How are CPAs like Basketball Legend Jalen Rose

Jalen Rose was the point guard for the early 1990s basketball powerhouse, the University of Michigan Wolverines. His team was known as the Fab 5; and that team had a lasting impact on the game of basketball, well beyond black socks and baggy shorts. Jalen was a leader on that team, a leader that made all the magic happen.

So, what does Jalen Rose have in common with CPAs?

Every entrepreneur has their own Fab 5; those 5 people who they surround themselves with in order to push them towards success. Sometimes this team consists of a CPA, an attorney, an insurance agent, a banker, and an entrepreneur mentor. Too often, the CPA is treated more like a bench player than a starter. Here are 3 things to improve your games with your clients and help you elevate your game (and your practice).

Capture the floor:

A good point guard can capture the entire floor in a split second. On the basketball court, you can do this by looking at the basket (or goal) and then you see the entire floor. As the leader of the “Fab 5” you must always keep your eyes locked on the goal. Not your goal, but the goal of the entrepreneur that you serve. You should start by having an audit of their plans, hopes and dreams in order to have a clear vision of how they define success.

Once you have this vision, then you can use your experience and expertise to help them identify pitfalls, problems, and dangers that will keep them from achieving this success. Not sure where to pull this experience and expertise from? Look no further than your other clients in similar businesses or growth stages, your mentor or partners in your firm who may have a broader base of clients, or even your own entrepreneurs experience.

Preside over traffic:

Jalen Rose was a master traffic cop. Not only did he capture the floor, he directed his teammates, by constantly communicating to his team how they needed to adjust. Just like the hub at the center of a wheel, as the CPA you can be the center of communication with the other members of the “Fab 5”. This is not to say that you are the bottleneck of information, but rather you (as the member of the Fab 5 that should be most intimately familiar with the financial information of the company) can give the most context of what the others can do to support the entrepreneur.

Knowing how the others can best help the entrepreneur requires consistent communication with your clients. How can you help them achieve their definition of success if you only talk to them about information needed to file their taxes? The right number of check-ins will vary from customer to customer, but it is critical that you have consistent, valuable conversations. If you charge by the hour, some clients may balk at these additional discussions. Being aware of this concern will help to make sure that the time the entrepreneur is investing with you is well worth any cost, and you may consider making this a flat fee service (or a free service as you beta-test this with your best clients).

Assist:

Jalen Rose had over 400 assists during his time at the University of Michigan. This means that the team scored over 400 times because he made it easy for another player.

One of your jobs as the leader of the “Fab 5” is to make it easier for the other teammates to do what they do in support of the entrepreneur. This can be done in many ways, but you should understand exactly what the other members bring to the table and what they need in order accomplish their objectives. One way that I have seen successful CPAs do this is by providing financial analysis and background (as we all know that the numbers tell a story – just not a complete one), building consensus among the other members of the Fab 5 and to help the entrepreneur execute on their course of action they choose.

This is outside the scope of what many CPAs do for their client, but as the industry continues to change through technological innovation, this is a surefire way to make sure that your clients see you as more than just someone that prepares their taxes. This approach will provide you with additional opportunities to serve your entrepreneurs and attract similar clients. I realize that this may be different than how you are operating now, so you may be wondering how to get started. Here are 3 steps that I would recommend you take in the next 30 days:

1) Identify 2 clients that are profitable, in an industry (or stage of business) that you find interesting, enjoyable to work with, and willing to give you feedback and start a beta-test case around this service. You can ask them exactly what you can do to help them in a deeper and more meaningful way, get honest feedback on what you can do as far as presentation, communication and reports, and how much they would pay for such a service.

2) Visit the entrepreneur at their office. When was the last time you saw where your client’s make the magic happen? How can you possibly catch their vision of the future, if you don’t see their present through their eyes?

3) Schedule a time to meet with the other members of the “Fab 5”. Maybe this means hosting them for appetizers/ cocktails or maybe a pot of coffee. This way you will start to understand who these teammates are, what they bring to the table, how best to communicate with them and the information that you can provide them so that they can do what they do.

Being an entrepreneur is one of the most difficult and demanding things you can do. The good news is that entrepreneurship today is a team sport. Hit the connect button on LinkedIn or Facebook NOW and together we will work towards hitting your 10-year target. Along the way we will increase your profit, strengthen your leadership skills and define your strategic vision. This will lead to confidence in your path, freedom to dream up bigger targets and a strategic banking relationship. When we connect, tell me who is part of your “Fab 5”.

Greg Martin is an entrepreneur’s insider to the banking industry and passionately believes that every person was uniquely designed for a higher purpose and calling. Greg guides entrepreneurs in defining and achieving their purpose and calling. His deepest passion is living life with his wife and their wonderful son.