Who does the selling to grow your accounting business?
If you’re the driving force behind your accounting, bookkeeping, or tax preparation business’s sales, it may be affecting the value of your company. Investors and acquirers often shy away from businesses where the owner is the primary rainmaker. This reluctance stems from the fact that the business’s value is heavily reliant on the owner’s presence and efforts. If you are no longer a part of the equation, will the business still make sales?
Research from the Value Builder System™—an analysis involving more than 70,000 businesses—reveals that companies capable of operating successfully without their owner for at least three months are more than twice as likely to receive a premium acquisition offer (defined as more than 6x pre-tax profit). To maximize the value of your business, especially in professional services like accounting and tax preparation, it’s essential to empower your employees to take the lead in selling your services.
Why Employees Can’t Sell Like the Owner in Professional Services
It’s common for many junior associates or new hires in accounting and bookkeeping firms to struggle with selling at the same level as the business owner. This discrepancy arises from a few key factors:
- Experience and Reputation: As the founder, your experience is a significant asset. You’ve built a reputation that instills trust in your clients, and this credibility is hard to match by newer employees who are still establishing themselves in the industry.
- Personal Authority: Founders often sell by providing a great client experience. This assurance is more convincing when it comes directly from you, the owner. You’re the one overseeing who works on each project, and clients know they can reach out to you directly if issues arise.
When junior salespeople or accountants try to leverage the firm’s reputation for customer service, it can come across as insincere or lacking the personal touch that clients have come to expect from their dealings with you. Matt Dixon, the author of The Challenger Sale, recommends a strategic approach to equip your team with a more effective sales message. He poses the critical question: “Why should your prospects buy from you?”
Developing a Compelling Sales Proposition
To develop a compelling sales proposition for your employees, particularly in the accounting and tax preparation field, consider these three crucial elements:
- Customer Relevance: What do your clients in the accounting and tax preparation industry care about? They prioritize accuracy, compliance, and trustworthiness. Your team needs to highlight these aspects in their sales conversations.
- Differentiation: What sets your firm apart from competitors? Maybe your accounting firm specializes in a niche market, offers a unique approach to tax planning, or has innovative bookkeeping technology that streamlines processes for clients.
- Credibility: How can your salespeople make your firm’s value proposition believable? Use case studies, testimonials, and success stories that illustrate how your firm has positively impacted other clients’ businesses.
Strategies to Empower Your Employees to Sell More Effectively
Here are three strategies to help your employees sell more effectively in your accounting, bookkeeping, and tax preparation business:
- Training and Development:
- Sales Training: Invest in comprehensive sales training programs tailored to the professional services industry. Equip your team with the skills to articulate the value of your services confidently and effectively.
- Role-Playing and Simulations: Use real-life scenarios and role-playing exercises to help your team practice handling different types of client objections and inquiries.
- Leverage Technology:
- CRM Tools: Implement customer relationship management (CRM) tools to help your team track client interactions, manage leads, and personalize follow-ups based on each client’s specific needs and history.
- Data Analytics: Utilize data analytics to identify trends and opportunities within your client base. This insight can help your team tailor their pitches and identify cross-selling and up-selling opportunities.
- Align Incentives with Sales Goals:
- Performance-Based Incentives: Introduce a compensation structure that rewards employees based on their sales performance. This could include bonuses for reaching specific sales targets or commissions on new client acquisitions.
- Team-Based Incentives: Encourage collaboration by rewarding teams for collectively meeting or exceeding sales goals. This fosters a culture of cooperation and shared success.
By empowering your employees with the right tools, training, and incentives, you’ll not only enhance their ability to sell effectively but also increase the overall value of your accounting, bookkeeping, or tax preparation business. Remember, a business that thrives without the owner being the primary salesperson is a business that is more attractive to investors and acquirers alike.
To learn more about how you can train your employees effectively to increase the value of your business, be sure to check out Universal Accounting Center’s training programs for growing accounting businesses. Call 435-344-2060 to learn more, or schedule a time to discuss things further online when it’s convenient for you:
