Business Development Academy for CPAs

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

2. 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

3. Review & Share Experiences

4. My CPA is AMAZING! Thrillers!

5. 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

6. 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!!!

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

8. Developing a Strong Personal BrandHow to create a powerful brand that drives clients to your doorstep

9. 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!

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

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

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

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

15. 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

16. 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

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

18. 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

19. 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

20. Personal Branding: Like Creating Fame

22. > Your Four Quadrants for Personal BD Success

23. 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

24. 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

25. 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

26. 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

27. D) Identify top associations and organizations • Consider audience quality • Frequency • Accessibility • Opportunity • Thought Leadership • GET INVOLVED!

28. 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!

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

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

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

32. 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)

33. 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

35. 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

36. Networking Mastery: Starts with the Elevator Speech

37. 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

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

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

40. 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 • Or • Hi, I’m Art Kuesel. I run a boutique consultancy that delivers an average of 15:1 ROI on my services. 36

41. 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

42. 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

43. Networking Mastery: Six Steps to Success

44. 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

45. 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

46. 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

47. 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

48. >>> 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

49. >>> 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

50. >>> 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