This draft agenda re a first meeting with a prospective client dates back to 2006. It’s an example of the approach I adopted when I was in practice.

I had created a number of  template agendas – I chose the most appropriate one and personalised it for each meeting. This always impressed prospects as it showed I had thought about their situation beforehand – by ref to our initial telephone conversation.

The other benefit of this template was that it contained reminders of issues I needed to cover. Better that than to have them scribbled on a pad. Notice that there is no specific point for me to talk about my practice – other than at point 5. There is little point in starting such meetings with a summary of you and your firm’s background. Instead, after the briefest of intros (especially if you have a colleague or staff member with you) encourage the prospect to talk about what’s on their mind – as prompted perhaps by some of the agenda items – it’s not set in stone, just may be helpful. The items listed may also help the prospect realise that there are more issues to consider than perhaps they had previously considered.

What else might you want to add on to such an agenda?  Looking back I think there’s something pretty obvious missing.

AGENDA

1. Introductions

2. Issues and concerns

a. Extraction of cash b. Maximising entitlement to Business Asset Taper Relief [Entrepreneur's Relief now of course] c. Potential sale in next couple of years d. Inheritance tax (business property relief)

3. Company background

a. Activities b. Annual accounting date c. Last filed accounts d. Premises and locations e. Accounts and Directors Reports

4. Attitude to risk taking

a. Tax avoidance schemes b. HMRC (Revenue) enquiries – any history? c. Investments

5. How can we help?

6. The way forwards

a. Advice required to provide peace of mind b. Terms of business and payment on account c. ‘Know your client’ paperwork

Related posts:

• Good agendas for client meetings
• Good agendas for meetings

Some years ago I signed up for some personal coaching with John Niland. I have remained on his mailing list – he regularly shares useful tips and advice for independent professionals. Last week I noted he had given another good example of why it is so important to be clear as to who are your ideal clients. It’s irrelevant that YOU may feel capable of being able to help anyone or everyone:

“To see the truth of this, just place yourself in the position of a [prospective] client. Perhaps you [as the prospect] want the services of a web-designer, or an accountant. Two candidates present themselves. The first speaks about their experience, their services, their way of working. They show you their testimonials, their references and give several guarantees about quality.

The second candidate speaks about your world, and how this is different to that of most other businesses. They show you some of the classic pitfalls that exist, perhaps even those that their generalist-competitors have fallen into. You add some of your disappointments, because you have probably hired a web-designer or accountant before. Together you explore some opportunities that are unique to your sector: for the health-professional, perhaps links to local professionals: for the general manager, contacts with national associations who have a panel of management-experts on their website.

All other factors being equal, which of these two candidates carry the most credibility for you? And if they are a bit more expensive, aren’t they worth it? Indeed, you might even expect that.”

As I have stressed previously, you will also secure more referrals if your business associates, friends and even your family are able to speak about your specialist expertise or business focus. This can be so much more powerful and worthwhile than simply being thought of as ‘just another accountant’.

Previous posts on related points:

Yellow pages bingo for accountants

4 accountants respond to a prospect’s initial enquiry

Articulating specialisms – can you do it?

Should accountants Niche or Micro-niche?

I have long been Deputy Treasurer of a large charity in the care sector. My role means I sit on the audit committee (among others) and have a say in the appointment of new auditors.  We have just been through the process for the third time in 11 years.

Once again it was a revelation. I say this as someone who, when in practice, had contributed to many formal tender documents and presentation pitches.  If only I knew then what I know now. And I remember feeling exactly the same way after the first time I was on the receiving end of the tender documents and pitches for the charity.

Let me just share a few absolutely KEY points:

1. The document is important and needs to be read through by someone outside of the bid team before it is finalised. Two of the 3 firms who bid this time round had missed key errors in the fee quotes which did not add up!
2. The document does not win or lose you the job. BUT it does determine whether or not you are invited to a formal pitch. Once again we eliminated a firm whose tender document revealed the firm’s lack of experience and knowledge of our sector.
3. At the formal presentation CHEMISTRY is key. Each member of the team needs to look interested in what their colleagues have to say, even if they have heard it many times before. Partners need to respect the role of managers – and simple body language clues can give a very clear impression of what’s really going on. I’ve seen non core members looking bored as if they had been dragged along against their will, I’ve seen an audit partner waiving dismissively in the direction of his audit manager when ‘introducing’ them and I’ve seen audit managers who only became animated when it is their turn to speak.
4. Firms should invest MORE time in preparing for the presentation than they do in putting the bid document together. The choice of language used by the bid team and their ability to deal with questions and challenges in a professional way are key. They need to be sure that they will effectively evidence relevant skills, experience and expertise. Firms that have invested in appropriate presentation skills training and put the bid team through rigorous rehearsals stand out. Done well this puts them head and shoulders above the competition who will look second rate in comparison.

One or more of the above lessons have been apparent on each of the 5 occasions I have sat on the client’s side of the table for tenders (That’s 3 times for audit pitches and twice for investment managers).

I know of one firm whose managing partner insists that all bid teams present to him the day before they present to prospective clients. However good that is I would think it better that such rehearsals involve someone who the bid team have not met before. That could be a partner from another office, a third party friend of the firm or maybe an independent consultant. In the latter case perhaps it should be someone with relevant experience and insights to the audit tender process gained from sitting on both sides of the table. Let me know if you’d like to discuss this!

On one of the business networks I follow a member recently asked for a recommendation to a down-to-earth, friendly, non-judgemental, accountant.  He explained his requirements in a little more detail – but not much although he did state:

“To be ABSOLUTELY clear, I am NOT looking for someone who has intentions of turning me into a major annual revenue stream. I am looking for someone who is good at remedial work and charges a fair fee for the very limited amount of work that is involved.

My affairs are VERY SIMPLE. I need support, encouragement and creativity!”

I have seen many such requests in the past.

Four names came up in recommendations on the forum. Each of the accountants then posted a message in reply. Surprisingly none of them appear to have made direct contact with the prospect. Leaving that to one side, just compare these four different approaches:

Accountant one

I am indeed an accountant with a personality! I look at accountants as being people who should feel like a part of your business, not a faceless person you send your paperwork to once a year. My firm look after owner managed businesses only, so we know what you are going through each year.

I’d be very happy to have a chat to you at your convenience if it would be of interest to you. My number is ….

Hope you’re all enjoying the snow!

Accountant two

I can cover anything from a small tax return to also help with a creative solution to ensure your best interests are looked after. Take a look at my profile and let me know if I can support you.

Accountant three

If you are looking for sole trader advice, then it is something I can help you with.

We specialise in self employed sole traders, and are based not too far away in [county] so a meeting half way would be easy.

There is no charge for an initial meeting, and we can discuss your requirements.

Also, we find that many of our clients achieve savings of up to 50% on what they would normally expect to pay for accountancy services.

The company website ……has more details of our services, as well as video interviews.

Accountant four

I’m simple. Recommendations within [this was a link to recommendations he has received from a variety of people on the forum]

Observations

Four very different approaches.

Given that, in each case, the accountants had been recommended by existing clients, their comments are not what you might call ‘pro-active’.  None of them appear to have made direct contact with the prospect whose contact details are easily accessible on the site.

Only accountant one has provided a phone number.

Maybe they were concerned they’d seem desperate if they contacted the prospect directly. I presume they don’t use direct mail or telemarketing – which seeks to do the same things with complete strangers.

Or maybe they were consciously just going through the motions after having been recommended. In practice perhaps this isn’t the sort of client they want to take on. And there is a key lesson here. Do your clients, business contacts, friends and family know what sort of referrals you would like to receive? Do you know?

What do YOU think of these four responses?

I spent last night in the company of numerous ex colleagues from WJB Chiltern. It Was great seeing do many old friends. What has prompted this post though is a realization I had part way through the evening Almost without exception everyone of my Chiltern Alumni was working in onevof two types of firm.  Either they are Now part of a big accountancy or law firm or they are a key member of a niche practice. Indeed the majority were in such practices. The speciialisations ranged from Tax investigations to VAT on yachts to high net worth private clients to simple accountancy to trusts and estates work. I also met a number of ex colleagues who will shortly leave their current firm to establish a new niche practice. And good luck to them. Every single one of the people I spoke to last night could articulate their area of specislism. None talked in generic terms if being a tax adviser or an accountant. They arexall successful and will remain so. They have a clear ficus and a niche. Do you?

Last week I spent a very enjoyable evening in the company of dozens of ex colleagues from WJB Chiltern. I left Chiltern over 6 years ago. Most of my ex-colleagues have also moved on – indeed what’s left of Chiltern is now owned by BDO.

It was great seeing so many old friends. What has prompted this post though is a realisation I had part way through the evening.

Almost without exception everyone of my Chiltern Alumni is now working in one of two types of firm.  A minority are employed by a big accountancy or law firm. The majority however are key members of niche accountancy or niche tax practices.  In each case they have a clear focus and  specialisation. These range from Tax Investigations to VAT on yachts to high net worth private clients to trusts and estates work. I also met a number of ex colleagues who will shortly leave their current firm to establish a new niche practice. And good luck to them.

Every single one of the people I spoke to last night could articulate their area of specislism. None talked in generic terms of being a tax adviser or an accountant. They are all successful and will remain so. They have a clear focus and a niche. Do you?

(Yes, some of those I spoke with last week will become members of the Tax Advice Network. After all, it’s a marketing portal for tax specialists and will increase the level of referrals they receive. Like my ex-colleagues, every one of the tax adviser members, who operate as independent specialists, has clear areas of expertise)

I received the following message recently. (Edited to remove identifying information):

Mark,

I feel this will to be of interest to you. My 3 most recent clients told me their reasons for now doing business with [ABC Accountants].

1 – They only ever had communication with their previous accountant once a year at year end. 2 – I was the only accountant who was promoting himself and looking to grow his business. 3 – They had to pay an audit bill once a year which normally proved to be a big headache and difficult on their cash flow (as opposed to a payment plan from €29 per week).

Since May 2010 in particular, I have met some great companies, from sole practitioners to SME’s. I have spoken to at least 30 business owners and given them some good information that they can use as a “bargaining tool” with their accountants.

As I started to read this I thought it was an interesting example of someone trying to be more innovative – as I recommend in many of my blog posts, talks and seminars for accountants.  I thought he was proudly telling me about the success of his efforts.

Then I read the final line:

Mark, as a contact of mine on Linkedin.com, if you wish to have a conversation, about options to help you overcome any challenges you are having, I am more than happy to have a chat.

Many thanks,

That’s when I realised this is simply a round robin and that the sender has taken a big risk in spamming all of his linkedin contacts.  That’s really NOT a good idea. It’s likely to alienate many of the recipients who may look for a way to disconnect or  blacklist the offender.

Then I went back and reread the earlier parts of the email more critically. Interestingly the sender starts by referencing 3 new clients but later mentions he has “spoken to at least 30 business owners”.  Is it unfair to assume that he has only converted 1 in 10 of those into clients? That’s not a hit rate I’d want to shout about.

And if I were being picky I’d also suggest that the three opening points are all rather weak.

1. This says nothing about the accountant in question – just what other accountants do.
2. How many other people would move their affairs to an accountant “who was promoting himself and looking to grow his business”. Even assuming it’s true, it’s barely worth mentioning as promotional messages should instead focus on prospective benefits to clients/prospects.
3. Given that only companies with turnovers above £6.5m are audited I found it really odd to see reference to the difficulties with paying audit fees contrasted with “a payment plan from €29 per week”.  It doesn’t really make sense to me. Would it impress prospective clients? I think not.

My conclusion. A poor attempt by someone who hasn’t thought through the impact his message would have. Or tested it out on some friendly contacts (or on any experts) before sending it out willy-nilly.

What do you think?

Talking with an accountant recently I learned that he regularly receives phone calls from people who have found his website or phone number. Sounds good?  Yes it does and it’s not at all uncommon. Many accountants get such calls.

He was complaining actually that most of the callers were after some free advice. And if the matter is quite straightforward he gives them the advice they require. These calls typically take 5-10 minutes.

Why do you do that I asked?

He told me that he quickly establishes that they have no immediate need of his services and doesn’t want to waste more time than necessary dealing with these callers. He sees it as good PR and marketing. On what basis I asked?

“I hope they’ll tell someone” he said.

I pointed out that what he was really doing was:

• Hoping that the caller would remember who they had spoken with
• Hoping they would remember his firm’s name and/or contact details
• Hoping that they will tell other people about him
• Hoping that they will think of him at some stage in the future when their circumstances change and they need a (new) accountant.

And that they would do this regardless of how much time elapses after the phone call.

I’m all for being positive and hopeful. But I think that he’s hoping for a bit much on the back of a 5-10 minute phone call with someone who has found him on the web. I shared some ideas as to what he could do to get more from the calls.

What about you? Do you just ‘hope’ or do you do something to turn your hopes into reality?

Talking with a tax and financial adviser recently he told me that his firm is a heavy promoter of tax schemes. “Not a great fan myself“ I said. His reply was almost the complete opposite of what I had expected:

“I’m not surprised” he said. “Few people actually go ahead and implement the schemes.”

“So why do you promote them so heavily?” I asked.

“Simple. It gets people through the door. We tell them what they could do and then when we explain the risks they just don’t have the appetite. But they like our approach and become clients anyway.”

This reply reminded me of the conversation I had in the Spring with the head of tax at a reputable tax consultancy. After he has explained the detail of a tax scheme to his clients they invariably say:

“Now I understand it properly, why would I want to go into a scheme like that?”

I explained this further in a post on the TaxBuzz blog: “Have a look at this scheme and tell me what you think”

Coming back to my tax advising IFA. Would you feel comfortable leading with a superficially attractive service offering if experience tells you that most prospects will reject it – albeit they may choose a different service?

A sole practitioner accountant recently asked how could he attract the ‘bigger fish’? In effect he wanted to know how he could start to attract and win clients who would be prepared to pay bigger fees. He said he wants to more than double his average fee – moving from around £600 upto £2,000.

Here’s my initial reply:

What services do the ‘bigger fish’ look for and that you can provide? Are you looking to attract prospects with more complex affairs or those with more messy records?

What services would anyone want and be prepared to pay £2k for that you have the interest and ability to provide.

When you are networking are your stories and examples about small clients or big clients?

Do the messages on your website and marketing material represent the right sort of bait for the work you want to attract?

What would YOU suggest?

This is a follow up to last week’s post about a poor piece of generic direct mail I received from a firm of accountants. I’ve been asked to spell out what’s wrong with it. So here is my analysis of the letter – line by line:

“It was unfortunate that I was not able to meet with you at the [event].

Was the writer actually there? Were they specifically looking out for me, having checked me or my org’n out beforehand?

I would have appreciated the chance to talk with you about your organisation and gain an insight into how we can work together in the future.

Do they know anything about me or my org’n? They seem to assume that we could work together. And yet the rest of the letter is not about working together but simply describes a typical firm of chartered accountants.

I would like to introduce our firm to you.

And yet what follows is so generic as to be worthless.

[This top 30 firm] is a firm of chartered accountants providing a fully integrated business advisory service across several areas of expertise, designed specifically to save you time, provide you with peace of mind and achieve cost savings where possible.

“Fully integrated” – which means what exactly?

“across several areas of expertise” – do any of them include my business sector?

“designed specifically” – “designed”? what does that mean? And how is that different to what i would expect of any other firm?

“to save you time, provide you with peace of mind” – Even if the specific design assertion was true it would relate to clients rather than ‘you’ (the recipients of the letter).

“achieve cost savings” – Does this mean they’ll be cheaper than my current accountants? (Won’t that depend on who my current accountants are?) Or that they cut their own costs year on year? (unlikely) Or that they focus on reducing tax bills? (in which case, why not say so?)

We pride ourselves on our ability to understand our clients’ issues, working closely with them to identify areas where we can provide solutions that add value to their business and shareholders. In short, we are here to help you.

“We pride ourselves” – Hmm. And this is different or special how exactly?

“we are here to help you.” – Hmm. Communications like this and that contain unusually long sentences suggest otherwise.

Our clients include quoted public limited companies, owner managed and family owned businesses of all sizes, professional partnerships, regulatory bodies, public sector bodies and not-for-profit organisations.

Is there any business or organisation that doesn’t fit their client base? Am I supposed to be impressed that they claim to be able to service anyone and everyone? I’d be more interested if the letter specifically highlighted their expertise in working with other clients like me.

I will contact you in a couple of days to discuss your requirements and how our approach to service delivery could be of benefit to you and your organisation.

And they’re not trustworthy. A week later and I’ve had no such call.

Further information about our firm is available on our website [here].

What exactly in this letter is supposed to prompt me to bother going to their website?

Signatory – name

As noted in my original post, the position and responsibility of the signatory are not stated. Was it an audit partner? The senior partner? A marketing manager? Someone who will genuinely be able to “gain an insight into how we can work together in the future”.  Who knows?

Is this analysis too harsh? If this letter has secured new clients for the firm then clearly my assessment is wrong. But somehow I doubt it.

What do you think?