Salim Omar, best-selling author and owner of Straight Talk CPA, has a new book, Million Dollar CPA Firm. He’s stopped by the podcast to give a peek at some of the top secrets he’s learned in his 20 years as a Firm owner. He’s systematized his firm to the extent that clients will come in during tax season and ask Salim, “Aren’t you supposed to be locked in your office doing returns?” Salim smiles, as he’s built a firm around his lifestyle where he doesn’t need to work 24/7. In this episode of Growing Your Firm Podcast, David Cristello and Salim Omar dive into:
- The 3 steps to being a successful and profitable Firm owner.
- Exact questions to ask your clients which lead to more engagement
- Asking yourself “Am I doing $10 tasks rather than $100 tasks?”
- Straight Talk CPA - Salim's Firm
- CPA Marketing Genius - Salim's Coaching Service for Firms
- Million Dollar CPA Firm - New Book
DAVID'S TIP: You might think working 80 hours is being productive, but your clients can feel the tension and stress you carry and it will affect your relationships.Fast forward 20 years, now he has a fully-optimized practice, 12 employees and growing, best-selling author and achieved his dream of a lifestyle practice in New Jersey. What changed? Making the Switch to Become a Million Dollar CPA Firm: Salim wrestled with how to optimize his firm. He turned to some of the best business minds out there:
- Michael Gerber
- Dan Kennedy
- Jay Abraham
“I can’t perform for my clients if I’m buried in paperwork.” - Salim OmarHere are the steps he recommends… 3 Steps to Growth and Freedom: Salim holds 3 core pillars to a successful million dollar CPA firm:
- Team Development --- have a vision your team believes and coach them
- Bring in New Clients --- nurture them to stay and refer
- Work only on High-End Billable and Technical Projects --- pick top ROI pieces, delegate the rest
DAVID’S TIP: Audit your time for a week and see where are you getting bogged in “$10 activities”Salim recommends writing down 5 things you are going to stop doing. You’ll be amazed at how much time is spent on low-level activities or, worse, non-billable work. Keeping Your Best Clients: Another pillar mentioned above is nurturing your client base. Salim isn’t a big fan of “meetups for dinner.” A few times a year, he will meet clients in his office to go over issues and solutions. As your firm grows, it’s tempting to just let clients float without giving them much attention except at deadlines (to save capacity.) This is wrong. Schedule 3x a week --- Calls, meetings etc. with various clients. Give them a touch-point they’ll appreciate. What should you say in these meetings…? Ask them questions!
- What are your challenges?
- Where are you looking to go?
- What’s holding you back?
“No one’s excited about sitting behind a desk and doing tax returns.”Employees want to be engaged with and enjoy their time in the office. You must mold the culture so you attract the employees that are right fit for you. Core Values: The CEO’s job is to develop a set of core values and get the team to follow. Have core values the team responds to and defends. Your mission as a Firm will set the mood and level for the entire year. When you interview, you need to be matching the candidate with your current culture. Think about: What are the skills your team is trying to develop in the next 3-6 months? When you have a team jazzed up to learn these skills, they become experts in the field. Salim strongly believes that setting up the right system for these pillars will turn your firm into a growing, lifestyle powerhouse. Salim can help you even further. His new book, Million Dollar CPA Firm,is out online and you can grab your copy HERE. Salim has had great success building his own Firm for over 20 years plus showing other Firms how to do the same. He can show you the stepping-stones to a million dollar CPA Firm. Related Articles: