Managing the Practice to Enhance Growth and Value Potent and Pragmatic Strategies and Solutions to Help you Grow your Business More Effectively

Session Schedule Leadership and Firm Growth Strategic Planning and Key Profit Drivers Marketing, Selling and Growth Value Pricing – Myth or Reality Team Member Expectations: Breakdowns and Breakthroughs

Today’s Agenda Practice Growth Checklist Consultative Sales Process

In The Trenches… Marketing is Process Test, Test, Test Track, Track, Track Selling is about Serving and Practice Neither are dirty words and you are capable

Practice Growth Checklist Firm Goals Marketing Plan Activity Calendar Marketing/Sales Cycle Sales Training Client Selection-Target Clients Nurturing Activities Pipeline Report Incentive Plans

Firm Goals $1MM Per Partner $500K in Reoccurring Revenue 3 New Construction Clients 70% Gross Margin Input Goals – One Industry Association Per Partner and Manager

Marketing Plan Objective driven – Back to firm Goals Outbound Activity – Association, Direct Mail, Seminar, Referral Lunches, Firm Hosted Events, Community Participation, Newsletter Outcome focused – Desired Outcome Dates Person Responsible

Marketing Activity Calendar Month by Month Calendar of Activity Input Outcome focused Budget (Expected Outcome, Test, Test, Test) Who - Partner What – Rotary, Referral Where Next Steps – Follow Up

Pipeline Report For sustained growth, keep putting new leads into the marketing funnel Review in your Marketing Meetings Track progress using a simple spreadsheet and review at weekly management meetings: Client and contact Engagement type Value Probability of close Weighted value Estimated date of close Where you are in the sales cycle Status/Next steps

Sales Cycle Understand the key elements of the sales cycle for your firm Inbound or outbound (1)Gather information and qualifying -Checklists and client selection (2)Scope and more information -Review of financials, requirements (3)Proposal, follow up and decision process -References, case studies Close

Needs Analysis and Sales Training - RSL Creating Chemistry Outcome Based Agenda Diagnosing Prescribing Moving Forward

Client Selection Define what sort of client your firm can best serve, considering: Level of sophistication of client with regard to your services Potential billings Potential for growth Expertise of team members required to serve the client Appreciation/ethics (do you like and trust them?) Minimum fees

Nurturing Activities Newsletters Open houses Outings Surveys *for more information go to www.renewgroup.com

Marketing ???

Take away Print the Checklist and Assess your firm in all of these areas Develop a Plan for Improvement

Agenda ReNew Sales Ladder

The ReNew Ladder Moving Forward Prescribing Positively - Communicating your Solution Diagnosing Definitively Using Upfront Contracts Creating Chemistry

Upfront Contracts An upfront contract gives you permission to qualify your client/prospect It positions your firm and process as a two-way street Agreed Upon Desired Outcome

Using ‘outcome-based’ Agendas Outcome-based Meeting with Jane Client Things we’d like to do today in our meeting: Get your responses to a series of definitive questions about your business Define very clearly where you want the business to be heading over the next 2 years Review a Proposed Plan of Action for the next 3 months Desired Outcome: We agree to a starting date to implement the Plan.

So, if that’s all OK with you, let’s get started on our first item. Jane, to keep us on track is it OK with you if we just run through and agree to this agenda so that you’re happy with where we’re heading? So, if that’s all OK with you, let’s get started on our first item. And then:

The Power of an ‘Outcome-based’ Agenda It acts as a reference to help you prepare for a meeting. It is a script for the meeting that allows you to keep control and order. It is a standard against which you (and your client) can judge the outcomes of the meeting. Your prospective client has already agreed (if everything goes well) to the outcome you want! And MOST importantly

Using Upfront Contracts to position Additional Services 1. Set a regular meeting with client 2. During the meeting ask three or four qualifying questions 3. Set an appointment and then follow up

Script “John/Mary, while we are thinking about your financial situation, would it be OK if I ask you a few questions about your business/your financial situation (depending whether a business or an individual) to see whether it would be useful for us to introduce you to a new process we are using in the firm. This process helps us focus on increasing your income and quality of life (please note this sentence should be your firm’s own unique differentiator or Unique Selling Proposition.) <Wait for client to give permission.> Thank you.”

Upfront Contracts Business Owners -How well has your business lived up to the expectations you had when you started it? -What were your goals for 2007? Did you achieve them? Why or why not? Individual Clients -How confident are you that, based on your current investments, you will have adequate retirement funds? -What is your next financial milestone and/or goal?

Script - continued “Thank you for taking the time to do that. It’s interesting – from what you said, I do think our new process would be very helpful to you. Would it be OK if we set you up to work through an assessment? We’ll have a follow-up meeting where we discuss an action plan so that you can take steps to address anything that comes out of the assessment.”

Questions ???

Take Away An upfront contract gives you permission to qualify your client/prospect It positions your firm and process as a two-way street Powerful for meetings too

The ReNew Ladder Moving Forward Prescribing Positively - Communicating your Solution Diagnosing Definitively Using Upfront Contracts Creating Chemistry

THE MOST IMPORTANT SKILL ? ? ? ? ? ? ? THE MOST IMPORTANT SKILL ? ? ? ? ? ? ? ? ? ? ?

Types of Questions Basic Emotional Consequences Imagination ReNew

Basic Who, what, where, when and why? How many people in your accounting department? How many days does it take to close your monthly financials? What are the key metrics in your business?

Emotional People buy for emotional reasons. Dig Deeper. How does missing your cash flow targets make you feel? How do you feel about your financial reporting?

Notice how this gets you to a deeper ‘level’ Works like this: I notice that you’ve been in business now for 5 years. What have been the highs and lows of that for you? Notice how this gets you to a deeper ‘level’

Consequences Drilling into problems. What are the consequences of running low on cash? What are the consequences of having high A/R balances?

Imagination A Better Future. If you could wave your magic wand? If you had a $1MM what would you do with your business tomorrow?

ReNew Value of Proposed Solution What do you see as the value of that? What would that do to the value of the business?

Types of Questions Review Basic Emotional Consequences Imagination ReNew

More Sample Questions Do you have a planning process that includes targets, budgeting and cash flow? What are your critical success factors? What things must you get right in your business? How happy are you with the profitability of your business and your return on investment? Do you have a strategic plan that you adhere to and update on an annual basis?

And if you are not proactive….

Best of the Best: Secrets to Success “I return phone calls.” – partner in a 2 partner firm in NY that does 3.5MM “I find out my clients’ deepest fears and never let them forget them.” - partner in a very successful regional firm in the South “I talk business first, accounting second.” – large local firm Managing Partner

Questions ???

Take away Selling can be learned Rehearse and Practice Invest in Consultative Sales Training

Next Webinar Value Pricing – Myth or Reality Thursday August 23rd 1:30pm Eastern

The power of any idea is in the implementation Thank you shannon.vincent@renewgroup.com