How to Show Your Clients You Care About Them

As a professional, it is your responsibility to help your clients in as many ways as you can and deliver as much value as possible. You do that by spending time thinking about them.

Imagine you’ve already done all your thinking and you’ve come up with 5 great ideas to help your client – let’s call them Mary. What do you do now…

You can watch the video here.

 

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Which of your ideas is the best? What could it be worth to the client? Can you put a number on it? 

Perhaps you can help save them $50,000 in tax, or you might be able to help them get an extra $20,000 in their overdraft if they are struggling for cash. It could be you implement some technology that helps save 30 hours of admin work a week…

 

Contact the client

Once you have your top ideas ready, contact Mary. 

You could email, but a phone call would work better. Here’s what you might say…

“Hi Mary! I’ve been thinking about you and your...

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Deliver More Value by THINKING About Your Clients!!

Let me ask you a question…

Would you agree that adding as much value to our clients as possible is the right thing to do?

Now, let me ask you another question…

When you add immense value to your clients and change their business and their lives, do you deserve to get better paid for that?

I’m seriously hoping your answer was a resounding YES to both! 

In the accounting profession, you hold your clients’ businesses in your hands – their livelihoods, their passion. You have the power to make a huge difference to their lives by helping them to build a better, more profitable business.

Accountants and bookkeepers do amazing work, and you deserve to be paid well for it!

When you price based on the value you deliver, it’s a win-win situation. Your clients get more value, and you get a better price.

That’s what value pricing is all about.

Find out more in the video here.

 

We are in the knowledge industry

The reason our clients come to...

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Business Predictions for 2021

2020 was a unique year for everyone. So much has changed and will surely continue to change over the coming years. But here are my predictions for businesses in 2021…

You can watch the video here.

 

What is the most important thing for your clients this year?

2020 was tough. A phrase I found myself using a lot was ‘we need to reinvent’… 

We had to reinvent ourselves and adapt to a new lifestyle of working from home. We had to reinvent within our firm and learn how to communicate with our team and our clients.

Our clients have had to reinvent as well. Many of them will have gone through some very dramatic changes, potentially struggling to keep their businesses open or trying to adapt to new technology such as Zoom.

It’s been a year of confusion and challenges – however, I believe for your clients 2021 is only going to get harder. Businesses will be hit much harder in 2021.

In 2020, the governments around the world have been doing...

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How to make more profit without hiring an employee

 

Back in 1996 when I started my own accounting firm, I was very ambitious and wanted to grow.

Within the first couple of months, I hired my first team member and 2 trainees, and the firm just kept growing. With this small close-knit team, I found the business really enjoyable to work in. 

But things started to change as my business grew. 4 years in, I had 12 employees. At that point, the fun went out of the business…

With 12 people in the office the dynamics changed. There were internal politics going off and I had to become very careful with hiring decisions.

In the late 90s, I had a team member who was quite good with technology, so they set up the whole office with all of their computers and set up a server for us all to communicate on. The server crashed at one point and that team member demanded a pay rise before they would fix it. 

I was so shocked! It made me realise, I don’t like working with people.

I love client work – I enjoy consulting,...

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How to Price Business Start-Up

When I started my own accounting firm in 1996, for the first 2 or 3 years I seemed to attract lots of business start-ups.

I spent a lot of time helping them, giving advice, telling them what they needed to do for tax purposes, how to keep their books in order – they had tons of questions. 

But I had no idea how to price.

I avoided the pricing conversation. I just answered all their questions and kept my fingers crossed that at the end of the year I would get the end of year accounts and pray that I could charge enough to make some money.

Unfortunately, what I often found was that some of those business start-ups didn’t actually make it through the first year. All that time I spent helping them for free was wasted. The businesses that did make it past that first year often struggled to pay my fees.

By the way, you can watch the video here if you prefer...

 

Business Start-Ups are Tough

For a while I thought I should stop focusing on business start-ups because...

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Why Business Advisory is a Bad Idea

I got a question the other day from a lovely lady called Kim.

She showed me her plans to launch a new service and then asked:

“Is this a good idea?”

It got me thinking…

The current buzzword in the accounting space is business advisory. Accountants want to start launching their own business advisory services.

This can be a great thing to do… but some people really struggle with it.

If you are going to launch something brand new, like business advisory, and you want to go all out on that new service, there are 3 things you really ought to consider first... 

By the way, you can watch the video here if you prefer...

 

Can you do it?

  • Can you deliver that solution?
  • Do you have the skills, or are you willing to learn the skills?
  • Are you ready to do what is necessary to develop a successful service and deliver huge value?

I know many accounting and bookkeeping firms who are doing an amazing job with business advisory. However, I have also found that...

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How To Win $43,800 of Business Advisory Work

Everybody in the profession seems to be talking about business advisory work. And yet many accounting firms don't know where to start…

I recently came across an amazing success story posted in my Facebook Group, "Value Pricing with Mark Wickersham".

It's from an extraordinary accountant from Durango, Colorado called Zeb Smith. Let me share that story with you, and then we'll dissect it.

I am over the moon! 

 

What can we learn from this?

There are a number of learning points in this case study, and here are my top 5:

  • You can win high-quality work with new clients from a virtual meeting. Are you using virtual meetings in an effective way?
  • One of the keys to selling high-value advisory work is to demonstrate with numbers. Zeb used "Profit Diagnostic" software to show the client the untapped profit in his business to create desire.
  • Although the prospective client did not make a decision immediately, Zeb followed up with more information to add value and credibility....
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How To Move From Compliance To Business Advisory

Before we can look at how to make the move to advisory, we need to first ask two other questions…

‘What is advisory service, and why do we need it?’

You can watch the video here.

In our modern world, with the rise of cloud technology and artificial intelligence, we are seeing compliance work become more and more automated.

Compliance work can be done at the touch of a button, so we need to start changing our services away from simply adding up numbers and towards interpreting numbers. We need to move to advisory services.

However, everyone has different definitions of what advisory services include. For example, it could involve tax planning, technology and app advice, business advice, management reporting or consulting work.

In this blog, I’m going to refer to advisory as business advisory, meaning adding value through management reports and meeting periodically to give business advice.

I’ve come up with 7 steps that you will need to take to make the...

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