Your product portfolio plays an important role in the business improvement of your Accounting firm. Creating products for your Accounting firm shouldn’t be a difficult project. Do you typically find large projects overwhelming and end up putting them off? If yes, you might have a difficult time getting anything started or accomplished. Break the big project down into more manageable tasks. Start by “writing the brochure first” and then create the product. This way you don’t waste any resources creating something that the market won’t have interest in. Be sure to ask and implement the following eight questions to best create and optimize your product portfolio.
Developing a strong, leveraged product portfolio all starts with what you know. Package what you know in different ways and sell it over and over again. What are you and your team knowledgeable on? Those are the services or products your firm should focus on.
Which of your clients will buy the service? Will the market accept the product? Just because you believe in your product or service, doesn’t mean the market will. By figuring out which niche market or clients to sell your services to, you can better package and market it. Actively research and sell to your existing clients.
Follow the products or services that have higher margins, it’ll increase your profits. Are you packaging products together, separately or both? Packaging also depends on who you are selling. Since each client or niche market will have different goals and customization needs, adapt your product packages to effectively target each.
There is a wide variety of technology available to and used by Accounting businesses. Does your firm have a Cloud accounting system? The development of Cloud technology is the most significant efficiency gaining and time reducing tool ever created for accounting firms. Think about what different technologies cost and find a balance between the proper technology to use for each project.
You need a consistent marketing approach to best improve revenue and profit. Be sure you are marketing your products in a way to get clients to positively respond. Direct response marketing will help generate responses which will lead you to finding new projects and new clients.
What are your product or service packages? Focus on your best buyer strategies and how to effectively reach who the product is applicable to. Make sure your clients are buying every service they need to help them achieve their goals. Remember, selling is just about having a conversation, it’s not an interrogation, and if you ask the right questions, you’ll hear your clients asking for additional advisory services.
You need to have a structured approach to properly implement your products and services. A product roadmap is essential to this process. It shows how your company will implement and deliver new products. Keep the Awesome 8 and the eight non-negotiables in mind to create more profit, more capacity and more revenue.
To grow your numbers and sell more products to clients, you need the right tools and skills in place. What processes does your firm have in place to find new clients and services? What processes are in place to monitor your existing clients and seek out opportunities to provide them additional services?
About the Author
Colin DunnDirector & Co-founder at PANALITIX
Colin is a Chartered Accountant who, having spent almost 10 years with one of the fastest growing and most innovative firms in the UK, has since invested over 20 years helping business owners to improve their businesses with a focus on attracting new clients, better managing existing clients, developing new products, building an engaged team and strengthening internal business processes.
Colin's primary focus at PANALITIX is on product development and business improvement content. He is the author of the bestselling book “Accountants: The Natural Trusted Advisors".