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A Case Study of Offering Accounting Services Successfully

Mr. Hopkins. Hey man. So how old are you? I’m 39. So, what services are we currently offering right now? Are you offering accounting services? So we do tax planning, tax compliance tax resolution, and a little bit of bookkeeping and accounting, plus consulting. So full service. Yeah. Love it. When you first joined and I remember, you know, Charles, you and I have a long history. So Charles been with us in some form or fashion since 2016. I think some of you guys on here even met Charles at an event that we did back then, but you were only at $3,300 bucks a month. So what made you decide to join up with us back then?

I put this whole thing on there because back then I started my business January, 2016, and this little hump right there was tax season. Then you see that like low right there like in June, July. Yeah. What was the month you joined? I ended up joining October, actually late September. So what ended up happening is, that summer, this period’s first tax season was going, you know, I thought great. I’m like, I’m making this, first year out of corporate America and I thought life was great. 

And next thing you know, that summer was kind of dry. I was not even offering accounting services, just tax. I have a wife and at that time I think I had two children. I started asking what do I need to do? Do I need to go back to work? \ I’m a person of faith, so I prayed about it. I was like, what should I do? And next thing you know, I started actually applying for jobs and everything. I was about to start, I got an interview with the state and I was like, “well, I’ll sign with the state. I heard they don’t have to do a lot of work there anyway. Then in the meanwhile I’ll try again to do my own business later. 

Next thing you know, I went in and did the interviews, they liked me. I was going to come back from the second interview, 30 minutes after I walked out of there, the lady called me back and was like, I’m so sorry. The state pulled out. They’re not going to hire any accountants now. I was like, all right, well, that’s exactly what I needed to hear. I guess that’s my sign. So then I’m on Facebook that day. And I see one of your ads Andrew.  I was like, this guy knows exactly how to help me cause he hit all my pain points. I signed up and that was, actually October, 2018. 

That’s where you see that big spike because I immediately, my first week I jumped straight to week three to learn the script. And I just started using that on my new people coming in. I think two weeks of being in the program, I was able to earn an additional $6,500 a month. 

I love it, now real quick. What happened here in this? Cause this is another one of those examples of sometimes you’ve been doing pretty good, and then you go down to here in November, 2018, all the way back to where you’ve been almost in that September, October, 2017, you had a low right before a spike all the way up to almost a $100k a month. What happened? Did you go back to offering accounting services that were higher priced?

So I ended up dealing with personnel issues and I think one of the biggest challenges, my team. I was doing most of the heavy lifting and if I wasn’t doing it, then it wasn’t going to happen. So I started and I think I wasn’t intentional anymore. I had to refocus, I had to change things up big time. Were there any services that you changed offering here? November, 2018, no I hadn’t done tax planning at that time yet. When did you first start doing tax planning? When did you sell your first tax plan? Didn’t you join up to 7 Figure Firms? When was that again?

I rejoined seven figure firms, I think December, 2018. Yeah. It was December, 2018. Nice. And so what changed at that point? I had 10 days to the end of the year and you’re like, man, you just gotta go crazy, call your biggest clients now and offer tax planning. I did that. And I got two of my clients that ended up being like a 30k and tax planning just right there. So I think that was the biggest lift.

Love it. And I guess when we look at this now between now and the time you wrap this thing up, let’s say 70, how big do you want the business to get? I’d probably say it would be nice if it got to $12 million a year, at first was going to say $10 million, just a million a month. So I’m like, Oh, that makes sense. Maybe a million a month. When you look at this, this I’m guessing was COVID? Yes, that’s correct. So what, what was that like to see that kind of a number?

It was really nice and it actually told me a lot about what we could do as a team. I felt like it was my duty to get out there and get this in front of as many people as possible. I feel like tax planning, you genuinely are saving people literally thousands every year. So, I should make that my duty as well. And I can’t imagine what my sales would look like.

I think a lot of people have that epiphany too. Like there’s a lot of people that basically come to fail, who were, I want to do advisory work. And then this thing kind of forced them into seeing the power of that in a way that you didn’t normally see it. I think a hundred percent, we can take that back. What do you estimate you’re going to do in salary and net profit this year? I know it’s hard to say because obviously it’s so chaotic, but if you had to guess.

If I have to guess, I‘d say between 450k and 600k. Love it. And what is the number one problem in the business today? Number one problem is I realized I had a lack of processes and I didn’t have a consistency because when you look at things that I think…McDonald’s stays consistent, people go to McDonald’s even when they’re in another country, because they know they’ll get the same Big Mac. It’s going to taste like a Big Mac or cheeseburger. With my firm, depending on which consultants they went with, our clients were getting a different experience. So I realized that was a huge problem and also a huge opportunity. So I’ve been focusing on that.

Love it. And now Charles, back in the day, I remember now we had like a small mastermind group back in the day and we had an event, I think it was in the Cayman islands. I remember Charles was so much smaller, but he signed up and we all went down to the Cayman islands and I was like, where’s Charles? Charles didn’t show up. He didn’t end up making it down to the Cayman islands. He didn’t end up staying in seven figure firms originally. It wasn’t really the same thing as what it is today, but he joined up with us. He didn’t end up staying with us for the full year. You joined, I think at an event. And then it was like a year or so, or maybe 18 months later, you ended up coming back. So I guess, why did you come back and why have you stayed?

I love this story though, what I love about it is I always look at early on, when I started off in business, when you had troubled client relationships, you almost take it personally. Right. But then later on so many people, as long as you don’t take it personally, things happen. Right? I mean, you and I have an amazing relationship now, like you’re going to give a presentation later at this event. So I think it’s just a lot of people struggle with that. You’ll see it in the group. Sometimes they’re like, “Oh, this client said this”. It’s like, you know, go easy on him because it’s a bigger picture. Right?

Absolutely. So at that time I ended up winning clients, and how to do that value proposition. But then the challenge became, you always have to keep those fishing poles in the water and continually try to onboard new clients because those clients are not onboarded. Offering accounting services can’t stop. But some clients were taking all my time, then next thing you know, they started having issues paying me and one of the clients was a $5,000 a month client. It just became chasing and he tried to almost turn me into an employee in a sense, and my money, my revenue just started going down. So the Cayman’s came up and honestly, I just couldn’t afford it, I was too embarrassed to kind of say that at the time. I remember he was like what happened, man? And I was a little bit elusive, but I ultimately couldn’t afford it. I ultimately had to drop out of the program because I couldn’t afford the installments either at that time. I  had to totally recalibrate, start back from scratch, and once I got out of the clutches of that, I was able to refocus.

Yeah. I think you had a big client that was like five, six grand a month that was just sucking up so much of your attention. It wouldn’t allow you to grow the business. Exactly. It was five grand a month at that time. And I felt like I was literally even driving to his office two or three times a week. It wasn’t a good situation. What made you decide to rejoin up with us later? 

I see your ads in Facebook and I always wonder what it would have been if I would’ve stayed. I wonder how things are going. I just clicked on one of your ads again, so I signed up, I signed up just to listen to the seminar, just to see how things are doing now. That’s when I first started tax planning. That was December, 2018. I was like, “This is pretty good, actually.” And so sure enough, I called up just to kind of see what it looks like to work with you again. Then they said, “Hey, Andrew wants to talk to you.”  I was like, “Oh shoot. All right, let me talk to him.” And then before you know it, it just made sense. I love it, man. Well, congratulations on everything. 

It really is just the beginning. I remember the very first event, Charles, what a great story. Love it. Bailey says, Charles, what services are you offering that has generated a large amount of revenue for the firm? I’d say services generating the largest amount of revenue, I’d say tax planning. The biggest portion of that actually was at one of our seven-figure events, I was talking to other firms and they were telling me they also charge for a retroactive escort conversion and that we weren’t charging for that. We were only charging for the tax returns. And so that actually helped me out big time because being able to one charge for that conversion fee and then, like Jeff was saying, get more in front of the tax planning before we even start the taxes in most cases.

Love it. And let me see here. Okay. Yes. It’s your duty to help team members? Jessica says I can relate to everything you are saying, Charles. I’m back around to the reason I went through that, if you look at Jeff, he quit his job and it didn’t work out, but he came back and built his firm again. Charles started up with us and then he left, came back and did this. So I guess it’s like, it’s good to see the ugliness in stories. Right? Sometimes you see people that are successful and you just think you’re just a genius. I’m an idiot. Well, we all kind of make stupid mistakes and they all have sort of rocky, bumpy roads. Charles, how did you combat the challenge of consistent client experience with your staff? This one’s from Boris.

Oh, got it. So, I read this book by Keith Cunningham it’s called The Road Less Stupid. That combined with the book The E-Myth talks a lot about processes and how a company like McDonald’s, a billion dollar corporation is able to run that corporation basically on 16-year-olds, 18-year-old, because their process is like, “The way you cook the fries is like this, the way you put the burgers in like that, like each one is so specific. That’s also still a challenge, I’m in the middle of solving, but I’m a lot further than I was.  

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