Listen to the latest episode of TCA:
NOW LIVE: How I Failed at Success
Listen To My Latest Podcast Episode: NOW LIVE: How I Failed at Success
Building an accounting or fractional CFO firm is HARD - but now you don't have to do it alone! Join Michael King each week on The Connected Accountant to hear the biggest lessons, tips, tricks, and hacks that he has discovered over the past 6+ years while building his top-rated online fractional CFO firm. You'll get actionable, practical ideas that will help you successfully scale your business.
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In 2011, I realized I had failed at success. I thought I knew what success was and I thought I had achieved it - until one day I realized that I hadn't achieved anything AT ALL.
That day was the beginning of my journey to finding my WHY and redefining how I view SUCCESS.
In this episode, I share some of the painful truths of my journey along with the 4 big lessons I learned along the way.
Your monthly or quarterly CFO calls with clients have to stay strategic!
But what about:
👉 Urgent issues?
👉 Tactical questions?
👉 Topics that need to be addressed in between monthly calls?
That's where the CFO check-in call comes in!
In this episode, we walk one of our TCA PRO members through CFO check-in call best practices.
Are you tired of CONSTANTLY getting asked:
"What should I do about (question/problem/situation)"?
It can be SO annoying because you spend all of this time and money on hiring great people - but then they're constantly asking you how you want them to handle things.
Why can't they just figure it out on their own!?! The harsh truth is that it's probably your fault.
In this episode, I walk you through a game-changing leadership mental model that will empower your team to take more initiative.
Are you already offering advisory services and now you're curious how to go from forecasts and projections to helping your clients achieve their goals and dreams?
In this coaching session, one of my clients asks how to take her CFO services to the next level.
Getting negative feedback from clients STINGS.
As accountants and fractional CFOs, we pride ourselves on excellence - so negative feedback tends to hit us even harder.
But here's a hot take: Over the last 6+ years of running a firm, I've learned that negative feedback can actually be a HUGE advantage - if you handle it the right way.
In this episode, I share my 4 step process for handling and responding to negative feedback so you can get the most value from a bad situation!
"Why won't they just do what I tell them!?!"
It's so frustrating when our CFO clients won't do the things we advise! We show them the numbers. We give them the answers. And then nothing.
Any time I'm faced with a client not taking action, I run through The Human Action Model.
In this TCA PRO group coaching call replay, I walk through the human action model and describe how to apply it to CFO clients.
A lot of firm owners think they need to drop their prices as we head into a potential recession.
The truth is, pricing isn't what's holding you back right now.
People are just more cautious right now - and understandably so! The best way to overcome that perceived risk is by offering a money-back guarantee on your services.
Here's how to do it and why it's a great motivator for your team.
One of the fastest ways to kill growth in your firm is by adding additional layers of complexity.
The thing is, sometimes that complexity feels necessary. But it rarely is.
Complexity actually robs us of the opportunity to fulfill our mission, scale our firms, and maximize our impact.
Today, I'm going to share with you:
• The 4 most common areas where people add unnecessary complexity in their firms
• What to focus on instead of complexity
4 ESSENTIAL CFO Services
There is so much technology out there for fractional CFO firms and accounting firms!
Some of the tech is absolutely amazing! (Hello, G-Accon and Canva) ...while other tech doesn't quite deliver on the hype.
Today, I'm sharing my firm's absolute favorite, must-have tech!
Building a healthy team is hard.
Building a healthy virtual team is even harder.
As a firm owner, one of the most impactful things you can do to build a healthy team is to have periodic in-person meetings.
For me, in-person meetings have resulted in: • More buy-in • Increased trust • Better collaboration • Multiple 6-figure idea creation.
In this episode, I share some of the benefits I've found from in-person meetings along with some tips for how to maximize the ROI your firm can get from the investment.
Fractional / Virtual CFOs, Bookkeepers, and Accountants: there's an epidemic that's polluting our industries.
👉 It's accounting and bookkeeping work being disguised as CFO work.
In this episode, I cover why this is such a problem and what we can all do to solve it.
Hiring hot take: It's hard to get great talent today.
What can you do to attract the best talent while not wasting a ton of time on the 4000 pretenders that apply for your positions?
In this episode, I'm going to share 4 game changing hiring hacks that will answer both of these questions.
As the owner of a virtual CFO firm or accounting firm, you'll realize quickly that you need some help if you want to grow.
But who should you hire FIRST?
• A bookkeeper?
• A financial analyst?
• Another fractional CFO?
In this episode, I explain why hiring an assistant should be your first hire.
Plus I explain how an assistant will help maximize the value of your technical hires.
Leadership vs Management: What's the difference?
As a CEO of a firm, you not only need to understand the difference between the two...
But you also need to know the right time to lean into each.
In this episode, I explain the difference between leadership and management and explain when you should fill each role.
Have you been thinking about launching CFO services in your firm......but you're not sure exactly what steps to take to get started?
I've got you covered... and it's not as hard as you might think!
This is Part 4 of a 4 part series where I break down all things virtual/fractional/outsourced CFO services.
In this episode, I walk through the 7 steps you need to take to launch CFO services in your firm FASTER.
Accountants: Are you ready to start offering CFO services?
⚠️WARNING: IT MIGHT NOT BE RIGHT FOR YOU ⚠️
If you've been thinking about kicking off CFO or advisory services in your firm, this series is an ABSOLUTE MUST!
This is Part 3 of a 4 part series where I break down all things virtual/fractional/outsourced CFO services.
Is offering CFO services all that it's cracked up to be? Or is it just hype?
In this episode, I share the pros AND cons of offering CFO services.
In this episode, I'll share with you the 4 services ALL fractional CFOs should be offering to maximize client impact while balancing scalability.
This is Part 2 of a 4 part series where I break down all things virtual/fractional/outsourced CFO services.
If you're thinking about offering virtual CFO or fractional CFO services, this episode is a MUST.
If you've been thinking about kicking off CFO or advisory services in your firm, this series is an ABSOLUTE MUST WATCH!
This is Part 1 of a 4 part series where I break down all things virtual/fractional/outsourced CFO services.
In this episode, I explain what a virtual CFO is and how their services are different from a bookkeeper or an accountant.
I made a huge mistake as a leader - and I didn't even realize I was doing it.
In this episode, I'm going to share a huge lesson I learned about leadership that is GUARANTEED to help you level up your leadership game!
BAD CLIENTS ARE THE WORST!
But what EXACTLY do you do when you recognize it's time to kick them to the curb?
In this episode, I give you my exact 5-step framework for FIRING BAD CLIENTS.
This is PERFECT for accountants, bookkeepers, or virtual CFOs that have clients that NEED TO GO!
I needed some pro tips on time management and prioritizing my time. My coach suggested that I start by writing my own obituary.
My only regret: I wish I had done it years ago. It forced me to reflect on the kind of life that I want to live, the legacy I want to leave, and ultimately how I need to shape my fractional CFO firm so that it aligns with those goals!
This is a MUST LISTEN if you want help making sure your firm is helping you build the kind of life that you had in mind when you started!
Accountants, Bookkeepers, CFOs:
Do you struggle to STAY FOCUSED during the work day?
I do. That's why this tool has been an absolute GAME CHANGER for me and my firm.
It allows me to stay productive, longer which means I get more done without working longer hours.
Growing a bookkeeping, accounting, or fractional CFO business is HARD! I've been in business for 6 years and during that time I've had many ups and downs. After hustling for a while to grow the business, I reached a point where I just wanted to give up.
I felt like I had nothing more to give and I wasn't seeing the growth I wanted. I told myself to keep going and things really changed when I shifted my beliefs which I will be sharing with you in this episode.
If you're struggling to grow your business and feel like giving up, this episode will help you.
If you want to amaze your new clients then you've got to NAIL the onboarding process!
It is absolutely CRITICAL for starting off on the right foot with new bookkeeping, accounting, or virtual CFO (fractional CFO) clients!
A good onboarding experience will set the tone for the value you add, healthy boundaries, and what good communications look like.
In this episode, I'm sharing my FIVE BEST PRACTICES for creating a world class onboarding experience for your clients.
If you run a financial services firm, you should absolutely listen to this!
My firm just turned 6 years old (www.kfesolutions.com) and I'm breaking down the most impactful lessons learned and biggest mistakes I've made along the way!
All of these lessons are applicable to bookkeepers, accountants, and CFOs.
THIS MISTAKE COST MY CFO FIRM OVER $100,0000!
I waited WAY too long to get processes documented in my CFO firm and it cost my team and I a ton of time, money, and frustration.
One of the biggest challenges I had was knowing WHICH PROCESSES to document.
I mean, we do hundreds of things a day.
In this episode, I'm breaking down the TOP SIX processes and procedures that changed the game for my firm.
They've saved me time, money, and my team is SO thankful for it.
At some point in your business, you will most likely have to fire a client. I know this isn't fun, but it's part of running a business.
I've been in business for 6 years and I've had to fire many clients. There was actually a point in my business where I had to fire all my clients. How do you know when you should fire a client though? And what are the signs you should look out for?
In this episode, I'll be sharing 3 big indicators that tell me it's time to consider firing a client.
This advice can help anyone with a business, but it's specifically for accountants, bookkeepers, and fractional CFOs.
My pricing model has changed a lot from when I first started my fractional CFO firm.
In the beginning, I priced my services on an hourly basis - which was not great because of price shopping and constant comparison shopping. Not only that, but my income was unpredictable, which is not ideal in business. Over time, I changed to a MRR (monthly recurring revenue) pricing model which has worked great for my business.
In this episode, I'll be sharing some mistakes I made with previous pricing models and how I transitioned to MRR.
If you're an accountant, bookkeeper, or fractional CFO who needs pricing guidance, this video is for you.
We all deserve a roster full of clients that you are THRILLED to wake up and serve every day!
But I've learned that if you aren't intentional about how you select clients, you might end up with less than ideal clients (we've all had at least one of these, am I right?).
In this week's episode, I share the 3 step process my firm goes through to help ensure that we get clients we're passionate about serving!
Should you raise prices right now?
In this week's episode, I share the top 3 indicators that it's time to raise prices for new clients. This is perfect for new firm owners and for firm owners who have been in the game for a while.
These indicators will help take the guesswork out of knowing when it's the right time - and when you should probably hold back.
I also share my top tip for how to approach price increases. If you're super anxious about "if I raise my prices and I get no new business, then I'm done for!", then is episode is just for you!
As financial types, we tend to put a lot of pressure on ourselves to increase our top line, bottom line, or cash flows at some rate or we feel like we're not growing fast enough.
But it's important to remember that not all growth in business is found on financial statements.
In this week's episode, I'm redefining what it means to grow in business.
Building a bookkeeping, accounting, or fractional CFO firm is HARD!
Especially if you want to make great money, serve great clients, and NOT work 80+ hours a week (like you probably did back in corporate America).
After almost COMPLETELY burning out several years ago, I started the process of completely rebuilding my business - this time on my terms.