Our profession is facing a massive transformation with AI and blockchain technology emerging. There will be a point where your clients will be able to get their tax returns and financial statements completed without a CPA. We need our clients to continue to see our value in order to grow. Growth becomes stifled by a mindset of being afraid of losing.
It’s time for CPAs to play to win!
Your ultimate goal is to be your client’s trusted advisor and strive to win every tax return. Your clients are entrepreneurs with a winning spirit. You as a CPA must have this entrepreneurial, winning mindset. Otherwise, your value will diminish.
Stop being afraid to lose and start playing to win!
If we are afraid of losing, we are absolutely going to lose. The emergence of technology and automation means we are going to lose tax returns, financial statements, and audits. What are we going to do for our clients when technology says you don’t need a CPA anymore?
As a profession, we need to stop being afraid of winning.
Tom is concerned that our profession is in trouble because the nature of the CPA is to be conservative and protective. Yes, we should be protective of our clients and our assets, but we also can’t be worried about losing. The franchisees of TFW Advisors® share ideas with each other and Tom hears other CPAs from large firms criticize this because they are afraid of sharing, competition, and learning. They are playing not to lose. Tom is taking care of his clients because he is playing to win for his clients.
Confidence builds through learning and not being afraid of losing. Your confidence grows immensely once you realize there is so much more to know and learn. It’s ok to admit if you don’t have the answer but be willing to research and ask for help to find the answer.
Tom’s number one goal is to help his clients win the tax battle. It’s important to understand the tax law since it’s your responsibility to win for your clients. You should encourage and educate your clients to take advantage of all tax incentives. Remember, the tax law is a series of incentives. It tells you how to reduce your taxes through deductions and credits. Consider it a guide with instructions on how to reduce your taxes. You need to understand the tax law so your clients can choose to behave the way the government wants them to and receive the tax benefits in return. Helping his clients legally reduce or eliminate their taxes is Tom’s goal.
Your clients are entrepreneurs and want to know how they can do what they want to do. They have a winning attitude. Our job is to advise our clients on how to qualify for certain deductions and why. It’s up to them to make the decision to change the facts they need to change in order to change their tax. Our job is to help them win. If we work that way and help them win, they will love us.
We have a profession that cares more about the client than ourselves. We look forward to always helping our clients perform better. It starts with you as the CPA adopting an attitude of winning. Call your clients and ask them questions. Use tax returns and financial statements to help them make better business decisions and win. Help your clients analyze their financial statements. Your clients will never complain about fees when they are told up front and when they know it’s about them winning.
When we are all about helping our clients win, when we are deal makers instead of deal breakers, and when we are coaching our clients through their decisions, we end up with better clients, a better practice, and a better life.
Want to learn more about how you can get better clients, a better practice, and a better life? Book a call with the team at TFW Advisors® today!