Key Messages from the 2019 Rainmaker SuperConference

The Rainmaker team would like to say thank you to everyone who joined us at SuperConference – our amazing sponsors for providing attendees with resources to help them grow and operate their firms, our engaging speakers who shared their industry expertise, and, last but not least, our attendees who chose to invest in themselves and their futures. While the 2019 Rainmaker SuperConference was a great success, we want to stress the importance of incorporating what you learned into your firm and implementing a plan for growth from the ideas that we discussed.

Here are some of the key messages that we heard this past week:

Data and Technology

  1. “Data is the new oil,” so don’t underestimate the value of the data that your firm is collecting routinely. (Peter Scavuzzo)
  2. By 2025, 52% of accounting work will be automated in some fashion. (Peter Scavuzzo)
  3. The world of CRM is changing, and you may want to check out Microsoft Dynamics if you have not already done so. (Peter Scavuzzo)

Business Development

  1. If 50% of compliance work will not be your teams’ in five years, then getting into value-added services is not optional. (Allan Koltin)
  2. Today, industry specialization is highly valued – one firm hired a full-time thought leadership person just to position their industries appropriately. (Heidi LaMarca)
  3. What does your firm want the next 3 or 4 years to look like? Do you know?

Leadership

  1. Industry leadership takes time, needs accountability, develops others with a similar passion for the industry, etc. – they don’t waste time on poor performers. (Niche Superstars Panel)
  2. Executive coaching is becoming crucial to helping top professionals with growth and accountability for their firms. (Allan Koltin)
  3. Don’t settle when naming industry leaders – if your firm does not have a good leader for a niche that is critical to your future, develop or find one. (Niche Superstars Panel)

Internal Development

  1. The Big 4 is planning to reduce hiring entry level staff by 50% next year – what does that mean for you? (Allan Koltin)
  2. There will be many experienced professionals with strong backgrounds in advisory or consulting skills on the market – if they are able to contribute, why not add them to your team? (Frank Tirelli)
  3. While it is important to hire good talent, what happens after you hire that talent is more important. (Frank Tirelli)
  4. Give your best young talent attention from the firm’s leadership. (Allan Koltin)
  5. Younger talented professionals want to work with partners from which they can learn. (Frank Tirelli)
  6. Don’t waste time on merger candidates – if they aren’t what you’re looking for, then move on. (Pete Reilly)
  7. Be very careful, and perhaps avoid altogether, not to accommodate merged practices with their technology preferences. (Pete Reilly)

Client Service

  1. What is a “target” client? Use the term “future client” to better refer to prospects that you are going after. (Frank Tirelli)
  2. Firing unprofitable clients can be challenging, but consider the use of “sunsetting” language, which can create a more positive image of those clients within your team. (Andrea Mills)
  3. Partners who are reluctant to deal with underperforming clients are less successful in long-term business development. (Niche Superstars Panel)

 

From industry specialization to technological advances to leadership changes, the trends shaping our industry today need a strategic plan with strong accountability. The Rainmaker Companies is excited to be along for the journey. I encourage you to continue learning and sharing the ideas from SuperConference with each other, with LinkedIn followers, and/or with your firm. For those of you who couldn’t attend, this is only a small sample of the information and lessons shared at this year’s conference, and I encourage you to join us next year at the 2020 Rainmaker SuperConference which will be held in Nashville, TN from June 24-26, 2020 at the Omni Hotel.

Next Steps

If you are considering ways to establish and grow relationships with practice leaders from around the country, consider joining a Rainmaker Niche Community, attend the 2020 Rainmaker SuperConference to meet and learn from some of the industry’s top growth-focused leaders, or contact us for a complimentary consultation on how Rainmaker can help enhance your firm’s growth culture. The Rainmaker Companies can help you Grow Your Firm or Grow Your Practice.

Dan Brooks – Chief Executive Office of The Rainmaker Companies