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Did you see this week's Briefs?

August 17, 2017  —  Volume 12, No. 23

  TaxCoach Briefs: Is Love Enough?
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TaxCoach Briefs
 
 

**** Attention Everyone ****: See below for details on TaxCoach’s final national events for 2017, coming this fall to Cincinnati:

  • Masterminding Meeting Registration – LAST CALL  We’ve had overwhelming interest in our one-of-a-kind business building event.  If you want to find out what all the hype is about, go to:  www.TaxCoachSystem.com/MM.com . Hurry if you’re interested in attending, because registration closes tomorrow (even if you’re an All-Star or CTM). 
  • The CTM Tax Strategy Conference is our flagship training program designed to give you a foundational knowledge of tax-planning strategies in all four primary areas: timing, shifting, code, and product. It’s also a necessary prerequisite to becoming a Certified Tax Master. Attendance is limited to 60, and is also already half-full. November 15-17; www.TaxCoachSystem.com/CTM 
 
Is Love Enough?
 
Love is grand. Love stinks. Love is the drug. Today, we’re talking about love. So settle down in your favorite chair, light a scented candle, and let’s talk!

 

Your spouse loves you. (We hope!) Your kids love you. (At least, until they hit the sullen teen years.) Your dog loves you. (Finally, we have a winner!) And maybe your clients love you. But is that enough for everlasting happiness?

 

On Tuesday, I had a terrific consulting call with a member who’s like many of you. She has a successful 1040-based practice, with an average fee of around $700. But cranking out hundreds of 1040s year after year has become a grind.

 

Our member uses Angie’s List for much of her marketing. She gets about 80 new clients a year, which means she spends a lot of time onboarding them. (I hate that term “onboarding,” but everyone else seems to think it’s a real word these days, so I’ll go with it. Don’t get me started on “impactful.”)

 

But the Angie’s List clients aren’t especially loyal, so she also loses about 50 per year. That sort of churn means more time on the marketing hamster wheel just to stay even. And that’s a big part of why she wants to renovate her practice to focus more on planning clients and high-fee business owners paying on monthly maintenance plans.

 

Earlier this summer, she walked through her entire client list to identify the A’s, the B’s, the C’s, and the 50 or so that she’s going to fire. What do the A’s have in common? It’s not anything about their income, or demographics, or anything else you would expect. The common factor is that they all love her. Absolutely love her.

 

Here’s the problem. Just because they’re good clients doesn’t mean they’re “good clients.” Just because they love her doesn’t mean they’re profitable.

 

This is important. Some clients love you. Some clients are profitable. But “clients who love you” and “clients who are profitable” are actually two different groups. Sure, if you drew them as a Venn diagram, there would be some overlap. (Hopefully it would be a lot of overlap.) But there’s no guarantee that just because someone loves you, that they’re good for you. And too many of us are locked in abusive business relationships.

 

Sometimes this disconnect between love and money leads to hard choices. (Breakups are rarely easy and never fun, especially when you’ve married for money.) But you really do have to ask yourself why you’re operating your business. Are you doing it for love? Or are you doing it for money? There’s nothing wrong with running your business for love. That’s your choice to make! But if you try to pay for groceries with love, the register operator is going to give you a funny look.

 

 
 
 
 
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TaxCoach Briefs:

Vol. 12, Number 23;

August 17, 2017

 
2017 Events
 
Is Love Enough?
 
Members Only
 
Interesting Image

Edward A. Lyon, JD, CTC

Publisher

 
Preferred Partner
 
Interesting Image
 
 
 
 
 
Members Only
 
Next Tuesday Technical & Case Study Call-In :
Tuesday, August 22 at 2:00 pm Eastern (11:00 am Pacific)
 
On this monthly call, we take all those technical tax questions we discourage on the Wednesday Marketing & Management Call-Ins. Bring us your knottiest, gnarliest question, and we'll see if we can find your answer!
 
 
Next Wednesday Marketing & Management Call-In:
Wednesday, August 23 at 1:00 pm Eastern (10:00 am Pacific)
 
Join Ed, Keith, and other TaxCoach members to ask any questions you have about TaxCoach strategies, features, or philosophy, or just to talk marketing and practice management.
 
 

Next Monthly Partner Webinar (All-Stars and CTM Partners):

Tuesday, September 12 at 4:00 pm Eastern (1:00 pm Pacific)

 

The All-Stars program itself currently has one spot open. If you're interested in joining, call Sarah at (513) 321-2820 to schedule a pre-interview to see if the program is right for you.

 
 
 
 
Want to see how TaxCoach can improve your business? CLICK HERE for a 15-day free trial.
 
 
 
 
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