BUILDING ON SUCCESS

SCORE Counseling Helps Small Business Focused Accountant Build Business With New Marketing Initiatives

Elizabeth Na had it all: a family with two healthy, grown children, a successful career as president of a Blue Ash CPA firm, and an affinity for embracing emerging technology.

As a former small business auditor for Deloitte nearly 30 years ago, she also developed the skill to analyze business financial data and a passion to help business owners understand and use the data to plan for the future.

But two years ago, after relying on client referrals to build her business for 20 years, Na realized one important thing: she didn't know how to market her firm to recruit more clients and grow her business.

She decided to call in an expert. She contacted the Cincinnati SCORE office and was given Scott Stoelting's name and number. Stoelting has 45 years experience in marketing and management, including 25 years with Marion/Merrell/Dow Pharmaceuticals and LensCrafters Optical, retiring from Luxottica Retail in 2005.

And like many retired executives who become SCORE counselors, Stoelting likes his leisure, but misses the intellectual and social contact of the work world. He also enjoys giving back; he was eager to help Na attain the next level of success.

"I realized quickly that Elizabeth was looking for a business coach, not a counselor," said Stoelting. "She is an experienced business woman and has a viable concern. But being an entrepreneur can be a lonely position. Sometimes you need someone to bounce ideas off of."

Since mid-2007, Na and Stoelting have met every three weeks, and Stoelting has helped Na accomplish a number of marketing tasks that have paid off in the acquisition of new clients:
she joined BNI, a business networking organization; a local Toastmaster's Club to gain confidence as a public speaker; and joined the West Chester Chamber of Commerce.

She began sending out a monthly email newsletter to clients and business contacts; created marketing materials; used software programs to qualify and monitor sales leads; and hosted a financial seminar on cash flow and profit management in conjunction with PNC Bank.

"I got many more new clients that first year than in all the years in the past," she said of her marketing efforts with SCORE. "I am indebted to Scott for making this all happen."

His help as a counselor and business coach was invaluable, and it's also been free. Stoelting is one of 83 SCORE counselors in Cincinnati's Chapter 34 who volunteer their time to help entrepreneurs and small business owners organize, run and improve their businesses.

An arm of the Small Business Administration, the local SCORE office put on 61 low-cost business workshops this year for the 19 counties its serves across the tri-state. In 2008, counselors conducted more than 3,000 counseling session and played a role in creating 500 jobs in the greater Cincinnati area.

Nearly 900 entrepreneurs and business owners have attended the seminars. Of late the organization has begun focusing on helping established business owners by acting as business coaches.

Na said she realizes that one of the reasons she's in business today is because of personalized customer service. She has clients who have been with her for more than 20 years.

An advocate of computer technology since the mid-80s, when pencils and paper were a CPA's best friends, Na was an early adopter of technology and is an enthusiastic advocate of the paperless office.

"I love how software has allowed small firms like mine to have the same resources as a large firm," she said.

She is looking for new small business clients with at least one employee and revenues just under $5 million-so she can help advise them on growing their businesses as she helps them gain insights about and plan their financial futures.

Despite the nation's recession, Na projected that her 3-person firm will grow from 100 to 200 clients in the next five years, doubling her revenue.

"CPAs need to step up to the plate and use financial numbers to advise their clients," Na said. "Many CPAs merely look at the past and prepare tax returns and financial statements. I like to also use figures to look into the future and give clients a financial plan for their business."

Na was a Top 10 finalist for the 2008 SCORE John J. Frank Client of the Year award this past June. She is now a SCORE sponsor, and eager to help other entrepreneurs. An interview profiling Na and her business appeared in the January 18, 2009 Cincinnati Enquirer.

For more information about Na and Associates, LLC, go to www.nacpa.com or call the office at (513) 792-9288.