Selling advisory services to their clients is one way in which accountants can increase their average fee and help their clients more. However, many small firms are struggling to know how to sell advisory services. Here are five steps to start unlocking the potential that advisory services can offer your practice.

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Start with the “low-hanging fruit”

Existing clients are the easiest people to sell advisory services to. You already have a track record; they trust you and have experienced the excellent client service you provide. If you’re gulping at any of those statements, then start thinking about them before seriously expecting to get higher fees from them.

However, many firms are still struggling to sell advisory services to their existing clients. Here are the top 4 reasons why.

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1 – Selling the wrong thing

So, what exactly are ‘advisory services’? Yes, it’s a real question; what are you going to offer to your clients?

Defining an advisory package is one thing; actually selling these services is another. What do your clients need?

The easiest way to sell advisory services to your clients is to help them buy something they really, really need. That means research and client knowledge. You need to understand their world, as well as their challenges and pain points. If not, it’s hard to provide an irresistible package of advisory services that your clients want to buy.

Key: – Don’t just offer the same as your competition. Really listen to your clients and research what they want to buy.

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2 – Not showing the real value of advisory services

A client does not have to buy advisory services. That’s very different to the compliance work you already do for them. This means that the biggest competitor you face is inertia rather than a firm down the road.

Using a management accounts package as an example of something that could add amazing value to your client. Management accounts will help them stay in control of their day-to-day finances, and maybe for the first time, you’ll really help them be proactive. However, if you try to sell management accounts to your clients without explicitly showing them the value, it will be a tough sell. Why will they want to spend money on yet another report? And let’s be honest, they can probably make one for themselves.

However, if they are buying a system to control their cash flow and take informed decisions on business strategy, the package  (still management accounts) looks different. Your clients can now see the value and the help you provide them with the report.

Key:- Focus on the value your clients need.

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3 – Selling advisory services requires some sales skills!

Selling something that somebody wants to buy isn’t really selling; it’s order fulfilment. Most accountants are used to selling things that, by and large, clients need and know they need.

Selling something to somebody that they don’t know they need is different. Now you have to convince them they really need it, and that you are the right person to provide it.

Maybe you weren’t born to be great at sales (I don’t know many accountants who were); however, with a tried-and-tested sales process and checklist for your meetings with clients, you can radically improve your ability to sell advisory services to them.

Key:- Clearly focus on a sales process and checklist.

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4 – Selling to the wrong clients

It is quite likely that most of your clients only need compliance work. Maybe their business isn’t big enough to warrant anything more than basic compliance and some simple tax planning advice.

Start with a client portfolio analysis, so you know which of your clients are correctly positioned to need your different advisory services. For example, an established business with an owner who is 55 or older is likely a potential candidate for retirement coaching or exit advice. Whereas these services are unlikely to be needed by a 30-35 business owner with a turnover of under £500k.

Key:- Focus on the right clients.

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Stop guessing. Start converting.

If you want to sell more advisory services, stop guessing and start being strategic. Nail what your clients really need, show the value clearly, use a proven sales process, and focus on the right prospects.

Want to sell advisory services confidently? Want to stop winging your way through sales conversations? Download our free SALES PROCESS MAP to make sure you never leave business on the table.

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