Why do accountants need to be enthusiastic?

Everyone who knows me recognises my enthusiastic nature. When I was younger I may even have been a touch too enthusiastic. I now recognise that it can unnerve those around you if you are evidently more enthusiastic than everyone else. That was an important lesson for me some years back. So now, older and wiser, I try to keep my enthusiasm in check. And I balance it with a healthy degree of cynicism!

In recent years I have been focusing on helping accountants to have greater impact – both online and face to face. The idea being to enable them stand out from their competitors and to make it easier for people to remember them, to refer work to them and to recommend them.

I have long been taken by a statement in a 2003 report by the ICAEW, titled: “The Profitable and Sustainable Practice”.

There’s one pre-requisite, one ingredient that sells…and that’s enthusiasm. If you really enjoy your work; that shines through, and you will be successful – clients will want to be with you, and will hire you. It can’t be faked – at least not for very long.

This probably explains why there is a reference to ‘enthusiasm’ in many of the 7 steps in my STAND OUT framework. BUT, let’s be clear, enthusiasm alone will rarely be sufficient. And, as I noted earlier, you need to avoid being too enthusiastic. But if the people you meet face to face and online do not perceive you as being enthusiastic for what you do to help clients, you will not stand out in a positive way. And that will generally work against you.

So here’s a question for you: How and where do you show your enthusiasm for your professional activities?

by

Don’t make this mistake if you want referrals from your clients

Regardless of which profession you practice, I wonder if you make an all too common mistake. We all hope that clients will want us to provide a range of services to them. And we hope that clients will recommend and refer us to other prospective clients too.

But, as I frequently point out, ‘hope’ is not a strategy. What do you do to ensure that clients become aware of all the services you offer?

It would be a mistake to run through everything you do at a time when you should be focused on your client’s needs. It would equally be a mistake to assume that clients will ever recall all of your service offerings.

I know an accountant, let’s call him, Andrew, who explains to new clients that he can do much more than day to day bookkeeping and accounting. He says he doesn’t just deal with day to day issues. He also has expertise in inheritance tax and at such time as a client starts thinking about their will, Andrew would love to help them.

Andrew tells me that the relationship developed well with one client and he did some great work for them. As a result, he was really quite upset to find out two years later that the same client has taken inheritance tax advice from a tax specialist.

Andrew wanted to know why the client had done this. I knew the answer as I’ve heard similar stories many times over the years.  I suggested that Andrew ask his client why they went to someone other than him for inheritance tax advice.

The client was surprised by the question and even more surprised to learn that Andrew could have provided the advice being sought.

Andrew was shocked. “But I told you I could advice on inheritance tax” he wanted to say.

The problem is that when Andrew mentioned this to his client, they weren’t interested. They might not have heard and they evidently didn’t remember. In my experience, few people remember things that they didn’t hear in the first place (names are another example).

You cannot afford to hope that clients will remember all the things you told them. Once. Twelve months ago.

Can you think of anything that you expect your clients to remember about your service capability, your expertise or your terms? Is it realistic to expect them to remember? Would it be better to do or say something, in passing, to ensure they don’t forget?

The same point is true as regards your service levels. You might have told them what to expect but did they take it in? Do they remember? Managing client expectations means more than just telling them once.

And finally, the same point applies when it comes to securing recommendations and referrals. There is little point in hoping that clients will recommend and refer you for a wider range of services than those they received. Indeed they may be reluctant to ever recommend you for services they haven’t experienced themselves.

Whatever you do, you need to take a more active role if you want more recommendations and referrals. Don’t assume that everyone remembers what you do, who you do it for and who you want to be introduced to. Chances are you’ll be disappointed.

Better to take some action and encourage the recommendations and referrals you seek.

Better to take some action and encourage the recommendations and referrals you seek. Click To Tweet
by

5 tips from Stephen Lansdown’s entry on The Accountancy Rich List 2015

I was intrigued by elements of the Accountancy Rich List 2015 published by economia magazine.

The magazine itself, as distinct from the online list, contains pen portraits of ten of those on the list, described as “inspiring entrepreneurial chartered accountants”. In each case a sentence or quote has been given explaining ‘How he made it”. One of the quotes stood out as offering important lessons that are more widely applicable.

Stephen Lansdown – ranked 5th on the Accountancy Rich list 2015 – is one of the founders of Hargreaves Lansdown which began life in 1981. It has since grown into one of the UK’s best-known financial services firms.

In the box summarising ‘How he made it’ Stephen is quoted as saying: “It was a combination of marketing our business, getting clients or potential clients on board and then convincing them to do business with us.”  Having been on the receiving end of Hargreaves Lansdown’s marketing for some years I am inclined to extrapolate some specific tips from this quote:

  1. Marketing is key. People need to be aware of your business before they can buy from you.
  2. Prospects need to know exactly what you can do for them and how they can benefit from using your services.
  3. You need to make it easy for prospects to decide they want to do this.
  4. You need to keep in touch with clients so that they keep coming back and doing more business with you.
  5. You need to follow up. Getting in touch once and hoping someone will remember you when they need your services is rarely sufficient. Following-up effectively is key and this is why it is one of the 7 key elements in my STAND OUT framework.

 

 

 

by

The 3 factors that will determine your social media success

It’s all too easy to get caught up in the game of chasing followers, likes, connections and social media klout. It may be fun to keep track of these metrics and to keep increasing them. But, in real life, they are not important by themselves.

There is little point in simply pursuing these metrics. You need to have key business focused targets instead. It may be that you want to raise your profile and to become a go-to person for media comment in your area of expertise.  Most accountants and lawyers for example, are experimenting with social media to generate additional fees.

And that is the key metric that you need to measure. How much of the additional fees you generate can be attributed to your online social media activity? There will rarely be a quick or short payback in this regard.

It is also important to note the 3 factors that will influence the speed with which you can gain a payback. These factors are all relevant whether your social media activity is focused around facebook, online forums, blogging, twitter or Linkedin.

The 3 factors are:

1 – Effective use

How effective is your use of the social media platform? How consistent and congruent are your messages, your profile and your online activity?

2 – Your website

Most accountants using social media will include links back to their website.  Your social media activity may be exemplary but your website could be a turn off. Does it reinforce the messages you have been promoting on social media? Does it engage visitors? How easy is it for them to get in touch with YOU (as distinct from a faceless ‘admin’ person)? Does your website even reference your name and profile?

3 – Offline follow up

Just like with any other form of networking, personal contact is crucial. If you are not leveraging your use of social media to meet with people face to face or at least to speak with them on the phone, you will wait longer to secure a valuable ROI.

Agree? Disagree? Are there any other factors that will determine your success of your social media activity?

by