bissett bullet: who do you know?
today’s bissett bullet: “we convert high-profit clients by creating peer-level relationships and earning respect. we convert low-profit ones by discounting and devaluing.”
by martin bissett
here’s what you’re looking for: martin bissett
bissett bullet: the tortoise will always beat the hare
today’s bissett bullet: “when times are tough, choose short-term lifestyle changes over sacrificing long-term investments.”
by martin bissett
the temptation will always be to cash in an investment in order to enjoy the spoils of your previous discipline and maintain the lifestyle to which you have become accustomed. before you sacrifice your future with no guarantee that you’ll ever catch up on that lost income, have you considered cutting back?
play the long game for your future. run a budget at home and in your business that ensures that you spend less than you earn and that allows you to invest even when times are hard. stay the course slowly but surely and resist the urge to keep up with the joneses.
today’s to-do:
where could you cut back if you had to in order to avoid sacrificing an investment you’ve worked hard toward? make a list of unnecessary outgoings that could be canceled in the event of a reduction in income.
see more bissett bullets here
two steps toward mastering selling
it’s a new skill. you have to practice.
by martin bissett
business development on a budget
if winning new clients is simply a matter of being yourself, why is selling so difficult for accountants? well, it’s a combination of several factors, but there are two main reasons.
more: rate your personal purpose | nine checkpoints before every prospect meeting | three questions about conversion | six keys to turning prospects into clients | don’t overlook internal communication | why firm culture matters for partners | competence is step one of seven
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first, accountants have not traditionally been required to sell. maybe your practice has grown by referral – business has come to you and you haven’t had to do much to win that business. unfortunately, however, business doesn’t always walk through the door; you don’t know how often it will, or what caliber it will be when it does.
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bissett bullet: beware scope creep and seep
today’s bissett bullet: “‘while you’re there, could you just …?’”
by martin bissett
the scope creep is all of those seemingly small requests that fall outside of your agreement, for which you generally do not charge, out of a desire to please a new client or to avoid an awkward conversation. seep occurs when you volunteer to do that extra work and it becomes an issue when we are too busy doing that free work over and above the original scope to spend time winning any paid-for new work.
when presented with requests for additional tasks, it is important to say that a particular task is not within the original agreement but that absolutely, you would be very happy to raise a new invoice or undertake a new project for them.
today’s to-do:
practice confidently responding to a “can you just …?” request with a client so that the conversation feels natural when it next occurs.
see more bissett bullets here
rate your personal purpose
bonus: experts discuss challenges for new leaders.
by martin bissett
passport to partnership
the passport to partnership study collated a number of responses in a conversational style. the need for commitment is showcased below and was repeated many times in various different ways.
so many use us as a stepping stone and we’re now trying to determine who those are at the interview stage.
more: nine checkpoints before every prospect meeting | thirteen ways to show commitment | clients can’t grow without you | seven mistakes in winning new fees | how to develop your communication abilities | five questions for measuring partner potential
proof – if any were needed – that long-term commitment is not a given in the next generation of accounting professionals.
one question we ask is: would we want to pass our firm on to someone like this?
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bissett bullet: show them the value
today’s bissett bullet: “if we demonstrate that we can create more wealth for our client than it will ever cost them to hire us, price sensitivity starts to diminish.”
by martin bissett
the objection or concern phrased as “you’re too expensive” is the most common one experienced in the accounting profession, bar none. “you’re too expensive” simply means “i do not understand why i should pay this much money.” that is the prospective client telling you that you have yet to make a case strong enough for them to change from their current accountant at the price you’re asking. once you overcome that, watch fee sensitivity disappear before your very eyes.
today’s to-do:
how strong is the commercial case for working with you and your practice? what value do you actually deliver that other firms don’t, won’t or can’t? until you know that, do not expect the prospects to know that either.
see more bissett bullets here
nine checkpoints before every prospect meeting
how do you feel in your own skin? it shows.
by martin bissett
business development on a budget
winning your first client is also known by various other names, including closing the first sale and winning the first deal. no matter what it’s called, it is one of the central principles you must follow as you begin the business development on a budget process.
what does it mean?
more: thirteen ways to show commitment | five ways to make selling easier | six keys to getting a proposal accepted | tell the world your worth | five questions for measuring partner potential | five ways to rally your firm to its culture | when would-be partners aren’t candidates | make your expertise a new-client magnet | don’t think of it as selling | experts: what it takes to become partner
basically, it represents a mindset you must develop before you ever speak to a prospective new client. i developed the principle of winning your first client in response to a common concern often raised by partners of accounting firms – one that holds them back from going after new business. it’s the belief that they don’t really have anything to offer above and beyond what an organization is receiving from its current accountant.
if you are not convinced of your value to prospective clients, why should they believe it?
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bissett bullet: your little black book
today’s bissett bullet: “your clients will have needs that you are unable to fulfill. signposting to ‘best in class’ not only serves your client beyond the scope of the firm’s work with them, but also elevates your expertise in the eyes of your clients.”
by martin bissett
the most advanced stage of advisory services is signposting other support that your clients may need. be it recruitment, marketing, investing or something else entirely, if their requirements go beyond the skillset of your firm then you should at least be in a position to advise them on who they should listen to.
making introductions to your network of contacts and the professionals you trust helps your clients to achieve the outcomes you have agreed together and further establishes you as a trusted advisor.
today’s to-do:
go one step further. use your knowledge of your client’s business to foresee other needs. what recommendations are you about to make for which introductions may be useful? have them ready.
see more bissett bullets here
thirteen ways to show commitment
let the partners see that you mean business.
by martin bissett
passport to partnership
rising from senior manager to partner often means being promoted ahead of our peers and contemporaries. it creates a gap in earnings, stature and influence compared to those who were our colleagues on a level playing field just yesterday.
more: five ways to make selling easier | three questions about conversion | six keys to turning prospects into clients | don’t overlook internal communication | four reasons people struggle with communication | why firm culture matters for partners | competence is step one of seven | three things that rich accountants do | four reasons it’s hard to sell | eight questions to hold yourself accountable | win your first client: yourself | perception is reality, client version
it can also mean that if we are coming into a firm from the outside, we are being promoted over people who have served at that firm for many years and understand the firm’s culture much better than we do now. we may have to lead these people as the head of a department and if so, they’d better be on our side.
this is where the principle of commitment is applied.
read more →
five ways to make selling easier
the three things you represent.
by martin bissett
business development on a budget
selling is not something you abruptly need to go and do, and it’s not a suit you wear or a personality you adopt. you don’t need to suddenly be nicer or different because you are out of your comfort zone.
more: three questions about conversion | clients can’t grow without you | seven mistakes in winning new fees | how to develop your communication abilities | five questions for measuring partner potential | five ways to rally your firm to its culture | when would-be partners aren’t candidates
for you, going forward, selling means a constant quest to build a perception of yourself and your firm. once you buy into that idea, you can relax and realize that selling is not the enemy but the conduit through which you access new areas of business by demonstrating the value cpas bring to clients.
read more →
bissett bullet: give them a reason
today’s bissett bullet: “‘businesses like what we have to say, they just don’t want to change their accountant.’ really? then why were they talking to you?”
by martin bissett
so often we make excuses for why we did not win work and why we did not have the guts to go through with actually asking for the business. i get told so often that a prospect does not want to change their accountant.
there are only two possibilities here:
1. either they were wasting your time, unlikely, or
2. they did not have a strong enough case for changing, likely.
if that is the case, revisit exactly what is involved in your conversation with the prospective client because you were not there for the sake of their health. you were there to discuss them coming to work with you. if they do not want to change, ask yourself why not?
today’s to-do:
if you were to be honest with yourself, how many prospective clients really do not want to change their accountant, and how many just did not see the reason to? now, on that basis with that reality confronted, be stronger in your next meeting with a prospective client.
see more bissett bullets here
three questions about conversion
bonus: rate yourself in five areas.
by martin bissett
passport to partnership
ask yourself and answer these questions when considering the current and future conversion tactics that you’ll employ.
more: clients can’t grow without you | six keys to getting a proposal accepted | tell the world your worth | four surprising keys to communication | culture can’t be ignored | three questions about your competence | 10 can’t-skip steps for business development
- if i were to start today, could i name four businesses that i’d like to reach out to?
bissett bullet: be the now accountant
today’s bissett bullet: “we talk a lot about what we could do for clients. we talk a lot about what we should do for clients and what we would do for prospects. what we don’t often talk about is what they need right now.”
by martin bissett