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Deeper Weekend 2014

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Choose your favorite writer

  • Greg Kyte
    Greg Kyte
  • Jason Blumer
    Jason Blumer
  • Jon Lokhorst
    Jon Lokhorst
  • Melinda Guillemette
    Melinda Guillemette
  • Scott Kregel
    Scott Kregel

Are you really an entrepreneur? Sure, maybe you own your own firm. But that’s not enough. You might not really be an entrepreneur?

 

Back when I worked at a firm, we had about a dozen partners. They were all owners of the firm, but I never thought of them a entrepreneurs, and I’m pretty sure none of them described themselves as entrepreneurs. They would readily describe themselves as accountants, partners or firm owners, but entrepreneur didn’t feel like a fit.

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Cliff Jumpers, CPA firm, Uncategorized
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In the years Julie and I have been consulting and coaching firm owners, we’ve learned a lot about the value of messaging. Messaging is how you clearly communicate a change that has happened, or is about to happen in a company. Messaging involves 3 clear components:

  1. How you communicate
  2. When you communicate, and
  3. What you communicate

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I finally finished Nudge, the behavioral economics book about choice architecture. At one point the authors were talking about how to structure the choice to become an organ donor. They suggested requiring people to choose one of three options: yes, harvest my organs; no, leave my organs alone, Dr. Frankenstein; and “Not Sure.”

 

When I heard that,¹ I thought, there’s no difference. Picking “not sure” is exactly the same as picking “no.” Nobody’s going to pull out a dead 22-year-old’s driver’s license, see that they checked “Not Sure” on organ donation, and be like, “Looks like Maybel Ottenberg in Dayton, Ohio, is finally getting that new pair of corneas!” Read more

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Scott KregelThe past summer involved some re-reads of a couple of important books in my life. My last book review introduced Healing Leadership, a book which hands down has had the most significant influence on my life in the past 5 years. However, I will also say that Implementing Value Pricing is right up there as a book that has helped shape me as a professional and the development of our firm in a significant way.

Implementing Value Pricing, by Ron Baker, is essentially a treatise for operating a professional knowledge firm that is focused on value identification and value creation. It is developed from economic theory and human behavior. Now, you may have read this book already, but let’s break it down and remind ourselves of some of the innovative ideas we can implement. Read more

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REFM -  Adrian Photo Square - CATOBI’ve suggested before that accounting is not the language of business, but that I do think CPAs bring unique abilities to the conversation of business. In a world of information, perspective is king, and if we can see our finances in their broader context, I think we go a long way to growing stronger.

 

To that end, I’d like to propose that your (and any other business’) two most important numbers don’t appear on your income statement: (1) customer profit, and (2) opportunity loss. This graphic helps illustrate:

 

Some of you may recognize part of this graphic from value pricing theory — it posits that we create value for our customers, and we capture only a portion of that value through our price. That’s how it’s supposed to be: a customer wouldn’t enter into a transaction if they receive less value than they actually pay for, so we must create for them a “customer profit.”
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