Shownotes
Got 10 minutes? That’s all it takes to sharpen your practice! In this episode of the Bissett Bullet podcast, Martin Bissett delivers two actionable insights to help you grow your firm without the overwhelm.
Are you driving your firm or just along for the ride?
Most accounting firms don’t take control of their own growth. In this episode of The Bissett Bullet, we break down the three levers you should be driving every day: Conversion, Activation, and Retention.
Part 1: Why Firms Don’t Drive the C.A.R.
Too many firms rely on referrals and walk-ins, making growth unpredictable. Clients don’t know what else you can offer, and when one leaves, you're caught off guard. Without a proactive approach to winning, maximising, and keeping clients, your firm becomes a hostage to chance.
Part 2: Taking Control
I share practical steps you can take right now to start driving your own results. Whether it's improving how you convert new leads, activating hidden opportunities in your current client base, or shoring up retention, these are tactics designed for immediate use and long-term impact.
---
Ready to grow your firm with practical, no-nonsense advice? The Bissett Bullet podcast gives you bite-sized insights you can implement today.
Visit www.bissettbullets.com for more resources.
---
4impactdata is an AI-powered platform that helps firms move beyond historical reporting by delivering clear, actionable next steps for your advisory team so that you can provide more value to clients without the guesswork of dashboards. To book a conversation or demo, or to join the 10X Advisory Cohort with resources from Martin, along with 10% off your first year’s subscription, visit 4impactdata.com
---
ProNation is a global community for accountants and bookkeepers that gives you peer-to-peer support, expert guidance, and proven strategies to run a more profitable, efficient, and impactful firm. Led by Will Farnell, Lucy Cohen, and Martin Bissett, it helps practices of all sizes grow with confidence and better serve their clients.
---
In association with CPA Trendlines
Transcripts
Conversion, the winning of new clients, activation, the maximizing of existing clients and retention, the proactive methodology for keeping clients can't be found as regular strategies in many, many accounting firms.
Speaker A:Many, many accounting firms do not drive the car.
Speaker A:Drive the car.
Speaker A:But you should be doing.
Speaker A:And here's why, and here's how in today's Bullet.
Speaker A:So welcome to the Bullet.
Speaker A:I'm Martin Bissett.
Speaker A:As I'm sure you know, and also as I'm sure you know, we are supported here by four impact Data, the advisory technology platform partner of the podcast and by Pro Nation, the official accounting practitioners community partner of this podcast.
Speaker A:And we're very grateful for both their support.
Speaker A:And you'll hear a little bit about both of those in the middle of this episode.
Speaker A:But before that, let's talk about the car and driving the car.
Speaker A:And by that I mean car conversion, activation, retention, conversion.
Speaker A:First of all, in most accounting firms, we are deadline driven, event driven.
Speaker A:We don't direct the practice, it directs us.
Speaker A:And in terms of new business, that generally comes from referral or from walking.
Speaker A:Referral and walking are both reactive steps to winning new business.
Speaker A:They happen to us, we don't make them happen.
Speaker A:They happen to us.
Speaker A:We get a phone call, we get an email, and suddenly we've got an appointment to go on to meet with some new potential client.
Speaker A:So the problem with that is that walk ins and referrals, being reactive as they are, are outside of our control and therefore very difficult to forecast.
Speaker A:And therefore, if we want to grow our firm deliberately and intentionally by 10% or 20%, then we are at the mercy of external forces that we don't control as to whether that happens or not.
Speaker A:And we try bits and pieces of marketing, but let's face it, we're amateurs at marketing and therefore we don't necessarily get that right.
Speaker A:But increasingly, you're perhaps top 100 firms in your area, they are getting these things right and they are being proactive and they are taking it seriously.
Speaker A:And that's why the rest of us have to wake up about it, because we need to at least keep pace.
Speaker A:So conversion, an external force that happens to us, not something that we're in control of in the way that we should be in the way that any commercial business would be.
Speaker A:Generally, activation.
Speaker A:It is the most common piece of feedback I've ever had that an existing client only knows what they buy from the accounting firm.
Speaker A:They don't know what the accounting firm does, they only know what they buy from the accounting firm.
Speaker A:And they're sure that other things are available from that accounting firm but they couldn't tell you what they were or whether they're relevant to that particular business.
Speaker A:So clients spend most of their time uneducated about what we do and how we do it.
Speaker A:They don't know whether to talk to you.
Speaker A:And the version that's worse than that, if they don't know to talk to you, they talk to somebody else instead.
Speaker A:That's a problem as well.
Speaker A:So we don't take activation, the full maximizing of the potential within the client base for our services to be used there.
Speaker A:We don't maximize the potential there whatsoever.
Speaker A:And then retention, generally a client loss surprises us.
Speaker A:We didn't know it was coming.
Speaker A:We don't have a pipeline from which we can choose a replacement for it.
Speaker A:And we start scrambling and panicking because now there's 40 grand missing from the next year's fees that we thought was going to be in and that we planned to be in and as a result isn't going to be in and we don't know how to replace it.
Speaker A:So we don't drive those elements, the C, the A and the R, we don't drive the car and as a result we are fortunes.
Speaker A:Sorry, hostages, I should say.
Speaker A:I'll try that better.
Speaker A:Let's say that we don't drive the C, the A, the R, we don't drive a car and as such we are hostages to fortune.
Speaker A:We don't know whether or not we're going to get the growth we want.
Speaker A:Imagine your entire career in business being chance and not intention.
Speaker A:Strange, isn't it?
Speaker A:So guess what I'm going to do?
Speaker A:I'm going to let you hear a word from our sponsors and then I'm going to come back with a bullet for you that you can implement immediately for conversion for activation and retention.
Speaker B:Do you need more time, money, confidence or a better team?
Speaker A:We know your struggles.
Speaker B:Many accountants work tirelessly for their clients and still end up with a loss making business.
Speaker B:It's time for a change.
Speaker B:Pronation works with accounting firms worldwide and we have the expertise to help you step by step to get the firm you desire.
Speaker B:Transform your practice today with Pro Nation.
Speaker B:Implement effective growth systems, increase earnings and build confidence to attract better clients and develop a strong and experienced team.
Speaker B:Make the change today and join the nation.
Speaker A:If you're an accountant in North America, did you know that 4id business guidance system monitors, predicts and recommends course corrections for your business.
Speaker A:It's designed to empower business leaders and advisors by combining the codified wisdom of successful entrepreneurs with artificial intelligence.
Speaker A:So the software learns from thousands of companies data and they provide affordable, actionable guidance that can be implemented in your business in not days, not weeks, not months, hours.
Speaker A:Change the odds, get further faster use for impact data for your clients in your firm.
Speaker A:Find them at 4.
Speaker A:That's the number 4.
Speaker A:Fourimpactdata.com that's fourimpactdata.com okay, so it is my job to give you easily implementable, non financially taxing solutions for you that you can take from this and get to work on straight away.
Speaker A:Let's deal with each one of them individually.
Speaker A:I said conversion first of all.
Speaker A:Conversion.
Speaker A:The winning of new clients happens to us rather than us happening to it.
Speaker A:So I would ask you, in order to deal with that, to actually select a list of five or 10 businesses in your area that you would love to work for that are perhaps business titans in your area that you really think you can help, that perhaps have been award winners in your area recently where you perhaps might know somebody who works there, or know the owners, or know someone who knows them, but you've never once approached them to have a conversation about potentially working with them.
Speaker A:And if I do this with my finger, for those of you who are watching the video version of this, I'm pointing towards a business locally who uses seven, count them, seven different firms of accountants for various different things.
Speaker A:Some for one for audit, one for international tax, one for directors, personal investments and so on it goes seven.
Speaker A:I realize that's extreme, but just because they've got an accountant doesn't mean that you can't improve on the service.
Speaker A:And just because they've got an accountant doesn't mean that they can't have extra work done by other firms.
Speaker A:So five or ten simple list where you know someone who works there, you know the owner, you think you can help them and you've never once approached them.
Speaker A:And just reach out gently on LinkedIn email if you see them socially.
Speaker A:Do it when you see them socially and just say I've got a number of thoughts about the business and where you're trying to go.
Speaker A:Can we have a chat about that?
Speaker A:There's your effective language use, you know, or if you got 45 minutes, I can just outline some ideas that I had about the business.
Speaker A:We have one of our clients that's doing something that I think would be really applicable for you.
Speaker A:Can we talk about that?
Speaker A:That's all that needs to happen.
Speaker A:So there's your conversion bullets on your activation bullet.
Speaker A:Why not take the opportunity to take a Look at your clients who.
Speaker A:Let's take a.
Speaker A:For example, your clients who might have a need for inheritance tax planning.
Speaker A:Maybe they're at a certain age right now and inheritance tax planning is becoming more and more relevant and pressing to them to deal with.
Speaker A:And let's say that you, as a firm, major inheritance tax planning, but you've not talked to those clients about it because you never do so again, a list of maybe 5 or 10 of your clients where inheritance tax is a relevant conversation, or if not inheritance tax, then an equivalent.
Speaker A:So you think of something else that you do that's pertinent to those people right now that would be a good time to have a conversation with them.
Speaker A:I can't imagine that's going to be too tough for you to do five or 10 of those and actively reach out to them to say, hey, Martin, you're of this age, you're at this stage of your business, you've got this much in the bank and therefore there's a potential issue there.
Speaker A:We specialize in the area that minimizes your tax liability there.
Speaker A:Can we have a conversation about it?
Speaker A:Or better yet, for effective language, when can we have a conversation about it?
Speaker A:Today or tomorrow, this week or next week?
Speaker A:And there's your activation bullet.
Speaker A:Your attention bullet is even simpler than that.
Speaker A:And it's something that I've long advocated, known as a client a day program where you take the responsibility.
Speaker A:And yes, you have to be organized and yes, there has to be discipline involved in this.
Speaker A:To call one client a day, you get to pick the client and it's a short call.
Speaker A:And this is how difficult the call is.
Speaker A:Hi, Martin, how are you?
Speaker A:There you go.
Speaker A:That's it.
Speaker A:And then shut up.
Speaker A:I'm fine, thanks.
Speaker A:What's up?
Speaker A:Nothing.
Speaker A:I just haven't checked in for a little while, so I thought I'd see how the business is doing, see how you're doing, see how everything is going.
Speaker A:No ulterior motive, nothing else, nothing to sell.
Speaker A:You just thought I'd say, hi, how are things?
Speaker A:What's happening with the merger?
Speaker A:What's happening with the purchase of the new piece of equipment?
Speaker A:What's happening with that deal you were working on?
Speaker A:And have a chat, 15, 20 minutes at most.
Speaker A:Maybe they identify another piece of work for you to do and it's wonderful.
Speaker A:That's a bonus.
Speaker A:Or maybe you just have a chat, but at the end of the day, the clock wasn't running.
Speaker A:They feel good, they feel cuddled, they feel loved.
Speaker A:And you know that you have just strengthened your relationship with that client and therefore the chance of them leaving has just been reduced.
Speaker A:It's so simple guys, if you will only take the time to do it.
Speaker A:So conversion make small list of people you think you can help activation.
Speaker A:Make a small list of people where something that you do that they don't currently buy from you is relevant for them right now.
Speaker A:And retention.
Speaker A:Just a phone call, one client a day to say hi, how they're doing and ask them how the business is.
Speaker A:That's it.
Speaker A:That's all it takes to drive the car in your firm.
Speaker A:And even better, most firms can't be bothered, can't find the time, just too busy or worse.
Speaker A:And yes, I'm serious, just don't care.
Speaker A:I bet the clients enough.
Speaker A:The clients are an inconvenience, a means to an end to make their pensions fat.
Speaker A:And that's it.
Speaker A:So if you care more than that, if you're better than that, if you're more professional than that, then carry out those simple three little exercises to drive the car and you will find that you are ahead of 95% of your competition.
Speaker A:Also, one last thing, if you need help with any sort of support on software or on additional services, there is something new for you to go and take a look at, which is martinbisset.com forward/martinrecommends.
Speaker A:And on that website you will see offers with partners of mine that are exclusive to us and exclusive to listeners of this podcast, which you can take advantage of if they are appropriate.
Speaker A:Right now to you a little added value for your listen today.
Speaker A:So thanks as always to our sponsors.
Speaker A:Thanks to you for listening and I'll catch you on the next episode.
Speaker A:Bye for now.
