The 5 most hated include:

There were distinct reasons why each one was included on the list, but suffice it to say that the majority of the rankings [...]]]> MSN Money and a number of other news outlets reported on a story this morning regarding the 5 most hated companies, research conducted by 24/7 Wall St.

The 5 most hated include:

1. Facebook
2. American Airlines
3. AT&T
4. Nokia
5. Goldman Sachs

There were distinct reasons why each one was included on the list, but suffice it to say that the majority of the rankings had to do with complaints due to bad experiences for customers, the public and stakeholders/shareholders.

Personally, I patronize 3 of the 5 – American Airlines, Facebook and AT&T. In fact, I want to be transparent in admitting I’m actually an AT&T stockholder. Yes, it’s true. I own a wastebasket somewhere on the 3rd of floor of the company’s Dallas-based headquarters.

If these companies are SO hated, why do we continue to do business with them?

Reason: We can’t find what they offer anywhere else.

Fact: Not true at all. There are many other airlines, other social media sites and other communications’ companies.

Reason: Convenience.

Fact: Because I am in the DFW area, American Airlines IS convenient, but so is Southwest, and it flies to most of the business/leisure destinations I fly. AT&T really isn’t convenient other than it would be a pain to switch my entire family plan to another provider, let alone try to get out of contract. As far as Facebook goes … well, lately, I would say that Facebook is anything but convenient with the way it keeps changing its interface.

Reason: They provide a good value.

Fact: Value is based on the cost/benefit, which is different for most of each provider’s customers.

Reason: It’s fun to do business with each company.

Fact: I can’t fully offer my definition of fun, but if it means waiting for the crew of an American Airlines’ jet to show up or experiencing WAY too many dropped calls from AT&T, then my definition of “fun” is really different from your definition, probably.

Still, I continue to do business with these companies. Why? The bottom line for me probably has more to do with not wanting to change than anything else and being satisfied with some level of customer service/perks. No, I can’t get a direct flight from DFW on Virgin to Denver, but I can get my AAdvantage points on American. I could probably survive very nicely on Twitter or LinkedIn, but I’ve come to enjoy the interaction I have on Facebook with my friends, even if the experience isn’t as gratifying as it once was.

As far as AT&T goes, I’m a shareholder, so I’m here to stay. Still, I wish the company would work on getting its act together with respect to service and support.

At the end of the day, I think most of us don’t want to change – and that’s just fine with me as long as I can be happy with what I get.

In recent years, I have provided a year-end blog of thanks for my good fortune, so here goes. Here’s what I was thankful for in 2011:

During this year’s annual trip – while I was knee-deep in some kind of fried food [...]]]> There is a tradition in Dallas that goes back 125 years … the GREAT State Fair of Texas. Yes, it’s larger than any other state fair in the country – and I’ve been going every year since I was very young.

During this year’s annual trip – while I was knee-deep in some kind of fried food – I begin to think about the environment around me and how even the simplest fair attractions compared to practice management at an accounting firm. OK folks – this might indeed be a stretch … but I think you will get my point.

Try Your Luck on the Midway Games – generally, the odds are really against you to win one of the many random Midway games, but men and women, young and old, try their luck regardless what the outcome may be just to win a stuffed Homer Simpson. The way an accounting firm fires a rifle into the air – hoping to hit a prospect to convert the prospect to a client – is very similar to a Midway game. The only skill required is the ability to pull the trigger without any thought to how the firm strategically goes about finding clients. If you’re content with casting a net to see who you can catch without some kind of forethought on how you can refine your strategy, then good for you. I have a feeling, however, that your approach doesn’t work very well.

The Annual Pig Races – also known as the “Swine Follies” (I couldn’t make this stuff up – check for yourself), four to five pigs race around a track to see who can get to the bacon first (really, they do). While I was watching this year’s races, it called to mind the competition firms face and the need to compete, head to head, for business. Who will win the race? The firm with the impressive set of credentials? The most experience?

Probably not. The firm that wins the business does so by becoming a partner with its clients. Not only does the firm deliver quality tax, accounting and advisory services, it does so by establishing a one-on-one rapport with its clients. Where do you think the words, “Trusted Business Advisor” come from? They come from firms who are known to be more than just accountants; they are “trusted” by their clients to provide great advice, certainly, but in many more ways than just the traditional set of services.

The Corny Dog is King – The all-time favorite Fair food is the corny dog; in fact, it was invented at the Texas State Fair by Mr. Fletcher in 1942 and has reigned supreme every since. Why? Because it’s unique, yes. Because it tastes good, of course. Because you can slather mustard (hope you’re not one of the novices who puts ketchup) all over it.

Bear with me on this analogy. The corny dog is like a firm’s practice management because it is special. Imitators are all around the corny dog, but there is only one Fletcher and only one corny dog. That’s what it’s like at the really great firms; those who go above and beyond with unparalleled service, a transparent, no-nonsense way of doing business, and incredibly high ethics. These are the firms who excel – and, again, win the business.

So what’s special about your firm? Think about it and you’ll be amazed at what you come up with … just like Fletcher was when he invented the corny dog in the early ’40s. By the way, rumor has it (I wasn’t living at the time) that he had to give away the dogs that very first year because no one was buying them. Go figure.

The Rides are a Jip, But They Make Money – OK, so I’m old fashioned. I don’t see the point of paying $5 for a two-minute spin on the Himalaya, but goodness knows there are thousands and thousands of people who don’t mind it at all. That’s good for the Fair because it brings in bucketloads of money.

Why? Because the Fair has “value-billing” instead of the flat-fee approach for services. I’ve been seeing more and more firms move to value billing where clients are charged a monthly fee for services because the firm works with its clients throughout the year – not just once a year during tax time or on major filing deadlines. So instead of paying a flat fee at the Fair gate and riding all the rides for that one price, the Fair knows it will make more money if they charge per ride because attendees think they are getting something extra for their money.

If any of these points strike a chord with you, please comment. I’d love to hear how you think a Fair compares to firm practice management.

(Note: This blog post originally ran on CPATechViews.com)

That got me thinking that if she had some questions, others might as [...]]]> I had a very interesting conversation last week with a colleague in an accounting firm about PR agencies. She knew I had previously worked in two agencies, so she wanted my input as to whether I thought PR agencies were worth the cost.

That got me thinking that if she had some questions, others might as well.

First, there is much more that should go into evaluating a PR agency relationship than just cost – although I completely understand that cost should (and is, by all reality) be a major consideration. What you want to measure in addition to what it’s costing you is 1) value and 2) efficiency. Here’s what I mean.

Are you deriving value by outsourcing work to a PR agency? As sure as I’m sitting here writing this, you should be able to answer this question. If you’re in a firm (could be any kind of company, software developer or reseller, for example) that’s larger, your managing partner or shareholders will want to know the answer. After all, part of their potential earnings are paid to the agency, so they’ll want to know if the firm is receiving any value for the cost. What you’ll want to do is measure the value in a few ways;

1. Simplest way: Is the work being done by the agency adding to your bottom line? Are you retaining clients because of the agency’s work or are you gaining prospects – and converting those prospects into clients? I say this is the “simplest” method because it comes down to pure dollars – and this is most obvious when you can track a prospect conversion.
2. Not-so-Simple way: Did the work change someone’s mind? I’m not going to go into PR 101 here, but PR campaigns should be persuasive and intended to change someone’s mind about something. I know that’s vague. but think of it in this example. If Congress followed through with its 1099 requirements, it was up to them to persuade the public (and the accounting profession) that the requirements were a good idea. Of course, most accountants I know were opposed to it, but let’s just say for now that one accountant’s mind changed because of Congress’ proactive PR campaign – orchestrated by a PR agency. One mind changed isn’t going to matter, but I think you can see my point.

As to efficiency, the examples above certainly have their roots in efficiency, but what I’m talking about is the ability to save time by hiring a PR agency. The basic question is this: Was the firm able to take the time it would have spent on PR and bill it elsewhere? I know that’s not so easy to measure, of course, but you have to think in these kinds of ways in order to figure out whether a PR agency is worth the time it takes to work with them …

… which leads me to the final point. The most successful PR agency relationships I’ve either dealt with or encountered were the ones in which the client (firm) properly managed the agency relationship. I think it’s up to the client to manage this relationship rather than the PR agency calling the shots. When this occurs, the client usually feels as if it hasn’t been influential in helping control the outcome.

Managing the agency is very simple, actually. It all boils down to effective, two-way communication with your agency team – and this starts at the top of the agency food chain. You have to establish this relationship from the very beginning, too; otherwise, you’ll lose valuable time and money.

PR agencies are definitely worth their cost – if they are properly managed and you derive value to your organization. Enough said.

Boy is it getting hot in here!

Yes, I live in Dallas where we are on our 36th or 37th straight day of 100+ temperatures, but it’s also hot as Hades based on some of the recent news, including this new story on CPA Trendlines about how the accounting sector just [...]]]> (This posting originally appeared on CPATechViews.com)

Boy is it getting hot in here!

Yes, I live in Dallas where we are on our 36th or 37th straight day of 100+ temperatures, but it’s also hot as Hades based on some of the recent news, including this new story on CPA Trendlines about how the accounting sector just lost 3,600 jobs following four months of gains.

Argh! This is so frustrating. Add to that the fact that Congress finally agreed to a band-aided debt ceiling solution only to discover that Standard & Poor lowered the U.S. credit rating.

I ask, then, when is enough going to be enough? When are we going be through with the bad news?

I’ll bet some accounting practitioners are thinking that now is the time to cut back, either in terms of staffing, spending or something else. This is kind of like looking at your 401(k) or SEP – should you stop contributing just because the market dropped more than 500 points last week?

Of course not. You shouldn’t throw the baby out with the bathwater any more than changing the focus for what you’re doing just because of some bad news. If we lived our lives like that, all of us would be in bed with the covers pulled over our heads.

Enough cliches. I say SNAP OUT OF IT! The larger issue should be this: What are firms and companies doing to 1) retain the business they have, and 2) finding new business through conversions, referrals and networking. Instead of focusing on the negative, focus on how to turn around a now-weak economic picture into something more positive.

However, there’s still room for growth, so I am once again on [...]]]> Anyone who reads my posts on CPATechViews or my own blog, AbsoluteCytron.com, is probably tired of one of my recurring themes. I know I am … I am as tired of writing about it as John Irving is of writing about passing open windows!

However, there’s still room for growth, so I am once again on my soapbox about CPA firm client service. I was watching CBS Sunday Morning on July 2; the cover story was about customer service call centers, and while it was kind of a tongue-in-cheek summation of how companies need to pay more attention to customer service, it nonetheless struck a chord with me in how the same concepts apply to CPA firms.

It’s not entirely hopeless! Sure, there are many, many firms that get this right, beginning with the initial call to the receptionist all the way to the managing partner personally reaching out to talk with the firm’s clients. Yet, even in a firm that preaches client service, I think there’s still something to learn.

How can we do that? Here are three recommendations, none of which are original, but still apply to most, if not all, CPA firms:

1. Focus on solutions for the client instead of telling the client how great you are. Most firms only talk about what THEY can do instead of discussing issues more pertinent – and bottom-line oriented – to the client. I see this all the time in firm brochures and website copy. If a firm were to zero in on what the client needs, then I guarantee you will see increase client retention and even more prospect conversions.

2. Stick with the personal touch. This one gets to the basics of great communication. Most clients will sincerely appreciate a phone call on a semi-regular basis instead of a random e-mail. Turn the clock off; now is not the time to charge for the call. Instead, ask about the client’s business and even his or her personal life, if applicable. This is a an important call for even the newest accountant or CPA. You can’t underestimate the importance of a phone call. Better yet, schedule a time to meet in person, either for lunch or coffee. Make it clear you don’t have a set agenda. Remember: you’re want to be thought of as a business partner.

3. Instill the “client-first” attitude in all staff. This starts at the top, of course. If the managing partner, shareholders or partners aren’t practicing this, then it just won’t happen. EVERYONE needs to maintain a client-first mentality. This sounds like an easy concept, but in reality, we all know how difficult it can be to sway some staff who are comfy and entrenched in their positions.

I hope not to write about this topic again for a long time! Help me make that come true by reassuring me that client service IS a firm’s top priority.

When I was at the gym this morning, I was amazed, yet again. Most mornings you can find me there, and as a trained journalist, I know I have a habit of observing those around me.

There is a older gentleman (60ish) [...]]]> Have you ever met anyone who PRINTED OUT their Facebook wall to read the postings?

When I was at the gym this morning, I was amazed, yet again. Most mornings you can find me there, and as a trained journalist, I know I have a habit of observing those around me.

There is a older gentleman (60ish) there every morning, too, who regularly works out on the treadmill and the bicycle. Now there’s nothing remarkable about that, certainly, but what I always found fascinating is his reading material. He prints out stories from the Internet via the Washington Post or The New York Times and reads them while exercising.

OK – I get that, but today, I saw him reading Facebook postings from his wall. Yes, I was THAT close to him to see this with my own eyes.

Although I wish it were different, I have no delusions that all of my – and my colleagues’ – writings about the paperless office make any kind of significant impact beyond the moment a CPA or accountant reads the articles, and certainly, the articles have very little impact beyond the accounting profession.

So if that’s the case, how can we help convince anyone, no matter how old they are, that technology offers us the easy-to-use ability to cut down on paper and conserve our resources? If this man is reading his Facebook postings and downloading articles from the Internet, then he has some kind of understanding about what technology can help him do.

Of course, the easiest solution that is also the trend of the moment is the iPad. I could get all this on an iPad and bring it with him to the gym.

I don’t have a quick solution to the less-paper problem, but I would like to see all of us try and educate others (mostly those older) about the available solutions. Maybe if we do a little bit at at time it would help save a twig. In turn, it could eventually help save a tree.

When you go to accounting conferences, whether they are national or state conferences, or even meetings in your local area, how do you go about meeting the “right” people?

Now I don’t mean “right” in terms of discriminating one person from another; what I really mean is meeting the kind [...]]]> (Note: This posting originally ran on CPATechViews.com)

When you go to accounting conferences, whether they are national or state conferences, or even meetings in your local area, how do you go about meeting the “right” people?

Now I don’t mean “right” in terms of discriminating one person from another; what I really mean is meeting the kind of people who can offer you the most benefits in terms of referrals, business and anything else that adds to your productivity and grows your practice or business.

I’m attending the AICPA’s TECH+/Practitioners Symposium next week and always look to this conference as a way to meet accountants and technology experts who can add to my own business, either by sourcing authors for articles or gaining knowledge for future projects. I’m also seeing many friends and colleagues, so I always hope to renew friendships and spend some time gabbing about accounting and technology.

Of course, I’d like to get a new client or two out of this conference, but that’s not my main goal. I don’t think anyone goes into a networking situation with the expectation that he or she will immediately gain a new client or customer. These things take time.

So what we’re really talking about is networking. As an attendee who may not know very many people at a conference, how can you maximize your experience? Here are some tips:

1. Go to the receptions and social gatherings. I know the last thing you may want to do at the end of a jam-packed day is smile and hold a drink, but making the effort to do so can make a very big difference in who you might meet.
2. If you are by yourself without anyone else from your firm, don’t go to your room for dinner! Take pot luck and sign up for group dinners, or take the initiative to ask around if you can join a group that is going out. I know that takes a lot of effort, especially if you are an introvert like me, but please try. Remember that if you are feeling shy, chances are others are shy as well.
3. Always wear your name tag and always bring business cards. Some conferences have gone high-tech with portable scanning devices to capture contact information. These work great, but there’s nothing like an old-fashioned business card. It’s very easy to carry cards; just put them in the plastic sleeve in back of your name tag. If you don’t have a plastic sleeve, carry them on your person, either in your pocket or in your portfolio.
4. Following up is extremely important. Don’t let all those business cards fall into a black hole; be sure to follow up with everyone you met, even if is nothing more than a quick e-mail or phone call.

What are some of your tips for meeting others at conferences and gatherings?

Just last weekend, I was reminded about the importance of details.

I went to see a new documentary about the career of Bill Cunningham. If you don’t know who he is, don’t fret; I didn’t either until I did a little research to find out more about him. Cunningham is a [...]]]> (note: this post originally ran on CPATechViews.com)

Just last weekend, I was reminded about the importance of details.

I went to see a new documentary about the career of Bill Cunningham. If you don’t know who he is, don’t fret; I didn’t either until I did a little research to find out more about him. Cunningham is a fashion photographer who has a had a very long career capturing images of fashion in New York and Paris. He currently works for The New York Times and is featured almost weekly on Sunday with his photo spread, “On the Street.”

While I was watching the movie, Bill inspired me to tell you about his level of “detail” and how that can apply to the accounting profession. You see, Bill is not a typical fashion photographer. He does not shoot fashion like most other photographers at runway shows or even in the studio. He captures true details in every one of his shots by just walking (and bike riding) on the streets of New York. It seems most anyone who “knows” fashion in the Big Apple knows Bill, and is not surprised at all when he snaps a photo without asking permission.

What I took away from his technique is this: Accounting firms should pay much more attention to detail than they do if they are going to convert prospects into clients, retain clients, receive referrals and improve their level of service. I don’t think this is a difficult thing to ask CPAs and accountants to do; after all, they’ve been trained to look at the details in their work, so why can’t they bring this same level of analysis to practice development?

Here’s a simple example that I know has been written about before. If you work on a tax return and notice a up or down spike in some kind of reporting, this could indicate that you should have a conversation with the client about this movement. Not only can you secure your role as a trusted advisor; the client will appreciate, again, your level of detail and your concern. You will be more likely to be thought of when the client is asked by a friend or colleague for a referral to an accountant.

Try thinking “detail” on everything you do – it really works.