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

2. 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

3. Today’s Agenda
Practice Growth Checklist
Consultative Sales Process

4. 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

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

6. 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

7. 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

8. 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

9. 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

10. 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

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

12. 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

13. Nurturing Activities Newsletters Open houses Outings Surveys
*for more information go to

14. Marketing
???

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

16. Agenda
ReNew Sales Ladder

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

18. 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

19. 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.

20. 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:

21. 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

22. 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

23. 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.”

24. 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?

25. 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.”

26. Questions
???

27. 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

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

29. THE MOST IMPORTANT SKILL? ? ? ? ? ? ?
THE MOST IMPORTANT SKILL ? ? ? ? ? ? ? ? ? ? ?

30. Types of Questions
Basic
Emotional
Consequences
Imagination
ReNew

31. 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?

32. 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?

33. 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’

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

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

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

37. Types of Questions Review
Basic
Emotional
Consequences
Imagination
ReNew

38. 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?

39. And if you are not proactive….

40. 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

41. Questions
???

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

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

44. The power of any idea is in the implementation
Thank you