The Paradox Process Introductory Team Workshop

12 Steps to Growing Your Firmp gby Growing Your Clients

Introducing The Paradox™ Processg

Michael ‘MC’ Cartermichael.carter@businessfitness.net

What we’ll cover todayWhat we ll cover today

Your untapped potential to help clients moreA story of business growth through leverageA story of business growth through leverageSome key business success principlesThe 12 Step Paradox™ ProcessWhat’s in it for you?What s in it for you?Our next step …

Quick bioQuick bio

Mi h l ‘MC’ C tMichael ‘MC’ CarterMarketing and innovation

Industrial design– Industrial design– Patent holder– Business consultant– MBA in Innovation and

EntrepreneurshipP f i l iProfessional servicesCo-Founder of businessfitness™businessfitness– HowNow®

Because the purpose of Because the purpose of business is to create a

h b customer, the business enterprise has two—and only two—basic functions: marketing and innovation. marketing and innovation.

Marketing and innovation Marketing and innovation produce results; all the rest are

M k h costs. Marketing is the distinguishing, unique function of the business.

Forthcoming bookForthcoming bookThe Practice Paradox™– Outlines the 12 Step

Paradox™ Process

Anyway, enough about me …… what about you?

Question

Write down—in one sentence—what an accounting firm doeswhat an accounting firm does

Activity

Write down 3 things you like about working in an accounting firmworking in an accounting firm

Activity

Write down one reason you think your clients chose this firmyour clients chose this firm

H l hHealth

Life

PeopleMoney

fort

Result Eff

t

Result Effo

rtE

t

Result Effo

rtE

Create a lever

Leverage

Give me a lever long Give me a lever long enough, and a prop g p pstrong enough, I can

l h d dl single-handedly move the worldthe world.

Archimedes of Syracuse 287 BC 212 BCc. 287 BC – c. 212 BC

Lessons in Leverage Lessons in Leverage from a Suburban Travel Agency

Wh t ’t measure What you can’t measure, you can’t manageyou can t manage.

They were only They were only lli h fli h !selling the flights!

Values Beliefs BehavioursValues Beliefs Behaviours

Good serviceIt’s not good 

service to ‘hard Don’t suggest options not 

sell’ clients asked for

Good serviceIt’s poor service not to offer 

clients options

Suggest options not asked forclients options

Activity

Think of a time you received amazing service from a business Write down a service from a business. Write down a sentence or two about the experience.

One of the best ways to help your clients more

i t h lp li t is to help your clients more.That is to do more for themThat is, to do more for them.

Where you want to be

ap

Where you are now

skill

s gaare now

ng t

he

Brid

gi

Helping clients more

ap

Servicing clients to a

skill

s gaclients to a

certain level

ng t

he

Brid

gi

Capacity?Capacity?

Additional planning

related work

Additional

e.g. tax planning

planning related work

A client’s

The client’s compliance

kA client’s

The client’s compliance

kcompliance

work

workcompliance

work

work

Time ValueTime Value

Proactive

3 13 1WantsNeeds 2-1 4-3

4 2WantsNeeds ShiftShift

4 2

Reactive

“You didn’t sell”You didn t sell

“Clients didn’t buy”Clients didn t buy

“Clients won’t pay”

Before you can add value, you d b bl ll h lneed to be able to sell that value

Activity

What are some of the words that come to mind when you think of come to mind when you think of

‘selling’ or ‘sales person’?g p

CommunicationCommunication

The problem in h ld d i the world today is communication communication.

Too much Too much communication.

The problem in h ld d i the world today is communication communication.

Too much Too much communication.

Selling is the communication Selling is the communication of value one-to-oneof value, one to one.

Selling is persuasion Selling is persuasion, one-to-oneone to one.

Marketing is the Marketing is the communication of value communication of value,

one-to-many.one to many.

Marketing is persuasion Marketing is persuasion, one-to-manyone to many.

So what is value?So what is value?

The drill bitThe hole

The value is the resultThe value is the resultthe client getsthe client gets

Are these Are these important skills important skills in business?

Communication?Communication?Sales/Selling?Marketing?

They are core skills for a They are core skills for a successful businesssuccessful business

CEO/MD

Sales & O i Admin &Sales & Marketing Operations Admin & 

Finance

CEO/MD

SKILLS GAP O i Admin &SKILLS GAP Operations Admin & Finance

UCUCThe level of mastery

CCYou know you know CCYou know you know

CI You know you don’t knowCI You know you don t know

UI You don’t even know you don’t knowUI y

Psychology Skills SystemsPsychology Skills Systems

Clients happily paying for additional

killsWanting to

provide more

services

Sale

s Sprovide more

services to clients

ng a

nd clients

Mar

keti

M

11Client Share©

2Purpose6Positioning 26Preparation

35Preparation

3Profile5People

4Product & Pricing4g

11Client Share©

Calculate the firm’s current Client Share©

The baseline for measuring improvementOther KPIs will also be monitoredOther KPIs will also be monitored

2Purpose2Porter’s 3 Generic StrategiesDecide on one of themDecide on one of themWill guide all decisions

Define characteristics of ideal clients

3Analyse existing clientsClear target market 3ProfileClear target marketand ‘personas’

Clearly define existing and future productsConsider service level packages (‘bundles’)Decide on pricing structure and policyDecide on pricing structure and policy

4Product & Pricing4g

Pop Quiz

How many separate ‘products’(named services) do you think(named services) do you thinkthe firm currently provides?

There will be a prize when we get to Step 4 in the process

f for the closest guess

P fil b ibProfile team members on attributesComplete Products/Competencies Matrixp pIdentify skills development opportunities

55People

High Technical Skills

High Communication

Grinding Minding

LowCommunication Communication

SkillsReminding Finding

Communication Skills

g g

Low Technical Skills

6Positioning6Map current market positioningIdentify desired market positioningIdentify desired market positioningArticulate the firm’s differentiation strategy

Proper preparation fprevents poor performance.

The difference between ffpreparation and performance is

the risk of failure and the thrill of rewardand the thrill of reward.

11Promote

2Proact6Project 26Performance

35Performance

3Propose5Protect

4Produce4

11Promote

One-to-many communicationEducate and add value to existing clientsEngage clients in a dialogueEngage clients in a dialogueUse new media: blogging, email marketing, webinars, micro-blogging, screencasting

2Proact2Systemise proactively inviting clients inEach client will have a calendar of key datesEach client will have a calendar of key datesMeetings will relate to planning seasons f d d ifor engaged or proposed services

Engagement, proposals, selling skills

3Psychology and skillsSystems for effectively 3ProposeSystems for effectivelyengaging clients

Delivering on your promisesPerformance matters only in relation to clients’ expectationsrelation to clients expectations

4Produce4

Educating clients on the value deliveredReinforcing the benefits receivedReinforcing the benefits receivedThanking clients and asking for feedback

55Protect

6Project6Projecting the client’s future roadmapOutlining steps over next 12 monthsOutlining steps over next 12 monthsRe-sell client on value of firm’s approachEngage/Re-engage at appropriate level

The Practice Paradox™Those services which would

deliver the most value to clients deliver the most value to clients and to the firm, accounting firms and to the firm, accounting firms

don’t know how to sell.

The Practice Paradox™These are services the firm is

already capable of deliveringalready capable of delivering.You already have clients who You already have clients who need and want these services.

The Paradox™ Process12 Step process to bridge the gap between what the firm is gap between what the firm is

capable of delivering and what capable of delivering and what the firm is delivering to clients.

The Paradox™ ProcessThe fundamental measure of

progress will be Client Share©progress will be Client Share©.

Question

What benefits do you see flowing from working more closely with clients? working more closely with clients?

Include the perspectives of clients, the firm and you personallythe firm, and you personally

What’s in it for you?What s in it for you?

More meaningful and engaging workCareer and skill developmentCareer and skill developmentMaking a greater difference in clients’ livesGet to know your clients betterMore client referralsMore client referralsMore fun

Our next steps togetherOur next steps together

Ask your feedback on today’s session– Quick poll – I will email of you a linkQ p y

How can the firm help clients more?I’ll b k h f b– I’ll be asking each of you on a one-to-one basis

– About the opportunities and the potential obstacles

– I’ll be asking some clients of the firm

Then we’ll move into Step 1 … ClientShare©p

MichaelMCCarter

Thank You

www.businesfitness.netmichael.carter@businessfitness.net