Tips, tricks and insights for accountants

My weekly emails for accountants contain a number of regular sections. Which is of most interest to you?

1. Debunked: Long before the advent of 'fake news' I was debunking myths, misconceptions and downright lies.
2. Magic Words: Words or phrases that can have an especially powerful impact in an accountant's life
3. Key Business skill: I highlight a key business skill you may not have addressed during your studies or perfected during your professional career.
4. Latest blog post: This links to my latest blog post for accountants who want to be more successful

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In this week's Magic of Success for Accountants you'll find:

• Debunked: Top of Google
• Magic Words: Feel, felt, found
• Key Business Skill: Commercial Awareness
• The power of effective strategic support
• Checklist for accountants' websites
• Talks to help you take action

Debunked: Top of Google

Is your website at the 'top of Google'? This is an ill-informed question. For a start, you would need to be more specific. Is it at the top of Google for key common search terms? These will typically include 'accountant' and your local area.

Tips and tricks: What you REALLY want is to be 'top of Google' when someone searches for an accountant with your expertise in your area.

No one in Bournemouth, searching for a new accountant, is going to appoint one in Birmingham. So there is no point in trying to appeal to people all over the country - or trying to be 'top of Google' outside of your local area.

The easiest ways to ensure that your website is high up in the search results when people in your area are looking for a new accountant are simple:

1. Ensure your local area is referenced on your home page
2. Register with 'Google my Business' - there's no charge and this should ensure you appear in the local map that pops up at the top of search results.

Magic words - Feel, felt, found

You know how it feels when a client resists your advice or challenges your fee quote?

This week's 'magic words' reference an age-old technique that can help you use empathy to gently help clients to change their mind.

Tips and tricks: There are three elements to this simple technique:

• “I understand how you feel.” This wording lets your client know that you heard them and can relate to them.
• “Initially, other (clients like you) felt that way.” This shows their their instinctive reaction is common, meaning that the situation can change.
• “What they found, however, was that after doing ‘X’ was that ‘Y” happened.

‘X’ is what you want your client to do (engage you or take your advice).

‘Y’ is something positive your client will receive that they cares a great deal about.

Thus this other group of people changed their minds, did what you recommended they do, and were very pleased with the outcome.

Here's an example (although I can't tailor it to you precisely on this occasion):

I understand how you feel about The Inner Circle for Accountants. You feel you won't be able to contribute or that you won't fit in.

Initially many of the members felt the same way at least until they attended their first meeting.

What they found was that other members were sole practitioners just like them. No one is 'amazingly' successful and everyone around the table shares similar issues.

This means that beyond getting my insights and advice, members also gain from the collected wisdom from everyone else in the room. They feel more confident, are happier and their practices are now more successful.

The Inner Circle for Accountants is only for sole practitioners who can get into London for a round table meeting on the 2nd Wednesday of each month.

Full details here >>> where you'll find all the benefits and reasons why members love being part of the group - for just ￡300 pm. Let me know if you'd like to join us!

Key Business Skill - Commercial awareness

The skill of commercial awareness requires an ability to understand the commercial context of the advice that clients require and that you provide. At it's simplest it means recognising the need for clients to see and get 'value for money' from you and from your advice.

This in turn requires an understanding as to what constitutes success for your clients, and the relative costs of following your advice as compared with the alternatives.

When I was in practice, I quickly learned to explain to clients to 'never let the tax tail, wag the commercial dog'. In other words, tax savings are not, normally, as important as commercial success. The latter should generally be prioritised.

Tips and tricks: Clients typically want advice, not just answers or options. And they want advice that makes sense in the context of their business operations.

As a start, you could ensure that your responses to clients' questions include advice that starts: "Given what I know of your plans and priorities...." or otherwise makes clear you are advising in the context of their commercial imperatives.

One accountant told me years ago that he introduces himself at networking events by saying "I'm an unusual accountant, as I help my clients pay more and more tax."

Apparently he then clarifies this surprising statement by explaining that he feels it is more important to help clients make more profits. He adds that they like the way he focuses on doing this rather than on only trying to keep their tax bills down. In so doing this accountant is demonstrating his 'commercial awareness'.

This is another topic that often comes up during meetings of The Inner Circle for Accountants. 

The power of effective strategic support

If any of the topics addressed in my emails make you feel you need some help and support, please get in touch>>> We can have a quick chat - with no obligation.

Some of the more successful accountants who contact me do so because they are over-stretched and unable to focus on the strategic development of their business.

I love working with accountants so they can achieve more success, clients, profits, time and satisfaction. Would you benefit from ongoing support and encouragement in the way you run your practice? Main options here >>>

The real key is that you need to be prepared to take action after we speak - whether that's a one-off conversation or a regular arrangement. Your initial commitment could be as low as ￡558. Regular packages range from under ￡2k to ￡14k.

On the Successful Accountants' blog

In today's short blog post you'll find my checklist for accountants' websites - again debunking some of the more common advice you see elsewhere. You can read the blog post here >>>

Talks to help you take action

When I'm not supporting sole practitioners, I'm often on stage speaking to accountants in all sizes of firms.

If you know anyone who books speakers for accountancy conferences, events or awaydays where my input could add value, please let them and me know.

Latest talk: The rise of Robo-Accountants - and how to beat them

Also:

• Be reMARKable and more than just another accountant
• Debunked: Social media lies and how to really make it work
• Using Linkedin to STAND OUT and win more business
• Increasing your advisory work and the related fees you earn

Chat?

If you want to discuss anything in this email, on my blog, or from one of my talks, please pick a time that suits us both via this link >>>

Think on these things...

...and enjoy the rest of the week.

Regards 

Mark Lee FCA

Futurist, Influencer, Speaker, Mentor, Debunker (and Treasurer of The Magic Circle!)

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