Business Development Academy for CPAs Workshop #3 November 17, 2016 Presented by Art Kuesel

Today’s Workshop Review & Share Experiences Cross-Serving Asking for Referrals Building a Strong Personal Brand Networking Building our Action Plan for the Next 30 Days 2

Review & Share Experiences

My CPA is AMAZING! Thrillers!

Cross-Selling Defined It’s a good thing! SERVING Identifying opportunities to help your clients with additional consulting and services that will benefit them. In other words, being a proactive, trusted advisor. 27

YOU NEED TO ASK!!! Referral Statistics According to the Hinge Marketing Institute __% of highly satisfied clients would be willing refer their current professional. But, only __% had given a referral in the previous 12 months. The reason why so few referred? ______________________________ YOU NEED TO ASK!!! Discuss top strategies in associations/events for about 10 minutes

Your Assignment: 1 Thriller/Week 1-2 Cross-Serve/Month 1-2 Referral Ask/Month 10

Developing a Strong Personal Brand How to create a powerful brand that drives clients to your doorstep

Consider Building your Personal Brand around a Niche or Service Line Specialty Consider the Following: Industry Lifecycle – Where are we? Advisory services are growing – RAPIDLY New clients expect demonstrated experience in their niche Wedge services open doors more easily Famous people can charge more!

Where are we as a profession? Source: CFO Magazine Source: CFO Magazine

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

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

New Clients Expect Demonstrated Experience in their Niche Source: CFO Magazine Source: CFO Magazine

Niche Services are often “Wedge” Services A “Wedge” service is usually not a compliance service A “Wedge” service often offers an effective value proposition A “Wedge” service opens a door and starts a conversation with a buyer

Niche Services Open Doors with Prospects QUIZ: Which service fares better in getting an appointment with a busy CFO: “Timely” tax services Fraud detection and prevention

Niche Services Open Doors with Prospects QUIZ: Which service fares better in getting an appointment with a busy CFO: “High-quality" audits Cost segregation

Niche Services Open Doors with Prospects QUIZ: Which service fares better in getting an appointment with a busy CFO: Year end tax planning Cyber security

The Higher the Value = The Higher the Fee Average Salary GP: $275,000 Average Salary Orthopedic Surgeon $650,000 Billable Rate Accounting/Tax: $325 Billable Rate Litigation Support: $400

Personal Branding: Like Creating Fame

> Your Four Quadrants for Personal BD Success Q1: Client Development Q2: Referral Source Development Q3: Personal Brand Building Q4: Prospect Development This is the basic framework for an IMP. Your plan template goes deeper and has sub categories of these four quadrants. Let’s discuss each of these quadrants and think about how we can implement activities in each area of development.

Q2: Referral Source Development 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 Discuss top strategies in associations/events for about 10 minutes Q1: Client Development Q2: Referral Source Development Q3: Personal Brand Building Q4: Prospect Development

A) Consider several specialties and niches Think about top growth opportunities for the firm Explore several – shadow and gain experience (if it exists) Do research if needed to learn more about it Discuss top strategies in associations/events for about 10 minutes

B) Talk to your mentor about your intentions If no mentor, find one! Ask them about their experiences building their own brand Consider opportunities and obstacles that may exist Seek ongoing support and guidance Discuss top strategies in associations/events for about 10 minutes

C) Identify firm clients Identify clients within the firm you would like to work with Seek out to get on these accounts Learn more about the industry/service line Ask the client for advice Discuss top strategies in associations/events for about 10 minutes

D) Identify top associations and organizations Consider audience quality Frequency Accessibility Opportunity Thought Leadership GET INVOLVED! Discuss top strategies in associations/events for about 10 minutes

E) Produce thought leadership Begin to create a brand of expertise and knowledge Seek to get published in trade media Seek to align with others who are publishing Consider LinkedIN, Blogging, Twitter and other Social Media Share your TL with your target audiences! Discuss top strategies in associations/events for about 10 minutes

Critical Success Factor: Critical Mass Do you have a substantial population to serve? ~10+ Clients

Critical Success Factor: Market Demand Growth/Decline Stable/Unstable Competition Pockets of Underserved Opportunity?

Critical Success Factor: Viability Profitable 80%+ Sustainable Consistent? Seasonal? Long Term Potential What if anything stands in the way of success long- term?

Critical Success Factor: A Dedicated Champion (YOU!) Personally responsible for the success (or failure) of the niche Focused marketing efforts w/Plan Significant time commitment Leads a team toward a goal (future)

Critical Success Factor: A Supportive Firm Understanding that it takes time to build Understanding that you’ll need help Supportive of your personal and institutional marketing efforts (within reason!) Willing to adjust other commitments as needed

ADD to your Plan Now: Quadrant 3 Do TWO personal brand building activities in the next 30 days: Consider some options Talk to a mentor Get assigned to clients Join an association Produce thought leadership What & When? 15

Networking Mastery: Starts with the Elevator Speech

Networking often starts with your “Elevator Speech” Defined as: who you are, what you do, and for whom You need to be able to relay your personal brand in 30 seconds or less (Quick like an elevator ride) Drives the other party to action – such as to ask a follow up question 33

BENEFITS…NOT.. features Example of features: Audit, tax, operations consulting, business valuation, fraud detection Benefits of these features: _________ 34

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 Hi, I’m Art from ABC Firm and I help business owners protect their businesses from fraud. Hi, I’m Art from ABC Firm and I consider myself a financial firefighter 36

My Personal Elevator Speech? Hi, I’m Art from Kuesel Consulting and I am a marketing consultant Or Hi I’m Art from Kuesel Consulting and I help CPA firm partners growth their practices and make more money Hi, I’m Art Kuesel. I run a boutique consultancy that delivers an average of 15:1 ROI on my services. 36

NOTE: Don’t limit yourself to JUST ONE elevator speech Different environments may warrant different approaches and different speeches… a client event a referral event a general business networking event Be flexible, have a few different options for any given situation! 36

Develop your Elevator Speech Now Develop an elevator speech right now! Take 4-5 minutes to draft Practice with a partner Be ready to share

Networking Mastery: Six Steps to Success

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 46

Step 1: Planning and Preparation Identify where you would like to network - create a target list of people and/or organizations Identify and bring a buddy Walk in with a goal in mind (i.e., meet three people who could be good referral sources) Bring your elevator speech(es) and business cards Bring your nametag if applicable 47

Step 2: How to approach a “stranger” Forget what mom told you! Shadow an experienced networker and/or bring your buddy Most people don’t enjoy networking – remember that you’re “in good company” Don’t fear rejection – it rarely happens! Approach confidently and introduce yourself 50

Step 3: Starting a Conversation Most (and people in general) fear that they won’t have anything to say or will say something foolish… 52

>>> Step 3: Starting a Conversation Think about This: People like to talk about __________ People like people who are __________ Therefore _______ is KEY, _______ is NOT If you can keep someone busy talking about themselves - you have created a favorable impression of yourself – you will have an opportunity to talk about yourself later! 53

>>> Step 3: Starting a Conversation How and Where? Strike up a conversation in the line at the bar/food Join a table that already has people at it Strike up a conversation with an exhibitor Introduce yourself to someone standing alone or sitting alone at a table While at the registration table, ask to be introduced to one of the hosts 54

>>> Step 3: Starting a Conversation I love that suit! (compliment) Do you come to this meeting often? Do you know many people here? Have you ever been to this venue? Start with your elevator speech What line of business are you in? Talk about the weather…sports…traffic… >>>Ask great questions and get them talking!<<< 55

Step 4: Finding Commonalities 3

Step 5: Exiting a Conversation Ask yourself: Are they a good target for you (referral source, client, good person to know)? YES/NO? If YES: “It was great meeting you, do you have a card, it would be great to get in touch next week and see how we might be able to help each other in the future…” 57

>>> Step 5: Exiting a Conversation If NO: “It was a pleasure meeting you. Have a great evening.” “It was great meeting you, do you have a card, it would be great to stay in touch.” Nice to meet you - please excuse me - I need to use the restroom/make a call/take this call/etc. Oh, excuse me, I see someone that I need to meet before they go – nice to meet you… Forgive me, I have to get home to meet my family, take the dog out, etc. Have you met XYZ? 58

Step 6: Follow-up Are you going to let all that work you just did introducing yourself be wasted? Follow up in a few days with a call or email and suggest a coffee, lunch, breakfast, cocktail or breakfast meeting… Then - at the meeting, ask to learn more about them, their clients and begin to discuss in greater detail how you might work together! 61

For every 50 people you network with…

Where do we seem to trip and fall? 62

Book Recommendation

ADD to your Plan Now: Quadrant 3 Plan to network twice in the next 30 days: Identify when/where Identify your buddy Set goals Meet future clients and referral sources Follow-up What & When? 15

ADD to your Plan Now: Quadrant 1 Keep WARMING UP your client relationships…Can you do 2/month? Thrillers Breadth Depth Cross-Sell Referral Asks Who, What & When? 15

We must WORK our Plan to Succeed! Call the BD Hotline if you get Stuck! 312.208.8774

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

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

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