Have you checked your KDIs?

One of the reasons I do what I do is to help accountants win more clients. And one of the ways you can do this is to identify what makes you different to the competition. Yes, the raw service you provide may be the same but this is only part of the story.

Every accountant I have met is different. An individual. We all have different experiences, backgrounds and attitudes. These combine to ensure that clients will get a different service dependent on which accountant they appoint. If this was not the case, clients would never move from one accountant to another other than due to fee issues.  And yet clients do move for other reasons.

During many of my talks and when I’m working with savvy sole practitioners I make the point that most clients want more than just an annual set of accounts and tax return. They also want advice on how to keep their tax bills down, how much tax to pay and to know when it be due. Clients in business often also want business focused advice. Not everyone will pay for this. But that’s a separate issue.

The fact is that every accountant will deliver their advice differently. We all have our own opinions borne of our past experiences. And there are many different ways of providing (and billing) for advice.

This all brings me back to the main point for this blog post. KDI stands for Key Difference Indicators. We’re all familiar with the idea of KPIs – Key Performance Indicators. My aim by referencing KDIs is to encourage accountants to think about what makes them Different to other accountants and then to focus on their KDIs. And, let me stress, I intend KDIs to be identified for individual accountants, not for accountancy firms.  There is quite enough nonsense talked about USPs – as I have highlighted on this blog previously. For example: Stop talking about your USP – it’s the same as other accountants.

By choosing a different set of initials I hope to highlight the benefits of focusing on what makes you (personally) different to other accountants. Yes, this is a variation on my recurring theme of STANDING OUT from your competitors and peers. Normally when I reference this point it is in the context of being better remembered, referred and recommended.

You can use your KDIs however to boost your self confidence when advising clients. And when setting your fee rates. There is no single going rate for most of the work you do. Your approach and your fees are a function of your KDIs.  Have you checked yours?

 

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Could you adapt this unique way of standing out from the crowd?

I still remember meeting Christopher Higenbottam at a networking event some years ago. I asked what he did and he told me he is an architect. (Indeed it transpired that he was the MD of Tempietto Architects). We talked for a while about his work.  After a few minutes I think I asked him whether there was anything specific that distinguished his practice from that of other architects I might know.  I’ve long asked variations of this question when first meeting fellow professionals.  And it’s an important one to be able to answer convincingly.

Most professionals, in my experience, fall back onto the hackneyed stand bys. They often talk about offering a ‘personal service’ (sometimes they even seem to believe that this is special, just like ALL of the other accountants, lawyers, surveyors who say the same thing).  Other common  replies, that also fail to make you memorable or distinctive, focus on other intangible service elements.

If I ask you this question it’s because I want to know what to listen out for when talking to people who might need your services. If I’m not a potential consumer of the  services myself I want to know why I should remember and recommend you rather than any of the other accountants, lawyers, surveyors I have met.  Knowing that a solicitor, for example, specialises in employment law is not enough.  I know dozens of employment lawyers.

Equally, when you meet people at networking events you need to appreciate that they have probably met loads of other people who do what you do. I have addressed this need to STAND OUT and to be memorable many times on this blog.

So what did Christopher Higenbottam tell me that made him stand out? He focused on one element of his services – homes for individuals. I recall he talked about some special homes that he had designed.  Then he did something no one has ever done with me at a networking event before or since. He pulled out his smartphone and showed me a short slide show containing 6 photos of beautiful homes he has designed. And guess what? I REMEMBER him.

This idea is not easily replicable by many other professionals. Few of us produce anything tangible and worth photographing. There’s little point in an accountant showing a few photos of a well bound and balanced set of accounts!  I had a few alternative thoughts when I first shared this story. None of them serious.  Perhaps you can do better?  Do please add your thoughts as comments on this post.

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Use your ‘inner magic’ to stand out from others who do what you do

Are you ‘just another’ accountant, lawyer, surveyor, speaker, trainer or whatever? Really? But you’re you. No one else can be you. The real you.

Richard Jones on BGT

Richard Jones on BGT

The winner of the 2016 TV series of Britian’s Got Talent (BGT) was Richard Jones. A magician. And a soldier.

When interviewed* Richard explains that from the outset he was determined to be who he really is. He is a soldier who does magic. He does both. That’s his story. He says he was always going to involve his personal spin on what he did because that’s who he is. And that’s what he’s always done.

“A lot of magicians do the same kind of things, the same kinds of tricks. But something that people really connect to, when you’re performing magic, is if you come across in a more personal way. If you’re a lawyer and you’re doing magic, tell them you’re a lawyer and doing magic. I think that makes you more approachable. I feel it makes you more interesting because you’re not this guy who does crazy stuff, you are a real person, more on the level of anyone who’s watching”

When I speak about how professionals can STAND OUT from their peers and competitors I make a similar point.  Be you and reveal a little more of who you really are if you want to be seen (and remembered) as more than ‘just another’ person doing what you do.  This is especially easy if you have an unusual hobby or interest. But that’s not a requisite.

When I moved into professional speaking I looked back over my own career. It was clear that I had long stood out from many of my peers and that this was a key reason why I had been promoted, headhunted twice and invited to join and Chair various professional committees.

Of course my experience and expertise within the accounting profession were also important. But what made me stand out from others? I can invariably trace this back to my willingness to stand up and speak in public, to present effectively and to engage with audiences. And these skills are a direct consequence of my interest in magic and the fact that I have used magic to entertain audiences since my early teens.

As an accountant and tax adviser I rarely felt it was appropriate to include magic tricks in my talks and presentations. As a professional speaker now it would be madness to avoid any reference to magic in my talks. And when I do this it helps me to connect with audiences who generally recognise they are seeing the real and authentic BookMarkLee.

I’m a speaker and a magician who originally trained as an accountant. That’s who I am. Sharing it, however briefly, during my talks helps me to STAND OUT in a positive way.   Using magic tricks to emphasise key points adds to the entertainment quality of my talks. It also help make them more memorable and me more referable. This all helps others to think of me as more than ‘just another’ speaker.

Just to be clear, none of this is enough. Audiences and bookers need to gain plenty of value from my talks. Standing Out alone doesn’t lead to repeat bookings and recommendations. Fortunately, I have plenty of these too 😉

It’s the same in any profession. You need to be good at what you do to if you want to win more business and more work. But revealing, and maybe even embracing, who you really are can make all the difference. Richard Jones wasn’t just another magician competing on BGT. He was a soldier who was also a magician. And the first magician to win this annual competition. Even if you don’t have an unusual interest or hobby there will invariably be some distinct facet of your life experiences or background. Don’t hide who you really are.

What’s your ‘inner magic’? Who are you – beyond your professional role and your business activity? How could you use your ‘inner magic’ to stand out from others who do what you do?

*(The interview in question was published in the November 2016 issue of  The Magic Circular – the magazine for members of The Magic Circle, of which I am proud to be the Treasurer).
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Lessons for accountants from…. Coffee enthusiasts

During a trip to Cape Town I chanced upon the Espressolab in The Old Biscuit Mill at Woodstock. This is a fantastic little place where a range of bespoke coffees are also being roasted in a laboratory style environment.

When we arrived the owner asked us what sort of coffee we liked. I admitted I was happy with Nescafé instant. He was visibly shocked and, I fear, a tad insulted that such a novice had entered his domain. I realised I’d been a tad foolish – allbeit honest.

He asked what we’d like today and I said I’d chosen to try one of the half dozen specially blended coffees described on the counter. The coffee man asked me how I was going to TRY it? He continued. “These are coffees for connoisseurs”. He told me that if I had one of those I had to have it his way. Black. No milk and no sugar. I realised he wasn’t going to let me spoil, what he considered to be, perfection.

He told me that if, instead, I chose me of the specialist coffees listed on the general menu I could do what I liked to them. I took the point and had a cappuccino – with sugar! It was probably the nicest coffee I’d had for a long time.

What lessons did this bring to mind for accountants?

The manager exuded confidence, a pride in his work and passion about what he does. He didn’t set out to upset anyone but equally he didn’t pull any punches. He didn’t have much time for visitors who didn’t know or care much about coffee.

How do you react when you’re approached by someone seeking their first accountant?

Are you simply grateful they approached you or do you look to determine whether they will allow you to do your job properly?

They often don’t really know what they need. Do you evidence your experience and enthusiasm for the value you can provide so as to give them confidence that you know what you’re doing?

I wonder what would happen if you made your top quality (gold level) service something that you only allow serious clients to access? Others just get the basic service especially if price is their only criteria. Some may express interest in your all-round service with monthly management accounts and regular business review meetings. But you choose who gets that service. It’s not available to everyone. Only to clients who are evidently serious about their business. Maybe one day this new prospect will be ready for it. But not yet. Perhaps you might even create the desire that they want to move to a position whereby you will allow them to pay you more so that they can get your gold level service?

Can you see any other lessons for accountants here?

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