Playing through the line… the continuum of value! · We undertook a process of discovery &...

Playing through the line…

the continuum of value!

L. Gary Boomer CPA.CITP, CGMA, MAcc

September 5-6, 2019 | Boston, MA

CPA.CITP, CGMA, MAcc

Founder of Boomer Consulting, Inc.

Founder of The Boomer Technology Circles

Accounting Today’s Top 100 Most Influential

IPA’s Top 10 Recommended Consultants

CPA Practice Advisor Top 25 Thought Leader

Past Chair of the AICPA LIDP Committee

Former Member of AICPA Council

Member of The Advisory Board

Member of AICPA Startup Accelerator Panel

My Passion – Your Success & Future Readiness

Contact me at

LGBoomer@boomer.com

Twitter: @lgboomer

LinkedIn: https://www.linkedin.com/in/lgboomer/

L. Gary Boomer

Visionary & Strategist

• What’s Your Story? What’s Your Game?

• Why Play?

• The Continuum of Value

• Selling 4 Freedoms

• Your Vision & Game Plan

Agenda

Digital Meeting Materials

go.boomer.com/accountex2019

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Select A Session & Join the Conversation

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Introductions

• Name

• Title

• Firm

• #1 Strategic Initiative

WelcomeTransformers,Innovators &Game Changers

A Journey

The Game

• What is your Story?

• What Services will you offer?

• Clarify, define & name your game.

• Learn the strategies of stories.

• Provide access to resources.

Objectives

The Old Game

Information

The New Game

Your CAS Business…

Depends upon…

4. Thinking

3. Thoughts

2. People

1. Things 1.1

Dan Sullivan

Jim Collins

Frans Johannson

Steve Jobs

• How digital is your firm? Your clients?

• Your firm as a marketing channel?

• What services you should source?

• Your unique abilities?

• Who can make this happen?

Have you thought about…

BCI VISION:

To be the transformation CATALYST

for the accounting profession.

BCI MISSION:

To transform by improving the

experience and performance of our

team and clients.

Your innovation strategy may help tell the story.

What’s your Story?

The Continuum of Value

Transactional

Strategic

Hindsight

Insight

Foresight

Technician

Advisor

Consultant

The Gold

Transactional Compliance Performance Strategic Consulting

Foresight

Insight

Hindsight

Data Connectors

Knowledge Connectors} Accelerators

Capacity Capability

…playing through the line

Transactional Compliance Advisory Consulting

Data Connectors

Capacity Capability

Bookkeeping Tax & Accounting CFO/Wealth Planning EntrepreneurialManagement Services

The Four Freedoms

Time Money

Relationship Purpose

The Four Freedoms

Transactional Compliance Advisory Consulting

Data Connectors

Capacity Capability

Bookkeeping Tax & Accounting CFO/Wealth Planning EntrepreneurialManagement Services

Hierarchy of Wants

Transformation

Purpose

Relationship

Packaging Strategy

Your Vision

The Subscription Model

“Everybody is a genius. But if you judge a

fish by it’s ability to climb a tree, it will live

its whole life believing it is stupid.”

- Einstein

Two Theories of Value

Cost-Plus Pricing – Labor Theory of Value

Value Pricing – Subjective Theory of Value

Services Cost Price Value Customers

Customers Value Price Cost Services

• Be

• Do

• Have

• Create

• Experience

The Vision

Strategic Planning…an accountable process

1. Visioning – Be, Do, Create, Experience & Have

2. DOS Evaluation

3. 10X Thinking

4. The Upside Down Budget

5. Vision, Purpose & Core Values

6. Objectives, Measurements, Initiatives, Due Date & Responsible Party(ies)

7. Accountability – 90 Day Game Plans

8. Annual Update

The 8 Step Planning Process

AccountabilityWhy people avoid it…

Tactics of Non-accountable People

• Undermine standards

• Avoid measurement

• Ridicule excellence

• Criticize initiative

• Demand equality

• Avoid commitment

• Talk abstractions

• Avoid specifics

Characteristics of Increased Accountability

• Strengthen standards

• Welcome measurement

• Achieve superiority

• Take initiative

• Expand uniqueness

• Deepen commitment

• Challenge abstractions

• Live specifically

The 90-Day

Game Plan

• Projects

• Priorities – Big Rocks

• Delegation

• Due Dates

• Obstacles

• Resources

Additional Opportunities

• Initiatives

• Quarterly Accountability

Reviews

• Annual Updates

• Communities

Accountability

Resources

Boomer Tools - Connections

• The Project Filter

• Strategy Circle

• The DOS Evaluator

• The Gap Analysis

• The Upside Down Budget

• The One-Page Plan

• The 90 Day Game Plan

• Job Descriptions

• Lean Processes

• Boomer Circles - Communities

• Mighty Networks

• The Boomer Advantage Guides

• Access to CIOs - Peers

• Access to Vendors

• Access to Expertise

• Access to Financing

Charlie “Tremendous” Jones: You will be the same person in five

years, except for the people you meet and the books you read.

Questions?

Digital Business Strategy

TransformationNew Revenues, New Services &

New Business Models

OptimizationImproved Productivity,

Client Experience & Existing Revenue

Value Increases with…

Digital Optimization1 2 3 4 5

Improve

Existing

Revenue

Reduce

Improve

Productivity

headcount

Enhance

client

experience

Increase

Asset Yield

analytics,

pricing

Labor, Sales

& Marketing

LSS, training

& technology

Digitize &

Connect

Analytics

Mindsets

Packaging &

pricing

Digitization

Social Media

Projects,

Workflow &

Video Conf.

Portals/Apps Remote

workforce

Scheduling

Digital TransformationLess TRANSFORMATIVE---------------------------More TRANSFORMATIVE

1 2 3 4 5

Sell existing

digital assets

(data)

Digitize

services &

products

Agreements

based upon

shared

risk/outcome

platform

business

Move into

adjacent &

new niches

The Cloud

Selling data &

algorithms –

predictive

analytics

Connecting

machines &

services

Price based

outcomes,

usage &

Buyers &

sellers are

connected to

your platform

Tesla –

Powerwall

Performance

& Consulting

with niches

CommunitieslConsultinglTraining

Innovator InnovationManager

InnovationSystemTeam

MakeITUp

MakeITRecur

MakeITReal

BadIdea Disruption Innovation

DONOTC

TheInnovationLandscape

Database

Payment

Doc. Mgmt.

Aggregation

Reporting

DashboardsProposals

Collections

Sales Tax

Boomer’s Tech Wheel

Database

PR-HRADP

Intuit Bill

PaymentBill.com

Expensify

Doc. Mgmt.

AggregationBox

Receipt Bank

Qvinci

Reporting

DashboardsFathom

ProposalsPractice

Ignition

CollectionsQuickFee

Sales TaxAvalara

CRMZendesk Sell

Salesforce

Boomer’s Tech Wheel

Innovation Strategies

• Best, beats First to Market

• The Master of Reinvention

• Serendipity

• Perspiration

• Underdog

• Ride the Winds of Change

Strategies to Stories

Strategy Examples Story - Framing

Best, beats First to Market WK

Thomson

Tax Caddy

Important to tell a story of differentiation, not how you

got there. (e.g. Portals around for over 10 years.)

SurePrep built Tax Caddy based upon end user

experience.

The Master of Reinvention Self-Disruption We reinvented ourselves for a changing world where

clients need and want more…

Serendipity 3M Post-IT We were astute enough to see the opportunity.

Perspiration Edison &

We undertook a process of discovery & pivoted.

Underdog Steve Jobs

Elon Musk

Qualifies…Vision, stubbornness and resilience. Most

don’t have the time and resources to prove they are

right.

Ride the Winds of Change Blockchain

Big Data

We saw the convergence of technology/market trends

and we positioned ourselves accordingly.

Source: McKinsey Quarterly, July 2018

Example – The Winds of Change…an excerpt from The Value Creation Letter

We realize the world is rapidly changing due to the convergence of

technologies and increased regulation. These changes require

you to revise your vision and strategy, implement effective

processes, and upSkillTM talent. We also are confident you will find

value in our new approach to compliance, advisory and consulting

services. We have grown beyond accounting to meet your wants

and needs. Cloud based technology allows us to automate the

capture of many transactions, integrate workflow with compliance-

based software/services and focus on advisory and consulting

services that will grow your business…

“Clients today don’t know what they want, because the things they most want are things they don’t yet know are possible. Give your clients the

ability to do what they can’t currently do, but would want to, if they only

knew it was possible.”

--Daniel Burrus

• Advantage

• Analysis

• Approach

• Builder

• Cloud

• Drive

• Expander

• Experience

Naming Your Game…key words

• Formula

• Game plan

• Method

• Model

• Process

• Program

• Solution

• System

The Bubbling Company

The Evolution of Innovation - Transformation

Reaction

Solution

Tool(s)

Accountability

Idea-New Service

Disruption

Culture

The Idea Factory

The Project Filter

Leadership

Proof of Concept

Filters - Criteria

Peer Community

• Expertise

• Vendors

Project Manager

Check Writers

Scale - Grow

Collaboration

Kolbe Synergy

Report

Collaborative Team

Leadership

Marketing-Sales

Improvement

Continuous

Lean Six Sigma

Green Belt

Training

External Review

Project Manager

Team - Client

Sow Grow Harvest Plow

…but do it fast!

Questions?

Charlie “Tremendous” Jones: You will be the same person in five years,

except for the people you meet and the books you read.

• Learn how to package & price services.

• Learn about client filtering and targeting

criteria.

Objectives

What % of your services are priced by the hour?

What % of your services are priced for VALUE?

Are you using subscription pricing?

What’s your Business Model?

The Rules of Pricing…a Baker’s Dozen

The Art of creating value…

Leadership

Relationships

Creativity

• Direction

• Motivation

• Confidence

• Courage

• Capabilities

• Commitment

Value…in the eyes

of the client or

customer.

Maslow’s Hierarchy of Needs

Self-Actualization

Esteem

Love-Belonging

Safety

Physiological

Hierarchy of Wants

Transformation

Purpose

Relationship

Price before the service is completed.

Leverage

It takes no talent to lower the price. It takes talent to

increase value.

Talent

Pricing quickly generally results in a lower price.

Low pricing demands low respect.

Respect

Rules of Pricing

Source: Pricing on Purpose by Ronald J. Baker

The higher on the organization charter, the

less sensitive to price…more concerned

about value.

Sensitivity

What it takes to price for value.

Confidence & Courage

Provide options with the first option being the

highest.

Options

Price for the client, not the service.

The Client

Rules of Pricing

Win-Win is not the same as mutual gain.

Win-Win

Price competition is only good for weak competitors.

Price Competition

There is no way to value price the wrong clients.

Wrong Clients

Project, knowledge & change management are more important than time

in creating value.

Rules of Pricing

Not all people are created equal when it comes to

pricing.

Unique Ability

pricing.

Unique Ability

pricing.

Unique Ability

pricing.

Unique Ability

Rule 13

Source: L. Gary Boomer

20 Questions

Pricing…

Targets 1-3%

Pricing Matrix

Entry Level

Wallet Share

Pricing Strategies-Guidance

Client Filtering…

Utilization Appreciation Reward Enhancement Risk Referral

Multiple

Services

Receptive &

Coachable

Financial

Margins

Increases

Capacity

Manageable

Margins

Target

Clients

✅ ✅ ✅ ✅ ✅ ✅

1. Easy

2. Analytic

Filtering Options

• Identify Your 5 Best Clients.

• Identify their Dangers, Opportunities and Strengths.

• Where do they duplicate?

• How Are You Creating Value For Them?

• Work Toward Those Prospects For Future Relationships.

Who Is Your Ideal Client?

• Strong management team

• Quality staff

• Committed to the planning process

• Committed to technology

• Committed to continuing education

• Coachable

• Team approach and attitude

• Reasonable expectations

• Profitable and industry leaders

• Willing to pay for quality service

The Ideal Client?

Annual Revenue $25,000

Average Life 10

Total Value $250,000

Acquisition Costs

Marketing

Commissions

Lifetime Value of a Client

Non-negotiables - What You Won’t Put Up With?

What Do You Want To See Happen?

Your Core Values And Ground Rules.

• Show Up On Time

• Do What You Say

• Finish What You Start

• Say Please And Thank You

Value Creation… Starts with a Few Rules!

ASK the client and prospect what they want. (DOS)

How will you Provide Direction? - Leadership

How will you Provide Confidence? - Relationships

How will you Provide Capabilities? – Creativity/Innovation

Now… tell the prospect and client! (Value Proposition)

Provide VALUE!

Vilfredo Pareto 1848-1923

• 20% of your clients are producing 80% of your revenue.

• Where are you spending your time?

Packaging Your Services

❑ Number of services

❑ $ Level

❑ Timing of service

❑ Strategic Accounts

Tier 1 Tier 2 Tier 3

Small Medium Large

Standard Premium Enterprise

Starter Standard Extreme

Basic Pro Team

Green Gold Platinum

Transactional

Compliance

Transactional

Compliance

Performance

Transactional

Compliance

Performance

Strategic

Consulting

Packaging Your Services

❑ Number of services

❑ $ Level

❑ Timing of service

❑ Strategic Accounts

Tier 1 Tier 2 Tier 3 Top 2%

Small Medium Large

Standard Premium Enterprise

Starter Standard Extreme

Basic Pro Team

Green Gold Platinum

Transactional

Compliance

Transactional

Compliance

Advisory

Transactional

Compliance

Advisory

Consulting

The Roadmap

…a key to sustainable success & future readiness.

• Provide the foundation for strategic planning.

• Learn about the importance of accountability.

Objectives

The Old Game

Information

The New Game

Summary &

Adjournment

LEADERSHIP

Alignment & Vision Innovation Specialization

SuccessionNew Consultative Business Model

TALENT

Organizational Design with Culture and

Engagement In Mind

Communication Explodes

Digital Everything –Performance, Wellness,

Onboarding

Unconscious Bias Is A Real Thing

Learning and Training Are Struggling

TECHNOLOGY

IoT Blockchain RPA

AI Machine Learning

PROCESS

Intersection of Process and Technology Focus on Consistency

Process Across the Firm

Strategic Continuous Improvement

Process and Upskilling

GROWTH

Marketing & BD Marketing Automation

Sales Training

Transitional CTAs Clear Messaging

el fin.

• FACEBOOK: www.facebook.com/BoomerConsultingInc/

• TWITTER: @ThinkPlanGrow

• INSTAGRAM: @ThinkPlanGrow

• LINKEDIN: www.linkedin.com/company/boomer-consulting-inc-

Thank You

Our website is the best place to learn more about our services. Visit: www.Boomer.com

Playing through the line… the continuum of value! · We undertook a process of discovery &...

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