervous when talking about promoting their services.  With UAC’s Universal Practice Builder (UPB) Program you will have everything you need to grow your business and your bottom line.

Here’s a sampling of what you will gain from enrolling in this amazing program:

• A guarantee of $30,000 in new annualized billings in only 12 months
• 12 marketing strategies that you can implement immediately
• A process which can produce 15 to 25 qualified leads per month
• 3 months of coaching via telephone and Internet
• Training on a computerized database tracking program
• A presentation DVD to show potential clients

2010 is the year for your business to gain a competitive advantage.  Take the next step by enrolling in the Universal Practice Builder Program today.

Resources

Jantsch, John.  “How to Turn Yellow Pages to Gold.” 4hb.com

Morana, John.  “Effective Yellow Pages Ad Design: 8 Steps to Guarantee Your Success.” EzineArticles.com.

Saltz, Alan.  “Three Things Every Yellow Pages Advertiser Needs to Know.” AllBusiness.com

The thought of making sales calls can make even the most seasoned accountant cringe.  But the truth is, when you manage a small accounting practice, you’re going to have to call contacts in order to secure new clients; it’s just a matter of whether or not those calls are successful.  Your approach can mean the difference between a positive experience and an abysmal one.  Here are 8 tips that will help:

1.    Schedule time for cold calls. Tamara Monosoff, in her article on WomenEntrepreneur.com, suggests setting aside approximately 2 hours for cold calls.  She believes it takes time to establish a rhythm, and mornings and evenings can be more productive than afternoons.  Consider scheduling such a block of time for cold calls every week.

2.    Smile while you dial. You’d be surprised at how smiling changes the tone of your voice, making it much more appealing and pleasant.

3.    Listen attentively. Never double-book your sales calls, meaning, you shouldn’t multitask while talking to prospective clients.  It’s important that you be attentive.  You’d be surprised at how much you can learn about a prospect’s needs when you practice active listening.

4.    Consider using a script.  If you find that sales calls are unnerving, you should create a general script to follow.  That would prevent you from allowing your nerves to lead you away from your objective.

5.    Sell the meeting, not the service. Not many people like sales calls; they will anticipate your call to action before you even say it.  Therefore, it might be more productive if the objective of your sales call was to determine which of your services a particular prospect most needs and then schedule a face-to-face meeting at which time you can best present your services as the perfect match for their unique needs.

6.    Make more calls. Statistically speaking, the more calls you make, the more likely you are to secure additional clients.  This is why we suggest routinely calling contacts and referrals every week in order to grow your clientele.

7.    Use the power of the pause. According to the American Press Institute, pausing can perfect your sales performance.  In an article entitled “Tips for Telephone Sales,” they explain, “Learn how to pause for effect.  …Pausing keeps things natural and allows you to breathe properly; thereby helping you relax.”

8.    End the call. Once you’ve achieved your objective, it might be tempting to engage in small talk for a bit.  Don’t do it.  End the call by saying something to the effect of, “Thank you.  I will see you at noon on Thursday.”

Often all it takes to complete successful sales calls is to follow a few standard tips.  By exercising the above techniques, after time you will find that your clientele will grow and become more profitable as a result.

Take the Universal Tour

It’s important for every career-minded professional to know what their options are and how they might achieve true success.  If you’ve been wondering what steps you might take to reach your goals, visit Universal Accounting Center and take our tour to see how we can help.  From gaining professional certification to providing valuable training, Universal Accounting Center is interested in helping you succeed.   Visit UAC today!

Resources

Monosoff, Tamara.  “10 Telephone Sales Tactics that Work.” 9 September 2009  WomenEntrepreneur.com

–“Tips for Telephone Sales.” 1 April 2002  American Press Institute

In order to become more familiar with prospective clients and their pressing needs, you must perform market research.  Not only will it inform your marketing efforts, your service offerings, and your search for the right demographic, it will also give you a competitive advantage.

The US Small Business Administration, in their article entitled “Market Research” explains that market research can help you answer the following questions:

• Who are my customers and potential customers?
• What kind of people are they?
• Where do they live?
• Can and will they buy?
• Am I offering the kinds of goods or services they want at the best place, at the best time, and in the right amount?
• Are my prices consistent with what buyers view as the product’s value?
• Are my promotional programs working?
• What do customers think of my business?
• How does my business compare with my competitors?

You can imagine how valuable it would be to have the answers to all of those questions.  Performing effective marketing research can help you do just that.  The SBA goes on to provide seven steps in learning more about your market and gathering the information you need:

Step One: Define Marketing Problems and Opportunities

Most college research classes would tell you it’s pointless to begin gathering information when you haven’t yet drafted a pressing question or issue on which to focus your efforts.  This step enables you to articulate what you’re struggling with, as well as what untapped opportunities may exist for your business.

Step Two:  Set Objectives, Budget, and Timeline

As you can see, it’s all about direction.  What do you want to accomplish, and how much time and money will be spent doing that?  Without parameters like this, your market research could go on indefinitely and never do your business any good.

Step Three: Select Research Types, Methods, and Techniques

Before embarking on your market research, you should determine which type of research your want to perform.  Two basic types exist: primary and secondary.  Primary research is what you gather yourself through conducting surveys, interviews, etc.  Secondary research has already been done and merely requires you to find it; it is also less costly and can be accessed from something as simple as an Internet search or a visit to your local library.

Step Four: Design Research Instruments

If you plan to conduct primary research you need to create the instruments you will use to collect data.  The most common is the questionnaire.  The SBA advises, “Mix the form of the questions.  Use scales, rankings, open-ended questions, and closed-ended questions for different sections of the questionnaire.  The form or way a question is asked may influence the answer given.”

Step Five: Collect Data

At this point, after you have thoughtfully designed your market research strategy and created your research instruments, you are ready to collect the data.  It may be helpful to enlist the help of a professional researcher who can inform you how to implement everything you have prepared.

Step Six: Organize and Analyze the Data

A professional researcher can help you with this step as well.  The SBA explains how to accomplish step six: “Once your data has been collected, it needs to be cleaned.  Cleaning research data involves editing, coding, and tabulating the results.  To make this step easier, start with a simply designed research instrument or questionnaire.”

Step Seven: Present and Use Market Research Findings

Now comes the step you’ve been waiting for.  Begin using the information to improve your marketing efforts.  Also consider revising your current marketing plan accordingly, implementing the data you’ve gathered to create a more effective and profitable strategy.

UAC Provides Customized Business Assessments

While performing market research is extremely valuable to the success of your business, it can be difficult and time-consuming.  Allow Universal Accounting Center to help.

UAC is in the business of seeing small businesses like yours succeed.  And we know one of the ways to accomplish that is to provide you with all the valuable information of a customized business assessment.

Universal’s reports will interpret and explain your industry benchmarks and provide the following customized features:

• Executive Summary highlights strengths
• Industry percentile rankings for 20 major financial ratios
• Interpretation of variances from industry norms
• Bold graphs that show comparisons
• Profit improvement “what if” financial capabilities
• “Discussion Ideas” section that provides a springboard for action

Click here to view a sample business assessment performed by Universal Accounting Center.

Take the first step in gathering crucial information about your business. You owe it to yourself to get a complete financial picture of how your practice compares to others in the industry; in fact, make it an Christmas gift. It’s a tool that will enable you to better navigate through the recession.  Add to the detailed analysis provided in your business analysis an hour of business consulting, and you have an amazingly great value.  Call UAC at 1-(800) 343-4827 for more information about getting your own customized business assessment!

Resource

“Market Research.” US Small Business Administration

10 Questions to Ask before Taking the Plunge

Victor Kiam once said, “Procrastination is opportunity’s assassin.”  If you’ve been procrastinating your startup, it’s time to determine, once and for all, whether or you’re truly interested in the opportunity to build your own accounting practice.  Last week we posed the following five questions to help you gauge just how prepared you are for self-employment:

1. Do you enjoy making decision and taking charge?
2. Are you flexible?
3. Do you have a vision of what your business could become?
4. Are you self-motivated?
5. Do you have the necessary expertise?

This week we pose five more:

6.  Are you passionate about accounting?

If you answer “no” to this question, than go back to the drawing board.  You should be passionate about your business, otherwise you’ll dread the work you do, regardless of how skilled you are.  But if you are passionate about accounting, it will exude from you, attracting more clients who trust your enthusiasm and confidence.

7. It is financially feasible for you to quit your job to start an accounting practice?

This is where you ask yourself if you should continue to work full-time while serving a few clients in your spare time, or if you have enough clients to sustain your home business and quit your day job.  Maybe you’re ready to quit regardless, but do so with a well-padded savings account that can fill in the gaps until your income can support you.

8.  Whose your competition and how can you gain a competitive advantage?

You should do a little market research to see if the area can sustain another accountant.  And what are those other accountants doing that you could improve upon?  This could also be where you get some ideas on marketing.  How are they attracting clients and how could you improve on those methods?

9.  Will your family support your decision?

This is not the type of decision you casually break to your spouse.  “Honey, guess what I did today?”  In order to succeed, you’ll need your family’s support.  Be sure to discuss all the pros and cons together before making any decisions, because in a crunch you just might need to enlist their help in order to succeed.

10.  Will you be happy working for myself?

Ask yourself if you’re truly interested in running a full-time accounting practice.  Will you enjoy managing the business-end of your practice?  Is this something you will enjoy doing every day?  Because if you’re unhappy having your own accounting practice, then nothing else will compensate for your dissatisfaction.  But, on the other hand, if it’s something that will challenge and excite you, then pursue it with gusto.

Asking yourself the right questions can determine whether or not you’re ready to start your own accounting practice.  And just because you’re uncomfortable with some of your answers now doesn’t meant you can’t open your practice later.  It just means that you have a bit more to do in order to prepare for success.

UAC’s Training Can Help

The Professional Bookkeeper (PB) Program is just the course you need to prepare your startup.  For over 25 years we’ve honed our training in small-business accounting, the most lucrative market for contract accountants.  In less than 60 hours you can learn everything you need to know to start your own practice and attend to all your clients’ needs.

When you enroll in the Professional Bookkeeper Program you receive to the following:

• Flexible training you complete on your own schedule
• Rich and engaging training DVDs you can view again and again
• Hands-on instruction and practice sets through which you gain much-needed experience
• Training in building and marketing your new practice
• 6 months of valuable follow-up support
• The opportunity to earn professional certification
• Our iron-clad risk-free guarantee

The time is right to realize your dreams of self-employment.  Take action today and enroll in UAC’s Professional Bookkeeper Program.

10 Questions to Ask before Taking the Plunge

Starting your own accounting practice can be terrifying and exciting at the same time.  There are lots of pros in self-employment: the flexibility to work when you want and on what you want, the potential to uncap your salary, and the ability to wake every morning to a job you love.  But you aren’t being realistic if you don’t consider the cons as well: the responsibility and risk, the potentially long hours, and no guaranteed salary.  The reality of the last two thoughts could be enough to paralyze even the most enthusiastic from taking the plunge.  But you can be practical about starting your own accounting firm while preparing for potential obstacles.  Here are five of 10 questions to help you determine whether or not you’re truly ready to start your own accounting practice:

1. Do you enjoy making decision and taking charge?

In order to own and operate your own business you must be comfortable taking the initiative.  Business owners must make key decisions quickly and then act on them.

2. Are you flexible?

This has nothing to do with your ability to touch your toes, but it is a reflection of your adaptability.  Bruce Lee said, “Notice that the stiffest tree is most easily cracked, while the bamboo or willow survives by bending with the wind.”  Small businesses can be more successful during economic uncertainty because they are able to change course quickly, adapting to change without much fanfare.  Of course, that can only happen when the leader at the helm of a practice is flexible.

3. Do you have a vision of what your business could become?

If you find yourself daydreaming about a strong practice where your clients are highly satisfied, you have already begun developing a clear vision for your business.  With this vision comes an enthusiasm for your accounting firm’s potential, and your ability to share your enthusiasm with those whom you will associate will do wonders for your business.

4.  Are you self-motivated?

If you start your own accounting practice, you’ll be your own boss.  However, if you currently need a boss to tell you what to do and when, then you probably should continue to be someone else’s employee.  But if you’re self-motivated, proactive, and dynamic, you’ll be able to manage your practice rather than have the practice manage you.  This means you must be able to do more than just get-up-and-go; you also must get-up-and-finish.

5.  Do you have the necessary expertise?

Prospective clients will be unwilling to trust you with their finances unless you can demonstrate accounting expertise.  Luckily, you don’t need to attend college for four years in order to acquire the necessary know-how.  UAC’s Professional Bookkeeper Program can be completed in 60 hours, enabling you to not only gain the expertise necessary to start your own accounting practice, but also a professional designation that proves it.

Universal Accounting Center Can Help You Start Your Own Accounting Practice

If you want to start your own accounting practice but are unsure whether you have the necessary skill and knowledge to serve clients, or if you’re uncomfortable marketing yourself, Universal Accounting Center can help you reach your goals, providing valuable training in bookkeeping and accounting. Learn how to become a Professional Bookkeeper or build a successful accounting practice.  Don’t procrastinate your own success; enroll today.

Return next week when we’ll discuss the final five questions that can help you determine whether or not you’re ready to start your own business:

6.  Are you passionate about accounting?

7.  It is financially feasible for you to quit your job to start an accounting practice?

8.  Who would you competition be and what would you offer that they don’t?

9.  Will your family support your decision?

10.  Will you be happy working for myself?

6 Ways to Update Your Website and Gain Appeal

A website can be a valuable promotional tool, enabling you to broadcast information about your business even when your office is closed.  These days, with technology advancing at breakneck speeds, it’s important that your professional website be competitive and drive more prospective clients your way.  But how do you do that?  Here are six easy guidelines to improve your website so that it generates more return visits and, consequently, prospective clients.

1. Watch the numbers

There are many companies willing to provide you with traffic reports that let you know how many visitors you have and which pages they visited.  In this, your visitors will let you know which areas of your website are most appealing and should be accentuated in order to capitalize on user interest.

2. Make key information easily accessible

While most visitors will probably land on your website because you gave them your URL or they performed an internet search on local accountants and/or bookkeepers, there will be some who will immediately want to know who you are and what you do.  This information should be easy to access from your homepage.  Also be sure to include easy-to-find contact information.  Your website’s ultimate objective is to enable people to retain your services.  They can’t do that unless they know who you are and how to contact you.

3. Turn your site into a magnet

The most important thing about your website is that it attracts returning visitors.  And visitors will continually return if they find valuable content on your website.  If you provide bookkeeping tips for the small business owner, you’ll find they use your site as a reference and perhaps even bookmark it.  And when they need accounting help, who do you think they’ll go to?  You, of course!

Promotional offers also generate return visitors.  By offering a web promotion, you give them reason to bookmark your site and return when they’re ready to enlist your help.

4. Simplify the design

How do you respond to Power Point Presentations with neon text, flashing graphics, and nifty rollover effects?  It may be hypnotic at first, but can quickly become distracting.  While you want your site to be visually appealing, you need to remember that your content is on display, not the clever programming.  When in doubt, simplify the design, focusing on the professional image you want to project.

5. Standardize all the screens

Related to simplifying the design of your website, ensure that all your screens are standardized with a singular navigation system and a means of returning to your homepage with one simple click.

6. Use testimonials

Let your satisfied customers do some marketing for you.  Testimonials go a long way in creating a lasting impression on prospective clients.  They are memorable, versatile, reusable, and give you a competitive edge, not to mention that they build your credibility as an accountant.  Every time a client compliments you on your services request a testimonial that you can add to your website and other promotional materials.  These would work great on a screen that focuses on the true value of your service offerings.

Universal Accounting Center Can Help You Create a Custom Website for Your Practice

Imagine how difficult it would be to create your own website that can accomplish all the suggestions noted above.  Now imagine that UAC can manage that process for you, enabling you to create a strong web presence without expending much energy.  Universal Accounting Center (UAC) offers you Accountweb, a website development tool, available exclusively for financial professionals.  Within a number of business days you can create a personalized website for your practice.

To see a sample of a website developed from the Universal Accountweb platform, go to www.universalaccountingservices.com.

Whether you run a full-time practice or perform bookkeeping services on the side, you need a website that tells potential clients about your business even when you are unable to.  If you haven’t yet developed a website for your business, or if your current site is in need of reform, today is the day!  Order your subscription now-your website will be up and running by the following business week.  And if you are a Universal Accounting student you will receive a free six-month trial!

Have you ever been to a home that was last decorated in the 1970’s?  How could you tell?  Did the shag carpet give it away?  Or maybe the mustard yellow countertops?  Or was it the dark wood paneling in the basement?

Most people can tell when you’ve neglected a “look,” be it for your home, your wardrobe or even your business.  Unfortunately, when you neglect your business’s marketing materials for too long, your brand becomes tired and worn and your look suggests dated services and an old fashioned approach to financial management.

Your Brand

A brand is what sets a business apart.  When you “brand” your small business, you market it in such a way that anyone seeing your promotions will recognize them as belonging to your products and services.  If you have branded your business based on the quality of services you offer, all your promotional materials should somehow share that message.  And if you designed your website using two colors, those colors should also be found on your print materials, your business cards, and your signage.

So whether you’re establishing your brand for the first time or giving it a new look, you should consider the following two tips, as taken from Emma Johnson’s article entitled “Brand Makeovers”:

1. Broaden Appeal

Before the iPod, the iMac, and iTunes, Apple was considered a limited brand with a narrow consumer base.  That’s hard to believe now, where just about everyone has an iPod.  To achieve that widespread appeal, Apple updated their brand by marketing their new products to a broader demographic.

Perhaps you began your practice by offering specialized services to a narrow market.  As you revise your brand, consider following Apple’s lead by broadening your appeal.  You do this by making your services more accessible to a larger consumer base; what do you have to offer both the small dry cleaner down the street and the gym franchise that’s statewide?  Your brand should reflect your desire to offer accounting solutions to all businesses.

2. Differentiate

Update your brand to stand out from the competition.  You do this by differentiating your services from the pack.  Johnson uses Target as an example of a discount store that differentiated its brand as the one with high-style, fashion-forward products.  The result is a popular discount chain that attracts consumers interested in quality products with reasonable prices.

When you differentiate your brand you focus on those elements that set you apart from the competition.  Whether it be price, customer service or service offerings, you want your brand to appear unique and matchless.

All businesses need a makeover now and then.  Is yours due?  Consider these two approaches in revising your brand so that you can increase your appeal to more prospective clients.

More Than One Way to Market Your Practice

Branding is just one way to promote your business.  And if you want to grow your accounting practice, you’re probably interested in other, more effective ways of attracting new clients.  Unfortunately, many accountants and bookkeepers are unaware of how to market their services effectively.  That’s why, for 30 years, Universal Accounting Center has been training professionals like you how to promote their businesses.  The Universal Practice Builder program will train you in the following (and much more):

• Increasing your annualized billings by $30,000 within the next 12 months
• 12 proven marketing strategies that will increase your client base
• Techniques that can generate 15 to 25 qualified leads per month
• Creating your own customized marketing plan
• Effective phone marketing techniques

In a matter of hours, you will know exactly what you need to do to grow your business.  Advance your accounting practice to the next level and become the premier firm in your area.  To learn more, visit our website and listen to testimonials of our very own graduates, sharing what they found most valuable in this program.

Resource

Johnson, Emma.  “Brand Makeovers: 3 Lessons in Reinvention.”  24 November 2008  Entreprenteur.com

In this economy, the race isn’t won by the quickest, but by the most agile.  As you rethink your business, consider your flexibility.  Unlike large corporations that are unable to quickly change course, small businesses have the advantage of being quick and nimble, which just might be their saving grace.

The current recession is requiring many entrepreneurs to adapt and evolve their businesses, altering their approach to better suit the ever-changing market and consumer needs.  So stretch yourself as you consider how you might improve your flexibility by applying the following four tips.

1. Take advantage of technology

If you’re not careful, you could miss the technology train and all the great, economical marketing techniques that go with it.  The following two suggestions will lure the technologically savvy and/or those that are impressed with your ability to remain current:

Build a Business website. If you don’t already have a website, you should get one.  Progressive businesses have an internet presence; it speaks volumes of their professionalism and ability to keep up with current trends.  A good website will represent you well and increase your clientele.  It will also work 24/7 as a virtual receptionist, getting the word out about your business while you spend your time doing what you do best: accounting.  And if well developed, your business website can act as an inexpensive marketing tool and a good point of contact.  It can also help to further brand your business.

Universal Accounting Center (UAC) has a website development tool, available exclusively for accounting, tax, and bookkeeping professionals.  Visit our Accountweb site to learn more about how you can have a website of your own in a matter of days.

Take advantage of social networking.  From Facebook to Twitter, more and more businesses are taking advantage of social networking tools in order to broadcast news about their services, and most of these tools are free!

2. Rethink your marketing strategy

The same old approach you’ve used in the past probably isn’t very effective in this current financial climate. If you build a business website and take advantage of social networking, you’re on the right path.  Also consider other demographics that might now find your financial services especially helpful.  And don’t give up on prospects.  The recession has caused many to be more selective when it comes to spending their money; often this means that prospects take longer to commit. 

3. Listen to your clients

They can best tell you how to alter your approach in order to better suit their current needs.  Tap into their expertise as consumers to determine what they’re most concerned about; while you may not consider this a service your currently offer, you would be surprised at how appreciative your clients become when you resolve their financial concerns.  And isn’t that your expertise?

4. Expand your services

In listening to your clients and trying to better meet their needs, you will find that many desire you to expand your services.  Becoming a one-stop financial shop would be much more convenient for them, and lucrative for you!  Adding tax preparation services to your menu will increase your clientele while making your services more appealing to current clients.

The Professional Tax Preparer Program!

Universal Accounting Center’s tax preparer program contains all of the following:

• Video Instruction
• Full 1040
• Full Business Returns (1065, 1120, 1120S)
• Step-by-step instruction in starting a sole practitioner
• One Year Follow-up Support from expert tax preparers

And while many programs will lecture you on tax law and preparation practices, Universal’s program is effective because it provides the practical application that will perfect your skills.  Theory is taught as guiding principles, but the focus is on actually doing taxes to gain proficiency.

The PTP course consists of 20 hours of video training. Most tax preparation courses include books and some worksheets. Our training is very engaging and entertaining as seasoned tax preparers give practical advice on not only tax issues, but provide real-world solutions to give you the edge in productivity and profitability. Our instructors know what challenges you will face because they have been there themselves.

To be honest, you don’t need a Professional Tax Preparer designation to prepare taxes.  Currently, there are no qualifications for any individual to complete tax returns.  But in today’s world of complex tax laws and increasing tax fraud occurrences, tax payers are looking for specialists with credentials.  It affords clients peace of mind to know that the individual they’re working with is qualified and knowledgeable.  It also affords the tax preparer peace of mind to know they’ve been properly trained.  Universal recognizes the value of a professional designation and awards the Professional Tax Preparer designation to those who successfully complete the program.

Modules in the Professional Tax Preparer program include the following:

Module 1: Establishing the Tax Foundation

Module 2: Becoming the 1040 Expert

Module 3: Profitable Business Returns

Module 4: Building Your Successful Tax Practic

In just 20 hours you will be ready to face tax season with confidence and ease.  One tax season alone will prove lucrative enough to pay for the program 3 times over!  Increase your flexibility, and enroll in the Professional Tax Preparer Program today!

McDonald’s is one of the few chains that has continued to thrive despite the economic recession.  While other big corporations have lost their handle on success, McDonald’s has supersized theirs with what they call a “Plan to Win” strategy that has helped them experience continued growth for a number of years.  In his article on Bnet, Stuart Cross reveals three factors that help McDonalds achieve what has been impossible for many other big businesses during this economic downturn: supersized success.  Many small businesses could learn from their McExample by ensuring their practices have the following three characteristics:

1. Operating Excellence

Who hasn’t experienced lunch hour at McDonalds?  My family’s most recent trip found us in a line that seemed to promise an especially long wait considering the three hungry children bouncing around my back seat.  But it wasn’t long before that long line split into two, and at the start of line #2 I was met by a happy employee, outfitted with a simple walkie talkie, ready to take my order.  This particular McDonalds wasn’t equipped with two ordering kiosks like some you may find in bigger cities, but that didn’t stop management from minimizing our wait with this backup plan.

While once a jingle for a commercial, McDonalds maintains operational excellence by “keeping their eyes on the fries.”  From the CEO, to franchise owners, to suppliers, to employees, everyone member of the McDonalds team is programmed to function at top efficiency and effectiveness.  And while other franchises may lack this characteristic, most consumers think first of McDonalds when they think of “fast” food.

2. Distinctiveness

Speaking of those same three children bouncing in my back seat, they each recognized those golden arches from a very young age.   We didn’t frequent McDonalds very often, but I quickly realized that their branding efforts-from TV commercials to billboards to jingles aired on the radio-had already made quite the impression on these toddlers.  Years in business has taught McDonalds how to market their services to the right demographic, maintaining a solid brand that appeals to just the right consumers.

3. Agility

You can always order the old standbys: Big Mac, Filet O’ Fish, Quarter Pounder, french fries.  But McDonalds realized that as times changed, their menu would have to change as well.  Not only have they added a latte line that rivals Starbucks, but their menu also includes specialty salads and sandwiches that appeal to a wider consumer base.  This agility has enabled them to broaden their appeal while still servicing those that prefer the options that first launched McDonalds to success in 1940.

So how does your business measure up?  While you may not be running a fast food franchise, could your practice benefit by improving operational excellence, distinctiveness and agility?  Learn from McDonalds and supersize your success by making these three characteristics your new “Plan to Win” strategy.

Improve Your Agility by Adding Tax Preparation to Your Menu!

Practically every adult and small business in the nation is required by law to submit a tax return.  And the growing complexity of tax laws drives many of them to professional tax preparers who are better equipped to complete these returns.  You increase the agility of your accounting practice by adding this lucrative service to your offerings.  Not only will it enhance your appeal to current and prospective clients, but it will significantly increase your profitability as you will be able to charge $100/hour preparing tax returns.

UAC’s Professional Tax Preparer (PTP) Program will teach you how to prepare practically every type of individual and business return you may encounter.  These hands-on training materials are loaded with valuable and varied examples of real tax issues, and in each of the 32 training sessions you will prepare at least one tax return.  You need not wait to retain your first client before accumulating real-life experience in tax preparation.  Increase your agility by enrolling in the Professional Tax Preparer Program today!

Resource

Cross, Stuart.  “The McSecrets of their McSuccess.” 11 August 2009.  Bnet.com