As many CPAs are learning, winning business in today’s marketplace requires a new approach. Competition is on the rise. Clients have new standards for selecting advisors. Success requires more planning than ever. This article covers some practical and proven tips to help you become more proficient in winning pursuits. 

1. Understand Client’s Changing Demands

The clues to winning new business lie in understanding the mindset of today’s clients and what they want from their professional advisors. Let’s take a closer look.

Busy is an understatement for today’s business decision-makers. Not only do they want a CPA advisor who understands their business environment, but someone who can provide new ideas and insights to solve their specific needs. In other words, an expert who can offer new solutions to a client’s challenges and share best practices to help them operate more efficiently and profitably.

Today, your busy clients are looking for a professional to provide insight into where the business is heading and how to help them along the journey. They also want someone who is proactive in reaching out to them throughout the year. So if you are worried about being pushy by calling too often — get over it. Your competitive advantage lies in your ability to reach out to your clients on a regular basis. Show them how much you care by being able to demonstrate the value they are looking for from you.

2. Do Your Homework

Since a prospective client often has minimal information from which to base their decision to hire you — everything you do during the initial pursuit process will be an indicator of what it will be like to work with you. Your first order of business in any new quest is to develop a game plan. If your firm doesn’t have a pre-call planning session prior to each sales call, it’s time to start one. Think about it like this — you have a game plan for the audits you conduct and the tax returns you prepare, so why shouldn’t you have one for your sales endeavors? What should your game plan include? There are many components, but here are some essentials:

• Research the company and its decision-makers.
• Determine similar clients you currently work with and what key issues are important to them.
• Identify who is best suited to go on the call and determine what role each person should play on the call (i.e. leader, moderator, industry or subject expert, scribe).
• What key points do you want to cover? Develop an agenda for the call — it will demonstrate your leadership skills and show respect for your prospective client’s time.
• Understand that it generally takes more than one call to win their trust, so be prepared for each step in the process.

3. Focus on How You Can Help vs. “Making” the Sale

I can’t tell you how many sales calls I have been on and witnessed CPAs so focused on “getting” the client’s business that they failed to determine why the prospective client had contacted them in the first place. They failed to identify the prospect’s needs and how they could help resolve them. Sure, it’s easy to fall into this trap, but don’t, because it’s a deal breaker. Face it — prospects don’t really care about you — they are concerned with their own issues. Although most CPAs don’t consider themselves “rainmakers,” the truth is that many are perfectly-suited for the role. Why? CPAs are trained to find ways to help clients. So put your accounting skills to work in the sales process and position yourself as a trusted advisor. When the prospect understands that you are there to help them succeed, you too will succeed. 

4. Ask Powerful Questions

Asking questions is the single most effective way to understand the prospect’s needs. No two businesses are alike. Just because you understand your current clients doesn’t mean you know what is on the minds of those you are presently courting. Questions not only allow you to understand each specific situation, they allow you to challenge the prospect to think in a new way. This is a competitive advantage that few CPAs engage in, but often the one that clinches the deal. Remember, today’s client is looking for your ideas. So use your questions to start this new thought process. In addition, your questions will showcase your knowledge in your niche area. The deeper you delve, the more your knowledge shines through.

Focus your questions on identifying what you need to learn and demonstrate to retain them as a client:

• What is the current situation?
• What are the issues, gaps and problems?
• What is the impact of the problems?
• What are the benefits of a change?

Winning the business generally involves understanding more than the compliance and regulatory issues on the table. CPAs who use powerful questions to tap into an organization’s big picture issues and struggles and are able to offer solutions, often emerge as victors. You can start with a question, such as: “What are the three most significant challenges facing your business right now?” Using thoughtful questions allows you to differentiate yourself by demonstrating value in the prospect’s mind.

5. Become a Great Storyteller

Some of the best rainmakers are those who can articulate their ability to help a prospect through stories. Real-life stories convey your knowledge of the client’s business environment and illustrate your understanding of their issues. Through stories, you enable the prospect to see your comprehension of a particular industry or area of expertise. Stories also allow you to demonstrate results that similar companies have experienced while working with you. Telling stories is an effective tool that allows your passion for the business to emerge in a way that engages the prospect to want to know more about you and the services that you provide. So learn to tell great stories.  

In upcoming issues I will explore each of these five areas in greater detail. But for now, take these best practices and put them to work in growing your practice today.

Tracy Crevar Warren, president and founder of The Crevar Group, advises professional services firms striving to grow and maximize performance. She is an author and frequent speaker on various growth, business development, and marketing topics for local, regional, national, and international audiences. Warren can be reached at 336-889-GROW (4769).