Post by: Megan Bloomfield, Solutions Advisor
During our recent Certified Consultant Circle meeting, one of the most interesting and valuable sessions was our Consultants Exchange. During this session, each participant shares an item, resource, project or technology that they’ve developed or use internally to share with the group.
During this session, something that jumped out at me is that several firms shared their consulting proposals. Each one included different packages of services for clients to choose from, letting them know exactly what services they’ll get and how much each package will cost before the firm begins work.
To illustrate, a firm’s proposal might include a table like this:
What struck me about these proposals is how well they communicated the value of the firm’s services to a client.
While each table looked unique, included various services at different price levels and had different names for their packages, they were all excellent sales tools for the firm’s consulting team and other departments within the firm.
As each firm presented their package and pricing models, the group discussed ways other firms could leverage such a tool. We also offered suggestions for improving their existing models. Today, I thought I’d share a few of the suggestions we discussed.
Include quarterly check-ins at all price levels
You’ll notice that quarterly check-ins are not included in the bronze-level package in the example shown above – only in the silver and gold levels. One of the modifications we discussed is including quarterly check-ins at all levels.
While it might seem as though keeping the service offerings (and thus the price) low would help the firm hang on to the most budget-minded clients, quarterly check-ins are an essential tool for moving those clients up the value chain.
Many firms have a large number of clients for whom they schedule an annual tax-planning meeting and prepare tax returns – and never hear from those clients outside of those two events. The client may or may not know about the other services the firm provides. The client doesn’t ask, and the CPA doesn’t bring it up.
Now imagine if you scheduled a quarterly check-in with those clients. During a video conference, you review their year-to-date financials and discuss their concerns and upcoming plans. The business owner mentions their Controller is leaving at the end of the quarter, and they’re having a tough time finding an adequate replacement. They’re also trying to decide between purchasing or leasing a new piece of equipment and have a chance to purchase the building they’ve been renting. All of this is coming to a head simultaneously, and the business owner is overwhelmed with the decision-making process.
Do you see the opportunities here? Could your firm help your client screen and hire a replacement Controller and perform a purchase vs. lease analysis for the equipment and the building? Analyze their cash flow under different scenarios? Help them prepare for the funding the client will need if they choose to purchase real estate?
Without that quarterly check-in, you may not have heard about these changes until your year-end tax planning meeting, at which point the client has already made their decisions. Maybe they made the right decisions, maybe not. That quarterly check-in is the difference between reacting to the situation and acting as a trusted advisor.
Speak your client’s language
CPAs often speak a different language from their clients. While some are naturally bilingual and can adapt to communicate on the client’s level, it’s more difficult for others.
When you package and price your services, make sure you’re putting them into your client’s language.
Imagine your client is choosing between the two services:
Analyze elections to expense the cost of 179 property versus temporary 100 percent expensing for certain business assets
Choosing between expensing or bonus depreciation to write-off assets in the first year
These two services are the same, yet one is in accounting-speak. The other gets rid of technical jargon so clients can understand what you’re offering. You can imagine which one will draw more clients.
One of our members shared that he didn’t expect any clients to choose the “Gold” level package when he shared the firm’s package and pricing matrix, but several did. Now, the firm has to build out that service level to ensure they can deliver what they promised. That’s a sign that the firm successfully communicated its value.
It makes sense to package and price multiple services from both the client and the firm’s perspective. Clients are willing to pay more when you communicate value, package and price your services on a subscription basis.
Are you unsure about where to start your consulting journey?
The Boomer Certified Consultant Training provides the training you need to feel confident delivering consulting services. For information or to register for our next session, contact Megan at solutions@boomer.com!
As a Solutions Advisor for Boomer Consulting, Inc., Megan works to provide the highest level of client service to existing and new clients through building and maintaining relationships. Her primary focus is on Vendor/Sponsor relationships. Megan is passionate about helping clients excel through Boomer Consulting Services.
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