Podcast

Summary

In this episode of Growing Your Firm, host David Cristello interviews Jordan Sublette, the CEO and founder of Cloud Accountant Staffing. Jordan shares his journey of building and selling his firm, and dives into the world of outsourcing talent. 

They discuss the challenges of talent crunches and how Jordan navigated through them. Tune in to gain insights on building a successful firm and leveraging outsourcing effectively.

What you’ll learn

The listener will learn about the journey of Jordan Sublette, CEO and founder of Cloud Accounting Staffing, including building his firm, outsourcing talent, structuring a sale, and navigating the world of outsourcing.

Guest Bio

Jordan Sublette: A Visionary Leader in Cloud Accounting

Jordan Sublette is a visionary leader in the field of cloud accounting, known for his innovative approach to building successful accounting firms. With a background in public accounting and a passion for entrepreneurship, Jordan has carved out a unique path in the industry, transforming traditional practices into modern, cloud-based operations.

After starting his career in a top 100 accounting firm, Jordan gained valuable experience in financial statement reviews, compilations, audits, and tax returns. This foundation gave him the confidence to venture into the world of small firm ownership. In 2019, Jordan took a bold step by acquiring a small legacy firm, leveraging an SBA loan to kickstart his entrepreneurial journey.

Under Jordan’s leadership, the firm experienced exponential growth, with revenues skyrocketing from half a million to 1.5 million in just three years. His strategic decision to pivot to a monthly recurring revenue model and capitalize on the opportunities presented by the Paycheck Protection Program during the COVID-19 pandemic proved to be game-changers for the firm’s success.

Jordan’s commitment to innovation and efficiency led him to explore the world of outsourcing talent, particularly in the Philippines. Recognizing the cost-saving benefits and the quality of talent available, Jordan established Cloud Accounting Staffing, a company specializing in connecting US-based accounting firms with skilled professionals in the Philippines.

Through Cloud Accounting Staffing, Jordan has helped numerous small and mid-sized firms optimize their operations, reduce costs, and scale their businesses effectively. His hands-on approach to recruiting and sourcing talent ensures that clients receive top-notch professionals tailored to their specific needs.

Jordan’s ethos revolves around the belief that leveraging technology and global talent is essential for the growth and sustainability of modern accounting practices. His philosophy centers on building strong client relationships, fostering a culture of continuous improvement, and staying ahead of industry trends to deliver exceptional service.

As a thought leader in the accounting industry, Jordan’s insights and expertise have been 

instrumental in guiding firms towards success in an increasingly competitive landscape. His dedication to excellence, strategic vision, and commitment to innovation make him a trusted advisor and mentor for aspiring entrepreneurs and established professionals alike.

Detailed Synopsis

Jordan’s journey from acquiring a small accounting firm to transforming it into a successful business with a focus on outsourcing talent in the Philippines is a testament to strategic decision-making and entrepreneurial spirit.

Acquiring a Small Firm:

• In 2019, Jordan purchased a small accounting firm with a revenue of just under half a million dollars, marking the beginning of his ownership journey.
• Recognizing the potential for modernization and efficiency, Jordan saw an opportunity to transform the traditional nature of the acquired firm.

Transition to Outsourcing Talent:

• Understanding the advantages of outsourcing talent to the Philippines, where skilled professionals could be hired at a fraction of the cost compared to local hires, Jordan made the strategic decision to build a team with 10 staff members based in the Philippines out of a total of 15 employees.
• By leveraging outsourcing, Jordan effectively delegated various accounting tasks to his offshore team, enhancing operational efficiency.

Growth and Success:

• Through a strategic focus on outsourcing and catering to small to mid-sized firms as clients, Jordan successfully tripled the firm’s revenue within 36 months, reaching $1.5 million.
• Jordan’s emphasis on a subscription-based revenue model, operational streamlining, and the use of cloud-based tools contributed significantly to the firm’s success.

Cloud Accounting Staffing:

• Building on his success with outsourcing talent, Jordan founded Cloud Accounting Staffing, a company specializing in connecting accountants in the Philippines with firms in the US and Canada.
• The company’s commitment to providing cost-effective talent solutions to small and mid-sized firms has been pivotal in its rapid growth and achievements.

Key Takeaways:

• Jordan’s journey underscores the importance of strategic decision-making, adaptability, and the utilization of global talent to drive business growth.
• His ability to identify opportunities, implement changes, and scale the business exemplifies the power of innovation and forward-thinking in the accounting industry.

In a podcast episode, Jordan emphasized the significance of establishing strong client relationships by personally engaging in sales calls and building rapport with clients. 

By involving himself in sales calls, Jordan demonstrated his commitment to understanding client needs and fostering trust, ultimately connecting with clients on a deeper level and effectively communicating the value of his services.

Furthermore, Jordan highlighted the importance of hiring the right staff and empowering them to manage client relationships effectively. By investing in talented individuals like Matt Johnston, who eventually bought out the firm, Jordan showcased the value of capable staff who can take on leadership roles and drive the firm’s growth.

Regarding sales strategies, Jordan discussed the impact of outbound marketing and cold outreach in acquiring new clients. By implementing successful strategies learned from industry experts, Jordan attracted new clients and expanded the firm’s client base.

Overall, the episode emphasizes the importance of building strong relationships with clients and staff, as well as implementing effective sales strategies to drive firm growth. By prioritizing client engagement, investing in talented staff, and utilizing proven sales tactics, firms can enhance their reputation, attract new clients, and achieve sustainable growth and success.

Outsourcing Talent to the Philippines for Small and Mid-Sized Accounting Firms

Outsourcing talent to the Philippines can offer significant cost savings and benefits for small and mid-sized accounting firms, as highlighted by Jordan Sublette, CEO and founder of Cloud Accounting Staffing.

Cost Savings:

• Outsourcing to the Philippines can result in approximately 50% cost savings compared to local hires in the US, depending on the level of expertise required.
• For instance, a full-time bookkeeping role in the Philippines may cost around $2,000 a month, while a specialized role like a tax senior with a CPA designation could cost around $4,000 a month.
• Cloud Accounting Staffing’s average placement cost of approximately $3,000 a month is notably lower than the US salary range for similar roles.

Benefits:

• Skilled Talent: The Philippines boasts a large pool of skilled accounting professionals well-versed in US accounting practices, providing firms access to quality talent at a reduced cost.
• Scalability: Outsourcing to the Philippines offers small and mid-sized firms the flexibility to scale their team based on business needs, crucial for growth or seasonal fluctuations.
• Focus on Core Activities: By outsourcing routine tasks to the Philippines, firms can allocate more resources to higher-value activities like advisory services and client relationships.
• 24/7 Operations: With a team in the Philippines, firms can operate round-the-clock, ensuring faster turnaround times for clients due to the time zone difference.

How to Get Started:

• Small and mid-sized accounting firms can engage with outsourcing companies like Cloud Accounting Staffing to begin outsourcing to the Philippines.
• Conduct a discovery call to outline requirements and the type of talent needed.
• The outsourcing company will handle recruitment and sourcing, providing a candidate pipeline for the firm to select from.
• Once onboarded, the firm is responsible for training and integration, while the outsourcing company manages HR and IT support.

In conclusion, outsourcing talent to the Philippines presents small and mid-sized accounting firms with a cost-effective solution to access skilled professionals, achieve scalability, and focus on core activities. By leveraging outsourcing benefits, firms can enhance operational efficiency and competitiveness in the market.

Timestamps

[00:03:30] Acquiring a small accounting firm.

[00:07:35] Structuring business growth during COVID.

[00:10:13] Cold outbound tactics effectiveness.

[00:14:22] Key hires discussion.

[00:17:27] Nimble, customizable recruiting services.

[00:21:20] Sourcing talent in different countries.

[00:24:47] Remote work and labor shortage.

[00:27:59] Post-sale relationship project management.

[00:31:39] Cost savings in hiring talent.

Podcast

Summary

In this insightful episode of the “Growing Your Firm” podcast, brought to you by Jetpack Workflow, host David Cristello is joined by special guest Adam Lean, CEO and co-founder of The CFO Project. 

Adam shares his expertise on how accountants can go beyond traditional number-crunching by engaging with clients through meaningful conversations that resemble therapeutic sessions. By asking open-ended questions about clients’ businesses and aspirations, accountants can foster a deeper connection and provide greater value.

Adam also delves into the importance of CFO advisory services as a scalable way for accountants, CPAs, bookkeepers, and enrolled agents to grow their firms and increase their earnings. The episode discusses the rise of advisory services in the accounting industry, from integration in mid-market firms to adoption by smaller practices as a lucrative service offering. 

What you’ll learn

Listeners will learn about the importance of asking clients questions to get them talking, the benefits of adding CFO advisory services to accounting firms, and the current state of advisory services in the industry.

Guest Bio

Adam Lean is a renowned figure in the world of accounting and financial advisory services. As the CEO and Co-founder of The CFO Project, Adam has dedicated his career to helping accountants, CPAs, bookkeepers, and enrollment agents start or add CFO advisory services to their offerings. 

With a focus on escaping the accountant’s trap and providing a scalable way for firms to grow and earn what they’re worth, Adam’s expertise and insights have transformed the way financial professionals approach their businesses.

Throughout his career, Adam has worked with a diverse range of clients, from small businesses to mid-market firms, helping them navigate the complexities of financial management and strategic planning. His training and certification program have empowered countless professionals to expand their services and provide high-value advisory solutions to their clients.

Adam’s philosophy revolves around the idea of building trust and relationships with clients by understanding their needs and aspirations. He emphasizes the importance of appealing to clients’ emotions and guiding them towards achieving their business goals. By focusing on the human aspect of financial advisory services, Adam has been able to establish himself as a trusted advisor and mentor in the industry.

With a deep understanding of the challenges faced by business owners, Adam approaches each client interaction as a unique opportunity to make a meaningful impact. By asking insightful questions and listening attentively, he uncovers the underlying issues and opportunities for growth within a business. This personalized approach has earned him a reputation for delivering tailored solutions that drive success and profitability for his clients.

Adam’s credentials and achievements speak volumes about his expertise in the field of financial advisory services. His program at the CFO Project has equipped numerous professionals with the tools and knowledge needed to excel in the competitive landscape of accounting and finance. 

By focusing on building long-term relationships and delivering value-driven services, Adam continues to inspire and empower financial professionals to reach new heights of success in their careers.

Detailed Synopsis

To effectively market CFO advisory services to small business owners, establishing an emotional connection is crucial. 

Adam Lean from the CFO Project highlights in a podcast episode that many business owners, while experts in their respective fields like culinary arts, dentistry, or HVAC services, may not have a keen interest or deep understanding of financial intricacies. Consequently, when promoting CFO advisory services, it’s vital to engage business owners by inquiring about their business passions and objectives.

For example, an accountant might initiate a conversation by asking the business owner about the inspiration behind starting their business or their vision for the business in five years, assuming all goes well. This approach fosters a sense of trust and understanding, allowing the business owner to feel supported. It also provides the accountant with insights into the owner’s ambitions and challenges, which can be addressed through the advisory services.

Adam points out that business owners often make decisions based on emotion, later rationalizing them with logic. By tapping into emotional drivers—such as the aspiration for a thriving business that supports their family, garners peer respect, or fulfills personal ambitions—an accountant can present CFO advisory services as a solution that resonates with the owner’s emotional motivations.

The podcast also underscores the importance of simplifying service offerings. Presenting a single, well-defined package helps avoid overwhelming prospects with choices and makes it easier for them to grasp the value offered. The services should be portrayed as a straightforward solution to help the business owner realize their dreams, rather than a complex financial mechanism.

In essence, conversations about CFO advisory services with small business owners are more impactful when they revolve around the owners’ emotional needs and aspirations. By demonstrating an understanding of what is truly important to the business owner and how CFO services can facilitate the achievement of those goals, accountants can effectively advocate for their advisory services.

Offering a single, clear, and comprehensive package for CFO advisory services is a strategic move that benefits both the service provider and the client. As discussed in the podcast episode, this approach reduces confusion and clarifies the value proposition for the client.

Simplifying the Offering

Adam stresses the significance of simplicity in service offerings. A single package helps firms:

• Avoid Overwhelming Clients : Multiple options can cause decision paralysis. One offering ensures clients are not bombarded with choices, which can lead to indecision or a focus on price over value.
• Clarify the Value Proposition : A singular package allows firms to succinctly communicate the expected outcomes and value. This clarity is essential for clients who may be unfamiliar with CFO services.

The Single Package Approach

The recommended approach includes a productized CFO service with two primary deliverables:

1. Scoreboard : A color-coded scoreboard that simplifies the business’s performance without complex financial statements. This visual aid uses green, yellow, and red indicators to show the health of various business aspects.
2. Action Plan : A detailed plan outlining steps to address critical issues identified in the scoreboard. This plan offers clear directions on actions to take before the next meeting to keep the business progressing toward its goals.

Pricing Strategy

Lean advises firms to charge a flat monthly fee for their services, suggesting a range between $1,500 and $5,000 per month. This pricing aligns with the service’s value and ensures clients understand the cost upfront, reducing confusion and fostering trust.

Emotional Appeal

The podcast also emphasizes the importance of appealing to the client’s emotions rather than solely logical arguments. By aligning the single package with the client’s business goals and personal aspirations, the firm makes the service more attractive and relevant to the client’s needs.

Conclusion

In conclusion, offering a single, clear, and comprehensive package for CFO advisory services meets the needs of small to medium-sized business owners who may not fully understand the CFO’s role. This approach simplifies the client’s decision-making process, communicates the service’s value clearly, and focuses on the emotional aspects of business ownership, which are often key to securing the deal.

Understanding Business Goals and Challenges in Initial Conversations

When engaging with prospects, prioritizing a deep understanding of their business before discussing specific services is crucial. This approach builds trust and a relationship, proving more effective than immediately attempting to sell services or delve into financial details.

Ask About Their Business and Motivations

Start the conversation with open-ended questions that prompt the prospect to discuss their business and personal motivations, such as:

• “Tell me about your business.”
• “Why did you start your business?”

These questions allow the prospect to share their story and passions, offering valuable insights into their goals and challenges.

Focus on Their Future Vision

It’s also important to understand the business owner’s future vision. Consider asking:

• “If we were to meet five years from today, and everything went perfectly with your business plan, what would your business look like?”

This question helps you understand their long-term vision and desired milestones, informing how you might tailor your services to support those objectives.

Listen More Than You Speak

Active listening is key in these initial conversations. As the podcast mentions, if you’re speaking more than 5% of the time, you’re likely talking too much. Letting the prospect do most of the talking ensures they feel heard and understood.

Build Emotional Connection

Focusing on the business owner’s emotions and priorities creates a connection beyond the transactional nature of business services. When a business owner feels like they’ve had a “therapy session,” it indicates a successful emotional connection.

Provide Context Before Solutions

Before presenting solutions, it’s essential to set the context. If you’ve identified growth opportunities or red flags, arrange a follow-up meeting to discuss these in detail. This ensures the business owner is receptive to your insights and sees the value in the services you offer.

By taking the time to understand the prospect’s business and personal goals, you establish yourself as a trusted advisor who can guide them to success, rather than just another service provider.

Timestamps

[00:01:09] CFO advisory services growth.

[00:06:11] Outsourced CFO package essentials.

[00:08:43] High ticket advisory service.

[00:13:55] Improving Conversion Rate.

[00:19:25] Inventory Cash Flow Problem.

[00:23:28] Context in Sales Strategy

[00:29:00] Emotional Business Strategy.

[00:30:35] Growth and red flags.

[00:34:34] Dating analogy in sales.

[00:37:05] Scaling small businesses.

Podcast

Summary

On this episode of Growing Your Firm, host David Cristello interviews Daniel Hood, the editor-in-chief of Accounting Today. With over two decades of experience in the industry, Daniel shares insights into the evolving trends in accounting firms and the push for advisory services. Tune in to gain a deeper understanding of the future of accounting and the role of technology in shaping the industry.

What you’ll learn

The listener will learn about the evolution of accounting firms, advisory services, trends in the accounting profession, and the impact of AI on the industry.

Guest Bio

Daniel Hood is a distinguished figure in the accounting profession, known for his extensive experience and insightful contributions to the field. 

With a career spanning over two decades at Accounting Today, Daniel has established himself as a prominent voice in the industry. Starting as a managing editor and now serving as the editor-in-chief, Daniel has played a pivotal role in shaping the content and direction of the publication.

Throughout his tenure, Daniel has demonstrated a deep understanding of the trends and challenges facing the accounting profession. His work at Accounting Today has provided valuable insights into the latest regulations, tax laws, and industry standards, helping professionals stay informed and navigate the evolving landscape of accounting.

Daniel’s expertise extends beyond traditional accounting topics, as he delves into strategies for building successful firms, advancing careers in public accounting, and adapting to technological advancements. His broad perspective on the profession encompasses not only technical aspects but also the strategic and practical considerations that drive success in the industry.

One of Daniel’s key contributions has been his exploration of the evolving models of accounting firms. He has highlighted the shift towards advisory services and the potential impact of AI on the profession, offering valuable insights into the future direction of accounting practices. By engaging with experts and thought leaders, Daniel has facilitated discussions on the changing dynamics of the industry and the opportunities for firms to innovate and thrive.

Daniel’s philosophy centers around the importance of specialization, innovation, and client-centric service. He advocates for firms to embrace new models, adapt to technological advancements, and focus on delivering high-value advisory services to clients. By encouraging firms to think differently and explore niche areas of expertise, Daniel promotes a culture of continuous learning and growth within the profession.

Overall, Daniel’s career trajectory and contributions to the accounting profession reflect a commitment to excellence, innovation, and strategic thinking. His insights and perspectives have shaped the industry discourse and inspired professionals to embrace change, adapt to new challenges, and drive success in the ever-evolving world of accounting.

Detailed Synopsis

Firms in the accounting profession are undergoing a transformation towards more specialized models, akin to the creator economy, by focusing on super niching down and utilizing AI tools.

In a podcast episode, Daniel Hood delves into the evolving models of accounting firms, emphasizing a trend towards specialization and super niching down. He discusses how firms are honing in on specific services, such as payroll for a particular industry or tax returns for corporate jet ownership. This specialization enables firms to excel in a particular niche and deliver high-quality services tailored to the unique needs of their clients.

Drawing a parallel to the creator economy, accounting firms are shifting towards a model where individual practitioners or small teams can thrive by offering specialized services. Just as individual creators in the media industry have built million-dollar businesses, accounting firms are leveraging their expertise in specific areas to effectively cater to niche markets.

Furthermore, the integration of AI tools is revolutionizing the delivery of accounting services. AI technology allows firms to streamline processes, boost efficiency, and offer more accurate and insightful advice to clients. By incorporating AI into their operations, accounting firms can handle complex tasks with greater speed and precision, enabling them to focus on delivering value-added services to their clients.

The move towards specialized models in the accounting profession, combined with the adoption of AI tools, reflects a broader trend towards innovation and adaptation in response to changing client needs and technological advancements. This evolution mirrors the dynamics seen in the creator economy, where specialization and technology are key drivers of success and growth for individual practitioners and small firms.

The concept of an ecosystem model in accounting, where firms with specific skill sets form alliances to serve clients, is gaining traction. Daniel discusses how this model could transform the accounting profession by allowing firms to specialize in niche services and collaborate with other firms to provide comprehensive solutions to clients.

Hood cites the example of a firm in Florida specializing in reporting and tax calculations for corporate jet ownership. By forming alliances with various accounting firms with clients interested in owning planes, this specialized firm can offer its unique service to a broader client base, creating a network of expertise that benefits all parties involved.

This ecosystem model enables individual practitioners or small firms to focus on their core strengths and partner with other service providers offering complimentary services. By leveraging the strengths of each firm within the ecosystem, clients can access a wide range of specialized services tailored to their specific needs. This approach not only enhances the value proposition for clients but also opens up new opportunities for firms to differentiate themselves in the market.

Overall, the ecosystem model in accounting signifies a shift towards collaboration, specialization, and innovation within the profession. As firms continue to adapt to changing client demands and technological advancements, forming alliances with other specialized firms can be a strategic way to deliver high-quality services and remain competitive in a rapidly evolving industry.

The acquisition of firms by private equity and the subsequent roll-ups can disrupt the profession, prompting new perspectives on firm structures and models. Daniel shares how private equity ownership of accounting firms can impact the profession. He notes that private equity ownership can empower firms to think innovatively about their structure, freeing them from traditional constraints.

Moreover, Hood explains that private equity ownership can drive changes in the profession, encouraging firms to explore different models and approaches. 

For instance, the episode highlights the potential for specialization and super-niching down in accounting services, focusing on specific services or industries like payroll for a particular sector or expertise in complex areas such as corporate jet ownership. This level of specialization can create a diverse landscape of accounting services, offering clients a variety of specialized options.

Ultimately, the influence of private equity ownership on accounting firms can prompt a shift in thinking about firm structures and models, inspiring firms to innovate, specialize, and adapt to better serve clients. This shake-up in the profession can lead to a more dynamic and diverse accounting industry, with firms exploring unique and specialized service offerings to meet the evolving needs of clients.

Timestamps

[00:01:33] Evolution of advisory services.

[00:03:25] Advisory services in firms.

[00:07:26] The trend of selling clients.

[00:10:45] Pricing trends in tax returns.

[00:14:49] The future of accounting models.

[00:15:28] Podcasts and AI collaboration.

[00:19:10] Future of professions.

[00:21:34] Client relationship insights.

[00:25:52] Small business owners and finance.

[00:29:20] Financial data visualization and analysis.

[00:31:32] Super specialization in accounting firms.

[00:33:26] Ecosystem model of business alliances.

[00:37:25] Impact of private equity in professions.

Podcast

Summary

On this episode of Growing Your Firm, David Cristello interviews Scotty Scarano, the self-titled wrapping custodian at Accounting High. Scotty, who is also the founder of a $2 million accounting firm and serves on various tech company boards, shares insights on OKRs and his rap career. Tune in to learn more about Scotty’s journey and his unique approach to the accounting industry.

What you’ll learn

The listener will learn about Scotty Scarano, his journey from rap to running a profitable firm, growth strategies, challenges faced, importance of trust in a team, holding employees accountable, saying no to certain opportunities, staying on the same page with team members, mindset of business owners when selling a firm, incentivizing growth, performing rap at accounting conferences, and OKR.

Guest Bio

Scotty Scarano is a dynamic and innovative individual who has made a significant impact in the accounting industry. With a unique blend of creativity and business acumen, Scotty has carved out a niche for himself as a trailblazer in the field.

Scotty, also known as the self-titled “wrapping custodian” at Accounting High, is not your typical accountant. With a career spanning over a decade, Scotty has demonstrated a keen ability to adapt and evolve in an ever-changing industry.

Starting as a one-man show in a small accounting practice, Scotty took the firm from a modest $90,000 to an impressive $1.2 million in just a few years. Through his leadership and vision, he transformed the firm into a profitable and efficient operation.

One of Scotty’s key achievements is the successful management of his firm, Padgett NC, which now generates close to $2 million annually. Through strategic decision-making and a focus on client relationships, Scotty has built a firm that is not only financially successful but also stable and sustainable.

Scotty’s philosophy revolves around the idea of getting out of the way to allow growth and success to flourish. He realized that by stepping back and trusting his team, he could create a more efficient and effective operation. This shift in mindset led to a significant improvement in the firm’s performance and overall satisfaction among team members.

In addition to his work in the accounting industry, Scotty has also ventured into the world of entertainment and rap music. His passion for music and creativity has led him to explore new avenues for self-expression and connection with a younger audience. 

Through this podcast, Accounting High TV on YouTube, and various rap performances at industry events, Scotty has been able to bridge the gap between traditional accounting practices and modern entertainment.

Scotty’s ethos is centered around the idea of continuous growth and learning. He is always looking for new opportunities to challenge himself and push the boundaries of what is possible in both the accounting and entertainment worlds. His willingness to take risks and try new things has set him apart as a visionary and a leader in his field.

Overall, Scotty Scarano is a multifaceted individual who has demonstrated a unique blend of creativity, business savvy, and a passion for innovation. His achievements in the accounting industry and his foray into the world of rap music showcase his ability to think outside the box and create new opportunities for growth and success.

Detailed Synopsis

Scotty Scarano’s Journey: Running an Accounting Firm and Pursuing Rapping

Scotty shared valuable insights into his unique journey of successfully managing an accounting firm while also pursuing his passion for rapping. Here are some key points from the discussion that shed light on his experience:

1. Balancing Accounting Firm and Rapping Career:

Scotty revealed that he initially started rapping as a hobby alongside running his profitable accounting firm. He described his rapping career as being in its early stages, considering it more of an elevated hobby at present.

2. Transitioning from Growth Mode to Stability:

Reflecting on his firm’s growth trajectory, Scotty acknowledged the need to step back and allow the firm to expand. He recognized that his tendency to micromanage was impeding progress, leading to interpersonal issues and obstacles in sustaining growth.

3. Implementing Accountability Measures:

To address the challenges of micromanagement and operational bottlenecks, Scotty explained how he implemented accountability measures by establishing leading indicators and tracking metrics. By entrusting his team and focusing on key performance indicators, he streamlined operations and enhanced efficiency.

4. Exploring New Avenues:

Scotty shared his experience of integrating his passion for rapping into his professional life, including performing at conferences and events. While receiving mixed reactions from different audiences, he noted that younger individuals and those closer to his age showed more interest and enthusiasm compared to older generations.

5. Future Plans and Personal Growth:

Expressing a desire for personal and professional growth, Scotty mentioned upcoming plans such as seeking personal development experiences in Costa Rica. This indicates his aspiration to evolve and broaden his horizons beyond his current pursuits.

Scotty’s journey exemplifies the importance of pursuing passions alongside professional responsibilities, finding a balance between stability and growth, and continuously seeking personal and professional development. His story serves as an inspiration for individuals looking to integrate their interests and talents into their career paths.

Throughout the podcast episode, Scotty emphasized the significance of trusting and empowering his team. By relinquishing control and ceasing micromanagement, he enabled his team to thrive. This shift allowed Scotty to focus on expanding his audience and pursuing his passion for rapping.

Moreover, Scotty discussed empowering his team members to make decisions and take ownership of their roles, leading to a more efficient workflow within the firm. By incentivizing his operations manager with a commission on new revenue, Scotty motivated proactive client acquisition and retention efforts, aligning incentives with the firm’s growth goals.

In summary, Scotty’s emphasis on trust, empowerment, and incentivization within his team facilitated his ability to focus on strategic initiatives and personal pursuits. Setting clear objectives, holding the team accountable, and knowing when to decline opportunities were key factors in managing and growing his successful accounting firm.

Timestamps

[00:01:12] Accounting rap video on LinkedIn.

[00:06:25] Technology niche and growth strategies.

[00:08:59] Overcoming growth bottlenecks.

[00:14:22] Trust and accountability in business.

[00:15:30] Accountability in team management.

[00:20:20] Learning to say no.

[00:24:53] Running a firm and rap.

[00:26:27] Entrepreneurial mindset and growth strategies.

[00:30:09] Accounting wrapping performances trend.

[00:34:55] OKR acronym explained humorously.

[00:36:16] Firm growth strategies.