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Business Development Academy for CPAs

Business Development Academy for CPAs. Workshop #4 December 8, 2016 Presented by Art Kuesel. Today’s Workshop. Review & Share Experiences Building a Strong Personal Brand Networking Referral Source Mastery Building our Action Plan for the Next 30 Days. 2. Review & Share Experiences.

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Business Development Academy for CPAs

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  1. Business Development Academy for CPAs Workshop #4 December 8, 2016 Presented by Art Kuesel

  2. Today’s Workshop • Review & Share Experiences • Building a Strong Personal Brand • Networking • Referral Source Mastery • Building our Action Plan for the Next 30 Days 2

  3. Review & Share Experiences

  4. Specialization is our Future Source: CFO Magazine Source: CFO Magazine

  5. Niche Practice Growth Advisory Growth = Opportunity 80% + 60% + Source: Accounting Today Source: Accounting Today

  6. Personal Branding: Like Creating Fame

  7. Niche Services are Wedge Services • QUIZ: Which service fares better in getting an appointment with a busy CFO: • “Timely” tax services • Fraud detection and prevention

  8. What’s in Quadrant 3? • Q3: Personal Brand Building • Consider a variety of specialties and niches • Talk to your mentor about your intentions • Identify clients in your firm you can be assigned to within your area • Identify top associations and organizations within these specialties and niches • Produce Thought Leadership

  9. Sample Elevator Speeches • Hi, I’m Art from ABC Firm, and I am an auditor. • or • Hi, I’m Art from ABC Firm and I help business owners gain access to expansion capital • or • Hi, I’m Art from ABC Firm and I help business owners protect their businesses from fraud. • or • Hi, I’m Art from ABC Firm and I consider myself a financial firefighter 9

  10. Networking Mastery – Six Steps • Step 1: Planning and Preparation • Step 2: Knowing How to Approach a Stranger • Step 3: Starting a Conversation • Step 4: Maintaining a Conversation • Step 5: Exiting a Conversation • Step 6: Follow-up 10

  11. Step 4: Finding Commonalities 11

  12. Your Assignment was: • Thriller/Breadth/Depth/Cross-Serve/Referral Ask 2x • Personal Brand Building 2x • Network 2x 13

  13. Success Stories! • 2 Thriller/Month • 2 Personal Brand Building/Month • 2 Networking/Month 14

  14. Referral Source MasteryHow to create a network that provides a lifetime of leads

  15. “A New Way of Thinking about Referrals” A recent article written by Lee Fredericksen, Hinge Marketing • What do you think about his findings? • Where do you agree? • Where do you disagree?

  16. > Your Four Quadrants for Personal BD Success

  17. What’s in Quadrant 2? • Q3: Referral Source Network • What do they look like? • Who’s in your network? • How many are there? • Where do you find the best ones? • How do you make them “produce?”

  18. Quadrant #2 = Referral Sources • Bankers • Attorneys (wide variety here) • Consultants/ Advisors • Insurance agents • Contract controllers/CFOs • Board members • Bonding agents • Financial advisors • Trust officers/Fiduciaries • TPAs • Relatives/Friends/Alumni • Other accountants!

  19. Definition: Referral Source Network • A population of people who can refer you the type of clients that you desire. • PLUS: A population of people who can leverage their existing relationships to open doors for you. • PLUS: A population of people who have access to information that would be personally valuable to you in your marketing and business development pursuits. • YOUR REFERRAL SOURCE NETWORK IS BIGGER THAN YOU THOUGHT

  20. Categories of Referral Sources • “A” Referral Sources • 1-2 Referrals/Year (or more) • Consistent quantity annually • “A” referral sources give “A” referrals • In your “sweet spot” • Not competitive situations • 75%+ chance you’ll get the work • Requires 4x Touches/year Minimum

  21. Categories of Referral Sources • “B” Referral Sources • 0-1 Good Referrals/Year • Inconsistent quantity or quality • “B” referral sources give “B” referrals • Not always in your sweet spot • Might be competitive • “I gave your name with others” • 33-50% chance you’ll get the work • 2x Touches/year -OR- 4x Touches/year

  22. Categories of Referral Sources • “C” Referral Sources • Infrequent referrals • Poor quality referrals • Fake referrals • Highly competitive • Not in your sweet spot • 1x or 0x Touches/year

  23. Where to Find Good Referral Sources? • #1 Source • Client Relationships! • #2 Source • Introductions through any • current referral source or contact • #3 Source • Knowledge-based inquiries • #99 Best Source • Targeted networking

  24. Maximize your Client COI • Your Clients COI Includes: • Bankers • Attorneys • Consultants/ Advisors • Insurance agents • Brokers/Traders • Relatives/Friends/Alumni • Board members • Bonding agents • Financial advisors • Trust officers/Fiduciaries • TPAs • Who else?

  25. REMEMBER! • A critical component to your success (to get more referral sources and more referrals) will be your ability to clearly define what kind of clients you are looking for.

  26. Define your IDEAL referral • Criteria include: • Size • Industry • Type (LLP/LLC/S-Corp) • HNW Individuals • Estate/Trust, • Family owned, • Specific geographic location • And more • Who has a clear and concise definition of the type of referrals they seek and would be willing to share?

  27. Worksheet: Define your Ideal Referral • Now define your ideal referral. 28

  28. Table Discussion: How do I ask for introductions to my client’s COI?

  29. 2nd Best Source of new Referral Sources • Introductions through your existing contacts: • Any current referral source • Leaders at your firm • A mentor • LinkedIn Connections • A successful friend

  30. How do I ask for introductions via my existing contacts?

  31. 3nd Best Source of new Referral Sources • Knowledge based inquiries come from your personal brand: • Concentrated Knowledge & Expertise • Client Concentration • Speaking • Writing • Social Media • SEO/SEM • Website

  32. 99th Best Source of new Referral Sources • Targeted networking • (I’m a bit tough on networking) • I’d love for you to work the other angles we discussed today before you rely on networking • For most of us, networking is a high anxiety and time intensive exercise • HOWEVER, with an effective approach like we discussed last month this can help you build referral sources

  33. Quantity Needed to be Successful? • Most partners I work with have ___ (or fewer) A and B referral sources • A good number to aspire to is ___ active A or B referral sources • Rainmaking territory is ____ active referral sources

  34. Making your Network Produce • Visible Expertise • Strong Relationships • Professional/Expertise • Personal/Social • 3. Reciprocity • 4. Frequency • 5. Effective Personal Marketing Approach • 6. Impressive Online Presence

  35. ADD to your Plan Now: Quadrant 1 • COI Asks to find referrals: Can you do 1/month? • Thrillers • Breadth • Depth • Cross-Sell • Referral Asks • COI Introduction Asks! • Who, What & When? 37

  36. ADD to your Plan Now: Quadrant 2 • Review your “advanced preparation worksheet.” Are you out of touch with any existing referral sources? • Plan to reconnect with 2/month • AND Consider your existing network – who can make introductions for you? • Plan to ask one person/month • Who & When? 38

  37. ADD to your Plan Now: Quadrant 3 • Do ONE MORE personal brand building activity in the next 30 days: • Consider some options • Talk to a mentor • Get assigned to clients • Join an association • Produce thought leadership • What & When? 39

  38. ADD to your Plan Now: Quadrant 3 • Plan to network ONCE MORE in the next 30 days: • Identify when/where • Identify your buddy • Set goals • Meet future clients and referral sources • Follow-up • What & When? 40

  39. We must WORK our Plans to Succeed! • Call the BD Hotline if you get Stuck! • 312.208.8774

  40. Resources • www.kueselconsulting.com/BDAcademy • Slides • Tools • Templates • Subscribe to my monthly blog too!

  41. Reminder • Our Next Meeting: • December January 12th 8:30 – 11:30am • Ravinia Green Country Club • 1200 Saunders Road • Riverwoods, IL 60015

  42. Thank you! For tools, resources, and a monthly blog subscription on marketing, sales, and growth topics go here: www.kueselconsulting.com Or contact Art: art@kueselconsulting.com 312.208.8774

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