you’re selling the wrong stuff

it comes down to giving clients better business results.

by matt solomon

when you’re struggling to grow your business, success can seem mysterious. you feel like you’re doing everything right: you’re good at what you do, you give clients what they ask for and you work really, really hard. so what’s missing?

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the answer is hiding right in plain sight. if you aren’t seeing the growth and success you want to have, chances are that you aren’t selling what clients really want.

most accountants sell tax, bookkeeping and compliance services. these offerings are the bread and butter of accounting, but if you’ve been in accounting for a while, you’ve probably noticed that something isn’t “adding up,” literally and figuratively.

that’s because you’re selling the wrong stuff! here’s why:

• it’s true that clients must purchase these services – but they are not unique. anyone and everyone can do taxes and bookkeeping.
• as a result, there’s a low perception of the value of these services. you simply can’t get paid that much for doing them.
• there is a lot of competition, especially from huge firms that spend millions of dollars on marketing campaigns. your firm can’t possibly keep up with that.
• when you’re a little fish in a big ocean, it’s hard to differentiate yourself or stand out.
• you may undercut yourself or give your services away for free because you are afraid of losing clients to the tax firm down the street.
• you try to keep up by adding miscellaneous services, working longer hours and taking on more clients – which only keeps the cycle going.

this work is exhausting and stressful, and it doesn’t match what clients really want. it’s the wrong stuff!

so what do your clients actually want? it’s pretty simple – they want better business results.

giving your clients what they want

your clients want their businesses to succeed. they want higher income, greater quality of life, and the achievement of their company’s purpose and mission. the services your clients truly want are the ones that help your clients reach those goals – what we refer to as advisory services. and very few accounting firms offer them. in contrast to tax and compliance services, advisory services …

• have a high perception of value and a low risk of losing clients, because few people offer them
• make it easier to differentiate yourself because you’re swimming in a pond with far less competition
• offer consistent value and the chance to significantly grow your clients’ businesses; as a result, clients are willing to pay more for what you offer
• allow you to guide the work and offer advice while the client owns the responsibility for execution
• are a perfect match for the market; you’re delivering precisely what your clients need (even if they don’t always recognize it at first)

this is the satisfying, fulfilling and well-paying work of an accountant who has stepped into the role of advisor. they’ve made the transition away from depending on compliance and can focus on giving their clients what they really want.

getting the type of work you want

advisory work is one of those rare win-win situations. when you offer your clients the services they desire, you end up doing the kind of highly paid, expert work you’ve always wanted to do. as an advisor, you’ll be able to …

• offer continuous, monthly, results-focused value instead of one-time, hourly engagements
• leverage a pricing formula that allows you to be profitable and protect yourself from scope creep
• see realization rates of $500/hour and higher
• use a system to deliver advisory work that gives clients better results and gives you greater confidence
• become a client advocate who cares more about your clients’ results than your own fear or doubts

if you don’t want to slog through another grueling tax season, it’s time to take action. the first step is to commit to stepping into the role of an advisor. that decision will create a mental shift that starts moving you away from low-paying compliance and tax services – and toward meaningful, lucrative work that helps you and your clients succeed.

posted on december 30, 2020