Accounting and Bookkeeping Articles

In a recent post to his BussinessWeek blog, Carmine Gallo sat down with Steuart Martens, a regional training instructor for Sonic Automotive who believes active listening is the best way to secure new customers.  Martens began by explaining, “You sell the person first, the car second.”  This is his foundation to four sales tips that have one thing in common: active listening.

First, what is active listening?  It’s when your main objective throughout the course of a conversation is to attend to the speaker.  What is he/she truly saying?  What motivates him/her to say those things?  What is his/her body language revealing about their thoughts and feelings?  Once you’re able to truly listen to a prospective client, what you say becomes much more powerful.  With that in mind, here are Martens’ four sales tips:

1. Paraphrase your prospective client

Not only does this indicate to the speaker that you are listening, but it also helps you know that you have understood what has been said. This one step alone can eliminate much misunderstanding and help you to appreciate the speaker’s greatest concerns, interests and needs.

2. Ask discovery questions

In order for a prospective client to become a client, you must understand their situation, which requires you to ask the right questions at the right time.  A prospective client may think they only need payroll services, but upon asking the right questions, you may discover that they are experiencing financial difficulty because they have cash-flow problems.  However, in order to earn the right to ask certain questions you must secure the prospect’s trust.  Martens explains, “When asking discovery questions, it’s important to start with ‘low-trust’ questions before moving to ‘high-trust’.”  ‘What accounting services are you most interested in?’ would be an example of a low-trust question while ‘What kinds of financial struggles are you experiencing in your business?’ is a high-trust question.

3. Watch body language

Is your prospect antsy and agitated or still and thoughtful?  Watching their body language can often be more informative than listening to what’s being said.

4. Take notes

While it would be nice to secure a prospect as a client in your first meeting, odds are that won’t happen very often.  It’s important that you take notes during your conversation so that you can remember key points the next time you meet.  This will build a prospect’s trust and enable you to move your relationship forward more quickly.

Active listening is a simple skill that enables you to focus your attention on a prospect by communicating a genuine concern for their needs.  The more you practice this skill, the more quickly you will secure a prospect’s trust.  And the more quickly you secure a prospect’s trust, the more quickly that prospect will become a client.

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Resource

Gallo, Carmine.  “The Basics: Four Sales Tips.” 21 July 2009.  BusinessWeek.com

10 Tips in Establishing and Maintaining a Healthy Client Connection

In this two-part series we’re examining the significance of effectively managing client relationships.  Not only will this help you retain current clients (which is much more economical than marketing for new ones), but it will improve word-of-mouth marketing, which is often the most effective (and inexpensive) type there is.  In last week’s article we discussed five of 10 techniques that will help you establish and maintain a healthy client connection:

1.    Determine client expectations upfront

2.    Have a contract with clear specifications

3.    Follow your own rules

4.    Communicate often

5.    Keep your promises

This week we’ll cover the final five:

6. Maintain professionalism

Your clients are paying for professional service and you must act the part.  While it’s natural to become a client’s friend, you should still dress and act appropriately.  Beware of becoming too casual in your interactions; you want your clients to know that you are, above all, a dedicated and responsible accountant.

7. Resolve conflict quickly

In all long-term professional relationships, there’s bound to be misunderstandings and disagreements.  The important thing is not that they exist but that you resolve them as quickly as possible.  The longer you let discontent remain, the more difficult it becomes to work through it.  Acknowledge the conflict promptly and secure a reasonable solution for both parties in a timely manner.  While this may require compromise, it’s important that you demonstrate that maintaining a healthy relationship with the client in a priority for you and your practice.

8. Request feedback

Your clients are a valuable source of information.  They can let you know what you’re doing well, what you need to improve and what you could add to enhance your service offerings.  Depending on what’s most comfortable, you could casually ask for their feedback over lunch, send a quick email request or have them complete an anonymous survey.  Whichever you choose, the information you’ll receive will prove invaluable in building a more successful practice.

9. Remember your client is your best marketing agent

As mentioned previously, word-of-mouth marketing is not only the most effective type, but it’s also the most economical.  You pay for this marketing technique by providing superior customer service.  Return calls quickly, respond to your clients’ needs, and continually aim to provide the most valuable services.

10. Part ways, when absolutely necessary

Sometimes, when you’ve put forth your greatest effort to work through differences, a client relationship will still rocky and, unfortunately, unsalvageable.  If you find that interactions are continually strained, it’s probably best if you part ways with a client.  While this may be difficult, in the end it will save you time and energy.

Visit Universal’s Free Resources

Universal Accounting Center (UAC) would love to see your practice succeed.  That’s why we offer your business the most valuable resources available.  Feel free to take our virtual UAC Tour to learn more about our training programs that will enhance your practice and your bottom line.  Or visit our free accounting and tax resources.  Either way you’ll want to bookmark the UAC site and return continually to improve your business.

10 Tips in Establishing and Maintaining a Healthy Client Connection

Last week we discussed securing clients with effective follow-up calls.  Your job isn’t over once that prospect joins your clientele; you must continually manage client relationships in order to ensure customer satisfaction and a good working rapport.  This doesn’t need to take a lot of time, but you must continually be aware of your current standing with clients and take measures as necessary.  In this series we will discuss 10 things to remember when managing client relationships.  This week we will cover 5 of those tips:

1. Determine client expectations upfront

Many of your clients may not have worked with an accountant or bookkeeper before and are unsure what to expect.  The rest have and may be running on old expectations.  It’s important to have a preliminary meeting where you define the relationship and your expectations, taking special note of what your clients expect from you.  You may need to negotiate some of these expectations so that both you and your client are satisfied.

2. Have a contract with clear specifications

You shouldn’t perform any services for a client until he or she has signed a contract detailing the specifications of your working relationship.  And don’t allow a client to sign a contract blindly.  Verbally discuss some of those specifications that will influence your future interactions.  For example, if your contract covers specific services, and you plan on charging for any additional services not specified in your initial agreement, tell the client that upfront.  This is one key step in establishing a healthy relationship with your client, and it’s much easier to establish a healthy relationship than it is to fix an unhealthy one.

3. Establish and honor boundaries

You must establish and honor your boundaries with a client.  This includes work hours and communication.  Once you establish these “rules” with a client it’s important that you consistently follow them yourself.  For example, consider your work hours. Obviously emergencies happen, and your clients should know how to reach you in such circumstances.  But otherwise you need to do all you can to ensure your boundaries are respected.  This means you shouldn’t answer your phone after hours.

4. Communicate often

You should establish a method of regularly reporting to your clients in order to distribute key accounting data and inform them of any red flags or key indicators they should be aware of.  Discuss a method that appeals to both of you.  Some may prefer email while others would like a verbal report over the phone.  Whatever the case, you should not be afraid to communicate frequently if the information requires it.

5. Keep your promises

If you tell a client that you will submit a monthly report before the first week of the following month, don’t be late.  Your ability to follow through on your promises is not only a reflection of your professionalism but an expression of respect for your client.

Your ability to effectively manage client relationships can determine just how successful your business will be.  Without a clientele your business will fail; ensuring client satisfaction can come in applying these 10 tips for establishing and maintaining a healthy client connection.

Return next week when we cover the final 5 tips in effectively managing client relationships:

6.    Maintain professionalism

7.    Resolve conflict quickly

8.    Request feedback

9.    Remember your client is your best marketing agent

10. Part ways, when absolutely necessary

Grow Your Practice with Expertise and Marketing Know-How

There are a handful of ways you can improve your business, and only some of them will work.  We suggest growing your business by enhancing your expertise and your marketing skills.

Small-Business Expertise

You can better service your clients by specializing in small-business accounting.  Over 85% of the opportunities in the accounting field are within small businesses.  Universities prepare their students for corporate accounting which doesn’t address small business needs.  More than 50% of small businesses fail, and much of that failure can be attributed to lack of accounting expertise.  That’s where you step in.  With expertise in small business accounting, you can help small businesses succeed.

At Universal Accounting, we understand the needs of the small business like nobody else. We’ve helped people like you advance their career in small business accounting for over 25 years. The Professional Bookkeeper Program is designed specifically to address the needs of small businesses, and Universal Accounting Center’s small business accounting course is the most complete of anything else offered today.  And depending on your schedule and situation, it will only take you 60 hours to complete.  Imagine earning a professional designation in less than one month!

Marketing Know-How

One of the greatest challenges for many small business owners comes in the marketing.  You may love working with numbers but groan at the thought of promoting your services and expertise.  Universal Accounting Center understands this struggle and can help you eliminate it.

UAC has developed a turn-key marketing solution which will enable you to grow your business with our proven system.   You could work for years on a marketing plan, hitting and missing, only to find your business growing at a snail’s pace.  Imagine learning which marketing strategies work in just a number of weeks!

The Universal Practice Builder is a training program designed to teach you the art and science of securing clients.  Top your Professional Bookkeeper Designation off with this guaranteed program where you’ll walk away with over 12 marketing strategies that you can implement immediately.

Enroll in these business-changing programs now!

Whenever possible you should step-up your marketing efforts.  True growth for your business comes when you continually apply effective promotional techniques.  Using just one strategy over and over again will leave your business stale and stuck.  You must mix it up, try new approaches, and reflect back on which are and which are not working.  The following two recommendations will enable your practice appeal to a broader market:

1. Offer a discounted package

Many small business owners are looking for a deal, and the idea of a discounted, streamlined accounting package might appeal to them.   Consider those services they would find most essential and include them in a very specific package deal with a discounted price.  The effort to provide basic yet affordable services just might attract a new demographic to your practice.

2. Offer a premium package

And then there are business owners who are willing to pay more for premium services.  Consider what you would offer these “platinum” clients and create a package that includes basic services along with additional services they would find valuable.  Include regular consultations where you might “interpret” accounting information that would inform future business decisions and make them more profitable.   These clients may have a greater need for payroll services.  In fact, for these clients you might completely manage their books, and from setup to year-end, have total control of all their financials while clients that retain your discounted services might only have you produce monthly statements.  In this, it may not take long for some of your discounted clients to become premium clients when they realize just how valuable the premium package is.

A Growth Hormone

Of course it takes more than tailoring your service offerings to successfully grow your business.  You need access to proven marketing strategies designed specifically for accounting practices like yours.  You need a system that will enable you to secure 15 to 25 qualified leads per month.  You need a guarantee of a $30,000 increase in annualized billings in just 12 months.  You need the Universal Practice Builder (UPB) Program.

UAC’s Universal Practice Builder Program

You probably realize the value in partnering with seasoned professionals who have even more experience and expertise than you do.  Imagine partnering with Universal Accounting Center without being required to share any of your profits.  You alone benefit from a partnership that requires a simple enrollment fee.  You can see it as a small investment with a large return.  Give us about 40 hours of your time and we’ll help you achieve a more profitable accounting practice in one year.  In addition to those features mentioned above, the Universal Practice Builder Program will give you the following:

• 8 instructional DVDs with 2 manuals
• 3 months of personalized coaching
• A customized website for your practice
• Five business assessments
• A presentation DVD to share with potential clients
• An iron-glad guarantee

You’d be hard-pressed to find a risk-free program like this offered at such a phenomenal price.  Once you’ve realized that $30,000 increase in annualized billings you would have gotten your registration fee back, times 17!  There’s no reason not to take advantage of this amazing opportunity!

And if you register now, you will receive our special gift to you and your business: QuickBooks Made Profitable.  This program will enable you to use your QuickBooks expertise to attract even more clients by enhancing your service offerings and promoting them accordingly.

Take advantage of this premium package deal at a discounted price.  Grow your business this year; enroll today!