Business Failure Rates
Three (3) out five (5) businesses fail within the first five years is a very well-known business statistic. It’s liberally rolled out to business owners by well meaning folk attempting to bolster their confidence when things get tough. You’re doing a great job, you’re still in business, they say, you know 3 out 5 businesses fail in the first five years, right so you’re above the average!! Not the most awe-inspiring, confidence boosting, pep talk really is it, lol? It is however a very sobering fact that business failure rates are that high. As a trusted advisor to the business community you have no doubt been doing a good job of keeping compliance obligations under control for our clients. You most likely have a very successful compliance driven business. Then why are 3 out of 5 businesses still failing in the first 5 years? As accountants this should be our statistic to own and I say our because I’m an accountant too. But we don’t do we, own it that is, I think you’d like too but are not quite sure how to go about it so instead we brush it off as just something to be accepted. Well hang that I say, acceptance, shmeptance!! I know we can do better, I know you can do better, this is the key to increasing your advisory sales and breaking the reliance on compliance for good. It’s exactly the reason why I developed The Small Business Project and shared it with the world in my book Accounting Revolution.
Fear of Asking Questions
Not being able to answer client questions is, funnily enough, one of our greatest fears. This fear often stops us from venturing outside of our expert mindset. It keeps us well and truly grounded within our compliance domains, fuelling the limiting belief that we shouldn’t ask questions unless we know the answers.
You’ve been led to believe that your value lies in the answers you provide, the information and detail you give, the technical accounting and taxation goobly gok that rolls off your tongues almost every single day, that you are the experts. I’m here to tell you that’s simply not true. Absolutely you are the expert in compliance, accounting and tax but when it comes to your client’s business, you are not the expert, they are. We can guide, facilitate, assist, recommend and reassure but we cannot and do not have the answers. If you shift your mindset to one where you are not the expert and you have no expectation of knowing the answer, then the fear goes away. Our clients are the experts in their business they have the answers, our job is to ask the right questions to help them find those answers.
Successfully Sell Advisory Services
The crucial thing to understand about advisory services is that you cannot deliver them the same way you deliver compliance it simply does not work. I’m guessing you may have had some success selling advisory services to clients. I guarantee these successes have been because the client has required these services to fulfil another need for example the bank needed a cashflow for their finance application.
They purchased these services from you not because they wanted to but because they needed to. To successfully sell business advisory you need 3 things; skills, structure and process. You might not realise but you already have 95% of the skills you need to deliver advisory successfully, the remaining 5% can be found in my book Accounting Revolution. Click HERE to download the first chapter of Accounting Revolution for FREE!
The Small Business Project
The Small Business Project is an advanced three-phrase program incorporating Business Metamorphosis, Leading Edge Business and Ready Set Coach. It details the structure and process you need to sell advisory services successfully to your clients. Each phase is set out in its entirety in my book Accounting Revolution. Read it for yourself, purchase a copy HERE.
Combining the power of accounting with the best bits of coaching into one powerful modality is the smartest and most effective way to deliver and sell advisory services to your clients. I’ve been an accountant and worked in the accounting industry for a long time, 25+ years of hanging around with accountants and business owners has most certainly had its benefits. My experience and inside perspective has allowed me to develop this unwavering belief that combining coaching and accounting is the smartest thing accountants will ever do. As I roll out The Small Business Project, talk to my clients and get feedback from followers this belief is regularly reinforced.
To find out more about increasing your advisory sales and breaking the reliance on compliance for good, join the revolution and receive regular info on all things revolutionary. Drop us a line at [email protected]