Janet Caswell: Living on the Edge
"Any Process that doesn't look to the future is going to lose its value very fast."
The New Accounting Firm
The walls have crumbled in favor of a new, virtual office. Janet Caswell is a living, breathing example of taking risk while offering solutions. She has closed up shop and created a new kind of practice for the late '90s. Her former firm, Janet G. Caswell, CPA, PC, located in Bloomfield Hills, MI, offered traditional accounting services and probably had a door, reception area and parking spaces.
Janet now prefers to be reached by e-mail at her new company, @BusinessAdvisor.com, LLC. She no longer accepts any compliance work, not only because she is restricted by uniform state board laws, but because she believes there is no future in compliance. Instead, Janet has designed a new business model based on her experience as a CPA and financial professional, and offers only consulting services over the Internet. She has administrative support, but there are no water coolers or weekly company lunches. Janet practices in what most of us refer to as the "paperless office," and prefers computer file folder icons to steel filing cabinets.
A Strategic Alliance
Her innovative dive into the virtual world isn't a solo effort. Janet has spent the last two to three months aligning herself with others--called "advisors"--who provide services in this new, virtual world. Her initial target market focuses on "subscribers," or financial professionals in business, such as industry CPAs and CFOs working in companies with sales of at least $1 million.
"Our goal is simple," she says, without hesitation. "We want to take away all the consulting from traditional CPA firms. Specialization is just in its infancy, and we intend to exploit it."
Janet makes it clear that www.BusinessAdvisor.com will be unlike any other information resource currently on the Internet because of its construction and the way "subscribers" locate information. "Seventy-five percent of the time we spend answering the same, basic questions, such as 'should I lease or buy my car?,' and 25 percent of the time we spend doing the more challenging, lucrative and fun work," she says. " Wouldn't it make more sense to spend most of your time doing what you really like and less time in routine consulting?"
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As a result, subscribers pay a monthly fee between $100 to $1,500 a month depending on the range of services needed. They can obtain answers to specific questions, as well as access a library of information with direction for engagements, in-depth analysis of topics and even tax research. The best part, according to Janet, is the ability to view other subscribers' Q&As to learn about related matters.
Janet's relationships with her advisors enable her to offer advice for any industry. For example, she may engage a CPA that specializes in providing accounting solutions for the manufacturing industry. As specialists in their fields, advisors provide current, comprehensive knowledge, giving the subscribers the best resources possible.
Along with the knowledge that comes from specialization, other core skill-set requirements for advisors are the ability to communicate in writing and remain technically competent. "I'm not going to show them how to use e-mail or how to cut and paste attachments," says Caswell. "Instead, they'll provide timely advice and exist within the virtual environment."
Finding Customers and Surviving
How, then, does Janet find her subscriber base? Again, relationships and networking make the most sense because her advisors will have a firm foot in the door of any industry. In addition, she will publicize the firm through segmented industry publications and direct marketing.
To those who say this kind of online business could not exist, Janet offers succinct advice. "CPAs living on the old business model will survive, but only in the next five to 10 years. If they think they are going to retire on the value of their practice at that time, good luck; it's not going to happen."
Janet welcomes comments from those considering a virtual existence and advice from CPAs who think she won't survive past the turn of the on the range of services needed. They can obtain answers to specific questions, as well as access a library of information with direction for engagements, in-depth analysis of topics and even tax research. The best part, according to Janet, is the ability to view other subscribers' Q&As to learn about related matters.
Janet can be reached through jcaswell@BusinessAdvisor.com.
