never mind the bullets

today’s bissett bullet: “we all use the same technology and the offer is very consistent so what sets us apart is our people.”

by martin bissett

if the tech is the same as our competitors, then it is our identity, the culture in our firm that sets us apart. you can have the best strategy in the world, but without the culture that engages people to deliver on your vision, it won’t work.

take a look at the culture of your business. does it reflect your vision and values? do your people know what the vision and value are and how do they reflect them? have you created an environment where they are happy to spend up to half of their waking life?

a happy, engaged, loyal team who understand what you want to be known for and are motivated to deliver that will result in greater retention, reduced recruitment cost and outstanding client experiences.

today’s to-do:

ask a team member at random what it is they think you most want your firm to be known for. do they know? do you know?

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today’s bissett bullet: “some of us are compliance providers only and there is absolutely nothing wrong with that if that’s what you want to do, but beware of what is happening elsewhere.”

by martin bissett

there are no two ways about it, tech is coming for your job if your job is compliance-based. software companies want you to upload data to the cloud so that they can see what it is you do and create ai solutions for your clients. will there still be compliance work out there? of course, but whether or not it will be at a rate you are happy working for is yet to be seen.

this is solely a threat in terms of those clients who only have compliance needs. if you are a firm that is reliant on that work, now is the time to build a pipeline that brings you bigger and better clients. if you are already at the advisory stage then you cannot be replaced by tech. in fact, many firms that already go beyond compliance have written themselves into their clients’ strategic plans for years to come, because they are recognized as critical to that plan and an integral part of the business operation.

today’s to-do:

take a look at your current client base. if you took your compliance-only clients out of the equation, what would you be left with?

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today’s bissett bullet: “identify your major form of marketing but beware of overdependence.”

by martin bissett

the key to developing an effective marketing strategy is understanding who your customers are and how to reach them. often, one form of marketing will yield by far the best results for your business and it is absolutely right to treat that as a priority but by focusing all of your efforts on that method alone, you are limiting yourself in terms of opportunity.

today’s to-do:

decide on a secondary marketing activity. what resources do you need to execute it correctly and what level of assistance will you need from your team in terms of “selling skills” in order to capitalize on the opportunities it will create?

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today’s bissett bullet: “can you really call yourself an advisor if you don’t know where your own business is coming from and you have no plan to proactively grow?”

by martin bissett

if the majority of your new client income is generated by referrals then you’re getting something right. if you are providing a level of service that is resulting in a steady stream of recommendations then well done! but you can’t rely on referrals alone. if you needed to proactively grow, what would be your plan?

if you don’t know, that should ring an alarm bell in your mind. don’t be subject to external factors. you need a pipeline in place or should those referrals be turned off for whatever reason, would cash flow quickly become an issue?

today’s to-do:

revisit your marketing strategy and if you think you are too busy to implement it yourself, consider who you could put in place for you.

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today’s bissett bullet: “if we’re on dragon’s den, we ‘pitch.’ if we’re an accountant meeting with new potential clients, we build a relationship.”

by martin bissett

never fall into the trap that we are pitching for new work or that we should have a “spiel” of any kind. this is not a junior sales opportunity. the relationship that a business owner has with their accounting professional is known as the “most trusted” and as a result of that it should be treated with due reverence in each meeting scenario. even when you are in a “beauty parade” situation, you are not pitching for the business, you are building relationships. make sure that your language reflects that.

today’s to-do:

review the last meeting you had with a prospective client. if you were on their side of the table, were they being pitched to or were they having a relationship built with them?

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today’s bissett bullet: “before you invest in the latest software in the name of progress, what is your true motivation? is it because it will make a clear difference to the service you are able to offer or will ‘shiny new object syndrome’ last until the next piece of new software is available?”

by martin bissett

if you cannot correlate the cost of new software with the difference that it will make to the profitability of your practice and the outcomes that you deliver for your clients, then it is not a wise investment.

having a clear vision as to the purpose of your investment, with the client at the center, will help not only to determine the most suitable software but also to ensure that money is spent wisely. if you cannot demonstrate a benefit either directly or indirectly to your clients, then it is of no use.

today’s to-do:

what do you currently have on your wish list in terms of software or technology? what difference would this really make to your clients and can you really justify the cost?

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today’s bissett bullet: “is your marketing copy based on what you want to tell people you do, or what they want you to do for them?”

by martin bissett

i am not an accountant, i am a business owner. when i talk to other business owners about what they want from their accountant, they all say the same two things:

1) i want someone to make my life easier and
2) i want someone to help me make more money. anything else is unnecessary.

we need to articulate our services in those terms. how does what we do make their lives easier and how does it put more money in their pockets?

today’s to-do:

review your website copy. does it make clear to potential clients that you will achieve these outcomes for them? if not, it’s time for an update.

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today’s bissett bullet: “how can you further demonstrate that your interest in a new client is genuine and not just a means to secure their business?”

by martin bissett

when you have successfully won a new client, take an appropriate amount of time to conclude the meeting away from business matters if possible, in order to further strengthen the relationship you have entered into.

giving them an additional 20-30 minutes of your time to discuss unrelated topics and find common ground, rather than rushing away before the ink is dry on their signature, will serve to demonstrate a genuine interest.

today’s to-do:

diarize sufficient time for your next proposal delivery to allow for some time to chat informally with your new client rather than rush off.

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today’s bissett bullet: “we might understand the pressing need for the client to act fast on our proposals but do they?”

by martin bissett

being able to save a client thousands in tax may or may not convince them to use you. explaining how the redistribution of that saving brings them closer to realizing their professional and personal goals, will.

the less commercial urgency there is for a business to engage you, the easier it will be for them to reject your proposal.

today’s to-do:

what are the most common and pressing business issues that you’ve seen motivate businesses to join yours or other firms? are issues of that nature present in those businesses that you are currently talking to?

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today’s bissett bullet: “in the accounting world, pricing is always an issue and it needn’t be.”

by martin bissett

when you price a new job, there are three prices to consider and we will cover these in more detail later but for now, the first is the ideal price – at which you would feel fairly remunerated for the results you bring to the client. the second is the walkaway price, at which you wouldn’t consider working with the client for any less than; and then the cost price, which is what it costs for you to complete the work.

any job you take on must fall between your ideal price and your walkaway price. do you know what they are?

today’s to-do:

sense check your most recent proposal. what will it cost you to complete the work? what would you ideally be paid for that work and at what price should you have been prepared to walk away? how did the figure you agreed on with that client compare?

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today’s bissett bullet: “you know that potential new client who never returns calls or emails? following up with them regularly is disciplined but also desperate.”

by martin bissett

i am always astonished when i go into accounting firms who expect me to be impressed by the fact that they follow up with prospects every month that they met with five years ago.

take the hint guys, it’s a waste of time. while having discipline for following up prospects is good, it is always a good idea to know when to cut your losses too.

today’s to-do:

take a look at any of your prospects who have not returned your last three calls, messages or emails and see if you can make a case to me personally as to why you should continue to be in contact with them. if you can convince me, you should carry on.

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today’s bissett bullet: ‘why do we find it so hard to implement what we learn in marketing and business development courses? unfamiliarity? time? apathy? resources?’

by martin bissett

having pondered this for a long time, i’d suggest that while all of the above are contributory factors, it’s the lack of self-belief that is the ultimate barrier.

if that conclusion is correct, what about all the big claims on your website? are they true? then what’s stopping you from calling a new prospect this morning before you fire up the laptop?

today’s to-do:

action beats lip service. pick up the phone and speak to someone you want to do business with. don’t end the call until you have a meeting arranged in the diary with them.

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