relationships remain king.
by sarah johnson dobek
inovautus consulting
a common turn of phrase is that a crisis reveals our character in how we respond. while that may be true in some respects, i believe what a crisis actually uncovers is how effective we are with our skills. the question is, what is this crisis revealing about your cpa firm’s business development skills?
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it’s easy to sell when selling is easy. you don’t have to be as effective; skills don’t have to be as honed. frankly, it’s easier to get by with mediocre skills.
attending conferences and networking events and sticking around people you already know or hiding behind a table was possible before, but that’s simply not enough during a crisis. in fact, not only do we need fine-tuned skills, but we also need a broader, deeper pipeline to overcome the loss of the “easy wins.”
referral sources, effective networking at events and good conversations have always been keys to building a successful business development pipeline, but those avenues for building a pipeline need to adapt to changing times. here are some tips for honing your business development skills in times of crisis and beyond.
go back to basics
in the accounting profession, we know that relationships, developed through the right conversations and over consistent periods of time, are king. one positive of the current virtual environment is the renewed focus on relationships. leverage your relationships, and connect with your clients, prospects and referral sources with purposeful and meaningful meetings and touchpoints.
don’t wait and see
business development isn’t the only area where we all feel stuck. it may seem like the world stopped in march 2020, but in reality, the earth kept turning, and business kept moving. the sales cycle for cpa firms is long, and you can’t wait until you return to the office or until things quiet down for good, because they’re not going to. you have to continue building relationships and communicating if you want to be remembered.
show your value
common fears like “the client won’t be able to pay” or “they don’t want to hear it right now” aren’t necessarily true. many clients are experiencing tremendous uncertainty and will pay for value and advice during this time. clients are engaged now more than they’ve ever been, and while some of your efforts may not translate into business today, they will set you up for a stronger 2023, and that’s a win.
be intentional
your conversion rate will be stunted during this time, so it’s more critical than ever to build a robust pipeline. business development at cpa firms has previously relied heavily upon referral sources. to fill your pipeline in this season, you’ll need to consider more direct-to-consumer touchpoints, which requires intentional action. if you want to achieve the same results as before, you’ll need more connections, more touchpoints and more time. adapting your business development strategy will only serve to benefit you in the future.
engage online
nurture your referral, client and prospect sources by discovering where they are and engaging with them on their terms and through their platforms. this may mean a collaborative video call with your referral sources, their prospects and yours, or it might mean reaching out on linkedin and supporting your client’s or prospect’s message.
whether you’re communicating virtually or in person, it’s all just business development. don’t separate the experience or the relationship based on the method of communication or the state of the markets. honed business development skills are going to be effective, no matter the circumstances.