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Here is the doorway to hundreds of articles, publications and resources that, from a professional perspective, practicing accountants will find priceless. Regardless of the area of specialization, this site offers up technical help, operational guidelines, industry information, breaking news and a toolbox of strategies to make running a business just a bit simpler.

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• Staffing, Succession Emerge As Top CPA Firm Concerns
  

  By Jeff Drew

  Succession planning and staffing joined new client acquisition and dealing with the complexities of rapidly changing tax regulations as the top issues facing U.S. accounting firms, according to an AICPA survey released Tuesday.

  The 2013 Private Companies Practice Section (PCPS) CPA Firm Top Issues survey found evidence that CPA firms are moving out of survival mode and into a mindset focused on growth. Firms are looking to sign new clients while also turning their attention back to finding and retaining qualified staff.

  AICPA Chairman Richard Caturano, CPA, CGMA, and President and CEO Barry Melancon, CPA, CGMA, revealed the survey results in an address at the AICPA Practitioners Symposium and Tech+ Conference in Partnership With the Association for Accounting Marketing Summit in Las Vegas. The survey was conducted April 23 through May 17. The 1,012 respondents represent a mix of practice types, from sole practitioners to firms with 21 or more professionals. The results were broken into the following firm size categories:

  • Sole practitioners
  • Firms with 2–5 professionals
  • Firms with 6–10 professionals
  • Firms with 11–20 professionals
  • Firms with 21 or more professionals

  From 1997 through 2007, staff recruitment and retention topped the list of issues for almost all firm sizes tracked by the biennial PCPS Top Issues survey. That changed with the 2009 poll, which found firms focused on trying to retain clients amid the Great Recession. The scene shifted a bit with the 2011 survey, as the search for new clients emerged as a major priority along with client retention. This year, however, client retention ranked among the top five issues in only two of the five size categories.

  “When the economy was in free fall, firm leaders largely focused on stabilizing their client base,” said Mark Koziel, CPA, CGMA, the AICPA’s vice president–Firm Services & Global Alliances. “Now we’re seeing firms being able to catch their breath and engage in more planning for future growth.”

  Bringing in new clients was the only issue to rank among the top five in all five size categories. Finding qualified staff and succession planning ranked among the top five in four of the five categories.

  The increased emphasis on attracting and keeping quality staff indicates that accounting firms are growing and that competition for talent is heating up. The growing focus on succession planning, which appeared among the top five issues in only the two largest size categories in 2011, indicates that more firms realize that the inevitable transfer of ownership from Baby Boomer partners will become a reality in the next several years.

  Sole Practitioner And Small Firm Issues

  As usual, the unique challenges faced by sole practitioners resulted in a top issues list somewhat different from those of their peers. The list reflects the impact of a difficult tax season marked by numerous last-minute changes from Congress. CPAs in solo practices can’t split the task of learning tax law changes with other professionals in the firm. So it’s no surprise that “Keeping up with changes and complexity of the tax laws” once again took the top spot among the group’s issues. What’s telling is that workload compression moved up two spots, to third, on the list, while the cost and complexity of new federal and state regulations claimed the fifth spot after not cracking the top five in 2011.

  Firms with two to five professionals have a list of concerns featuring issues shared with sole practitioners as well as larger firms. The difficulty of the 2013 busy season is reflected in the fact that keeping up with tax laws was named the top issue after finishing third in 2011 and seasonality/workload compression claimed the fifth spot. Finding qualified staff took the No. 3 spot.

  Large Firm Concerns

  Partner unity and accountability again ranked as the top issue among the largest firms, those with 21 and more professionals, which also ranked retaining staff ahead of finding new staff.

  Source: Journal of Accountancy, June 11, 2013 (http://www.journalofaccountancy.com)

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• Former Stay-At-Home Mom’s Accounting Firm Grows to 13 Staff
  

  By Stephen Betts, Bangor Daily News, Maine

  Two decades ago, Renee Philbrook was a stay-at-home mom with six children and a home-based bookkeeping business. Today, she is CEO of a mini accounting empire servicing small to corporate clients from Maine to Oklahoma.

  ROCKLAND, Maine - Two decades ago, Renee Philbrook was a stay-at-home mom with six children and a home-based bookkeeping business. Today, she is CEO of a mini accounting empire servicing small to corporate clients from Maine to Oklahoma.

  “She has done so well for herself,” said Shari Closter, director of operations for the Penobscot Bay Regional Chamber of Commerce. “She is very passionate about what she does. She is definitely a success story.”

  In a still fragile economy, her company, Philbrook & Associates, is poised for growth and expanding significantly. Her business has grown 29 percent yearly, even during the recession.

  While there are no statistics on how many home businesses blossom into small companies in the region, most provide professional business to business services. Ninety percent of Chamber members employ 10 or fewer people. At 13 and counting, she has shattered that statistic.

  The self-starter outgrew her space on Park Street and moved into a larger office on Walnut Street to accommodate her burgeoning staff. Now she is doubling her Walnut Street space.

  Becoming an entrepreneur was not a lifelong ambition.

  “I had six kids and decided to do something to keep my brain active,” said the 52-year-old, who joked that her 15-year business plan grew with her children.

  She attended Gordon College in Massachusetts and the University of Maine which gave her the skills and confidence to launch.

  She landed her first client, a church gift shop, while in school. “They passed my name on to someone else ... and within a month I had four clients,” Philbrook said.

  Looking back at her job history, Philbrook’s accomplishments are all the more profound.

  Her strong work ethic came from rising at 4 a.m. to open the McDonald’s in Rockland. The early hours prepared her for the working world.

  In Philbrook’s early days, her office was her dining room table. As business started to take off, she built a room off her living room. About a year later, with her client base growing, she hired her first employee. Six years later she hired another. The office quickly became cramped.

  “I tried to keep my business separate from my home life, but it was becoming increasingly difficult,” she said.

  It was time to expand.

  She moved to a 375-square-foot space in the Narragansett Building. “I thought ‘Oh my god, this place is gigantic’,” Philbrook recalled.

  But she didn’t stay long. Three years later she relocated into a space five times as big. An investor fueled her growth making it possible for her to expand again. This month she moves into a sprawling 4,000-square-foot leased space in a Walnut Street complex downtown.

  The company provides basic bookkeeping such as account receivables and account payables, job costing, payroll, bank reconciliation and development of business plans.

  She works with tax attorneys but does not work on tax returns for businesses. The company does the preliminary work and passes it along to tax attorneys. They also assist in preparation for audits by testing invoices and performing a large behind the scenes work.

  The accomplished woman credits her success to word of mouth, not advertising, of which she has done little. She’s had referrals from banks and friends across New England.

  There were bumps along the road, but none that she couldn’t overcome.

  When she needed help finding a software package that fit her needs, Philbrook developed one for herself.

  “I had no idea how I did it. I had some computer classes in school but it was just a matter of I needed it, so I wrote it,” Philbrook said.

  Her clients include many nonprofit organizations, home health businesses, carpenters, contractors, restaurants and artists. While many are local, they also span the country, including clients in New Hampshire, New York, New Jersey and Oklahoma.

  Peter Berke, owner and operator of North Atlantic Painting Company in Rockport, said he could not be happier with the service that Philbrook and her staff have given him. Berke became a client of Philbrook & Associates five years ago when his then bank - The First - referred him to Philbrook.

  “I was looking to control my grow my business and get control of things like bookkeeping and payroll,” Berke said.

  With Philbrook’s help, his business has grown 10 to 15 percent each year, Berke said.

  “I’m sort of OCD. I find it difficult to give up control,” Berke said. “But since I have been using Renee’s services I haven’t written a check in years. I’m much less stressed, and I sleep at night.”

  Jim Watson, who owns three small property development companies in Maine, and three health care organizations in New York and New Jersey, has been a client for seven years. He employs about 1,800 people and those businesses, such as Interim Healthcare of Greater New York, have been growing by double digits. Philbrook’s ability to manage his accounts has allowed him to focus on future growth.

  Philbrook has done such a great job, he said he was able to let his chief financial officer go, saving a bundle of money.

  This year, Philbrook is focusing on attracting new customers from the Bangor and Portland areas.

  With technological advances, she can do bookkeeping and other services for companies anywhere.

  “I feel very fortunate. Financially, I’m a very conservative person. I’m conservative when I look at peoples’ finances. This helps them. It helps them save money by keeping a good track of their business,” Philbrook said.

  Source: CPA Practice Advisor, May 21, 2013 (http://www.cpapracticeadvisor.com)

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• Study Reveals Top Nonaccounting Skills Sought in Accountants
  

  By Jason Bramwell

  Accounting and finance professionals who possess nontraditional accounting traits, such as general business knowledge and good communication skills, are valued not only by CFOs trying to fill open finance department positions at their companies, but also by human resources directors looking to recruit new talent to their accounting firms.

  According to a new survey by specialized staffing firm Accountemps, a division of Robert Half International Inc., CFOs were asked, “When hiring finance and accounting professionals, which one of the following attributes or areas of expertise is most valued, in addition to traditional accounting knowledge?” Their responses included (Responses do not total 100 percent due to rounding.):

  General business knowledge – 33 percent

  IT expertise – 25 percent

  Communication skills – 14 percent

  Leadership abilities – 13 percent

  Customer service orientation – 13 percent

  Don’t know/no answer – 1 percent

  “Accountants are playing a larger role in organizations today,” Brett Good, senior district president of Robert Half, told AccountingWEB. “Other departments across the enterprise are increasingly relying on accounting and finance professionals to provide strategic guidance and support on key business decisions. This, in turn, requires these individuals to expand their general business knowledge.”

  From a recruiting perspective, Hang Bower, executive director of human resources for Chicago-based BDO USA LLP, told AccountingWEB that while the firm looks for individuals who are technically adept in the field of accounting, those skills do not make a complete professional.

  “Business knowledge, communication skills, leadership ability, and a customer service orientation are all valuable traits we evaluate during our recruiting process,” she says.

  Tucson, AZ-based firm BeachFleischman PC also looks for job candidates who have technical accounting ability, as well as the nonaccounting skills mentioned in Accountemps’ survey, according to Karen Mattull, director of human resources.

  “In order for us to provide a high level of client service, our employees must not only be good accountants and CPAs, but also great business advisors,” Mattull told AccountingWEB. “Business knowledge, communication skills, and leadership abilities are extremely important as employees progress in our firm.”

  Another survey, which was recently released by CFO.com, shows that 29 percent of respondents – which included 422 public and private CFOs, controllers, chief accountants, and other senior finance executives – believe that “communicating with other groups” and “thinking about the company’s goals and focus as a whole” are the top two skills lacking in today’s accounting and finance professionals.

  These were followed by “displaying abilities to take charge of situations” (25 percent), “applying IT skills” (9 percent), and “traditional finance understanding” (8 percent).

  Why These Skills are Relevant

  Partners and hiring supervisors at BDO USA have mentioned to the firm’s recruiting personnel the need to hire individuals who will build effective working relationships with clients, who understand general business practices, and who can effectively communicate various approaches and aspects of the firm’s client service delivery, Bower says.

  “These skills [mentioned in the Accountemps survey] are very relevant to the industry,” she adds.

  Why are these five nonaccounting skills relevant? Bower provides the following explanations for each skill as they pertain to BDO USA.

  1. General business knowledge: “This is necessary to anticipate and understand the needs of our clients, and to relate to them about the business issues they’re facing – not just audit or tax issues.”
  2. IT expertise: “These are necessary to keep on the cutting edge of technology for our clients. Cloud computing has become increasingly important, as our clients are spread across the world. Cloud computing allows for easy access to documents worldwide.”
  3. Communication skills: “While many people do not necessarily associate communication skills with accounting, they are extremely important for internal coordination of engagements and external client service. Effective communication skills, including active listening skills, can prevent escalation of issues and can diffuse most situations between employees and with our clients.”
  4. Leadership abilities: “These are important to us because effective leadership skills can motivate team members, reduce turnover, raise retention rates, and increase engagement of our team members, which will, in turn, enable us to have better continuity of service for our clients.”
  5. Customer service orientation: “This is extremely important to BDO, as our global vision is to be the leader in exceptional client service. BDO is known as a firm that provides accurate, timely, and quality work with exceptional client service. We would naturally select individuals with exceptional client service skills.”

  Five Interviewing Tips for Job Seekers

  Following are five tips from Accountemps to help job seekers highlight their full range of knowledge and skills in an interview:

  1. Be prepared. Before the interview, research the organization and position so you can tie your skills directly to the company’s business goals. By practicing your responses to common questions, you’ll be able to offer concise, confident answers.
  2. Review your resume. Select two or three key achievements listed on your resume that relate most to the job, and look for opportunities to highlight these during the meeting. Cite quantifiable results so the hiring manager understands how your skills may benefit the organization.
  3. Demonstrate intellectual curiosity. Show your commitment to keeping your skills current by mentioning any recent professional development courses you’ve taken.
  4. Listen carefully. Avoid thinking about your next point while the interviewer is still speaking or you may miss important information. Let the hiring manager finish, then gather your thoughts before connecting your skills and experience to what was just said.
  5. Follow up. Send a thank-you note to the interviewer reiterating why you feel you are right for the role. Reaffirm your expertise in key areas or address any concerns about your background that the hiring manager may have had.

  About the survey:

  The national study was developed by Accountemps and conducted by an independent research firm. The survey is based on more than 2,100 telephone interviews with CFOs from a random sample of US companies with twenty or more employees in more than twenty of the largest US markets. For the study to be statistically representative and ensure companies from all segments are included, the sample was stratified by number of employees. The results were then weighted to reflect the proper proportion of employees within each market.

  Source: AccountingWEB, May 10, 2013 (http://www.accountingweb.com)

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• Minorities in Business, Accounting Experiencing Rising Success Despite Challenges
  

  By Andy Rao, The Collegian

  Yang Hu, senior in accounting, came to the U.S. in 2009 from China to pursue an undergraduate degree in the “land of opportunity.” Studying in America, she said, presented numerous opportunities and opened doors for her to eventually secure a well-paying job as an accountant.

  “I came here to do my undergraduate degree; I had the choice to either do it here or in China,” Hu said. “I can be more independent here than in China and I think that will be better for my career.”

  Her numerous career plans include getting a graduate degree and possibly one day starting a firm of her own.

  Unfortunately for international students like Hu, as well as other minorities, opportunities in the business world remain difficult to come by. According to the latest U.S. Census, of the 27.1 million total employer firms, 5.8 million, or roughly 21 percent, are owned by minorities.

  Theresa Hammond, professor of accounting at San Francisco State University and author of “A White-Collar Profession,” gave a presentation about her book and spoke on the history of racial oppression in business and accounting industries in the Little Theatre on Tuesday.

  “I realized that there were very few non-whites in the profession,” Hammond said. “It was the most homogenous environment I have ever been in.”

  Hammond said that during the Civil Rights Movement in the 1960s, only one in 1,000 Certified Public Accountants was black. Though that number today has increased tenfold to one in 100, Hammond said that there is much room for growth.

  The discrepancy in the number of minorities in the business world does not come from lack of ability to receive an education or securing professional certification, she said, but was rather a systemic problem.

  “The demographic of poorer people are disproportionately minorities,” Hammond said. “More often than not, these people are not offered the same opportunities; when you’re often set up to fail, it’s hard to keep going.”

  Yasche Glass, tax professional at the H&R; Block off of Tuttle Creek Boulevard and Fourth Street, said that considering professional jobs in areas of business can be intimidating to many minorities who often do not grow up around the white collar environment.

  She also said that a lack of knowledge and understanding of how to enter those fields is a catalyst for fear of white collar professions.

  “At times, [minorities] are scared because they may feel they are inadequate,” Glass said. “They may feel like they wouldn’t be able to cut it, that they wouldn’t be qualified. Personally, my mother wanted to be an accountant. I’ve never seen a person do such complex math in her head without a problem, but she had always been discouraged to go into that because she’d never seen an African-American doing it before.”

  Alienation also became a familiar theme for Glass, who is currently the only minority working in her office.

  “I did feel ‘that feeling’ this year, of being the only minority in the room,” Glass said. “I’m a higher-ranking tax preparer than some of the new people and I have more knowledge because I completed extra certifications, but I was not getting referred the complex taxes that the people under me were. I don’t want to assume it was because of race, of course, but it certainly can seem that way.”

  The barriers to success are numerous for minorities, especially for those who are not accustomed to American culture or methods of communication.

  “One of the biggest challenges is language,” Hu said. “Even if you know accounting or business, to be able to tell that to someone else? That’s a different story. It is a different challenge.”

  Both Hu and Hammond said, however, that both K-State and the Manhattan community are much more welcoming than much of the rest of the country.

  Even before many civil rights were enacted, Hammond said that K-State had, “more African-American graduates than almost any other white-majority university in the country.”

  “I love being at K-State because people accept me and other internationals here for the most part,” Hu said. “I still need to work on my English, but besides a few people who do not know our customs, people are helpful and don’t treat us badly.”

  Given the opportunity, Hu said that she would relish the opportunity to remain in the U.S. and pursue a career in business, saying that there, “is no place like the U.S. to be successful.”

  “I would love to stay here and work if I get a job or a chance to start my own business,” she said. “If I don’t though, I will have to go back to China.”

  Source: The Collegian, Kansas State University, April 24, 2013 (http://www.kstatecollegian.com)

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• What Makes a Successful Accounting Firm Business Developer?
  

  By Debra Andrews

  After an accounting firm’s marketing department has identified its optimal target markets and developed messaging that speaks to this target’s needs (as discussed in “What Makes a Successful Accounting Firm Marketer?”), the business developer’s goal is to establish and nurture trusted, one-on-one relationships in order to expand the scope of current work.

  Think about it this way: Without marketing doing initial research and setting the right messaging, business developers would be going on quite a few “blind dates” with unqualified leads. The leads likely wouldn’t know much about the firm, and the business developer wouldn’t be confident they were an ideal fit. On the other hand, without business development your firm likely won’t get many “dates” at all. Even though marketing may have identified the right message and target, a firm without a business developer won’t have the personal outreach needed to build relationships and close the deal.

  Accounting firms may have a devoted business development professional, or a firm’s partners may be responsible for building these relationships. We spoke to in-house business development experts* in the accounting industry to discover some key attributes for being successful in this role:

  Knows the Industry Dynamics and Firm Messaging.

  Many business developers in the accounting industry have worked on the accounting side or are managers or partners in a firm who are also developing business. For those who may not come from the accounting industry, just as it’s important for marketing, it’s equally important that the business developer understand the industry. Do research, and interview professional staff to gain a better understanding of the firm’s service offerings and strengths and overall industry dynamics. Communicate with marketing to be sure your communication aligns with the firm’s overall messaging. Ideally, marketing and business development will work together to define the firm’s messaging to begin with.

  Manages Time Strategically.

  Business developers need to engage with professional associations, attend events, and set meetings, however, it’s equally important to research and evaluate where time spent will be most productive. These efforts should be coordinated to reach both selected centers of influence and referral sources.

  Conducts Organized, Consistent Follow Up.

  After an event, the skilled business developer will have an organized process to follow up with each contact and pass the information on to marketing to build the database. When it comes to professional services, seldom are you lucky enough to meet a contact and turn the opportunity into business right away. Business development is in the lifecycle at all times. The successful business developer will know when he or she is to follow up, what the touch points will be, as well as what actions he or she will take to deepen the relationship.

  Curious and Consultative.

  In order to match a client’s needs to the firm’s services, it’s critical to understand client’s business. The business developer must ask the right questions, then actively listen, collaborate and understand the client’s business goals, passions and struggles. For instance, if someone is selling audit services to a client, by asking questions to better understand the overall goals and pain areas, he or she may be able to delve deeper to find other needs and solve another issue.

  Achieves Personal Connections.

  In addition to knowing the firm’s message, soft skills are equally important. The business development professional is often the “face” of the firm. He or she needs to also connect on a personal level in order to help clients make tough decisions and become valued as a trusted partner.

  Resourceful and Fearless.

  To effectively grow the business, a business developer should be willing to initiate and have conversations with anyone who may be a potential client or referral source, regardless of role within the company, or who they may be working with.

  Creates Connections and Makes Introductions.

  Being a connector of people is a powerful sales tool. The key to successful referral relationships is creating mutually beneficial situations. A business developer reviews his or her contacts to consider who might benefit from an introduction. If the firm has a dedicated business development professional, he or she is responsible for getting the firm’s partners and mangers in front of the right contacts.

  Contributes to Firm Wide Momentum and Excitement.

  Not everyone in the firm is going to enjoy or be naturally great at directly developing relationships and new business, but everyone can certainly have a role. Firm leadership and the dedicated firm business development professional can help facilitate a business development culture by creating excitement, and stimulating interest and involvement. Following are some ways to do this:

  • Hold regular team meetings to share pipeline information, events, prospects and new wins.
  • Incentivize staff to get involved by rewarding referrals that turn into new business.
  • Conduct formal training with professional staff to help refine their sales skills.
  • Celebrate milestones. It’s important that a firm celebrates the small victories and progress (e.g., landing a meeting, an RFP or a key referral relationship) as well as official new wins to keep momentum.

  In speaking with a number of business development directors in the accounting industry, success can be measured in many ways, including the number of introductions made, as well as the number of referral sources, new prospects, meetings, proposal opportunities, and ultimately amount of new work gained. However, it’s more than just a numbers game. It’s important to think long-term, creating long-lasting relationships and revaluating and adjusting communications and solutions over time to consistently grow the sphere of influence and find ways to add value.

  *Special thanks to Rick Hogentogler, Principal at Stambaugh Ness; Blythe Seese, Client Development at Kreisher Miller; and Michael Verrill, Director of Business Development at Fesnak and Associates for their contributions to this post.

  Source: Business 2 Community, April 4, 2013 (http://www.business2community.com)

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• What Makes a Successful Accounting Firm Marketer?
  

  By Debra Andrews

  There is a common misconception among many accounting and other professional services firms’ leadership teams that marketing develops a series of standalone campaigns such as planning a client event, ordering branded items, and distributing press releases. To be successful, it’s important that the marketer has a diverse skill set and that the firm’s leadership team understands the proactive, strategic role of the integrated marketing plan.

  Drawing upon Marketri’s own “outsourced marketer” perspective, coupled with the expertise of in-house marketer Kati Tolin, Director of Practice Growth at Rea & Associates CPAs and Business Consultants, we have compiled the following essential attributes of a successful professional services marketer:

  Knows the Industry Dynamics.

  The first important attribute of a marketing professional in the accounting industry is to understand the industry. For the marketing professional just starting out, be curious, ask questions, and research the industry lingo. Talk to the professional staff to better understand the firm’s service offerings and strengths.

  Thinks Strategically.

  In addition to knowing basic marketing principals, the marketing professional should also have a clear understanding of how the business operates, what makes it profitable, and what the financial goals are. Accounting and other professional services firms often struggle with strategy. They know they want to make a certain level of revenue. An effective marketer can help lead the firm on how to get there strategically. Rather than a series of standalone campaigns, each should tie to a goal and integrate many different touches. For instance, a marketer may create a content matrix based on topics aimed at a particular audience. A single blog post may have a call to action to download a webinar. When this person (now a business lead) fills out the form to download, it signals the business development professional to follow up, and he or she sets a meeting with the intention of closing new business. The plan is built around integrated campaigns that target a specific ideal client.

  Understands the Audience.

  It’s crucial to understand who makes a good client for the firm and what that client or prospect’s needs are. It’s also important to understand what the firm’s areas of strength are and how they can be applied to effectively meet these needs. Once the marketer understands who makes for a good client for the firm, he or she will dig deeper to develop individual personas, identifying specific needs and pain areas. This way, the campaigns can be developed around topics that matter to the target audience. An ideal client is likely going to be different for the firm’s different service offerings. The marketer may conduct interviews of current clients, and speak to partners and business development professionals to gain more insight.

  Effective Story-Teller.

  Accounting firms often go to market with a laundry list of services, (e.g. assurance, tax, business advisory). The problem is, internally these services may be defined differently. Ask five different CPAs to describe business advisory services and you’ll likely get five different answers. And on the client/prospect side, many don’t know what they need. The marketer needs to consult with the firm on “solutions,” bundling services in a way that they solve a common challenge. The marketer then needs to help the audience understand the value of the service and educate the firm’s professional staff on how to convey this message to clients and prospects.

  Helps the Firm’s Professionals Get Involved.

  A firm’s marketer can add real value by identifying the firm’s “rising stars” and helping them create a personal marketing and business development plan, which in turn will help them develop their career and grow the firm. Often, less experienced accounting professionals need one-on-one guidance to discover what type of activities they can/should get involved in, and to help them overcome challenges.

  Keeps the Firm on the Forefront of New Tools and Technology.

  Accountants are typically not “early adopters.” In fact, it wasn’t so long ago that many firms resisted any form of social media engagement. Fast forward to today, and firms without a social media presence are behind the times, missing out on an audience full of potential relationships. The effective marketer will test out new tools, identify the worthwhile ones, and foster the firm’s adoption of new technologies — helping it stay ahead of curve.

  Measures Success.

  When developing the firm’s marketing plan, results should be measurable. This ranges from tracking completed tasks to campaign results to revenue, and then matching how these interrelate. Some measurements or key performance indicators (KPIs) involve: web stats (e.g. visits to individual campaign landing pages, referral traffic from social media, or syndicated blog sites), email blast open rates, social media engagement and followers, and number of leads.

  When a qualified lead comes in, the best marketing professionals will trace the chain of events leading to that opportunity. This helps the marketer and firm understand what’s working and what’s not, so the plan can be tweaked as necessary, ensuring a return on marketing investment.

  No matter what your firm’s marketing strategy or message is, it’s essential that marketing is embraced and championed by the leadership team and communicated firm wide. Marketing plans and campaigns are not meant to be a secret. In fact, everyone in the firm should be aware of the messaging and campaigns.

  Source: Business 2 Community, March 28, 2013 (http://www.business2community.com)

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