The uncertainty brought on business owners by COVID-19 has been devastating. As you know, many businesses will not make it. Public health guidelines and restrictions are preventing businesses from operating at full capacity. In some cases, they’ve closed or have been forced to close.
CPAs face tough competition looking for “A” clients. As it turns out, the big opportunity lies with your existing “B” and “C” clients. That’s because the clients that are struggling need your advice now more than ever. Make no mistake, this is a huge opportunity.
Has this happened to you? As you’re preparing monthly numbers for your business clients you might, as an example, see opportunities for improved cash flow or increased profits. Instead of interfering, you take comfort in having the work and let them do their thing. They’re busy working to keep things afloat and they are not making the changes you see could make a huge difference.
You want to help but you’re not comfortable jumping in. What if there was a way to have those conversations? What if your input was welcome? You know they are watching the clock when you call because they think the meter is running. Would you consider turning off the meter for a one-hour meeting to discuss their future?
You know they can return to profitability—or be more profitable—if they implement some changes. This is where your standard compliance work client becomes an advisory client. A client who once spent three or four thousand dollars with you becomes a client who is willingly spending $15,000 because you’ve used your skill to help them improve their business. You know the potential is there. You already have the numbers. COVID-19 is the perfect opportunity to have that conversation with your client.
Your client will happily pay $20,000 for services that save them $100,000. They’ll be even more inclined to take the leap if you guarantee the results, which is simply a matter of offering a money-back guarantee if the savings don’t materialize. Are you ready to put your expertise to work? You can stop providing random acts of consulting and become a trusted business advisor.
Stand out from the “compliance crowd” with advisory services that strengthen your clients’ businesses. You can become your clients’ COVID-19 Survival Kit.
As the old adage says: You get paid for the results you produce.
You’re worth it, aren’t you?
Paul Roy is Co-founder of CPA Business Coach which is a training and coaching company that helps CPA’s and serious accountants become successful with lucrative Business Advisory Services. CPA Business Coach offers a 10-part online course as well as group or one-on-one training to help you take your practice to the next level.