Salim Omar of CPA Marketing Genius joins Steve Major on the Pricing Power podcast.
Salim has spent the last 19 years uncovering the keys to success of any CPA firm. He’s used his financial expertise and his own struggles in the early years of starting and growing his CPA practice as a springboard for understanding the success principles that create accounting firms that are profitable, respected and fun for their employees.
Feeling unfulfilled and tired of corporate politics and a long commute, in 1996 Salim left a “cushy” corporate, CFO position with a corner office to fulfill his mission of starting his own CPA Practice. He soon found out that this was no easy task, and he struggled with low-paying clients, poor cash flow and a high employee turnover.
After going $100,000 into debt, Salim made it his mission to transform his struggling practice into a highly profitable, 12+ person firm that it is today. Best of all, he works only a few days a week while his practice continues to grow.
He is the author of the popular book, The Ultimate CPA Practice in the New Economy and has been featured in a range of prestigious publications such as The CPA Journal, Financial Advisor and Wealth Manager and on the cover of Accounting Today.
Show Notes
Challenges for accountants :-
- bring in new clients
- keeping clients
- clients to pay
- clients have shorter attention span
- there is a lot more scepticism
Opportunities :-
- small business is more confused than ever
- business people are pressed for time
The opportunity is with sound business advice.
CPA & bookkeepers are closest to the financial and these financials are a springboard to have conversations.
Salim thought he knew the answers. He sought advice in marketing. If approach business like an accountant then you think everything can be solved by working hard but important to learn more from outside industries.
There is a segment of business owners who want to understand their numbers.
To often in accounting firms are working on wrong things and the wrong clients. The wrong clients bully you into low prices.
To work on growth – must nurture clients. Have a conversation with clients.
Business advisory is helping with net profit, pricing and gross margin.
Marketing is best through expert positioning ie speeches, books and articles.
Niching is imperative.
Content creation – find a template and the more you do it the better you get.
Money is attracted to speed.
Technology is a tool. It allows you to be more efficient.
The One Key Point – don’t under value yourself as a practitioner.
Website – cpamarketinggenius.com
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