{"id":31128,"date":"2023-10-16T08:00:00","date_gmt":"2023-10-16T13:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=31128"},"modified":"2023-10-17T09:32:18","modified_gmt":"2023-10-17T14:32:18","slug":"3-creative-ways-to-get-your-first-advisory-client","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/3-creative-ways-to-get-your-first-advisory-client\/","title":{"rendered":"3 creative ways to get your first advisory client"},"content":{"rendered":"\n

So you are considering adding advisory services<\/a> to your firm! Great, but the first thing you need to do is figure out how to get your first paying advisory client.<\/p>\n\n\n\n

If you ask a lot of firms that offer advisory how they landed their first client, it probably just sort of happened or they lucked into good timing. While some things do<\/em> just happen and luck plays a role, those are not the most reliable, long-term business strategies.<\/p>\n\n\n\n

In the past three years, my firm<\/a> has interviewed more than 75 tax and accounting firm owners, and 500 non-accountant business leaders. What I\u2019ve learned I want to impart to you: The top lessons and tips when it comes to offering advisory services.<\/p>\n\n\n\n

Here are the ground rules<\/strong><\/p>\n\n\n\n

Before jumping into the tips and tactics, it would be best for us to establish some best practice ground rules:<\/p>\n\n\n\n

Ground rule #1\u2014Don\u2019t make it complicated<\/strong>. Many firms struggle to add advisory because they don\u2019t have a clear definition for what \u201cadvisory\u201d services are. One of the simplest explanations I heard for advisory services is this: Advisory services are situations where your firm analyzes relevant information and provides a client with \u201cactionable recommendations\u201d that can lead to better business decisions.<\/p>\n\n\n\n

Ground rule #2\u2014Don\u2019t put yourself in a box<\/strong>. The second biggest challenge tax and accounting firms have is recognizing that they don\u2019t have to \u201cdo advisory\u201d the same way as the big firms. I\u2019ve had firm owners tell me, \u201cIf I don\u2019t present my advisory services the same way as the big firms, clients won\u2019t see the value in what I am offering.\u201d Most likely, your potential clients have no idea how these firms handle advisory, so don\u2019t try to force yourself to follow an example that does not make sense for the client you are trying to work with.<\/p>\n\n\n\n

Ground rule #3\u2014Stop doing advisory work for free<\/strong>. This is probably the toughest ground rule to follow because our entire profession centers around providing useful information and advice to our clients. I understand the struggle here\u2014and it took me two years to get past it myself. But there is a difference from providing general advice based on observations, and actually analyzing information on a deeper level to provide actionable recommendations.<\/p>\n\n\n\n

How to get your first client<\/strong><\/p>\n\n\n\n

Now that we are clear on the ground rules, here are a few examples of tactics I\u2019ve heard and personally seen work when it comes to securing paying advisory clients.<\/p>\n\n\n\n

#1: The existing client upsell approach<\/strong><\/p>\n\n\n\n

Wilson ABC Tax Advisory Services just finished preparing the annual tax return for their client and are ready to present the final file. Instead of just sending the file and saying, \u201cHere are you results,\u201d the partner set up a 20-minute meeting with the client.<\/p>\n\n\n\n

During this meeting, the partner explained the end result and said something like, \u201cWhile reviewing your tax position, we noticed there could be some additional opportunities to build a better tax strategy that could improve your end result. We offer tax advisory services if you want to explore what some of your options are.\u201d<\/p>\n\n\n\n

This simple strategy is by far the most common and most successful tax advisory<\/a> approach I\u2019ve seen firms use because it presents that option for advisory services in a non-salesy and very time-appropriate manner.<\/p>\n\n\n\n

#2: The social media\/content strategy approach<\/strong><\/p>\n\n\n\n

Janet XYZ Accounting works with construction<\/a> companies, and noticed that several are struggling to manage the timing of cash to cover their expenses and the material cost for their projects. Janet decided to create a short video for social media<\/a> that discussed:<\/p>\n\n\n\n