What’s your angle?

Too many accountants struggle to distinguish themselves from their competition. This is a shame as it is what makes each of us different that makes us memorable and the reason why clients engage us.

Challenge this if you must. Tell me that no one cares about anything other than price.

If that’s what you believe then I’m sorry for you. It’s a fallacy promoted by those who choose to sell stuff at low prices. It’s not true for Apple, for the makers of quality cars, handbags or designer clothes. Nor is it true for EVERYONE seeking professional advice, tax advice or day to day compliance services.

Of course price is all that matters to SOME people. Personally though I’m happy for those people to choose someone other than me to provide the service they seek. Typically those who only want to pay a low fee do not become valued clients; they are often more trouble to deal with and getting paid is rarely easy either.

So, let’s get back to the point. Do you really feel that you are no different from hundreds of other accountants? If that’s what YOU feel then it’s no wonder that prospective clients think the same and may choose to go elsewhere.

When you talk about what you do for clients, do you sound the same as everyone else? If so, you are missing a trick. The same goes for your website, online profiles and any physical marketing materials you use.

What do you add beyond the basics? It’s the differences that matter and that make it worth while someone choosing to engage you rather than the accountant down the road. What’s your angle? Often it’s your point of view that makes you unique and can help you to STAND OUT from your competitors. If you haven’t formulated any strong opinions on work related topics you may struggle to convince prospective clients why they will get a better service from you than from others. Just be careful to ensure that your views are based on informed facts rather than a naive acceptance of biased comment in the media.

Think back to the most common questions you are asked by prospective clients. Do you have a unique take that might resonate with them and help them to recognise that you’re the sort of professional they want to engage?

What’s your angle?

 

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How much of your business comes from social media ?

A research student asked me this question and, after drafting a short reply, I have now expanded my response as it may be of wider interest:

“As regards how much of my business comes from social media, forgive me but the question is too simplistic. Social media is never a source of business for me. BUT it does help people to find me, helps them to start engaging with me and may help them to realise I can do something for them of which they weren’t previously aware. But NO ONE gets in touch to book me or engage me solely because of what they see on social media (at least not yet).

It is rare for anyone to do what you have done – that is to contact me via twitter to ask permission to send me an email. I commend you for this approach though. It STANDS OUT and made sure I spotted your email when it arrived. Well done.”

I was intending to stop there but have now added a more comprehensive reply below:

I often make the point that it can be misleading to lump all social media sites together. So let me answer you by reference to each of the sites where I am active. (This ties back to my blog post last year about how I manage my time on social media each week)

Business online networks

LinkedIn

I believe Linkedin is quite distinct from the social media sites identified below. My profile here, my extensive connections, the dozens of recommendations of my services and the hundreds of endorsements of my skills, hopefully evidence my credibility. Yes, this does sometimes lead to me being approached to speak at conferences and at in-house events in professional firms.

More often though my Linkedin profile and activity are simply contributory factors that result in me being booked as a speaker at events for professional advisers. Other factors include my website, the ease with which I can be found online and word of mouth referrals and recommendations.

I always try to ascertain what prompted someone to approach me to speak. No one has yet said ‘Linkedin’. But I do not dismiss it – for the reasons noted above. I am confident that it contributes to confirming my credibility and abilities to people who don’t know me. It also reminds those who already know me of what I could do for them.

Social Media

Facebook

Although I have a facebook business page I do not consider it a source of business, any more than my facebook account generally. I still see the site as being largely for fun, family and friends rather than for business generation.

Having said that I am an active and helpful member of a popular facebook group to which many members of the Professional Speaking Association contribute. My activity here is a way of helping my peers and of keeping my profile high within the speaking community. Occasionally others will recommend me for speaking gigs; I suspect this would be less likely if I wasn’t so helpful and high profile.

Google+

It’s never grabbed me and recent developments vindicate my longstanding advice to ignore it. Whilst I note that other users seem to continually add me to circles and to ‘follow’ me on this site, I don’t anticipate it ever being a source of work – even indirectly.

Pinterest and Instagram

I spend no time on either platform. I doubt any of my business prospects are active here or would be likely to engage with me here.

YouTube channel

My YouTube channel BookMarkLee doesn’t yet have enough high quality video to offer much in the way of a positive impact on my business development activities. I continue to win work despite the absence of a speaker showreel type video. I like to think this is due to my longevity, extensive connections and a positive reputation generally. Equally I may be missing out big time and it could transform the impact of YouTube on my speaking business.

Again, no one has referenced seeing my YouTube channel as a catalyst for booking me to speak. Conversely, I do sometimes create promo videos to help attract audiences when I am speaking at open/public events, I hope they are helpful in this regard but have never asked an audience how many saw the video or booked as a result.

Micro-blogging

Twitter

As is evident to anyone who follows me here I enjoy twitter and am very active. I hope my enthusiasm to help and contribute rather than to constantly ‘sell’ is apparent. I feel I must be doing something right as my follower numbers continue to rise and are more than ten times the number of people I follow. In other words I’m not generating followers by following thousands of people and hoping they will follow me back.

Does any of my business come from twitter? I like to think my activity here contributes to my online reputation. It certainly contributes to my klout score (79 out of 100 – about the highest online influence score you can have as a non-celebrity). This in turn leads to me being highly ranked in various charts of top online influencers, eg by ICAEW, economia, suppliers to the financial services profession and speakers’ power list.

I’d like to think that such rankings will, in time, lead to more bookings.

For now twitter is more a source of leads for my online products and related services for sole practitioner accountants.

How much of YOUR business comes from social media?

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My friend the slob and why he didn’t get a referral from me

Some years ago I spent a lot of time with a lovely guy* whose focus was team building in larger businesses. One day he asked if I would introduce him to my contacts in a specific company he was targeting and where I had worked previously.

I took a deep breath before answering him honestly. I said I was sorry but I wouldn’t do that because he always looked a mess. His shirt and suit looked too old and too small for him and he really just didn’t look the part. If he smartened up I said I’d be happy to effect the intro as I knew how good he was at his job. I also knew that he had made a conscious decision not to change the way he looked. He liked the shock he caused when people found out how good he was and that appearances can be deceptive.

I explained however that I was concerned that my credibility would be damaged if I effected the introduction. I knew the Directors of the company well enough to be certain their view would be the same as mine. Even if they were impressed by my friend’s skills and approach they would be equally reluctant to bring him in-house for a team building event. he just didn’t give the right impression. The company wanted all of their staff to give a good first impression to clients, prospects and influencers. They would never engage a trainer who evidently didn’t agree with the company’s approach.

Maybe I was wrong. Maybe I misjudged my ex-colleagues. Maybe.

The point is that my friend missed out on the referral he sought because his view was not the same as mine. Or, I would wager, the same as many other people.

My friend didn’t think his appearance should be a determining factor. Maybe he was right. But human nature being what it is, why put up a barrier that doesn’t need to be there?

So far as I know he never worked for the company concerned. He also didn’t change his style. It’s almost his trademark – which is fine. But it limits the number of companies that will choose to work with him.

My advice is that it’s a good idea to ensure that you don’t create a negative first impression either face to face or online. You can think what you like about the impact that clothes should make on other people’s first impressions of you. The fact is that you can ensure the first impression others get of you is a positive one or a negative one. The choice is yours.

Making an effort with your appearance and evidencing a positive attitude could well ensure that you STAND OUT positively compared with your peers and with your competitors. Especially if any of them haven’t given the issue any thought!

 

 

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How to ensure that people can recall your business message

We know, don’t we, that good communication is important in business. In my view, one of the most fundamental pieces of communication is how we talk about what we do.

There are many challenges to be overcome here. We want to avoid sounding just like everyone else in the same field. We want our message to resonate with people and we want them to remember us. We may also want them to talk about us with other people – ideally the sort of people we would like to have as client.

One traditional approach here focuses on crafting a standard ‘elevator pitch’. Another requires us to identify a Unique Selling Point (USP). Both of these miss the point in my view.

Elevator pitches originated with the idea that it should be possible to deliver a summary of your idea or plan to an important person in the time span of an elevator ride. By definition in such cases you know almost nothing about the other person so cannot tailor what you say so that it resonates with them.

It can be a bit of a puzzle too to avoid listing out everything we do and either confusing or overwhelming the person we are with.

I am also not a fan of professional advisers claiming to have a Unique Selling Proposition (USP).  I have suggested previously that a better idea would be to identify the Unique Perceived Benefits (UPBs) of your service proposition. See: Stop talking about your USP – it’s the same as other accountants. Another idea here is focus on  identifying your ESPs (Emotional Selling Points) if that works for you.

Better than all this though, if you really want to STAND OUT from others in your field is to craft a number of business messages that each satisfies the 5 point RUBIK test.

REPEATABLE – If you want to benefit from referrals and recommendations then make it easy for the people you meet to tell others what you do.

UNDERSTANDABLE – Avoid jargon.

BENEFICIAL – Focused on the benefits you deliver or on how your clients feel.

INDIVIDUAL – Distinctly and specifically you

KEY – Evidently KEY, relevant and meaningful to the person you are with.

It’s rarely easy to do this and you may never get it absolutely ‘right’. However you will find that the way you communicate your business message will improve if you keep the RUBIK acronym in mind. I’m aware of course that many accountants feel that they provide a service that appears indistinguishable from many others who do the pretty much the same thing. But each accountant is different and brings different experiences and interests to bear.

Getting it right is also hard, for different reasons, if you offer a number of services, as I do for example.

How do your business messages measure up against the RUBIK acronym?

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My social media journey

After being ranked in the top 3 of online influencers by the ICAEW I was recently interviewed about my social media journey. The following extracts may be of interest.

When and why did you start using social media?

It was 2006 when I first registered on Ecademy.com This business focused online networking site predated Linkedin but ran out of money and is no more. Through Ecademy I was introduced to twitter and Linkedin.

Which platforms do you use, and for what?

Over the years I have written a number of blog posts which show how I manage my time across various social media platforms. The last such blog post was in May 2015>>>

Currently I would summarise my use as follows:

Linkedin.com – online business networking to make new connections, typically with accountants and other professional advisers. I have almost 5,000 direct connections here and run 3 groups for accountants and other professionals. I belong to around 40 groups.

Twitter.com – to source and share knowledge, insights and news on topics of interest. I also add all UK accountants I can find on twitter to one of my two twitter lists, which enables anyone to see how UK accountants use twitter. I also have a similar list of all the magicians I can find on twitter!

Facebook.com – Few of my real life social friends are active on facebook. However I keep in touch with many of my old Ecademy friends here. Also many of my friends in the worlds of magic and of public speaking are active here so I can keep in touch with them too. We share tips, ideas and advice. I also have a facebook business page promoting both my services to accountants and to other professionals.

Youtube.com – I watch videos here – and sometimes post my own, normally about talks I have given or am about to deliver. I sometimes add comments beneath videos, typically those posted by people I know.

AccountingWeb.co.uk – I have written over 200 articles for this site and routinely engage with readers who post comments both on my articles and on those written by others.

ion.icaew.com –  When I get emails prompting me to check out articles here I often read them then ‘vote’ them a thumbs up or down and occasionally add my thoughts by way of comments.

How do you use it on a day to day basis?

I look for opportunities to help my contacts, connections, followers and friends on social media – much as I do in real life. If I can answer a question, contribute positively to a discussion on a topic of interest or offer some insight and advice I’m happy to do so.

I tend to make more use of social media when I’m out and about eg: waiting for trains, buses, taxis rather than when I’m office bound all day. I also use some tools that allow me to automate and schedule some of my posts on twitter and facebook.

How has social media helped you professionally? For instance, making new connections or finding new business.

In this context social media is a form of online networking that allows me to connect with a far wider range and a larger number of people than would be possible face to face. We can then determine whether to meet or speak directly. I find this much more efficient than attending random networking events. Equally however it can be more distracting as so many new connections on social media are not local to me.

Over the years I have established relationships with many people who have, in time, become clients or who have engaged me or recommended me to speak at conferences and other events. Others offer assistance when I seek help or advice. One great example is Tony Margaritelli who runs the ICPA. He frequently engages with me on twitter and has both booked and rebooked me to speak at the ICPA annual conference.

Social media has also helped me to build up my email distribution lists although I am careful to avoid promoting too many things as this would probably mean a drop off in my follower numbers etc. And my high profile across a number of sites with a target demographic helps keep my name in the frame when people want to engage a professional business speaker, a mentor or simply want to commission articles and content on relevant topics.

Finally, the independent online social media influence scoring system, klout.com rates me as having a very high score of 79/100. Only celebrities tend to score above 80. Although klout is not widely recognised in accounting circles my high score does generate interest and has contributed to me securing a number of speaking gigs as a social media ‘expert’.

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STAND OUT Christmas greetings

I tried to do something different this year. Like many others I stopped sending cards to everyone a while back. 
 
These days cards sent with a personal message can STAND OUT positively as they are now much less common than once was the case.
Some cards and messages specifically STAND OUT. I remember one card I received a couple of years ago from the presenter of a course I had attended 3 months earlier. It was a bespoke card with a handwritten message. I kept it for months. I assume he’d sent them to all attendees. It must have been a labour of love, but it paid off.
Maybe it’s me, but with the odd exception, I don’t remember who did or didn’t send me a card or a message last year. I recall I received loads of ecards – some with attached videos as is happening again this year. 
 
The only ones that really STAND OUT for me are the bespoke ones – like those produced for five years running now by the accountancy firm Cassons.
Other popular variations are the standard good wishes email, a newsletter review of the year or a card with printed signatures. 
There’s a lot to be said for sending genuinely personalised messages to special clients and connections. Physical gifts often STAND OUT too. I recall receiving a book last year that a business contact had chosen from my online amazon wish list – it was a complete surprise and very thoughtful. 
But what about your wider network? Only you can say what will have the most powerful impact or, indeed, if cards and messages etc are appropriate across the board at Christmas time in our multi-cultural and multi-faith society.
I’m always touched by the cards and messages I receive at this time of year – but mostly only where I sense some genuine thoughtfulness that shows I am considered to be more than simply a name on a database. 
The key question, as ever, is why do you send Christmas cards and messages to business connections? Are you doing it because you always have? Because you like to give (and to receive)? Do you consider it the ‘right’ thing to do? What would people think if you don’t do anything? (I suspect that many will not even notice!) It’s a way to keep in touch? (Really? as one of hundreds of people doing much the same thing at the same time of year?)
Does your chosen approach help you achieve your objectives?
I have tried something different this year. I sent a series of 3 festive greetings related emails to my wider (15,000+) network. I first divided the list into 5 groups and tailored the messages for each group. 
The first email apologised for an email mess-up I made recently and also contained a greeting plus a daft disclaimer. I’ve copied this below for posterity.
The second email contained greetings and gifts. These were free downloads that I genuinely hope will be of value. I tailored the gifts for each of the 5 groups of recipients.
The third email encouraged recipients to identify 3 or 4 key achievements of which they are proud in 2015. And then to set 3 or 4 key objectives for the coming year. I shared my own too. Again, I have copied this email below as you may find it helpful too.
Email 1 – Greetings and giggles for you
Let me start with an apology for the recent emails I sent asking if you wanted to remain on my list. Then I have something I hope you’ll enjoy. 
 
The recent emails were intended for people I was emailing but who didn’t seem to be interested. Sadly I set things up wrong which meant that the emails also went to people like you whom I hadn’t emailed for a while. I’m really sorry. 
Now I’m serious about wanting to send personal greetings to you and all of the other people I know. It would take a heck of a long time to do that as, in addition to you, I’m in touch with thousands of others too.
I don’t know the answer but that’s why this email contains more than simple best wishes for the holidays and New Year. And it’s also why you’ll receive two further greetings from me over the next few days. 
 
For now I send my best wishes for a wonderful Christmas and a healthy, happy, prosperous and non-too taxing New Year.
To cover all bases I should add the following disclaimer:
These festive wishes are sent with no obligation, implied or implicit and carry no guarantee as to the outcome for an environmentally conscious, socially responsible, low stress, non-addictive, gender neutral celebration of the winter solstice holiday, practiced within the most enjoyable traditions of the religious persuasion of your choice, or secular practices of your choice, with respect for the religious/secular persuasions and/or traditions of others, or your choice not to practice religious or secular traditions at all…
…and a fiscally successful, personally fulfilling, and medically uncomplicated recognition of the onset of the generally accepted calendar year 2016, but not without due respect for the calendars of choice of other cultures whose contributions to society have helped make Britain great, (not to imply that Britain is necessarily greater than any other country) and without regard to your race, creed, colour, age, height, weight, physical ability, religious faith, sexual preferences, choice of computer platform or internet browser. 

By accepting this greeting, you are accepting these terms. This greeting is subject to clarification or withdrawal. It is freely transferable with no alteration to the original greeting. It implies no promise by me to actually implement any of the wishes for you or others, and is void where prohibited by law, and is revocable at my sole discretion.
These wishes are warranted to perform as can reasonably be expected within the usual application of good tidings for a period of one year, or until the issuance of a subsequent holiday greeting, whichever comes first, and this warranty is limited to replacement of this wish or issuance of a new wish whenever I feel like it. 
 
Email 2 – Greetings and gifts. See below
 

Email 3 –  Review and forward planning for 2016 

Last week I sent you my formal festive greetings and then some links to special gifts that I hope you’ll find useful. 
 
In this third and final installment of festive greetings I invite you to identify your top 3 achievements in 2015 and the 3 things you would most like to get done in 2016. This should help you finish the year on a high and excited for what is to follow. I’ve also shared my own answers to the same two questions.
 
Doing this yourself also means you’ll be more inclined to talk positively about things when you are chatting with family and friends over the next couple of weeks. Not that you’ll be focused on work then of course. But just in case it comes up. Or maybe your achievements and ambitions are not work related anyway.
 
It’s all too easy to dwell on stuff that’s not gone as we would have liked. Some people find doing this helps motivate them to do better next year. It doesn’t work for me though.
 
I always encourage those with whom I work to adopt a more positive mindset. But to remain realistic of course.
 
So, two questions for you:
 
1 – What are the 3 or 4 things you have achieved this year of which you are most proud? 
 
2 – What are the 3 or 4 things you are seriously keen to achieve in 2016?
 
Answering the first question is likely to get you in the right frame of mind to answer the second question.
 
If you want to talk about how I might be able to help you achieve those 2016 objectives do get in touch.
 
For now, I repeat my previous wishes for a fabulous xmas and a wonderful new year.
 
Regards
Mark
 
ps: If you’re interested my answers to the questions are:
 
2015 – Most proud:
1 – After keynoting at the ICPA 2015 annual conference for the first time I was rebooked to speak at next year’s ICPA annual conference;
2 – Launched the Successful Practice Pack weekly online support for accountants in practice;
3 – Being ranked as one of the top 3 online influencers in the accountancy profession for the 2nd year running;
4 – Hitting two milestones re my practice focused column on AccountingWeb: Over 200 published articles and well over one million views.
 
2016: Objectives:
To be even more careful with the settings on my emails to avoid you getting too many, too often and/or those that are simply not appropriate for you!
 
Beyond that:
1 – Fill my mentoring programme for 1-2-1 support of ambitious professionals and executives;
2 – Secure the remaining bookings I need to hit the target (agreed with my mastermind group) for full fee paid speaking engagements where I can entertain, enlighten and inspire audiences of professional advisers;
3 – Increase the number of accountant subscribers to my Successful Practice Pack to 500. If you’d be willing to pass on details to your accountant or to an accountant you know – please let me know.
4 – Secure at least 5 consultancy, workshop and speaking gigs to help businesses focused on securing business or referrals from accountants.
 
THANK YOU!
If you’ve read down to the end of this blog post I hope you feel it was worthwhile. Should you feel inspired to send me a personal message re anything in this blog post I promise that I will read it and respond personally. This is what I’ve done with all of the kind messages received in response to the emails summarised above. If you’re interested I’ll also send you the links for the free downloads that were included in email 2 😉
 
In the meantime I hope you have a wonderful Christmas and a healthy, happy, prosperous and non-too taxing New Year.


 

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Is your business name sufficiently memorable?

Most professional advisory firms are simply named after their founders. Some retain the names of just the first two or 3 partners, Others might extend to 4, 5 or 6 names. The longest I have found, unless you know better, was a small Los Angeles entertainment firm, once known as: Ziffren, Brittenham, Branca, Fischer, Gilbert-Lurie, Stiffelman, Cook, Johnson, Lande & Wolf. I pity the receptionists required to reel that off when answering the phone!

Firms often combine their names when they merge. By way of example, the firm I trained with, named after the founding partner Mr Wood, was Wood & Co. Then it became Wood King, next Chantrey Wood King, then Chantrey Vellacott and now it has been absorbed by Moore Stephens.  None of these iterations tell anyone anything about the nature of the business.

It remains the norm for smaller professional firms to be named after the founder(s), possibly with the addition of: “and associates” or “& Co” (even when they work alone). If your name is sufficiently distinct and memorable this may work fine.  And there’s nothing wrong with this approach in any event.

But a firm named after an individual will rarely STAND OUT from the crowd. This may not matter if you have a strong tag-line or if you and your practice STAND OUT for other reasons. But why not also consider choosing a distinct STAND OUT name for the business?

Many historical restrictions by professional bodies on the naming options available to their members ended long ago. Some people have chosen one-word business names that STAND OUT as they are distinct. Sometimes the word is one that is favoured by the founder. There may or may not be a simple story that explains the choice of word and how it links to the business of the firm. Told well such stories can help the business name to be better remembered than might otherwise be the case.

The largest professional firms have all retained elements of their traditional names even if now limited to just one word/name or a set of initials (eg: Deloitte, KPMG, Linklaters, Baker & McKenzie).  I suspect that some people running their own practices want to give the impression that they are bigger than perhaps is really the case. Perhaps this is the reason for retaining the same naming convention as the larger firms in your profession.

Some of the STAND OUT business names for professional firms I have encountered recently include:

Numbers + Beyond – Chartered Accountancy and Virtual FD practice run by Linda Foster

Virtuoso Legal – Law firm specialising in intellectual property

Grow Smart Finance – Chartered management accountancy practice run by Liesl Davis

The Will Bureau – a will writing practice led by Andrew Edwards

Signature Litigation – Law firm specialising in litigation work

Simply bookkeeping – Bookkeeping(!) practice run by Coral Hamze

The Tax Guys – Tax and accountancy practice run by Jonathan Amponsah

Cheap Accounting – Accountancy franchise established by Elaine Clark

I assume that some experts believe that the best business names are abstract words – as there are so many of these around. My preference, if you want to STAND OUT is to adopt a name that makes clear what your business is. For the same reason I’m not a fan of coined names (that come from made-up words) as, in the absence of a large marketing budget, these are unlikely to be as memorable as real words.

Finding a business name that is simple enough and easy to recall and spell isn’t always easy. Unusual words may STAND OUT for the wrong reasons as they may be hard to recall and tough to find on line if people cannot recall the spelling.

Regardless of whether you use your name, a real word, a made up word or a combination of words, do not make a final decision until you have checked what shows up when you search for that name online, that you can obtain the domain name and that  can register it at Companies House (even if your company/LLP is to be dormant if you operate as a sole practitioner).

Do you have or do you know of any other STAND OUT business names for professional firms? Please share them below as comments on this post.

 

 

 

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Is it really about the competition or is it about you?

I recently offered some help by way of comments in response to an accountant’s query in an online forum. Most of my observations and advice are of more general application so I am sharing them here too.

The questioner has been in practice for 3 years and is struggling to build up his client base. He has already lost a number of those he picked up in year one. His question was headed: How do I compete? He has identified 127 other accountants within a 5 mile radius of his home and wants to know if he can ever expect to get onto page one of Google.

Here’s my reply:

——

Reading your original post and your comments I suggest there are a number of issues to address:

Prospects vs suspects

You think you are good with clients but you seem to struggle with converting prospects into clients. I wonder if they are all even prospects. Some may be simply ‘suspects’ – for example those who you say are not ready with their business model. Is the service such people require different to what you’re offering? Maybe they need help building their business model?

Can you distinguish suspects from prospects? The latter are not just people who want an accountant but people you have found out enough about to know that you could provide what they want/need and that you can provide those services.

Online promotion

Search Engine Optimisation (SEO) is about ensuring your website appears high up the search results when people search for the services you are offering. You’re right. It will be hard to compete with 127 other local accountants all offering the same thing to the same people.

There are typically two types of people who search online for an accountant:

A) Those who just want an accountant (be it their first one or to switch from a bad one)

B) Those who want an accountant who specialises in helping people just like them

It sounds like you’re hoping to be found in (A) regardless of who is looking. While there will be fewer people searching for a specialist accountant, more of them are likely to be pay good fees and you will face less competition.

‘Closing’

Do you have the confidence and skills to ‘close’ a prospect – ie: to help them to want to engage you as their accountant? This demands both conversational skills and the right paperwork at the right time.

Local competition

Ah yes, this is what you suggest may be the biggest issue. You may be right. But equally if you can distinguish yourself, your service and your approach from the others you can build a sustainable and profitable practice.

Again, there are 2 issues:

a) Are there enough prospective clients in the area? (Almost certainly ‘yes’ – tho you may need to wait for their current accountant to mess up before they will move to someone new – you!)

b) Can you position yourself as the accountant enough of them should aspire to be serviced by? Having a half decent website (or better) and high ranking on Google is only part of the story and not a crucial one either.

Referrals

This is always referenced as the ‘best’ source of new clients for accountants. I am aware however, that many who claim this are not looking to build up their practice quickly. They are happy winning a few new clients each year to replace the few they lose each year.

Establishing a sustainable referrals strategy is absolutely worthwhile. Again though it’s easist if your clients, friends and associates can say something distinct, when referring you. Something more than simply that you’re an accountant (just like all the others).

Happy to discuss this further. I love helping accountants who want to STAND OUT and become more successful without spending a fortune on marketing and branding. By all means book a call here: www.calendly.com/bookmarklee/phone

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What do clients pay you for?

Are you one of those accountants in practice, who still charges fees by reference to the time you spend working on a client’s affairs?

Even if you have moved to fixed pricing, menu pricing or value pricing you may still complete timesheets to show how much of your day has been devoted to each different client.

Thinking back to when I was in practice it was many years before I realised that a timesheet may have uses as a management tool but that it did not ‘prove’ how much time had been spent doing anything. It was a guide, nothing more.

After I left practice in 2006 I continued running training courses (very different to the talks I give now) and I asked accountants what they would bill in a variety of situations. The varied answers proved that the timesheet was simply a guide and that the ‘time costs’ that it reveals are rarely the same as the fees billed (or that could be billed).

A quick search online reveals that many accountants websites still assert that “Accountants sell time”. What nonsense. This is a sad misconception. It’s based on a misunderstanding and it’s misleading. Some accountants may try to determine SOME OF their fees by reference to time. They may try to charge fees by reference to their time records but TIME is not generally what accountants sell. If it were then the corollary would be that TIME is what people who want an accountant set out to buy. And they don’t.

In my view accountants sell (or should focus on selling) Trust, Confidence and Peace of Mind. These are 3 of the key qualities, if not THE 3 key qualities, that clients seek when they want to appoint an accountant. If prospective clients do not quickly trust you, have confidence that you will do the necessary, and gain peace of mind that they can rely on you, you will not keep them as clients; indeed they may not appoint you in the first place.

Yes they may have more specific needs – such as to prepare accounts, complete tax returns or resolve issues with HMRC. They don’t really care how long it takes you to provide your services. They just want things done. What do you think clients pay you for?

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What do you enjoy doing?

Just stop for a moment and consider how you would answer if someone asked you: “What do you enjoy doing?”

Now think how much better that reply sounds than what you normally say when someone asks you: “What do you do?”

In formal business networking situations your reply to that ubiquitous question may be one of your prepared and rehearsed ‘elevator pitches’. You would choose the one that will resonate best with the person asking the question. (It helps to find out about them first!)

In more social situations the same question can be answered very differently. The question is often being used as a variation on the ‘how are you?’ question everyone asks without expecting a reply containing any form of detailed medical information.

You will STAND OUT, positively, if your reply to standard questions like this is more interesting and distinct from everyone else. One easy way to do this is to imagine a slightly different question has been asked.  eg: “What do you enjoy doing?”

You can also ensure you STAND OUT by asking more interesting and distinct questions to other people – even in social situations. Instead of asking “what do you do?” when you meet a stranger, consider instead asking them “So what do you enjoy doing?”  If they enjoy their job they may choose to talk about that, and, if not, you have invited them to talk about something else they find more fun and worth talking about. Answers to this question can also lead to more interesting conversations.

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