Back in 2013, Ben Walker attended a sales seminar for accountants where they introduced this concept called BAMFAM, short for “Book A Meeting From A Meeting.”

When you BAMFAM, it puts you in the driver’s seat of both sales and deliverables. 

It sets clear expectations for clients about when the next formal touchpoint will be.

One of the most significant advantages of a phone call is the opportunity it provides to establish a personal connection with your client. Unlike emails or text messages, a phone call allows you to convey your enthusiasm, passion, and sincerity directly. Your tone of voice and the ability to engage in real-time conversation can go a long way in building trust.

When you send a proposal via email, you miss the chance to address any questions or concerns your client may have immediately. A phone call allows you to discuss the proposal in detail, clarify any doubts, and provide immediate response to queries.

This is not only enhances the client’s understanding but also demonstrates your commitment to their needs.

Many accountants excel in their technical skills, but may not possess the same level of expertise in sales.

We have learned the hard way that some of our accountants are naturally skilled in sales, while others may not be as inclined or proficient in this area. 

It has been a valuable lesson for us to understand that not everyone should be forced into the sales pathway, as it may not be a strength for all accountants.

During the “Pricing & Profitability CPD Workshops” tour in Sydney, Melbourne, and Brisbane, Ben Walker, the Founder of Inspire Accountants and High-Performance Accountants, took the stage as a keynote speaker. The event, organized by Chartered Accountants and Ignition, provided a platform for Ben to share his valuable insights. 

Check out Ben’s talk about “The True Essence Of Sales For Accountants”, here’s what he said – 

I have heard from quite a few accountants that they don’t associate with the word “Sales”. And I just want to encourage you, it is a function of the business to sell. Even a waiter at the restaurant, the process of them saying, would you like another margarita? And me saying, “Yes”, that’s a function of sales.

We need to think that this is a serious function of our business and that selling is caring. If you struggle with that association or that engagement towards the idea of sales, then this book by Daniel Pink, “To Sell Is Human”, is a good perspective changer on sales.

I just want to start with that because I don’t want to talk about sales when maybe you’re sitting there going, “Ah, it’s not me, I don’t like it”. It’s really not a bad thing. It took me a lot of work to understand that it’s a great thing because the client wins, we win and maybe the tax office does or doesn’t.

Every month, we see a consistent inflow of recurring revenue which usually arrives a few days into the new month. Approximately half of our clients opt for credit card payments, while the remaining half who choose direct debit usually process their payments around the fourth or fifth day of the month.

This approach directs our team’s efforts towards enhancing our monthly recurring revenue, effectively curbing the effects of seasonality. While our revenue experiences fluctuations, this is partly due to the fact that 40% of our total earnings come from project-based sources, with the remaining 60% attributed to our dependable monthly recurring revenue.

Although some seasonality persists, it’s far from the intense lows witnessed in the past during the busy holiday months of December, January, and February.

We’ve adopted a policy where we request full payment upfront before starting any project, whether it’s catching up on taxes or setting up a monthly recurring service. The great thing about this policy is that it eliminates any outstanding debts or unpaid invoices. In fact, it has become such a natural part of our workflow with Ignition that we sometimes forget it was once an issue before we implemented this process.

By receiving payment upfront, we maintain a zero or even negative WIP (work in process). This means that we don’t begin work until the proposals are accepted and the payment is secured.

 Initially, we thought this might be a potential challenge, but surprisingly, it hasn’t been an issue for years. In the rare instances where some individuals had concerns about this policy, they turned out to be unreasonable. So, if you’re worried about it, just treat it as a normal procedure, and chances are things will go smoothly.

We believe it’s important to maintain fair pricing and treat people with respect. While we do have some leverage in the market, it doesn’t justify taking advantage of others or engaging in dishonest practices.

Currently, our industry, like many others, is facing capacity challenges. Therefore, we need to be selective about the clients we work with and ensure that we charge appropriately for our services.

At Inspire, we prioritise fairness in our pricing. We invest a significant amount of time internally, including coaching sessions, to help our team navigate these conversations and truly understand the value we provide. Even before meeting with a client, we reflect on the key moments we have been there for them in the past few years. This ensures that the price we propose is reasonable and aligned with the value we bring.

If a client doesn’t accept our price, we are okay with that. We strive to detach ourselves from the outcome and respect their decision. On the other hand, if they do accept it, we are equally content. Most of the conversations our team has had with their clients result in a simple and unexpected agreement, which feels like a normal, friendly exchange.

Overall, our approach is centered around fairness, understanding, and maintaining positive relationships with our clients.

We’ve never taken repricing for our clients so seriously this year. 

There’s a big reason for that. Our costs have been skyrocketing due to increasing wages, fluctuating exchange rates, and rising subscription fees over the past few years. Not only that, but we’ve noticed a few others in the industry raising their prices too

If we don’t adjust our prices for that, we will be taking a pay cut. 

If we stick to our current prices while our costs keep going up, our profit margin will either vanish or turn into losses, which we don’t think any of us would want at all.