Episode #484: Scaling New Heights — Sixth interview with Joe Woodard

Ron and Ed welcome for an unprecedented sixth time, Joe Woodard. As always this will be a wide-ranging conversation but likely topics include: plussing your offering, why people don't value your offering and what to do about it, the future of CAS, and, maybe, just maybe, Apple Vision Pro.

About Joe Woodard

As an author, consultant, business coach, and national speaker, Joe has trained over 150,000 accounting and business professionals in areas of practice development, changing technology trends, strategic consulting, and how to maximize the use of accounting software in their practices. Joe founded Woodard Events, LLC (aka Woodard® a training and resource organization for accounting professionals that provides education, community, and coaching offerings through onsite training events, virtual training events, and intensive, coach-led practice advancement courses. Joe is the host of one of the world's leading training conferences for accountants and bookkeepers called Scaling New Heights®. For every year since 2014, Joe has been recognized by Accounting Today as one of the Top 100 Influential People within the accounting profession.

Use these show notes to follow along with the audio:

Segment One

  • What does CAS mean to Joe? What does the A stand for? In over 50% of firms surveyed, the A stands for accounting. However, it will end up being Advisory because that is how the AICPA defines it.

  • “Client Accounting Services and Client Advisory Services are two very different business models. One of them is McDonal’s and one of them is Mortons.” —Ed Kless

  • To keep the Mortons/McDonald’s analogy going: “We need to eliminate McDonald’s hamburgers and only sell Mortons. Leave the accounting to H&R Block…who is now also doing bookkeeping.” —Joe Woodard

  • Here’s a thought from the conversation with Joe today: Smaller accounting firms are going to form networks, also known as co-firming, as they continue to shift to CAS

Segment Two

  • We don’t value utilities in Western economies. It has nothing to do with affordability. We value unique and differentiated experiences compared to that thing you have to buy (like a gallon of gas).

  • Joe has reimagined pricing tiers. We are not clearly defining the distinction in the products/services we are selling. Category 1 is accounting, category 2 is controller, and 3 is FP&A inclusive of controllership and accounting.

  • “A brain surgeon requires more knowledge to do his job than a nutritionist but the nutritionist can be transformative.” —Joe Woodard

  • Great thought from Joe today when thinking about new customers: Start with the end in mind. Find a very specific way you can increase a client’s wealther and remember that wealth is not always financial. 

Segment Three

  • From the conversation with Joe today, plussing the offering is bigger than just, “I’m giving you a higher level of value.” Plussing is first and foremost…subscription based

  • Loyalty programs are nice if people want to be able to earn their way into an experience. But you should also be able to buy your way into it. D23 from Disney is a great example of this.

  • Oculus vs Apple Vision Pro: The app ecosystem is still causing Joe to spend more time on the Oculus. It’s clear to him Apple just isn’t there yet.

  • Joe mentioned that his Apple Vision Pro persona is creepy. This isn’t a picture of Joe but it does compare a journalist to their Apple Vision Pro persona. 

Segment Four

Bonus Content is Available As Well

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Click the “FANATIC” image to learn more about pricing and member benefits.