Just about every accounting practice, in the world, grows by referral. This means that while referral is the hottest form of new business you'll ever have, it's nevertheless reactive.
In a business, where you have recurring fees, you don't worry too much about where the new business is coming from. But of course, that makes you completely unable to empathise with your clients whose sales departments hunt and kill just to pay the bills every month.
There are many reasons to build a pipeline in an accounting firm. Here are the most important reasons you need to know:
1. The pipeline acts as a practice growth engine, you know where your money is coming from in terms of new business.
2. The pipeline acts as an insurance policy against client loss.
3. The pipeline is a reminder to not become complacent about client service and make sure that you're always identifying opportunities to get to know your clients better, so you can serve them better.
4. The pipeline is a hallmark of a proactive organisation.
How this course can help your firm
In this bundle, we have compiled the most direct pipeline building resources we have for you so that you can continually know where your next six to seven figures are coming from.
If you use the seven avenues that we recommend correctly, then you will find that those six figures of opportunities that you identify when you retain them over several years, do indeed, turn into seven figures of new business. And that's before we even count upsells, cross-sells and anybody who is referred to you or any price increase that you choose to apply to that client in the time that they spend with you.
This resource is literally worth seven figures or more to you. All we ask is that you review the information on a regular basis, implement and refine, implement and refine again.
When you build a pipeline, then you walk your talk.
When you build a pipeline, you can go to your clients and say look, we build our organisation as well.
When you build a pipeline, it says you are serious about growth.
When you build a pipeline, you can confidently say to your prospects that you are advisors, to help them develop their business, because you walk your talk.
When business owners see an accounting firm, who are serious about growth as they are, they will immediately know you are an authentic firm that really can advise them on more than just their tax liabilities for this year.
How does building a pipeline help your firm?
When considering implementing a pipeline methodology into your firm, please understand four things:
1. You are identifying your firm's future fees.
2. You are protecting your firm against competitor attack.
3. You are turning your grade Cs and Ds into As and Bs.
4. You are ensuring that your grade A clients write you into their strategic plans for years to come.
Building the pipeline is such a critical part of a practice growth strategy that most firms fail to reach their full potential without the pipeline being in place.
Martin Bissett is the founder of the Upward Spiral Partnership, the international consulting firm that specialises in enabling the accounting profession to win higher-end clients, create leaders from their ranks and save lives.
His professional purpose is to alert the accounting profession to the profound outcomes that their advisory expertise can create in the lives of their clients.
At the same time, he also alerts the accounting profession to the profound difficulties that can arise in the lives of their clients when they choose not to educate their clients about the impact that their advisory expertise can have.
The Upward Spiral Partnership is the 4th business Martin has played a key role in building and the first of his own.
In the first 5 years of USP, Martin has:
- Been engaged/retained by 4 of the World's Top 10 Accounting associations and 6 of the Top 10 in the UK.
- Authored 9 books including Passport to Partnership, content from which has been adopted into the curriculum of AAT Level 3 courses, and taught in selected UK colleges and US CPA Societies.
- Been retained by Accountingweb as a judge of their prestigious practice excellence awards for three years in a row.
- Been highlighted as ‘one to watch’ in AccountingToday’s Top 100 Most Influential countdown for 2 years running.
- Spoken on 4 continents.
- Created several trademarked items of intellectual property including the ACCOUNTS™ system and ‘Martin’s Relationship Pricing™’ Model.
- Written for several professional publications including AccountingToday, AccountingWeb, CPA Practice Advisor and Chartered One.
- Sat on many international expert panels and guested on professional podcasts in the US, UK, and Australia.
- Sits on a parliamentary steering committee tasked with bringing advisory services to the fore in the accounting profession.
The outcome of Martin’s work is profitable new business for the practices he is engaged by, alongside the fine-tuning of teams of partners and emerging leaders who can develop new business by increasing their commercial awareness for themselves, without significant ongoing third party assistance.
Previously, Martin served 10 years as a director (appointed at age 26) on the board of a marketing consultancy firm serving the accounting profession. There, he held the responsibility for the growth of the client base including six of the U.K.’s top 30 accountancy firms.
He now coaches, mentors, speaks, trains and consults with accounting firms worldwide.
In total, he has worked with over 1800 firms of accountants and found it unnecessary to keep track of his contributions to the new business growth of those firms once it surpassed £500m collectively.
Many Sources of Rain
Sell is a Four Letter Word
What Tom Understands
Tom's Private Life
Differentiation via Superiority
Getting the A.C.C.O.U.N.T.S.
The Water Law
How to Build a New Client Pipeline
Practice Growth Checklist
The New Client Pipeline Tool
Practice Growth Metrics
Creating a Proactive Referral System
Building Your Pipeline
Which Taps Do You Want to Turn On
Sample A.C.C.O.U.N.T.S. spreadsheet