8 Ways to Improve Firm Profits

Because businesses make money, right?

By Rob Nixon
Panalitix

The purpose of any business is to find and keep customers. So you have a marketing and sales function to find them and then you have great service and services that "wows" them into staying with you.

MORE ON STRATEGY: Sales Is Like Workflow Management | 4 Sales Systems and Some Secret Sauce | Marketing Must Generate Leads | Be an 'Object of Interest' | Marketing Must Be About Sales | Turn Your Knowledge Into Products | 8 Ways to Build Team Engagement | Is Your Business By Design or Default? | The Profession Disrupted: Compliance Commoditized
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That’s all well and good for your clients. What about you? You’ve taken a risk to start/buy your business (it’s not a practice and you need to stop practicing – you’ve been practicing long enough) and you need to be rewarded.
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Sales Is Like Workflow Management

Four colored arrows in an arc with shadows underneathThe 4 core steps to take.

By Rob Nixon
Panalitix

Most accountants have a workflow system of sorts. You get the information in, you check the information, you manipulate the information, you query it, and you then bind it up and lodge or file it.

MORE ON STRATEGY: 4 Sales Systems and Some Secret Sauce | 17 Killer Questions for Prospects | Growing Your Client Database | Niche Markets Are Your Best Buyers | 8 Questions for Product Creation | How to Deliver Wow! Every Day | Communicate Until It Hurts | Why a Virtual Team Makes Sense
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It’s a process (simplified, I know) that is like a manufacturing line. The raw materials come in and after a series of steps and people touching the item, a finished product is created and shipped to the customer.
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4 Sales Systems and Some Secret Sauce

Businessman sitting behind his desk in the office talking on a mobile phone listening to the conversation with a serious expressionPlus 7 rules for telephone meetings.

By Rob Nixon
Panalitix

I have been actively selling something since the age of 14. That’s 30+ years of selling.

MORE ON STRATEGY: 17 Killer Questions for Prospects | Sales Is about Trust | How to Dominate the Internet | Marketing Objectives Determine Marketing Amount | What Products Should You Create? | Keep a Watchful Eye on Clients | Rewards Go Far Beyond Money | People Still Needed, But In Different Ways | Don’t Let Technology Make You Dumber | Are Your Goals Big Enough? | Finding New Opportunity in Compliance
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

I have been formally trained in courses on how to sell. I have attended more sales seminars than I care to remember. I have read countless books and listened to audio programs on the science of sales. I have sold over the phone, on the shop floor in retail, from a seminar stage, one on one, one to many and via webinars.
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17 Killer Questions for Prospects

Businessman looking at question mark sketch on the wallPlus 6 tips for HOW to ask them.

By Rob Nixon
Panalitix

I am blessed to be working with the accounting profession for 20+ years. I love the influence that you can make and the difference to a client’s financial position.

MORE ON STRATEGY: Sales Is about Trust | Marketing Must Generate Leads | Be an 'Object of Interest' | Marketing Must Be About Sales | Turn Your Knowledge Into Products | Why Clients Really Stay | 8 Ways to Build Team Engagement | How to Create 4 New Billable Hours per Day | Do You Know What Clients Want? | Is Your Business By Design or Default? | The World Is Flat
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

You are very loyal to your clients, your vendors and your team. You are sometimes obstinate on parting with money but that is not the most annoying thing. The most annoying thing in dealing with you is that you don’t ask enough questions. Sometimes none at all. It is so frustrating.
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Sales Is about Trust

Confident businessman sitting in officeDon't tl;dr this one. Here are 8 areas to work on.

By Rob Nixon
Panalitix

There’s an old saying that dogs can smell fear.

MORE ON STRATEGY: Marketing Must Generate Leads | Growing Your Client Database | Niche Markets Are Your Best Buyers | 8 Questions for Product Creation | How to Deliver Wow! Every Day | Communicate Until It Hurts | Why a Virtual Team Makes Sense
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

It’s the same theory for people who are in a sales role. If your "dog" (person in front of you) can sense that you are not confident then you are not going to make the sale. You will get questions and objections from the prospect/client that you don’t want and ultimately not make the sale.
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Marketing Must Generate Leads

BONUS: 32 methods you can use to get a response.

By Rob Nixon
Panalitix

The overall (and desired) objective of marketing functions in an accounting firm is to generate leads. Lots of leads. The more marketing you do, the more leads you get, the more choices you have!

MORE ON STRATEGY: Growing Your Client Database | How to Dominate the Internet | Marketing Objectives Determine Marketing Amount | What Products Should You Create? | Keep a Watchful Eye on Clients | Rewards Go Far Beyond Money | People Still Needed, But In Different Ways | Don’t Let Technology Make You Dumber | Are Your Goals Big Enough? | Finding New Opportunity in Compliance Services | How Offshoring Is Shaking Up Accounting
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There are two types of marketing people – brand-oriented or direct response.
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Growing Your Client Database

Arrow showing growth on chart54 messages before a response? According to this rule, yes.

By Rob Nixon
Panalitix

If you want to grow your client base then you’ll need to massively grow the size of your prospective client database.

MORE ON STRATEGY: How to Dominate the Internet | Be an 'Object of Interest' | Marketing Must Be About Sales | Turn Your Knowledge Into Products | Why Clients Really Stay | How to Create 4 New Billable Hours per Day | Do You Know What Clients Want? | Is Your Business By Design or Default?
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

It’s all about getting your target market to enter and opt in to your database. Once they have entered, the objective is to grow your prospective client database into a clean and receptive database.
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