At Universal Accounting Center, our mission is to help accounting professionals achieve success in their careers. We provide training, coaching, and resources that empower professionals to start their own accounting business, get a promotion, or grow their business. A major factor in bringing that mission to be is GrowCon, the premier event for owners of bookkeeping, tax preparation, and business advisory firms.
Over 100 accounting professionals gathered at the SouthBank Hotel in Jacksonville, Florida to hear from leading experts in the accounting industry. Universal Accounting Center President Roger Knecht and Vice President of Student Enrollment Clay Neves shared valuable strategies and insights for the business owners in attendance to take home and apply to their firms.
Let’s dive in further to the Universal lessons shared by Roger and Clay at GrowCon. For a full rundown of highlights from the other speakers at GrowCon, check out this blog.
Unlocking the Potential of Your Business with Roger Knecht
In today’s fast-paced business environment, staying ahead is crucial. Whether you’re an accounting firm aiming to enhance efficiency or a trade business seeking exponential growth, Universal Accounting Center is your premier partner in success. Roger shared that since its establishment in 1979, Universal Accounting Center has evolved from a traditional post-secondary institution into a state-of-the-art online independent study platform, delivering remarkable results for professionals.
Roger and Clay pose before the GrowCon gala
Roger shared the core tenants of Universal Accounting’s model, which boils businesses down to their foundations: Marketing, Accounting, and Production (MAP).
“Your goal as it relates to business is to actually, as the owner, build a self sustaining living, breathing business that can operate autonomously from you,” Roger said.
Roger warned against the danger of doing everything yourself as the business owner, and emphasized the need to establish repeatable protocols at the business and trust employees to carry out those protocols.
Geometric Business Growth Strategies
In Roger’s presentation, he emphasized the importance of focusing on the different areas of the MAP to bring about growth at the business. This is a holistic process, because improving the accounting at a business should allow the production phase to run more smoothly. Investing in one of the three core elements of the boat lifts all boats, allowing the business to grow geometrically.
A powerful tool to use in this pursuit is the Universal Business Builders program. UBB is a comprehensive business coaching program designed to elevate accounting firms and trade businesses alike. This program gives specific recommendations and strategies in all critical aspects of business management, including marketing, sales, accounting, and production. By employing a well-structured business model, tasks are categorized into three core areas: marketing/sales, cash flow/accounting, and workflow/relationships. This focused approach ensures businesses achieve unmatched efficiency through meticulous organization and effective delegation.
Universal Business Builders is committed to fostering motivation and driving tangible results. Key elements of the program include:
- Motivation: Keeping you inspired and focused on your goals.
- Financial Indicators: Providing crucial insights and indicators to monitor your business’s health.
- Revenue Growth & Profit Improvement: Offering strategies to boost your bottom line.
- Building Company Value: Ensuring long-term success and sustainability.
By understanding risks, enhancing value, setting achievable goals, and creating comprehensive exit plans, the program equips businesses with the necessary tools to thrive, Roger said.
“My job is to help you be successful. Trust me in the process,” Roger said in his presentation.
Roger’s Structured Coaching Program for Sustainable Success
Universal Business Builders employs a structured coaching methodology with monthly meetings and long-term commitments, ensuring continuous improvement in sales, cash flow, and production. Management and leadership figures in the business receive expert advice on maintaining profitability, monitoring financials, analyzing promotions, adapting offerings, and prioritizing growth through targeted marketing strategies.
Effective financial planning and delegation of responsibilities are crucial for business expansion, Roger said. The ultimate goal of any business, Roger said, is to increase its valuation. Universal Accounting Center emphasizes eight drivers for business valuation to achieve this goal, along with underscoring the importance of financial metrics. By outsourcing accounting functions, businesses gain valuable customer insights and can concentrate on core activities that drive growth, which creates a massive opportunity for qualified accounting professionals. Here are the 8 drivers of business valuation:
- Financial performance: The business’ history of producing revenue and profit, combined with the professionalism of your record keeping.
- Growth potential: Likelihood to grow the business in the future.
- Switzerland structure: How dependent the business is on any one employee, customer, or vendor.
- Valuation teeter totter: The cash flow health of the business. Is it a cash suck or a cash spigot?
- Recurring revenue: The proportion and quality of automatic, annuity-based revenue each month.
- Monopoly control: How well differentiated your business is from competitors in the industry.
- Customer satisfaction: The likelihood that customers will re-purchase and refer your business.
- Hub & spoke: How your business would perform if you unexpectedly were unable to work for a period of three months.
Diverse Revenue Streams and Recurring Revenue Models
Expanding and diversifying revenue streams are essential for business resilience, Roger said. Universal Business Builders assists businesses in managing cash flow effectively and transitioning to subscription-based client relationships. This shift stabilizes income through recurring revenue models, fosters clear client communication, niche marketing, and market segment ownership.
Advisory services are becoming increasingly critical in the accounting profession. Universal Accounting Center encourages accounting firms to apply these principles to develop successful, client-focused practices. By embracing the role of a trusted advisor, accounting professionals can offer invaluable insights that drive client success and foster long-term relationships.
Universal Accounting Center is not just an educational institution; it’s a catalyst for business transformation, Roger said. With Universal Business Builders, you gain access to unparalleled coaching, innovative strategies, and a wealth of knowledge that empowers you to build a self-sustaining, thriving business. Don’t just keep up with the competition—lead the way. Join Universal Accounting Center’s online platform today and unlock your business’s true potential.
“What we’re trying to do is proactively determine what does it how do we define success financially and backwards engineer that,” Roger said.
The Art of Setting and Achieving Business Goals with Clay Neves
In the fast-paced world of business, financial success doesn’t just happen by chance, Clay said. It is meticulously planned and executed.
At the heart of this process lies the critical practice of setting clear and specific financial goals. Understanding precisely what you aim to earn within a defined timeframe not only directs your actions but also activates your problem-solving capabilities. This presentation, delivered by Clay at GrowCon, delves into why goal-setting is paramount and how you can leverage strategies to achieve your desired income and value provision over one-year and three-year periods.
Clay gives his presentation at GrowCon 2024 in Jacksonville.
The Power of Specific Financial Goals
Imagine setting sail on a vast ocean without a destination. The chances of arriving where you want to be are slim. Similarly, in business, without clear financial goals, you are essentially navigating without a map. By pinpointing what you want to earn and the value you wish to provide, you create a roadmap that guides your daily actions and decisions. These goals should be specific, measurable, attainable, relevant, and time-bound (SMART), enabling you to track progress and make necessary adjustments along the way. Here are a few of the strategies Clay shared in his presentations:
Strategies for Achieving Financial Goals
- Generating Qualified Leads: Your business’s lifeline is a steady stream of qualified leads. These are potential clients who have shown interest in your services and are likely to convert. Focus on attracting these leads through targeted marketing efforts and strategic networking.
- Converting Leads into Clients: Once you have a pool of qualified leads, the next step is to convert them into paying clients. This involves nurturing relationships, understanding their needs, and demonstrating how your services can meet those needs effectively.
- Efficient Service Delivery: Delivering your services efficiently is crucial to maintaining client satisfaction and ensuring repeat business. Streamline your processes to maximize productivity without compromising on quality.
- Self-Financing through Sales and Profitability: Relying on sales and profitability for financing your business is a sustainable approach. It eliminates the need for external funding, reducing financial risks and increasing control over your operations.
- Creating a Sales Funnel with AIDA: The AIDA model—Attention, Interest, Desire, Action—is a powerful framework for guiding potential clients through the buying process. Start by capturing their attention, pique their interest, build desire for your offerings, and prompt them to take action.
Leveraging Personal Relationships for Business Growth
Your network is a goldmine of opportunities. Leveraging personal relationships, including friends, family, and existing clients, can significantly expand your business reach. Use practical scripts and strategies to contact these individuals, build genuine relationships, and set appointments to close deals. This approach not only generates referrals but also strengthens your support system.
As you grow, transitioning from time-intensive sales methods to online strategies and social media can scale your efforts. Mastering digital communication tools and platforms allows you to reach a broader audience and engage with clients more effectively. Understanding client needs through online interactions can provide valuable insights for refining your services.
Achieving financial success often means you can start investing in people to handle tasks, allowing you to focus on strategic growth. Building a team or network to offer comprehensive services creates a sustainable business model that can operate independently of you. This not only promotes financial stability but also grants you the freedom to explore new opportunities and innovate.
In conclusion, setting and achieving financial goals in business is an ongoing process that requires clear direction, strategic actions, and the willingness to adapt. By focusing on qualified leads, efficient service delivery, leveraging personal relationships, embracing online strategies, and investing in people, you can build a thriving, sustainable business. So, chart your course, set your goals, and embark on the journey to financial success and freedom.
Access the Full Presentations
Roger and Clay shared powerful insights for improving the operations of your business, but their presentations are truly the tip of the iceberg when it comes to the amount of game changing insights that presenters shared at GrowCon. Each speaker shared valuable insights for running an accounting business, from building wealth, optimizing processes, and beyond.
Fortunately, you can access the full collection of presentations virtually for just $197. Purchase the complete list of presentations at both days of GrowCon at this link.
GrowCon 2025
At the conclusion of GrowCon 2024 in Jacksonville, Roger and Universal Accounting Center Event Manager Christi Richards gave a recap of the Pre-Con VIP events, and announced the location for GrowCon 2025: Provo, Utah!
GrowCon 2025 will be held from May 5 to 7 at the Utah Valley Convention Center. Marriott Provo will be the host hotel for the event.
To learn more and register for this can’t miss event for owners of accounting businesses, follow this link.
The lineup of speakers will include experts in tax planning, business development, and client advisory services. Check out highlights from previous GrowCons for free here.
Looking Ahead to 2025
Thank you to all of the speakers who shared their incredible insights at GrowCon 2024 in Jacksonville, Florida. We are extremely excited for GrowCon 2025 in Provo, Utah.
To learn more about how you can start your own accounting business, improve your services, or train your employees, call Universal Accounting at 435-344-2060. Or schedule a time to discuss your future online using this calendar:
