{"id":59812,"date":"2019-06-09t12:00:42","date_gmt":"2019-06-09t16:00:42","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=59812"},"modified":"2019-06-10t01:59:27","modified_gmt":"2019-06-10t05:59:27","slug":"8-steps-to-make-cross-selling-work-for-your-firm","status":"publish","type":"post","link":"\/\/www.g005e.com\/2019\/06\/09\/8-steps-to-make-cross-selling-work-for-your-firm\/","title":{"rendered":"8 steps to make cross-selling work for your firm"},"content":{"rendered":"

\"businesswoman<\/a>two keys: education and incentives.<\/strong><\/p>\n

by <\/i>august j. aquila<\/i><\/a><\/p>\n

cross selling in most firms just doesn’t work as well as it could. it is probably the most talked about process in accounting firms and, undoubtedly, one of the most frustrating.<\/p>\n

more:<\/b> the eternal riddle of being an effective leader<\/a> | grissom and aquila on partner performance evaluations<\/a> | gross profit in a professional services firm: opening a dialogue<\/a> | how to get partners to accept a new pricing philosophy<\/a> | 12 pricing factors beyond cost<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

firms constantly give referrals to attorneys, bankers, brokers and financial advisers, but giving a referral to a fellow partner or associate just doesn’t seem to happen. either firms don’t know how to do cross selling, or there are some other hidden reasons for the reluctance to give a referral to someone else in the firm. there is, of course, no miracle cure for this problem, but you can make cross selling more effective for your firm. here’s how.
\n<\/p>\n

cross selling is a process<\/h3>\n

one reason why cross selling isn’t very effective is that the firm’s business model does not focus on achieving results from this activity. cross selling, just like all other aspects of marketing, is process driven. the best we can do is develop or copy a process that appears to work in another office or industry and try it in our own firm.<\/p>\n

with that in mind, here is an eight-step process to cross sell accounting and consulting services. each step in the process requires that you develop certain key skills and lay out specific mile posts so that you can have some an idea of the progress you are making.<\/p>\n

the skills required may differ for each firm. when determining the skills that your firm will need, ask yourself the following question: “what world-class skill must we have in order to achieve a particular step in the process?” finally, a successful cross-selling process will also require that your firm break some of its existing paradigms.<\/p>\n

cross-selling process \u2013 8-step approach<\/strong><\/p>\n

    \n
  1. develop a cross-selling incentive program<\/li>\n
  2. identify key cross-selling services<\/li>\n
  3. create a team<\/li>\n
  4. communicate and educate<\/li>\n
  5. provide training<\/li>\n
  6. create a communication program<\/li>\n
  7. implement, implement, implement<\/li>\n
  8. track, report, review, modify<\/li>\n<\/ol>\n

    step 1. develop a cross-selling incentive program<\/h3>\n

    the first thing you need to do is factor goals for cross selling into your annual bonus plan. once that is done, understand the current obstacles to cross selling that exist in your firm, and start breaking them down. here are the most common obstacles:<\/p>\n

    1. fear and lack of trust: fear by the primary client-service provider who doesn’t want to risk hurting the relationship that he or she has developed with the client. there is also a certain amount of fear in turning your client over to the firm specialist. behind this fear is really a lack of trust in your fellow partner or associate.<\/p>\n

    every successful cpa i know has told me that no one serves his client as well as he or she does. and, i am sure this is true. but on the other hand, your partners will, for the most part, do an excellent job in servicing the client in these new areas. if you can turn your clients over to a lawyer, banker or financial adviser over whom you have no control, why are you so hesitant to put your clients in the hands of a fellow partner or associate? this is a sad commentary about the state of certain firms.<\/p>\n

    2. there are no incentives to cross sell: partners are too often compensated based on their book of business. therefore, it’s worth more to them to bring in new business that they can do, rather than to bring in business for specialist partners in the firm. they may receive very little in the way of compensation for doing an engagement for another partner. what happens is that these partners bring in new business, but it is substantially less than they could have brought in by cross selling the firm’s other services.<\/p>\n

    a firm’s compensation system needs to adequately reward partners and associates for cross-selling activities. unless this happens, the culture of the firm will be such that cross selling will not be considered important.<\/p>\n

    if you can determine the cost of acquiring a new client, why not pay that to a partner or associate who brings you one of their existing clients to serve?<\/p>\n

    3. ignorance: new accountants don’t know how to cross sell. i firmly believe that this is a valid reason why many cross-selling programs fail. the cross-selling process is not too different than the regular selling process.<\/p>\n