The Revolutionary Firm - The Voice of the Revolution

Today on the podcast we are joined by Jo Doye from Alluvia Financial. Jo is from the rural town of Bendigo, Victoria and she runs a highly successful bookkeeping firm that services clients all over Australia. She has a keen interest in craft beer, travelling,...

In this episode of the Voice of the Revolution, Mel chats with Jacqui Cubis from About Business Bookkeeping on how she has successfully used the Offshoring service model to grow her business. Jacqui shares her real experience, tips and tricks and most importantly shares the insider info on how to get the best security to run this model. To find out more about The Revolutionary Firm program head to www.therevolutionaryfirm.com

The amazing Sue Inkersell of Third Arm Admin joins the podcast from MYOB Partner Connect in Queenstown.

Sue talks about the importance of Relationships.

Surround yourself with people who are experts in the areas that you aren't, for the benefit of the client.

One of Sue's clients said "isn't it amazing that all the people I trust all work together as well."

Sue's Advice for Accountants and Bookkeepers

It's all about the relationship. If you don't have a relationship with the accountant than of course you're going to have different views.

Understand what the line is between the accountant and the bookkeeper. If you don't then you're going to get on each other's nerves.

It's easy to hide behind an email, but Sue recommends picking up the phone and actually having a conversation.

Don't take on every single customer!

You can't help everybody, choose where you spend the time.

Identify who your ideal client is, who you want to work with, how you'll serve them and what the outcomes are for the small business.

Client Concierging

It's like being a Maitre D of a restaurant, there are lots of others around us as well.

Do what you're passionate about. Making a difference matters.

Sue's tips if you're fearful of client engagement

Sometimes you just have to suck it up and get over it.

If it's an ongoing thing then maybe you have to look at getting someone else to do the doing. Stick with your strengths.

Find out more about Third Arm Admin

https://www.3rdarmadmin.co.nz/

The Revolutionary Firm

Find out more about The Revolutionary Firm mentoring program

Download the ebook to find out how you can Command the Prices you Deserve.

Our good friend, Di Crawford-Errington of Ontrack Bookkeeping joins us on the podcast from MYOB Partner Connect Queenstown.

Di starts by sharing her story with us. She's been a bookkeeper for nearly 16 years, starting out as a solo mum with two young girls, looking to support her family and work from home. She was working two jobs, one in a government role and one as a bookkeeper for a plumber.

Di is the President of the Institute of Certified New Zealand Bookkeepers. Originally she fell into being on the board of ICNZB and came on as Treasurer. Two years ago she put up her hand and stood up as President.

Changes for ICNZB

It's quite a young association that's trying to grow. Previously they were operating on technology that they'd been gifted and it didn't talk to each other.

From shy schoolgirl to a global stage

Being in business has taught Di how to stand up for herself and has helped her find her voice.

Di has been speaking around the Australiasia region and lobbying with the government on behalf of bookkeepers.

Both Mel and Di are passionate about the importance and the value of bookkeepers and their role in helping small business owners.

Self-belief and lack of self-confidence

Self-doubt is something you can let overwhelm you or you can let it push you through. Di chose the latter.

Know where your limitations are and weighing up the risk of pushing further or sitting underneath them.

It just comes with time and trying things.

Just try it

There are many bookkeepers that are held back from pricing correctly - charging for the value they deliver.

Believe in the product you're delivering and understanding the value you're providing.

If you want to build your experience, go and work as a Treasurer for a not-for-profit.

Pump the pavement, that's how we all got there!

Get into networks, start getting known in your area. If somebody says no, it's not a reflection of yourself.

The Association supporting Students

They come in as certified bookkeepers out of their course but they don't have experience. The association is there to help support bookkeepers so they have a closed Facebook group, regional meetings, job boards, bookkeepers looking for grads, as well as other wraparound guidance.

To back this up, Di's favourite hashtag is #CollaborationOverCompetition

The Association supporting Bookkeepers

Di did some tax returns, asked to be a tax agent with the IRD. She was looking for places to get support as a bookkeeper and realised there wasn't really anything around. Di joined Attainz, to get around people like her. She learnt so much through their sessions and conferences. Stephanie Crawford recommended NZBAI (now ICNZB) and Di jumped on board. It was really the first time she met and networked with other bookkeepers.

Bookkeepers are the helpers, supporters and cheerleaders for their clients.

Di's Tips

Build relationships with each other. Di says she survived because she built great relationships with accountants and coaches.

Ontrack Bookkeeping

https://www.ontrackbookkeeping.co.nz/

ICNZB

If you're a New Zealand bookkeeper looking for other bookkeepers like you, great networking and collaboration, check out ICNZB https://www.icbnzbai.org.nz/

The Revolutionary Firm

Find out more about The Revolutionary Firm mentoring program therevolutionaryfirm.com/program

In this episode, Andrew Elphick of The Tax Man joins Mel Power at MYOB Partner Connect Queenstown.

Andrew started at the IRD and then ended up in the army. There he learnt a lot about people.

A lot of the people in the Pike River mine disaster were Andrew's clients.

Every year this is a workplace death, a divorce or a natural death.

Andrew's tip - get yourself a will and have a succession plan.

About 4 years ago Andrew got into mindfulness and learnt more about the mind, body and soul.

It's about humanity.

Tax is pretty emotive sometimes, sometimes it ends in tears.

Think about life, don't be so work focused on work. Pay it forward to the people we work with.

Caught on the treadmill of life and we feel we can't get off.

Andrew's Tips

Breathe. Become present, become authentic.

Andrew's Details

http://www.thetaxman.co.nz/

Find out more about The Revolutionary Firm

Command the Prices you Deserve ebook

Robin Sands, CEO of Link4 joins Mel Power on the podcast at MYOB Partner Connect in Queenstown!

What is Link4?

It's an e-invoicing service. Link4 provides the ability for an invoice to go automatically into ANY accounting system (including MYOB, Xero or QuickBooks.)

How it makes life easier for the small business owner

If a business is receiving a lot of invoices Link4 gets rid of a lot of data entry and makes it a lot more accurate.

If they are a supplier and are sending a lot of invoices, it means their invoices are getting there quicker.

Obviously, this means small businesses get paid quicker which impacts their cashflow.

It means the accounting systems speak to each other and you get a lot more information.

Big businesses have been able to do this for years but now small businesses can do it too.

Link4 are negotiating with the Government in Australia since 2016 but hoping to start in 2019 to communicate with government and large suppliers.

How does it work?

Basically, Link4 is a translation service.

The accounting companies can't do this together because they're competitive and don't like giving each other information. Link4 is like Switzerland, working with all of them.

Long-term benefits

BOC gases started it as a competitive advantage, to make it easier for their customers. It benefited BOC and improved their cashflow. They asked their customers what they thought and they found that their customers actually loved the convenience of it.

Long term it will remove that data entry and entering of invoices. It will also change the payment terms, probably down to 10-15 days.

What do small businesses want?

Robin and Sam went to small businesses and asked what their biggest problems were and invoicing kept coming up.

Managing line items

Link4 populates it exactly as it was typed in originally. There was a test in Australia where a Telstra invoice with 8 million lines on it was brought in using Link4. Every line item was on there.

Free offer

Try it out now and see how it works. It's a 2-minute sign-up and it's free (for now!)

Find out more about Link4

Website - https://link4.co/au/accountants-bookkeepers/

Twitter - https://twitter.com/link4cloud

Facebook - https://www.facebook.com/Link4.Cloud/

Join our Facebook community to join the discussion https://www.facebook.com/groups/bookkeeperrevolution/

www.therevolutionaryfirm.com

Viv Brownrigg of The Gap Portal joined Mel Power on the podcast at MYOB Partner Connect Queenstown.

Viv is a Chartered Accountant by trade and later teamed up Mark.

In the last 4 years, Mark and Viv have taken 300 firms on a journey to advisory.

Advisory is the pixie dust, the magic work. A lot of firms know they need to do it, but the how-to isn't easy.

Business Development rather than Business Advisory.

Business Advisory is provided on a reactive, as required basis. If you want to provide Business Development services you have to stop telling people you what to do. You have to teach them.

Take the advisor hat off and put a coach hat on. Ask the questions to find out where it's not delivering.

We have to shut up and listen.

The business is just a vehicle. It's there to give them what they need.

The conversation is just the start. It's more than just a conversation, you've got to

MYOB are really serious about helping firms move to that advisory space. They're actively helping their Partners do that.

The conversation is just the start. If that means the tears come then so be it. That might be the deepest conversation you've ever had with clients.

Asking one question and leaving it at that is missing a massive opportunity.

Fear

Real engagement

The fear is around a number of things. Firstly, fear around selling. Most of your clients have to worry about sales, selling, sales numbers every day. Why are we different? Why are we special? Stop selling start helping. 

Second fear, I've got to get out of my comfort zone.

Next issue is capacity. If you give up the annual meeting then replace it with something, maybe even just go for a catch up with clients.

Be prepared to do something new and be prepared to give something up.

Your Yes is defined by what you will say No to.

3 essentials services - the annual plan, the forecast and ongoing accountability around reports. It doesn't matter how pretty your reports are, you can't monetise that until you put services around that.

A lot of them have the skill levels but they just don't have the confidence. Bookkeepers have strong, deep relationships because they're

Trying to solve deep issues in a free 15-minute consultation. Put it into a service, wrap it up with a bow and monetise it.

You advise your clients to have a plan, but how many accountants and bookkeepers have a plan themselves? Get a plan

You can't sell what you don't do. Decide whether you want to step out of compliance or not.

System is key.

No system, no leverage. No leverage, no scale. No scale, no consistency. If you have a system, the unknown becomes the known. It allows you to go into meetings with the right processes.

It's a framework. But the way you deliver that business planning meeting will be different from firm to firm, you'll add your own content. The system is the safety net when you're on the trapeze wire. If you have no system but have 5 people doing different things, it will be all over the place and you won't make money from it.

Build up a marketing system, a selling system and a delivery system. Without the delivery system, you won't get leverage.

What drives Viv and Mark - helping accountants and bookkeepers but also the lack of support that small businesses get. They trust you, they like you, you know their numbers. We should wear the coach emblem with pride.

Viv's Question for Listeners

Do you want to move beyond compliance or not? If you don't, that's fine, just acknowledge that and build this into your business plan.

If you do,

Heads up: This is an awesome episode!! Robett Hollis joined Mel Power on the podcast from MYOB Partner Connect in Queenstown.

Show notes:

Robett starts with some awesome points about offense vs defense in terms of relationships and value.

He believes there are ways you can scale and hack relationships better.

It's hard for some accountants and bookkeepers sometimes to really engage with clients personally. It's easy to send an email and stay behind the office door. It creates a culture of not really engaging with clients, which makes it easy for people to switch advisors.

AI, data and machine learning is coming from everywhere but it's those human relationships that are actually even more important now. It's not always about the money, it's who do I know, who do I trust and can they execute?

In a market where everyone does everything, what's your point of difference?

If you are driven by a copy paste mentality then you are stuffed! Putting your logo on a faked up jpeg just won't cut it in 2020.

It's the truth, it's uncomfortable, but it's the reality.

Be strategic about your engagements. Figure out how you stand out.

How are different from the accountant down the road? We don't want to be grey. We want to stand out.

They're trying to scale things that aren't scalable - their time.

How does an accountant that isn't traditionally a marketer or a salesperson do this?

It depends on how they currently engage and what type of business they want.

Robett shares his story about Brad the Jeweller who survived the GFC. He was amazing with people, he aligned his strengths to where he could actually win.

Where do your strengths lie? What are you passionate about? What format could you exist on that would add values to other?

Play to your strengths and you'll do a lot better.

Paralysis by analysis - they know they need to do something but don't know what.

Get an expert in that knows how to do all these things (hint hint: we have a Revolutionary Mentoring program just for this: find out more

When you're uncomfortable with that world it is hard. But it's important to remember that for small businesses they don't understand numbers and spreadsheets and they need help.

Smartnerships - smart partnerships. Robett's math on partnerships is 1+1 = 3

Build your dream team, get people to do the things you're not great at. It's ok to bring in the big hitters.

You can't scale greatness alone. 

Find your weapon and bring them in.

What can you do? Don't wait for the opportunity with other people. What can you do right now?

Scale value - you can't catch up with 100 people for coffee.

Are you going for elephant or mice? Elephants you need bespoke one-to-one creation, you need the creation. What's their world, where do they play? For mice you need scale. You don't just go to Snapchat or Facebook

Robett's Three E's

Eyeball - where is the eyeball of that specific person.

Educate - on your brand and your product.

Execute - what's the call to action, the follow through?

Robett's Call to Action

Laser focus on who the eyeballs actually are. Otherwise all that happens around it is just noise.

Go from shotgun to sniper, find the hook and go deep.

Find out more about Robett: https://www.linkedin.com/in/robett/

Mick's Crystal Ball for Calxa

Calxa are working on an AI project with James Cook University to try and

Just get started - well how can we actually get started?

Start with a client that is either growing or having cashflow difficulties. Pick one that will really appreciate the difference that reporting and coaching can create. Give them the reports and then talk it through with them. The important thing is asking the right questions. We don't have to have the answers, the client often has the answers.

Just ask the questions - the best place to start.

What sort of questions?

Why is your income lower than it was last year? Is there something you've stopped doing? If it's higher, do you know why it's higher?

The industry (accountants and bookkeepers) have been trained to think that they are the expert with all the answers. But in reality, they should have the right question. It's a mindset shift.

Sometimes advisor is a scary word, maybe the wrong word. Mel sees it as a mentoring relationship.

Working with the client to listen, to understand, find out where they want to go.

We find that typically bookkeepers think they have to go become a CPA before they can advise, but they don't.

Sometimes we need to just listen to the clients.

Steve's famous quote - "Don't be afraid of silence. Ask the question and shut up."

Mick's Tips

Just start. Take the first step, it's always the hardest step.

In this episode Mel Power and Steve Major talk with Tim Reed and Andrew Birch of MYOB from MYOB Partner Connect Melbourne.

It's all about the partner!

Tim reflects on how one of their co founders is an accountant

Baked into the DNA of who MYOB is, is the understanding of the power of the accountant and the bookkeeper. Software can do a lot, but software combined with an advisor can do so much more.

MYOB's vision is to see small businesses succeed

At the end of the day it's about the relationships

Tim mentions the need to think differently

Technology is an enabler, but it comes back to the relationship.

You need to take the time to understand the aspirations of the business owner.

Make sure everyone in the firm understands what success means to the client.

Andrew also shares his thoughts. He thinks it's really important to build out the partner channel. Technology makes it efficient, but you need to interact with the clients to make the most of these opportunities. It's fundamental to success.

How MYOB is investing in the partner channel

They talk about big investments and major expansions happening in MYOB, and the focus is all about the partners. It means they'll get more attention because they have 150 more people in those roles now.

Community

Mel's favourite topic is community!

A lot of the newer and smaller accountants are really starting to understand the value of community.

Tim talks about how Partner Connect is all about community, it's the people at these events, there is always something to learn.

MYOB understands the value of the advisor.

Pay it forward to the clients.

Andrew's crystal ball - looking at the next 5 years

First, Andrew starts by reflecting on the last 5 years.

They're thinking they'll see even more people moving to the cloud, automating things that are tedious and doing more of the advisory type of work. They think cients will have closer relationships with their advisors and there will be a lot of changes as a result.

Tim shares his thoughts as well. Combine MYOB, Xero and QuickBooks and it would be about 50% of small businesses that are online now. And that will just continue to grow.

Tim shares his ambitious goal of seeing the death rate of businesses start to decline in the next five years. MYOB's vision is all about helping small business succeed.

Andrew's main point

Times are changing, there are so many opportunities there as a result. Use technology to scale, then work with clients in new ways.

Tim's thoughts

If there are partners out there who aren't sure of what MYOB do, find out what they do here: https://www.myob.com/au/

Download the pricing ebook: https://therevolutionaryfirm.com/command-the-price-you-deserve-ebook/