Landing the Big Engagement

Source: Inside Public Accounting

CPA firms should treat large opportunities differently from small ones. Although most new business comes from referrals, large engagements require more. The firm should have a new business pipeline, which should include all the important information about the prospect and the firm’s efforts to land it. There should be regular reviews of progress and refinements of the strategies for bringing in the clients in the pipeline. The firm must identify what distinguishes it from competitors, and that usually involves discovering how to solve one or more problems for the prospect. The problems may be business or personal. Business problems often involve achievement of goals. But personal problems can be equally important. An example is finding a way for the CEO to cut down on his or her time. It is crucial to find a way to discover these personal issues, and that means developing a personal relationship with the CEO or other decision-maker.

Here are some other important tips:

• Don’t try to sell the prospect every service you provide. It is better to match your services with the client’s needs.
• Find out the relationships between members of your firm and important connections with the prospect, e.g., attorneys, bankers, etc. Tell them how your firm can solve specific needs, and ask them to tell that to the prospect.
• Relationships are best developed one-on-one, not in groups. But it is smart to get several people in your firm to develop relationships with individuals at the prospect.
• Listen more and talk less.
• Get specific information about the prospect.
• Solving the prospect’s problems is more important than preparing a dazzling proposal.
• Find out the status of your proposal. Try to get candid information.
• Large engagements are not usually won on the basis of price. If you focus on that you will probably not win.
• Don’t waste time on pursuing engagements where you have no chance.

For the complete article, see Inside Public Accounting, March 2005, p. 1. (Hudson Sawyer Professional Services Marketing Inc.; subscription $345 per year; back issues—nonsubscribers $40. 404-264-9977 [email protected].