A Transformative Solution For Marketing Tax Services
New Business Model Increases Firm Revenue, Gives Motivated Employees A BIG Raise, And Outperform Competitors In The Tax, Accounting, Legal Services Profession
How can you change the course of your firms’ success now and years into the future?
This article is dedicated to leaders in tax, accounting, and legal services firms who like to make things happen, leaders who want to effect change in their firm this year and into the future. It is written to educate firm leaders how to operate at a much higher level than competitors in the tax, accounting, and legal services profession. A goal of tax, accounting and legal services leadership should be to become a “destination firm”, the ultimate destination for an employee – a firm people want to work with and stay for a very long time. The key to success is building a destination firm for your tax, accounting, and/or legal professional services. Destination firms are supported by innovative, motivated, engaged, and highly productive employees led by innovative leaders who make things happen!
“ I like things to happen, and if they do not happen, I like to make things happen.”
– Winston Churchill
Prior to building www.taxconnections.com, a marketing and professional branding site for tax, financial and legal professionals, my successes connecting people and companies with tax experts are well-documented. Over three decades, communications with tax professionals via phone, email, and speaking opportunities around the world has enabled me to develop an extraordinary tax network worldwide. Tax professionals have privately shared their career goals and dreams with me as they have journeyed about between accounting firms, legal firms, corporations, government jobs, and they go out on their own to start a tax practice. Surprisingly, many of these professionals leave firms they would have otherwise stayed , if only their needs had been communicated and met. Understanding their challenges over many years, I was motivated to find a transformative solution for tax, accounting, and legal services profession.
Leadership Is Essential To A Firms Success
What challenges do leaders and employees in consulting practices have today?
What distinguishes a leader from a follower? A leader will take action; they initiate change before others do; leaders support and inspire those around them by the actions they take.
Leaders drive business change through innovation; and empower their employees by putting innovative ideas into action. Leaders provide a supportive, two-sided communication channel that generates employee loyal and trust.
“Innovation distinguishes a leader from a follower.” – Steve Jobs
Leaders of firms have real challenges; they come with the responsibility of running the firm. From a firm leaders’ point of view, they have challenges that involve the responsibility for paying for building leases that may be largely empty of employees now working from home; they have commitments for rent, property taxes, common area expenses, commercial insurance, health insurance, licensing, computer equipment, software, security, etc. Let’s not forget responsibility for payroll, office/home equipment, internet, new client acquisition, employee retention, education, training, marketing, and much more. Today, firm leaders are under nonstop pressure to generate income to cover all these expenses. People rarely consider the financial pressure leaders are under to cover firm costs.
If you are in a firm with multiple Partners, it can take months, or in some cases years to convince your Partners to make changes in the firm business model; or take action on a new strategy to cover business costs, grow the business, and give employees a raise. The truth is firm Partners do not have weeks/months to get consensus to make needed changes; rarely does a firm get all partners to agree anyway. Changes are happening very fast in firms today and smart Partners are actively seeking alternative strategies to grow revenue. In the process of implementing needed changes, often time is wasted, progress never happens, and it comes as a great cost to the firm. As a firm leader, you do not have to operate this way anymore.
“Change in all things is sweet.” – Aristotle
Employees have their own challenges and needs to in an organization. Employers who are not listening to the changing needs of their greatest assets – their people – will lose employees. What can you do now to address the challenges and changing needs of employees? You must first open and improve your communication channels with them. You must take the time to understand what their needs are right now because their needs will change throughout their employment. It is easy to discover employees’ major motivations simply by asking them the right questions. Years of private conversations with tax, accounting, and legal professionals taught me many issues could have been easily resolved before they become an issue had open communication channels been established.
Most employees would prefer to stay with a leader they know. They leave because something is not working for them with the employer. Employee retention issues often can be resolved if they feel comfortable communicating with their boss. Lack of open communication between the employer and the employee makes the employee feel disconnected from their employer. Therefore, it is important you take the time to ask employees what is most important to them in their professional life.
What can you do to retain your biggest assets – your employees?
There are many reasons tax, accounting and legal professionals leave a firm including…
- More Money
- More Opportunity
- More Recognition
- More Responsibility
- More Development
- More Education
- More Stability
- More Security
- More Benefits
- Better Leadership
Depending on a persons’ ambitions, and time in their professional life, their needs are always changing. For example, early on they may desire more training and education for growth and development. Later, they may get married, have children, and need flexibility in their schedule; or they may want to move up in the firm, and question if there is an upward track. What is important is to have open channels of communication with them.
“In teamwork, silence isn’t golden, it’s deadly. – Mark Sanborn
Although the reasons people leave firms are many; we developed an extraordinary solution that is transformative for the tax, accounting, and legal profession. We will explain it fully.
The very first action you must take is to focus on retention of your employees. Retention must be your number one priority; without an employee retention strategy, you will lose your greatest assets – your people – to competitors.
Start communicating with your team; send them a letter asking them the following questions.
Send Employees A Letter Like The One Below
Hi “First Name”,
As we come to come to year end, I want to ask you a few questions intended to support you in your professional career. Your response helps us understand how to best accommodate your professional growth and success at [Name of Your Firm].
- If you could create a dream job for yourself, what would it be? What is on your wishlist?
- If you could get rid of any project on your desk today, what would it be?
- If you were given free time to build an idea for the profession, what would it be?
- Are you happier working from home, remote or a hybrid model?
- Do you feel most productive with people around you, or more productive if people just leave you alone to do your work?
Understanding what your career goals and dreams are makes it easier to help you in your professional journey. Your contributions to [organization name] are valued. We are in the process of determining how we can best support you.
The favor or your reply within the next few days will be most appreciated.
If possible, tell them in advance these are the questions you want to ask and you would like to arrange a call to discuss their thoughts, and what you can do to help them. You want to give them time to think about these questions in advance. You will discover much more information on a call; you are taking more of an interest when you initiate a call. Ask the questions and let them talk. The rule is you should be talking 20% of the time and listening 80% of the time for best results.
Discovering the answers to these questions helps you understand what motivates each person on your team. Everyone is different so listen, take good notes, and do your best to make accommodations. Once your employees realize you are there for them; and you acknowledge their contributions and accomplishments; and you do what you can to help them, your employee retention and work production will rise.
There is one more thing you must do though…give employees an outlet for creative thinking!
The next action to take is to give employees an outlet for creative thinking.
Remember these are the things your employees want:
- an outlet for creative thinking
- more money
- more opportunity
- more recognition
- more responsibility
- more development
- more education
- more stability
- more security
- more benefits
- more leadership
Employee empowerment and autonomy has become increasingly important. Employee mindsets have shifted as they place a higher value on workplace offerings, and how these align with their needs. Firm leaders who adapt, listen, collaborate with employees, encourage contributions, and provide opportunities for unlimited pay, and job security, will become a Destination Firm – a firm people want to stay with and work at for a very long time.
“ Intelligence is the ability to adapt to change.” – Stephen Hawking
A Transformative Solution – TaxConnections Marketplace
What is TaxConnections Marketplace?
TaxConnections Marketplace is two-sided digital marketplace exchange where sellers of tax, financial and legal research, analysis, opinions, information, and ideas interact with buyers of their expertise.
What benefits does TaxConnections Marketplace offer my firm?
When selling tax expertise and services, it is important to connect with a steady stream of prospective new clients. Uploading your research and expertise into the Marketplace creates an opportunity to explain the issues in a way that builds trust for your expertise; and encourages prospective clients to reach out to you to handle their tax advisory needs.
More importantly, you earn revenue when you upload your content and expertise into the Marketplace at a price you determine. Each time a buyer downloads content you upload, you earn 55% of revenue generated. The Marketplace will handle all the complexity of the sales and use taxes due in over 10,814 sales and use tax jurisdictions. The research you completed on a project can now be available and offered to dozens, hundreds or even thousands of taxpayers who need your tax expertise. TaxConnections Marketplace is the launch paid for selling your hard-earned research and opinions to taxpayers.
How does TaxConnections Marketplace increase revenue for a firm and employees?
TaxConnections Marketplace is a way for a firm to generate more revenue, provide an outlet for creativity, and provide increased and unlimited income for employees. We recommend that research and content uploaded by an employee of a firm be awarded a bonus of 50% of revenue generated for content sales; only when the employee has reached enough sales to cover the costs of the total compensation and benefits provided by the firm. The firm earns 100% of revenue until the annual costs of the employee are reached from content sales; after annual compensation threshold has been met from the sale of content, then both the employer and employee each earn 50% split of revenue from the content sales. This gives the employee of the firm unlimited income potential from the sale of the content.
How can my firm participate in TaxConnections Marketplace?
TaxConnections Marketplace currently seeks alliance partners who want to be positioned at the top for their expertise. We are looking for a wide range of tax accounting, tax software and tax legal expertise. This is an extraordinary opportunity for a tax services firm. Amazon changed the way books are sold; eBay changed the way things are sold; Wayfair changed the way furniture is sold; and TaxConnections Marketplace changes the way tax services and expertise is marketed and sold online around the world.
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