bissett bullet: increase the value to increase the price
today’s bissett bullet: “build up the strength of your offer first before you talk about what it will cost.”
by martin bissett
here’s what you’re looking for: martin bissett
bissett bullet: to serve is glorious
today’s bissett bullet: “you have significant worth to those who believe in you. show them why they should.”
by martin bissett
st. nicholas was a rich man who gifted money to those in greater need. he morphed into santa claus and became legend as his story was told over time, because of his incomparable achievements and his altruistic nature of service to others.
now, i’m not suggesting for a moment that you start giving money away. simply bear in mind that a disposition to serve trumps a desire to sell in terms of how attractive your proposition is to potential clients.
today’s to-do:
think about how you treat your clients. as cash cows, or as those for whom you make dreams come true and your fees come as a result? if you can honestly say the latter, they will believe in your worth.
see more bissett bullets here
bissett bullet: just another accountancy firm?
today’s bissett bullet: “why are my website inquiries so much more fee-sensitive than my usual referrals?”
by martin bissett
this is because your website will usually list your services and as a lot of those are compliance-based, this will attract inquiries from those looking for a basic compliance solution rather than advisory services.
your referrals, on the other hand, have come from a recommendation of you as a trusted advisor. to someone searching for a service on google, you are “just another accountancy firm” so if you would like stronger inquiries via your website, you need to stand out from the competition by swapping lists of services for stories.
today’s to-do:
write the answers to the following: who have you helped? what time have you saved them? what tax have you recovered for them? what have they been able to reinvest in their businesses? how have you helped them in their personal lives? take one example and get someone to write a case study to feature prominently on your website.
see more bissett bullets here
partners need to respect firm culture
with insight from our exclusive expert council: dunn, pipe, grundy.
by martin bissett
passport to partnership
the passport to partnership study collated a number of responses from existing partners of accounting practices in a conversational style.
examples that really stood out on the realities of individual variances in firm culture are showcased below.
more: five thoughts about your firm’s culture | do others think you’re ready to be partner? | attract clients, don’t sell to them | think of it as service, not selling | eight questions that target personal accountability | are you projecting confidence? | does client perception match your firm’s reality? | firm not thriving? five fixes | five questions for grading prospects | health, wealth, stealth: challenges on the path to partnership
exclusively for pro members. log in here or 2022世界杯足球排名 today.
“our partners have articulate minds, and that’s what we want to be demonstrated by any new appointees.” meaning, can they hold their own intellectually in more senior circles?
how would they then behave when meeting with other senior executives as a contemporary of theirs?
read more →
bissett bullet: why is the second meeting so important?
today’s bissett bullet: “never leave the first meeting without having the second one already scheduled.”
by martin bissett
i have talked extensively about securing the date of your second meeting with a potential client while still in the first meeting with them. failure to do so generally results in day-to-day life taking over and you slip down their list of priorities. a second meeting also guarantees you the opportunity to talk them through your proposal so always fend off requests to send it by email. there is also a third benefit.
knowing when you will be delivering your proposal, coupled with your judgment as to their level of interest in working with you, means that you are able to forecast when you may win their business and when you can expect your fees as a result. the ability to forecast allows you to plan for capacity and allows you to price in order to protect profitability.
today’s to-do:
set yourself a challenge. aim to leave your next three first meetings with a date in the diary for the second.
see more bissett bullets here
five thoughts about your firm’s culture
make it work for you.
by martin bissett
passport to partnership
cultural issues are dynamic, very broad and unique in each firm. as such it is a challenge to summarize them accurately and comprehensively.
more: do others think you’re ready to be partner? | competence is just the beginning | how to attract clients | eight questions for personal preparation | how to prepare for partnership | five questions to help forecast your firm growth | do you deliver on your website’s promises? | five questions about facing challenges | be clear about your roi proposition | it’s time to prepare the next generation | who are you more committed to, your firm or your clients? | nine checkpoints before every prospect meeting | three questions about conversion
exclusively for pro members. log in here or 2022世界杯足球排名 today.
from our research, however, the wise choice for anyone wishing to get their passport to partnership appears to be to study
- their firm’s existing culture,
- that of its senior individuals and
- that of those who have the ear of those senior individuals
to understand not only the route to partnership, but the terrain that they need to cross too.
read more →
bissett bullet: be the bigger person
today’s bissett bullet: “as you progress throughout your career, you may find yourself in situations where those who are on the same level as you in terms of earnings or seniority are suddenly your subordinates. how you handle that situation is critical.”
by martin bissett
exercise humility in leadership and if you come up against staff who resent your seniority, try to spend time with them away from the office in a more informal setting. help them get to know you and understand that you are in the position you are based on merit. gently let them know that you hold the keys to their own career progression, but rise above the politics and invite them to work collaboratively with you.
ultimately, you will manage these people up or you will manage them out, but the partners in your firm will be watching to see how you respond to this sort of situation and what sort of leader you might have the potential to become.
today’s to-do:
think about how you would like to be treated if roles were reversed and how you would feel encouraged by a boss who used to be a colleague.
see more bissett bullets here
do others think you’re ready to be partner?
three questions about your competence.
by martin bissett
passport to partnership
the passport to partnership study collated a number of responses in a conversational style.
more: competence is just the beginning | what rich accountants do | attract clients, don’t sell to them | how to attract clients | four reasons accountants struggle with selling | think of it as service, not selling | eight questions for personal preparation | perception, even your own, is reality | eight questions that target personal accountability | how to prepare for partnership | stop waiting for business to come to you | are you projecting confidence? | five questions to help forecast your firm growth | four key questions about leadership
exclusively for pro members. log in here or 2022世界杯足球排名 today.
but two brief but succinct examples on the realities of how a firm assesses an individual’s “competence” for leadership are showcased really stood out:
- they need to explain technical data to me in a way that i know they understand.
- what kind of lifestyle does this person have outside of work? we’ll be looking at facebook, x and google to find out.
bissett bullet: it’s all about balance
today’s bissett bullet: “there are two races to be won in the accounting profession if you are to win new work. you must have a strategy in place for both if you want to ensure that your firm is at the front of the queue when it comes to winning the right clients at the right time.”
by martin bissett
those who adopt technology in the most effective way, and deliver the fastest results in the most attractive way, will win the race for compliance work going forward as this work becomes ever more commoditized.
those who are the best relationship builders are going to win the advisory race, which is the most profitable and usually the most enjoyable work because you progress from providing a service, to improving lives.
you will no doubt want to have a balance of compliance work to give you recurring fees and advisory work for highly profitable engagements.
today’s to-do:
do you have a strategy for winning a balanced mix of new work? take some time to review it now.
see more bissett bullets here
competence is just the beginning
where are you headed? answer these questions about your ambitions and finances.
by martin bissett
passport to partnership
staffers aspiring to be partners must learn the key characteristics of successful partners. they also must learn how to develop their own personal plans to achieve partnership. firms and staffers alike need a clear set of procedures, processes and milestones for turning top talent into the next generation of firm leadership.
more: what rich accountants do | attract clients, don’t sell to them | think of it as service, not selling | eight questions that target personal accountability | are you projecting confidence? | does client perception match your firm’s reality? | firm not thriving? five fixes | five questions for grading prospects | health, wealth, stealth: challenges on the path to partnership | don’t let recurring fees kill your practice | rate your personal purpose | five ways to make selling easier
exclusively for pro members. log in here or 2022世界杯足球排名 today.
there are seven critically important criteria by which partners assess partners-to-be. i call them:
the seven c’s
1. the first is competence. as a prerequisite, but only a prerequisite, accountants must master their technical abilities and qualifications, whether it be audit, tax or management accounting. whatever your area of specialty, as a staffer the partners expect you to be able to know at least as much as anyone else who may report to you.
read more →
bissett bullet: was it worth it?
today’s bissett bullet: “how do you determine the probability of marketing success?”
by martin bissett
if you run an event for 100 people and say, 20 of those people make an inquiry about your firm as a result, say five of these inquiries reach proposal stage and even one of those proposals becomes a grade a client, you know that running a similar event in the future has a high probability of producing a similar result.
forecasting in this way allows you to make an informed decision as to whether your choice of marketing is a worthwhile activity, taking into account what it will cost you to execute and whether you or someone else in your firm have time to see it through.
if you don’t know what marketing is right for you, test. pick one or two forms of marketing at a time that you have a gut feeling about and test them over a period of three to six months. review the results and really start to understand which are the best methods for you.
today’s to-do:
choose a marketing method to test. include it in your marketing strategy for the next three to six months and review the results to determine its probability of success.
see more bissett bullets here
bissett bullet: the water law
today’s bissett bullet: “imagine holding a glass of water at arm’s length, shoulder height. that glass doesn’t weigh too much but over time, it will feel heavy and harder to hold up. without help and support, your arm will become tired and start to drop.”
by martin bissett
if the water represents the issues that a business owner is dealing with day in, day out, then we are there to support the arm holding up the glass. you may be the only one to do so; don’t ever underestimate the importance of that.
check in on your clients on a regular basis. by putting that support in place before they drop the glass, we improve their lives.
today’s to-do:
you know the routine, pick up the phone. check in on a client.
see more bissett bullets here
ten-point checklist for your next business development appointment
bonus: ten questions to check your comfort level.
by martin bissett
business development on a budget
i’ve been asking you to believe in yourself, to get your potential clients to open up to you, and to demonstrate to them the outcomes that working with you and your firm would create in their personal and professional lives.
more: what rich accountants do | attract clients, don’t sell to them | how to attract clients | four reasons accountants struggle with selling | think of it as service, not selling | eight questions for personal preparation | perception, even your own, is reality | eight questions that target personal accountability | how to prepare for partnership | stop waiting for business to come to you | are you projecting confidence? | five questions to help forecast your firm growth | four key questions about leadership | does client perception match your firm’s reality?
exclusively for pro members. log in here or 2022世界杯足球排名 today.
now here’s a checklist for you to run through before you begin your next business development initiative, and before each new business appointment that you have.
read more →