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Today’s Bissett Bullet: “All it takes for an accounting practice to stagnate is capable, talented partners to take up a position of ‘my clients,’ ‘my fees.’”

By Martin Bissett

How often have we heard about a multipartner practice simply being a selection of sole practitioners operating under a common brand? So many accounting firms operate from silos, never really looking above to see what is going on anywhere else. So, as soon as it becomes “my clients and my fees” rather than “our clients, the firm’s fees,” then you can be sure the practice is on a slow steady decline.

Today’s To-Do:

If you ever catch yourself or one of your colleagues talking about “my clients, my fees,” remind them that they are a “partner in a practice” and that they are working for the good of the whole, not solely the good of the individual.

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Today’s Bissett Bullet: “When a prospective client already has an accountant, it is important to recognize that although they are demonstrating an interest in working with you by agreeing to meet, there will be a degree of loyalty to the current firm even if they’ve identified the need for change.”

By Martin Bissett

This is important because it places them out of their comfort zone. They may feel apprehensive about severing ties and it may not be that the accountant is doing a bad job, simply that their business has grown past the point that the existing firm can continue to support them. Whatever the case, you won’t win an emotional argument with logic. 

Today’s To-Do:

Look at the next prospect meeting in your diary. What do you know about them already that will help you to speak to them in emotional terms? Select a story about how you helped a similar client that may resonate and have it in your armory.

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Practice makes perfect.

By Martin Bissett
Business Development on a Budget

Have you noticed all of those titles in the local bookstore or at the airport offering us the “key” to this and the “key” to that, the “six keys” to one thing, and the “four keys” to another?

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It also seems that every book is a “game-changer” now, to the point where it is difficult to understand what the game is anymore, never mind how to play it.
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Today’s Bissett Bullet: “I’m a small firm. How can I possibly be perceived as ‘superior’ to the much larger firms that my prospective client is meeting?”

By Martin Bissett

There is a mindset shift needed here. “Superior” is not “bigger” so turnover, office size and number of partners bear no relevance.

You are superior when you show a genuine interest in the business you have gone to see and take the time to understand their personal and professional motivations. When you take that understanding and use your experience and your service lines to bring the answers to their door, that is being superior. Win the advisory war by becoming the best relationship builder firm, not the biggest firm.

Today’s To-Do:

Previously, I asked you to identify three clients who had come to you having been dissatisfied with their experience with their previous accountant. Were any of those firms larger than yours? What about the previous firms of other clients whose situations you have improved? When imposter syndrome creeps in, remember those clients.

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