Bissett Bullet: Ask the Expert

Today’s Bissett Bullet: Partner: “We tried this before and it didn’t work.”
MB: “Based on your analysis of that project, why didn’t it work?”
*silence*
Partner: “Dunno.”

By Martin Bissett

“We tried marketing and it did not work” is a refrain often heard from the managing partner’s office. This is because they neither understand marketing nor understand the failure or success thereof. To understand the subject, we first must master it, so bear in mind that to understand what makes a great marketing person or a great marketing campaign, we first must understand the discipline itself.

Today’s To-Do:

Take advice from a leader in their field about what works and what doesn’t in terms of professional services marketing so that you can delegate the task of marketing your firm in the future with the assurance and discernment that you know what works and what doesn’t.

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Five Fixes for Floundering Firms

Plant seedlings growing out of coin stacks , both increasing in size

Taking steps “little and often” works, but only once you get started.

By Martin Bissett
Passport to Partnership

A big concern in recent years has been how the incoming partners will purchase equity or fund the capital account and exit of a retiring partner.

Much has been written that examines the mathematical complexities of this topic but the bottom line is simple. Would-be partners in the age demographic of 28-42 are part of a generation who are already heavily borrowed in the form of credit card debt, mortgage debt and other forms of personal loans.

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Their capacity to borrow in the current economy is extremely limited and it would appear that this will be the environment for the foreseeable future. In turn, banks’ willingness to lend has also been largely withdrawn in recent years.
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Bissett Launches Mastermind Group

Exclusive Membership Helping Accountants Master Pricing, Confidence, and Client Growth.

Only 100 seats are available for this first-of-its-kind WhatsApp-based membership.

By CPA Trendlines

Martin Bissett, an internationally recognised advisor to the accounting profession, has unveiled the Silver Bullet 100 Membership, a brand-new programme designed to give accountants and bookkeepers direct, year-round access to his most in-demand growth strategies.

Learn more and secure your place today:
https://martinbissett.com/silver-bullet-membership/

For the first time ever, Bissett is delivering his frameworks exclusively through a private WhatsApp group, making it simple for members to receive and act on expert insights each week.

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Bissett Bullet: Compete Solely on Outcomes

Today’s Bissett Bullet: “If a potential client is with a firm that has done a good job recording their past, let’s applaud that. We’re still the right choice for their future.”

By Martin Bissett

Just like in politics, it’s so easy to disparage the competition rather than provide solutions. We often ignore the fact that the business owner we are talking to is the one who chose the competition in the first place. By disparaging the competition, we are disparaging the client’s decision-making abilities and suggesting that they would not be clever by choosing us either.

When we find an accountant who has done a genuinely good job, let us congratulate our prospect for having partnered with a strong professional organization and not lose sight of why no matter how good they are, we are better.

Today’s To-Do:

Let’s understand before we ever get to a meeting with the prospect how we are likely to be superior as a commercial choice for this business. We should not be competing on price, we should not be competing on services, but we should always be competing on outcomes.

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Bissett Bullet: The Misunderstanding Concern

Today’s Bissett Bullet: “Well, what you say is very interesting but it seems like a lot more money for no extra benefit.”

By Martin Bissett

Have you heard this objection? If the above claim is true, then unless you have presented a like-for-like proposal that is significantly more expensive than your prospective client is currently paying, they simply haven’t understood your offer.

Calmly re-explain how your proposal meets the needs of their business over and above what they currently receive and talk them through the outcomes that they can expect for this increase in fee. Ultimately, if they understand the benefit and aren’t prepared to invest then you’ll know to walk away.

Today’s To-Do:

Be prepared for this scenario by rehearsing with a colleague prior to your presentation. If this particular prospect were to need further explanation, which outcomes would you highlight and which of your success stories may resonate?

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Five Checkpoints on Facing Challenges

They’re inevitable, so be prepared.

By Martin Bissett
Passport to Partnership

When challenges come our way, regardless of what shape or form they arrive in, our world seems to lose a bit of brightness, there’s a little knot in the gut and a sense of peace broken.

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The question is, if we were watching our own responses to these trials, would we appoint ourselves as the next partner of the firm?

Let’s examine five checkpoints to test your own, or your staffers’, abilities to overcome challenges.
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Bissett Bullet: Never Rely on Tech to Set Your Pricing

Today’s Bissett Bullet: “Technology designed to set pricing should be used as an aid, to sense-check a proposal and ensure that you are receiving fair remuneration for the value that you provide, not as a crutch because you don’t understand the mechanism of pricing.”

By Martin Bissett

If you rely on technology to set your pricing then you will get caught out if your prospect would like to progress but wants to pick and choose from your preset solutions. Subordinating all of your thinking to the technology will leave you unable to adapt that package under pressure and puts you in danger of making a costly error.

Today’s To-Do:

If you are in the habit of relying on technology to calculate pricing, stop. Use it only as a sense check from now on. If you have any proposals yet to be delivered, make sure you fully understand the value of each solution so that you can alter the package to reflect any requests from your prospective client, without any impact on profitability.

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Three Steps Show What Your Pipeline Is Worth

man writing in notebook

Take the time to assign value.

By Martin Bissett
Business Development On a Budget

I’ve taken many accounting firm partners through this process, and it’s quite common for them to balk a little at the pipeline idea when they see the amount of work involved.

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They see it as just another call on their time when they already have far too much to do, and they ask me why they can’t just write down a list of prospects and go to work on them.

Is that what you’ve been thinking? Well, here’s why that doesn’t work.
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Bissett Bullet: Tell Them What They Need

Today’s Bissett Bullet: “A real frustration for many accounting professionals is clients who ignore a suggestion from them but when someone else suggests it, they think it’s a great idea. Why does that happen?”

By Martin Bissett

Superior accounting firms deliver to their clients; increased self-esteem, saved businesses and saved relationships to name but a few. In order to be considered a trusted advisor, sometimes you need to be tough with a client to deliver the outcomes that they need as well as the ones they want. Then they will start to take you more seriously and value your suggestions rather than pay them lip service.

Today’s To-Do:

Identify a client for whom you know you can deliver a better outcome if they take the action you’ve previously suggested and make a note for your next meeting to revisit the conversation. Prepare your case in advance and stand firm.

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Grade Prospects with These Five Questions

pipeline in shape of a dollar sign

Make sure you have a pipeline, not just a list.

By Martin Bissett
Business Development on a Budget

So you’ve done all the work to get yourself composed and prepared to go out and generate new opportunities, find new business and new clients. Now what? How will you know who to contact for the first step?

Answer: your pipeline.

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Many partners think they have a pipeline, but they don’t. What they actually have is just a list of prospects they’ve

  • met with,
  • would like to meet with or
  • have worked with in the past.

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Bissett Bullet: Show Genuine Empathy

Today’s Bissett Bullet: “Seek to create genuine empathy throughout the meeting and build on that wherever possible.”

By Martin Bissett

Empathy is the ability to understand and acknowledge how another person is feeling about what they are describing. It’s not to be confused with sympathy. Empathy is there to demonstrate understanding and build resonance and rapport.

If someone really opens up about their innermost fears or personal goals, this is a mark of trust so handle the situation sensitively. Show that you have listened and understood, and take the opportunity to ask for more information that will help you to determine what the solution to their issue might be. All that remains is to communicate how you could help them, in a proposal document.

Today’s To-Do:

Practice this today during meetings or interactions with your team. Listen to what they tell you, ask for more detail and repeat back to show that you have listened to and understood what they have said.

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What Practice Leaders Must Overcome

Woman's hand pressing words "ASK AN EXPERT"

Check your fundamentals first.

By Martin Bissett
Passport to Partnership

The Passport to Partnership study collated a number of responses in a conversational style. The need for professionals who can remain calm in the storm is showcased below and was repeated many times in various different ways.

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The expert council

What is going to be the single biggest challenge for the next generation of practice leaders?
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Bissett Bullet: Objections are Opportunities

Today’s Bissett Bullet: “If a prospective client objects to something in our proposal, that’s exciting. Objections show that they care and are considering using us.”

By Martin Bissett

Let’s redefine terms. Let’s say that an objection being raised is actually better phrased as a concern being raised, and that we are in the business of resolving concerns to the satisfaction of the potential client.

When viewed in those terms, objections do not seem so scary. We can return to the true job of talking with another professional (in the form of our prospective client) to reach an agreement as to whether we should work together or not.

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