This article is designed to give the reader an outline of how a CPA firm can win more new business and achieve significantly better results in new client opportunity meetings. The failure of CPA firms to invest the time and resources in these meetings is a common contradiction and misstep in the accounting profession, especially given that new client acquisition is the “Holy Grail” of the CPA governing mentality.
Numerous firms, particularly larger local and regional firms, have made great strides in the business development effort. These firms understand that new business opportunity meetings are something to invest in. The return on investment pays off in the form of more new clients won.
At the preponderance of firms, the new business meeting is typically treated as just another meeting. A partner or lead professional may look at the prospect’s website (or maybe not), engage in a five-minute call about the meeting with a peer (with nothing substantive discussed) and might have circulated an internal notice of the meeting (most likely to secure a conference room). The meeting is not positioned internally as one warranting preparation, and little or none is done. Given the fact that most clients are retained for years, and the attached revenue stream may be substantial, the real opportunity is being ignored.
Tone and timing
There is a certain posture to assume during the meeting. As the “seller,” you must appear to be relaxed about the possibility of gaining a new client and do not show an over-eagerness to do so. While it would be nice to have a victory, the world will not come to an end if you do not. A prospect or “buyer” will be turned off by someone overtly anxious to close the deal. He may think to himself, ‘Why does the firm need my business so badly? There must be something wrong?’ It is much better to stay positive and focused on the meeting while assuming a confident yet professional face. You may, in your mind, assume the sale until told otherwise. This will help your tone and calm any eagerness.
Like it or not, you are not in charge of the clock during this process. The prospect is. He will tell you when he is ready to do business with the firm. He may suggest another meeting (he will tell you when); he may request a proposal (ask when he would like it) or he may be ready to engage the firm.
Why do prospects choose your firm?
Understanding the prospect’s mindset goes a long way to contributing to a successful meeting. The center of attention is the prospect and what he says. Here are some key points that may matter to the prospect:
- The firm’s reputation;
- Its proven business acumen;
- The firm asked the best questions;
- Firm differentiators;
- The firm listened to him;
- The firm made him feel special;
- He liked the team;
- He agreed with summary;
- He appreciated pre-meeting planning;
- He liked what he saw (office environment, professionalism, etc.);
- The firm representatives included him in the discussion;
- The firm’s knowledge of his business/industry; and,
- The firm convinced him that it can add value to his company.
A fundamental reason why CPA firms must understand how and why they are different from other firms is that prospects are energized and drawn to firms that offer a specialization or something new and different. Not the same old thing — “We are a full-service firm and can help you with anything.” They want some points that they can wrap their arms around, relate to, and embrace. Therefore, brand managers jump through hoops to differentiate their product/brand from their competitors. (Note: You cannot be all things to all people and will ultimately gain more market share by specializing in specific markets and by delivering value added services.)
You are essentially selling an intangible, “hope” and promising to deliver on it. The prospect cannot take the firm for a test ride, feel the weight of the frame for his new bike, or be dazzled by well-designed packaging. The challenge is to make the firm as tangible as possible. Give the prospect something to hold onto. One key strategy is to develop a library of case histories. This illustrates how the firm works and solves problems, in order to get the prospect thinking, “If they solved a problem for another client, maybe they can resolve my issue.”
The meeting
The goal of the first meeting (absent getting an assignment at the conclusion of the first meeting) is to get a second meeting. To do that, follow this timeline:
- Establish initial rapport;
- Meeting commencement/distribute the agenda; Describe the firm (key points of differentiation)
- Ask a number of key questions (see below);
- Share case histories;
- Identify the prospect’s pain (challenges);
- Confirm the prospect’s pain (challenges); and,
- Set the project engagement or second meeting.
Here are the key questions to ask:
1. Tell us about your business.
2. In what areas/services does your business excel?
3. Would you say that you are “uncomfortable” with your current accounting firm? If so, why?
4. Describe what the ideal working relationship with your CPA firm would look like.
5. Are there areas of your business that may require some special attention? Can you share what comes to mind?
6. Can we share a couple of case histories that we think reflect who we are and what some of our capabilities are?
7. So, from what you are saying, you would look to us for support in areas X, Y and Z?
I trust this article will help support your business development efforts and give you a better understanding of the factors that go into making a successful new business opportunity meeting.
