Develop Your CPA Business through Customer Profiling

CFO Global Council

The Global CFO council is targeted at people who are Senior Financial Executives, including VPs of Finance, Corporate Controllers, CEOs, senior financial executives and treasurers. "Our content, education, networking fellowship is for you. We have chapters with physical locations.10% resource companies are qualified to join including CPAs lawyers, insurance companies, and the people who we partner with to do our job. We are in this together and we all need each other."

The CFO Global Council breaks down geographical barriers. "When COVID happened, I had to move all the meetings to virtual platforms. I realized I no longer have a barrier to geographic expansion. Previously it was just local. People from all around the world can now join.

Bendetti's Experience as a CPA in an Engineering Firm

"CPA's and engineers have many similar qualities. They are detail oriented and punctual. They sweat the small things. I have internal customers that are very detail oriented. This makes them interested in what I'm doing. I think that is good. I really like working at this engineering firm in particular."

Tips on Communicating Financial Information to Non-Financial Industries 

Working with engineers, Bendetti provides some helpful tips for CPAs who work with people in different industries, for example the advertising or manufacturing industries.

Tell a story

Bendetti says that communication is key. "You want to engage with your clients in a way that they can relate to. Explain things in a way so they understand what's in it for them." This means understanding your client. 

"For example, if your client has no idea what you are talking about when discussing the details of the balance sheet, then explain it in a story. Let them know that's why this is why it matters to you." 

Bendetti visits offices where he does presentations and roadshows on various topics such as financial literacy, saving for retirement, or about the year in finance. "It is both facts and figures. I am also trying to sell a story."

Be entertaining

"I'm trying to make it entertaining, while showing my potential clients how they can benefit from my services." Bendetti uses games, quizzes, appropriate well timed jokes and prizes to set the mood and capture the attention of the crowd. "I try to bring a little bit of humor into it, because gosh, some of what we say is boring! If you can get management to pay attention a little bit longer and absorb just a little bit more, this can lead to a positive impact on staff and new employees."

Benedetti's Passion Project—Sales is Service

Many people see sales as a dirty word. According to Bendetti, sales is much more than making a profit. "Sales is service, there is no higher calling, there is no greater service to our internal and external customers." He continues, "A part of sales is learning about your customers and your potential customers' problems and how you can help them solve their problems by using your authority and referring them to your network."

How Can CPA Firms Power Up Their Sales Game?

Build authority

"I call it being a visible expert. One way to grow your business is to be visible in your marketplace as an expert. For example, set up a virtual meeting where people have to sign up to participate. You may be sharing new tax updates or new legislative updates. This creates a funnel of qualified leads."

Online resources

Take advantage of online resources. Have a checklist, a worksheet, and a very short summary of a new critical issue. This is great for SEO, and Google Analytics. The resources have to be downloaded by the potential client which creates a funnel of opportunities for someone to follow up with idea number two.

Referral networks

You do not have to do this all by yourself. If you set yourself up as an expert with a network, people will automatically come to you to help solve their problems. You earn the reputation of being a trusted adviser. Trusted advisors get paid more. You have to know the absolute best financial advisors, bankers, insurance brokers, and the number one staffing firm in your area. 

Update your calendar

If it is not on your calendar you are not going to do it. A to-do list is not enough. Put a recurring 30 minutes or 15 minutes or 10 minutes on your calendar. When you have the reminder, you will force yourself to do the task. 

Ask advocate clients for virtual introductions.

Growing your current customers

Show your current customers how you can add value and what you bring to your customer without them even asking.  If you asked before, and they said no—ask again.

Don't be afraid to move out of your geographical location

"I've noticed some CPAs are adverse to remote work." Virtual connections means a lower barrier to geographic expansion. It is not difficult to get licensed as a CPA in other states. 

The 80-20 Rule

The 80-20 rule means that 20% of your customers are driving 80% of your revenue.  As a CPA entrepreneur, you  need to figure out which clients you need to keep and which ones you need to let go. You can do this by referring them to your network of CPAs. By doing this, you become more focused on working on what matters.

Closing Remarks

"The skills that we have as CPAs are needed in the world." Bendetti recommends serving in your religious organization, civic society groups, community organizations or industry associations. "Serve as a volunteer. That's the call to action that I think we all need to be doing now more than ever."

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