Business

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21 Jul: The Big List of Business Development Resources for Accounting Firms

If your accounting firm is like others, it is investing more in marketing and business development to ensure a competitive edge. With so much riding on your efforts, it’s essential to stay at the top of your game. To help you get started, we’ve pulled together the following list of valuable resources. On the Go Resources AAM’s AAMplify! [podcast] Tune into this podcast delivered by The Association for Accounting Marketing to hear discussions on timely topics such as Managing Your Firm’s Pipeline Process, Marketing’s Role in the Client Experience, and The Vital Skills of Growth Leadership. Accounting Today [podcast] This…

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18 Jul: 4 Strategies to Drive Law Firm Profitability in a Commoditized Marketplace

Legal services are being commoditized as corporate legal departments pressure law firms to deliver services at more predictable, lower prices. If they wish to remain profitable, law firms will have to reexamine how they do business, from the services they offer to the clients they serve. So say William Josten and Ian Turvill in their whitepaper, Reinventing the Law Firm Business Model: Making the Most of Business Development Opportunities and Driving Long-Term Growth. Josten and Turvill recommend four strategies to clarify legal business models that will ensure firm growth today and tomorrow: 1. Find your niche It’s no longer a…

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13 Jul: Why Following Up Puts You Ahead of 75% of the Competition

We’re guessing as a business development professional, you’d like to position yourself in the elite class of your peers. Here’s one sure way to do just that – follow up on leads more than twice, and you’ll place yourself above 75% of the competition. And if you’re in the insurance and brokerage industries, you’ll launch yourself past 90% of your competitors, according to a recent report by Conversica. Conversica researchers visited the websites of 538 companies across nine industries, and asked to be contacted. They tracked the following for 30 days after reaching out to these companies: Promptness, i.e., response…

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06 Jul: A Proven Way Law Firms Can Overcome their Biggest Business Development Challenges

Gerry Riskin, founder of Edge International, is a Canadian lawyer with a global reputation as an author and pioneer in legal firm economics and marketing. He reveals the most critical business-development mistakes law firms are making today, the most important trends that are shaping the legal marketplace, and how the smartest law firms are responding. Why business development is a must Law firms are being forced to reimagine their approach to business development. “The equation has shifted. Until recently, law firms had more power than clients. Now clients hold the power. Simply put, law firms are competing in a tougher…

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30 Jun: Executive Director of the Association for Accounting Marketing, Lauren Clemmer, Gives 5 Trends That Should be on the Radar of Every Firm

Lauren Clemmer, executive director of the Association for Accounting Marketing, has been immersed in accounting marketing and business development for more than a decade, and was recently named one of the most powerful women in accounting. For the past two years, she has worked with hundreds of accounting firms to help them advance their business development and marketing efforts. Over the course of her career, she has witnessed remarkable transformations in the marketplace. Here, Lauren outlines the most pressing trends that accounting firms need to keep in mind to stay relevant with their clients and prospects. 1. Customer Experience Rises…

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27 Jun: Try This Before You Abandon Your CRM System for Another

For many organizations, Customer Relationship Management (CRM) is akin to the heartbeat of the business. It’s where essential information about new and potential customers lives. In essence, it’s a repository of all the details about your most important business relationships. It helps your sales and business development (BD) professionals connect the dots between companies, contacts, and opportunities, and manage relationships and interactions with current and prospective customers. Moreover, it helps them keep track of and harness this complex web of information for the good of the business. Unfortunately, we hear far too many stories of firms frustrated by lack of…

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22 Jun: Law Firm Professional Development Advice from Dr. Sharon Meit Abrahams: 5 Secrets to Engage Partners in Business Development

When sales cycles in the legal profession can be as long as five years, it can be challenging to convince partners to participate in business development. But that’s no excuse to let this important activity slide, says Dr. Sharon Meit Abrahams, PhD, Director of Professional Development/Diversity & Inclusion, Foley & Lardner, and author of 100 Plus Pointers for the New Partner. Any law firm that wants to prosper in the midst of unprecedented challenges in today’s legal environment must make sure their partners take an active role in business development. Here are Dr. Abrahams thoughts on these issues and her…

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20 Jun: Accounting Firm Biz Dev Expert Mitch Reno on 3 Ways Firms Can Drive Client Loyalty and Satisfaction

For more than 15 years, Mitch Reno has been leading business development for Rehmann, one of the nation’s largest CPA and consulting firms. Today, as principal and Director of Client Experience, he is instrumental in driving client retention, loyalty and satisfaction while working closely with firm leadership on strategy and growth initiatives. With Mitch at the client experience (CX) helm, the organization has received extensive recognition for its client-retention efforts, including the 2016 Best of Accounting™ Award, given to less than 1% of accounting firms nationwide. According to Mitch, the key to Rehmann’s success is making each client feel like…

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16 Jun: Business Development Wisdom from Ramon Ray: How Accounting Firms Can Deliver a Differentiating Brand Experience

For more than two decades, best-selling author Ramon Ray has been helping accounting firms stand out and drive revenue. Now, more than ever before, he says it’s critical that firms develop a brand personality that they bring to each interaction with a prospect and client. He insists it’s the only way to stand out in an ultra-competitive marketplace and minimize client attrition. He provides four tips on to achieve this. 1. Build a Brand With nearly 1.25 million accountants and auditors in the United States, one could say the market is saturated. And that makes it difficult to stand out….

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09 Jun: Danny Estrada Shares How to Maximize Engagement at AICPA Engage

As you prepare to attend AICPA Engage next week, take to heart these words of advice for getting the most from the event. Danny Estrada – Founder of E Squared, a CRM strategy and management consulting firm – has attended the conference every year since 2013, and is eagerly anticipating this year’s gathering in Las Vegas. Why AICPA Engage is a Must-Attend Event AICPA Engage brings together professionals from technology, business development, and marketing disciplines, along with principals and partners of accounting firms. By sharing their unique experiences and perspectives on common issues, they provide interesting and proven approaches to…