Five Ways to Build Your Business
By Troy Waugh
Is this going to be your year for turning the power of marketing and sales on in your business? If your answer is yes, here are five keys to success:
- Focus on client's profits, not your own.
There is a limited demand for tax return preparation services and audits, but there is unlimited demand for accountants and consultants who can help clients improve net profits! If you are still focusing on increasing your billable hours, billing rates or net fees, it's time to reorient your thinking.
- Write a personal marketing plan.
Most partners and managers can devote only 100-300 hours a year to marketing. Why not plan this time as well as you would a 300 hour client engagement? Focus on desired outcomes, actions steps and a time and dollar budget.
- Don't hibernate during tax season.
Clients are never more interested in help with their business than when confronted with last year's financial results, and with their tax liability. Plan now for cross-selling to each client you meet with during this tax season. Augment the effort with press releases, articles, and mailings. Prepare the materials before tax season; release them during tax season.
- Build relationships with your clients' team members.
Before tax season gets underway, meet with your Top 10 clients' attorneys and bankers. If you focus on not-for-profits, get to know the board members. All of these people are the movers and shakers in your community. Create a team working for your client, and you will create a referral team that also works for you.
- Monitor your sources of new business and organize your leads.
If your best business comes from, you will know how to invest your time you learn where in the future. Use a contact management system like Goldmine or ACT! to keep track of your leads and referral sources. Organize these contacts into "A," B" and "C" categories, then formulate a communications strategy tailored to each.
An innovator of dynamic marketing systems, Troy has more than 30 years of experience in marketing professional services. In 1991, he founded Waugh&CO to serve the accounting profession.
Troy draws on his experience as the National Sales Manager for a major investment firm, the CEO of a publishing company and a manager with Price Waterhouse. Recognized as an industry leader, Troy has impacted clients around the world with his dynamic programs.