Podcast

Summary

In this episode of the Growing Your Firm podcast, host David Cristello welcomes John Seiffer, a seasoned business owner and remote CEO, to discuss the concept of Output Thinking and its application in team management. 

John, a business coach and former president of the International Coach Federation, shares insights on how to make managing teams easier by focusing on visible, measurable outputs. 

The conversation touches on culture, values, and attitudes in a unique way, offering valuable perspectives for the audience. Tune in to learn how Output Thinking can transform the way you lead your team and firm.

What you’ll learn

The listener will learn about the concepts of culture, values, and attitudes, and how to apply them to make managing a team easier. The importance of defining outputs for employees, creating processes, and investing in employee happiness will also be discussed.

Guest Bio

John Seiffer is a seasoned business owner with over 40 years of experience in the industry. As a remote CEO since the 90s, John was ahead of the curve in embracing remote work long before it became a mainstream trend. With a career spanning four decades, John has honed his skills as a business coach for 25 years, guiding numerous individuals and companies towards success.

Throughout his career, John has demonstrated a deep understanding of the intricacies of managing teams and businesses. Serving as the past president of the International Coach Federation, John has not only excelled in his own ventures but has also contributed significantly to the professional development of others in the field.

John’s expertise lies in his unique approach to management, which he encapsulates in his book “Output Thinking.” This book delves into the concept of defining and measuring outputs in the workplace, providing a concrete framework for effective team management. John’s philosophy revolves around the idea that clear, measurable outputs are the key to successful employee performance and organizational growth.

Learn more about John here: https://ceobootcamp.com/

Detailed Synopsis

Enhancing Team Management through Clear and Measurable Outputs

In a podcast episode, John Seiffer stresses the significance of defining outputs in visible and measurable ways to facilitate effective team management. He points out that many challenges in managing teams arise from a lack of clarity regarding expected outputs from team members. 

By clearly outlining the outputs expected from each team member, managers can streamline the hiring process, establish clear expectations, and improve performance evaluations.

John explains that outputs refer to the tangible results or deliverables that individuals are expected to produce in their roles. For instance, in a marketing director position, outputs could include creating a marketing plan, developing a marketing budget, or overseeing the hiring of marketing personnel. 

By specifying these outputs in measurable terms, such as the number of blog posts per week or the quality of sales calls, managers can provide clear performance guidelines.

Moreover, John discusses how defining outputs helps differentiate between procedural knowledge and tacit knowledge. Procedural knowledge involves tasks that can be systemized and delegated, while tacit knowledge pertains to intuitive skills that individuals possess but may not be easily transferable. By focusing on defining outputs, managers can identify tasks that require specific expertise and those that can be standardized for efficiency.

Overall, the concept of defining outputs in visible, measurable ways serves as a foundation for effective team management. It enables managers to set clear expectations, offer targeted feedback, and align individual contributions with organizational goals. By implementing this approach, businesses can enhance productivity, streamline operations, and cultivate a culture of accountability and performance excellence.

In the podcast episode, John Seiffer emphasizes the importance of translating behaviors related to culture, values, and attitudes into measurable and visible outputs. He notes that using vague terms like culture, values, and attitudes lacks specificity and measurability. 

For example, when discussing teamwork, individuals may interpret what it means to be a team player differently. By defining specific outputs associated with behaviors like teamwork, honesty, trust, and integrity, it becomes easier to assess whether individuals align with the desired organizational culture and values.

John suggests that behaviors such as being a team player can be measured through observable actions, such as interactions with team members, willingness to seek help, and proactive involvement in supporting others. By defining these behaviors as measurable outputs, organizations can effectively evaluate whether employees embody desired cultural traits.

Furthermore, John highlights the need to move away from vague descriptions of behaviors and focus on concrete, visible actions that can be quantified and evaluated. By establishing clear expectations and defining behaviors in measurable terms, organizations can create a transparent and objective framework for assessing alignment with cultural values. This approach not only improves hiring decisions but also enhances performance management, feedback processes, and overall organizational effectiveness.

Identifying specific behaviors and actions related to values and attitudes can significantly enhance the process of hiring, managing, and evaluating employees effectively. In the podcast episode, John Seiffer emphasizes the importance of defining outputs in measurable and visible ways to manage employees successfully. 

He notes that traditional concepts like culture, values, and attitudes are often vague and subjective, making it challenging to assess and measure employee performance accurately.

By breaking down abstract concepts like teamwork, honesty, trust, and integrity into specific behaviors and actions, employers can set clear expectations for their employees. 

For example, instead of simply stating that a team player is needed, defining behaviors such as asking for help when needed, jumping in to assist others without being asked, or actively participating in team meetings can provide a concrete framework for evaluating teamwork.

Moreover, by linking values and attitudes to observable behaviors, employers can streamline the hiring process by clearly outlining the desired qualities in job descriptions. This approach ensures that both the employer and the employee have a shared understanding of the expectations, making it easier to assess whether a candidate is the right fit for the role.

When managing employees, having a detailed list of specific behaviors associated with values and attitudes allows managers to provide targeted feedback and guidance to employees. 

Instead of vague assessments like “bad attitude,” managers can pinpoint behaviors such as showing up late, lack of eye contact, or lack of participation in meetings as areas for improvement. This specificity enables employees to understand where they need to adjust their actions to align with the company’s values and culture.

Furthermore, when evaluating employee performance, having a clear set of behaviors tied to values and attitudes enables objective assessments. Managers can measure performance against these specific behaviors, providing a more accurate and consistent evaluation process. 

This approach also facilitates constructive conversations during performance reviews, as both parties have a common understanding of the expected behaviors and outcomes.

Overall, by identifying and defining specific behaviors and actions related to values and attitudes, employers can create a more transparent and effective framework for hiring, managing, and evaluating employees. 

This approach fosters a culture of clarity, accountability, and continuous improvement within the organization.

Timestamps

[00:02:47] Hiring based on outputs.

[00:04:37] Defining job outputs vs. descriptions.

[00:09:08] Outputs in different industries.

[00:14:37] Building a growth-oriented role.

[00:18:23] Frugality in Business.

[00:21:29] Scaling business through systemization.

[00:24:09] Managing email effectively.

[00:27:46] Creating efficient internal processes.

[00:30:31] Common Sense and Team Mentality.

[00:34:10] Developing interpersonal skills for business.

Podcast

Summary

In this episode of Growing Your Firm, brought to you by Jetpack Workflow, host David Cristello sits down with Tyler Winn, the founder and CEO of Cirrus Payroll. 

Tyler shares his journey of falling into the payroll business in 2012 and subsequently building a seven-figure firm that specializes in processing payroll for small businesses. 

Alongside running Cirrus Payroll, Tyler operates a coaching business for accountants called Payroll Profits (Formally, Winning with Payroll), where he debunks the myth that payroll services are inherently unprofitable and unpleasant to manage. 

He discusses the benefits of separating payroll services from an existing accounting firm, which can lead to a symbiotic relationship between the two entities and provides opportunities for cross-marketing services. 

The episode aims to help accounting firms understand how they can grow by incorporating payroll services and leveraging them as a strategic tool for expansion.

What you’ll learn

The listener will learn about techniques for growing the payroll arm of an existing firm, marketing payroll services to small businesses, making payroll profitable and exciting, opportunities in the payroll services market, and strategies for scaling up a payroll company within an existing accounting firm.

Guest Bio

Tyler Wynn is a distinguished figure in the payroll industry, renowned for his innovative approach to a field that many in the accounting sector tend to avoid. As the founder and CEO of Cirrus Payroll, Tyler has carved out a niche for himself by transforming the payroll process into a profitable and desirable service line for small businesses. 

His journey into the world of payroll began in 2012, and since then, he has successfully scaled Cirrus Payroll into a seven-figure firm that specializes in providing payroll services to businesses with one to forty-nine employees.

Tyler’s professional background is rooted in public accounting, having started his career with Deloitte, where he gained invaluable experience in the industry. 

His transition from working for a prestigious firm to entrepreneurship was driven by a desire to create a business that not only excelled in service delivery but also provided a much-needed solution to the small business market. His decision to focus solely on payroll services was a strategic move that set him apart from competitors who often view payroll as a cumbersome and low-margin task.

Under Tyler’s leadership, Cirrus Payroll has become synonymous with accuracy and responsiveness, two critical factors in the payroll industry. 

He has instilled a culture of relentless focus on customer service, ensuring that his team responds to client inquiries with impressive speed and efficiency. This dedication to service has allowed Cirrus Payroll to compete effectively against larger firms and has positioned the company as a preferred provider for businesses seeking a more personalized payroll experience.

In addition to his role at Cirrus Payroll, Tyler is also the founder of Payroll Profits, a coaching business and community for accountants. Through this platform, he shares his passion for payroll and educates other accountants and bookkeepers on how to debunk the myth that payroll is inherently unprofitable and burdensome. 

His philosophy is that with the right approach and pricing strategy, payroll can be a lucrative and enjoyable aspect of an accounting practice.

Tyler’s ethos revolves around the belief that specialization and premium pricing are key to building a successful payroll business. He advocates for accountants to either fully commit to offering payroll services or to outsource them if it’s not their area of passion. 

His strategy of creating a separate sister company for payroll services has proven to be an effective model for accounting firms looking to expand their offerings without diluting their brand or core services.

As a thought leader in the payroll space, Tyler’s insights and strategies have resonated with many in the accounting community. His approach to business growth, customer service, and niche specialization has not only led to the success of Cirrus Payroll but has also inspired other firm owners to reconsider the potential of payroll services within their own practices. 

Tyler Wynn’s story is a testament to the power of focus, dedication, and a willingness to challenge the status quo in the pursuit of entrepreneurial success.

Detailed Synopsis

Firms dedicated to expanding their payroll services can reap substantial benefits from establishing a separate entity focused solely on payroll. 

This strategy enables them to capitalize on existing client relationships while simultaneously exploring new opportunities within the payroll market. Here’s a closer look at why and how this approach can be highly effective:

Separate Branding and Focus

Creating a sister company for payroll allows firms to cultivate a unique brand identity centered around payroll expertise. This specialized branding positions the new entity as an authority in payroll solutions, making it more attractive to potential clients seeking dedicated payroll services.

Leveraging Existing Clientele

Firms with an established client base in accounting have a ready market for their payroll services. Introducing payroll through a distinct company provides clients with a comprehensive solution for their needs, enhancing client retention and satisfaction by broadening the service offering.

Marketing Flexibility

A standalone payroll company affords the flexibility to market its services to a wider audience, including small businesses that may not need full accounting services but are in search of payroll solutions. This strategy opens up a new revenue stream and allows the firm to target a market segment specifically seeking payroll expertise.

Symbiotic Relationship

The accounting firm and its sister payroll company can enjoy a mutually beneficial relationship. As the payroll company acquires new clients, there’s an opportunity to introduce them to the accounting services of the sister firm. 

Conversely, the accounting firm can refer clients in need of payroll services to the sister company, fostering a cycle of referrals that promotes growth for both entities.

Insights from the Podcast

In a podcast episode, the host speaks with Tyler Winn, founder and CEO of Cirrus Payroll, about the advantages of separating payroll into its own company. 

Tyler explains that this separation allows the firm to serve existing accounting clients with payroll services while also reaching out to businesses that are exclusively looking for payroll providers. 

He describes this as a “beautiful symbiotic relationship” where each company contributes to the other’s growth.

In conclusion, for firms intent on growing their payroll services, launching a separate sister company can be a strategic move that leverages their existing client base and independently pursues new payroll market opportunities.

Premium Pricing for Payroll Services: A Path to Quality and Responsiveness

In the competitive payroll services landscape, pricing strategies are pivotal in defining service quality and a firm’s success. Tyler Wynn, founder and CEO of Cirrus Payroll, discusses the importance of premium pricing not just as a revenue strategy but as a foundation for delivering superior service.

Investing in Quality Staff

A premium pricing model enables a firm to hire the industry’s best talent. Tyler underscores the need to price services sufficiently high to encourage growth and reinvestment in the business. 

This approach attracts top talent, including experienced professionals seeking remote work opportunities, as Cirrus Payroll does. Superior staff leads to superior service, creating a virtuous cycle that benefits both the firm and its clients.

Enhanced Responsiveness

Tyler highlights responsiveness as a key competitive edge. Cirrus Payroll prides itself on an average response time of about 20 minutes to client inquiries, a stark improvement over the days-long waits some clients endure with larger providers. 

This responsiveness is made possible by the premium pricing model, which supports a dedicated and efficient support team. Tools like Hiver, a Gmail extension Cirrus Payroll uses, help monitor and enhance response times, ensuring clients receive prompt and effective support.

Competitive Advantage

The synergy of quality staff and enhanced responsiveness gives firms like Cirrus Payroll a significant competitive advantage. Clients dissatisfied with larger providers’ service levels appreciate the personalized and swift attention from smaller, premium-priced firms. This advantage helps retain and attract clients who desire a better payroll service experience.

Conclusion

Tyler Wynn’s premium pricing strategy for payroll services shows that firms can excel by prioritizing quality and responsiveness. Investing in the right staff and resources enables firms to offer a service level that distinguishes them from the competition, leading to a successful and profitable payroll service.

Building relationships with other firms seeking to divest their payroll services is a strategic move that can significantly contribute to a payroll business’s growth. 

As discussed in the podcast episode, many accounting firms provide payroll services as part of their offerings but may lack passion or profitability in this area. These firms often view payroll as a necessary component of being full-service but may not have the expertise or desire to manage it effectively.

Tyler Wynn shares how he has successfully expanded his payroll business by partnering with firms that have strategically decided to stop offering payroll services. He notes that most firms dabble in payroll out of obligation to offer a full range of services. However, they may reach a point where the hassle of managing payroll is no longer worth it, particularly when a key staff member responsible for payroll departs.

At this juncture, these firms must decide whether to invest more in payroll or offload the service. This is where relationship-building is key. 

By presenting his company as a specialized and dependable payroll provider, Tyler has been able to acquire clients from firms eager to remove payroll from their list of services. 

He mentions that some firms are even willing to transfer their payroll clients at no cost, simply to relieve themselves of the burden.

For firms aiming to grow their payroll business, Tyler suggests the following strategies:

1. Identify Firms Looking to Offload Payroll Services : Engage with local accounting firms, establish relationships, and offer a solution to their payroll challenges.
2. Offer a Seamless Transition : Ensure these firms that their clients will continue to receive top-notch payroll services, which helps maintain their reputation while they concentrate on their core offerings.
3. Capitalize on Remote Work : Utilize the trend of payroll companies bringing staff back in-house as a recruitment tool. Offering remote work can draw talent from competitors and serve as an attractive proposition for firms considering outsourcing payroll.
4. Create a Separate Payroll Entity : For accounting firms serious about payroll, Tyler recommends forming a separate sister company with distinct branding and marketing. This enables the firm to provide payroll services to existing clients and attract new clients looking solely for payroll, who can then be introduced to other accounting services.
5. Focus on Responsiveness and Service Quality : Stand out by providing quick and precise responses to client inquiries, which can give you a competitive edge over larger, slower firms.

By adopting these strategies and emphasizing the unique value of specialized payroll services, firms can effectively expand their payroll business and establish a profitable new revenue stream.

Timestamps

[00:02:42] Competitive landscape in payroll.

[00:06:06] Building a better payroll service.

[00:08:53] Investing in customer support.

[00:11:48] Payroll business growth strategies.

[00:15:37] Building relationships with firms.

[00:19:16] Hiring process insights.

[00:20:44] Connecting on LinkedIn for networking.

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Learn more about our workflow and project management solution here.

Podcast

Summary

On this episode of Growing Your Firm, host David Cristello interviews Fred Tate, the Managing Director of CFO Shield. Fred discusses how CFO Shield takes a consultative approach to create tailored solutions for clients, offering fractional CFO services along with bookkeeping and payroll support. 

Fred also emphasizes the importance of understanding and meeting individual client needs, showcasing the unique approach of the firm. Tune in to learn more about how CFO Shield stands out in the industry and prioritizes client service.

What you’ll learn

You will learn about the importance of connecting people together to create an ecosystem, launching a CFO firm, as well as how CFO Shield tailors solutions to specific client needs and provides a variety of services including bookkeeping and payroll.

Guest Bio

Fred Tate is a seasoned professional with a wealth of experience in the financial industry, particularly as the managing director of CFO Shield. With a background as a big company CFO, Fred made the bold decision to venture out on his own and establish CFO Shield, a firm that offers fractional CFO services along with bookkeeping and payroll solutions exclusively on QuickBooks Online.

Fred’s approach to client services is not just about providing advisory or consulting services; he lives and breathes it, ingraining it in the very fabric of his firm. 

He takes a consultative approach with clients, tailoring solutions to meet their specific needs. Fred’s philosophy revolves around building an ecosystem of connections, where he intentionally connects people together to create value for all parties involved.

One of Fred’s key strategies for business growth is his focus on building recurring business and establishing long-term relationships with clients. He values cash flow but places a higher emphasis on recurring business over one-off projects. This approach has allowed CFO Shield to grow steadily, even during challenging times.

Fred’s commitment to innovation is evident in his embrace of automation in the bookkeeping and QuickBooks world. He is at the forefront of leveraging technology to create efficiencies for his clients, ensuring that his firm is positioned to take advantage of emerging opportunities in the industry.

With a client-centric mindset, Fred prioritizes understanding his clients’ businesses and helping them achieve their financial goals. He believes in translating complex financial data into visual reports that entrepreneurs can easily comprehend, empowering them to make informed decisions about their businesses.

Fred’s dedication to providing exceptional client service is reflected in his team structure, where he has carefully curated a team of controllers and bookkeepers who report to a client success manager. This organizational setup allows Fred to focus on business development while ensuring that his clients receive personalized and efficient service.

Synopsis

Building a network of like-minded professionals can be a powerful strategy for generating referrals and driving business growth. In a recent podcast episode, Fred Tate, the managing director of CFO Shield, emphasizes the importance of connecting with other professionals to create an ecosystem that fosters referrals and business opportunities.

Fred highlights the value of the “Go-Giver” approach, where professionals focus on building relationships within their industry. By connecting with like-minded professionals, individuals can establish a network of trusted contacts who are likely to refer clients and business opportunities their way. This network acts as a source of referrals, creating a steady stream of potential clients and growth opportunities for the business.

Fred’s experience demonstrates that investing time and effort in networking and building relationships with other professionals can lead to significant business growth. By actively engaging with others in the industry, sharing knowledge, and making connections, individuals can position themselves as go-to experts in their field. This not only enhances their reputation but also opens up new avenues for collaboration, partnerships, and client referrals.

Overall, the episode underscores the importance of building a strong network of like-minded professionals to create an ecosystem that supports business growth. By nurturing relationships, sharing expertise, and actively participating in the professional community, individuals can leverage their network to drive referrals, expand their client base, and ultimately achieve sustainable business growth.

Prioritizing recurring business over projects can be a strategic approach that leads to sustainable revenue and long-term success for firms. In the podcast episode, Fred Tate, the managing director of CFO Shield, emphasizes the importance of focusing on recurring business as a key element of their business model.

Fred highlights the value of recurring business by mentioning that their first client has been with them for several years. This demonstrates the stability and reliability that recurring clients can bring to a firm. By nurturing long-term relationships with clients, firms can build a steady revenue stream that provides a foundation for growth and success.

Furthermore, Fred discusses the significance of recurring business in terms of cash flow and profitability. By consistently meeting the needs of recurring clients, firms can ensure a steady flow of income and maintain financial stability. This approach allows firms to better plan and manage their resources, leading to more efficient operations and improved financial performance.

Additionally, Fred’s focus on recurring business aligns with his goal of building something bigger than himself. By prioritizing long-term client relationships and delivering ongoing value, firms can establish a strong reputation in the industry and attract new clients through referrals and word-of-mouth recommendations.

The emphasis on recurring business over projects can contribute to sustainable revenue and long-term success for firms. By investing in client relationships, providing consistent value, and prioritizing client satisfaction, firms can create a solid foundation for growth and profitability in the long run.

By incorporating automation in bookkeeping processes and utilizing visual reporting tools, firms like CFO Shield can deliver more efficient and insightful services to their clients. 

These tools not only streamline operations but also enhance the overall client experience by providing clear and actionable financial information. As technology continues to advance, leveraging automation and visual reporting tools will be essential for firms looking to stay competitive and deliver high-quality advisory services to their clients.

Timestamps

[00:03:00] Tailoring services to client needs.

[00:06:24] Client success manager

[00:12:46] Margins in business growth.

[00:15:06] Building business through relationships.

[00:20:00] Building a Strong Team.

[00:25:27] Niche insurance services.

[00:27:37] Automation in bookkeeping.

[00:31:50] Landing cfoshield.com domain