If you could do only one thing to transform your business, that should be to productise your offer. Check out how to do that and what benefits you will get.
I want to talk about one of my clients who transformed their business. And they did so by creating a Signature System, which they call the Freedom Journey. But before that, they felt like they had no freedom in their business.
It took them three years to arrive at the solution, but they’re now selling it for about 14k a year. What they did was they productised their offering and turned it into something amazing:
They now offer something transformational to prospective clients.
And the best thing about it is that they can also sell it to their current clients.
I believe that’s a win-win formula. You can’t go wrong with it productising your offering because you’re actually de-commoditising your business.
You no longer have to compete with anyone. You’re now offering something unique – a product that you’ve created. This means you can set your own prices because you’re offering something that no other accounting firm has.
Don’t worry, as you have all it takes to productise your offering and become a VITAL accounting firm.
Here are the steps to do just that.
It’s All About Transformation
Do you know the difference between offering a service and making a productised offer?
With the former, you’re applying plaster over some of the problems that your client may have. But this won’t happen if you’ve productised your offering. Rather than plastering over things, you’re now offering a transformative service.
It’s a game-changer.
When clients understand the value that you provide, they’ll feel safe and secure in working with you. They’re not going to question your price because you’re not competing with other accounting firms that offer the same services.
Think of it as unpacking your intellectual property. You’re using all of your knowledge and experience to create something new. More specifically, you’re creating a Signature System that only your firm can offer.
You’re offering a journey that you take your clients on.
But to do that, you have to first understand their pain points and know what they need. Only then can you make an offer to solve your clients’ problems with a proven system not available anywhere else.
That’s the power of a Signature System. It can help you transform your business and become a VITAL accounting firm that your target market will want to work with.
Now, let’s find out how to create a transformational system for your clients.
Removing Your Client’s Pain
Before you can create your offer, you need to know where your client is and where they want to be. That knowledge will help you outline their journey and figure out all of the major milestones.
If you want to help remove the client’s pain points, you have to first understand what those pain points are.
Let’s take my case as an example.
I figured out the pain points that accountants have – they’re not sure who their ideal client is. They don’t know how to cut through the noise, nor how to reach those ideal clients. Moreover, they often struggle with marketing and sales.
After that, I created an offer that could help them overcome all of these pain points. And that became the transformational journey that I’m still offering.
So, what is the pain that your ideal client is having? What are their biggest problems?
For some accountants, an ideal client could be a dentist who has his own practice. Assuming that this is your ideal client, you’ll have to know their pain points and how you can help them.
First, most of them are not sure about their pricing. Second, their cash flow is not good these days, what with all of the things that are going on in the world. Third, they’re paying too much tax and they don’t think they’re taking home enough money.
Now, knowing all of the above, you’ll be able to create an offer specifically for those dentists.
An offer capable of transforming their lives should resolve the identified pain points. You will offer to get their pricing right, boost their cash flow, and allow them to take home more of their revenue.
So, put together an offer that explains how you can help them transform their lives over the next three years. Make sure to explain the outcomes that they’ll get from working with you so that they can justify the investment.
In my case, I have an accountant who helped me transform my life because he understood what I needed.
My goal was to buy a second property somewhere near the sea. So we put together a strategy for my business that enabled me to take enough money out of the business for the deposit. And this was only possible thanks to my accountant.
After I bought my home by the sea, I wanted to buy another property for my son. So I went and asked my accountant what I had to do with my business to afford three mortgages. He explained that the way dividends got distributed might change because the government would have to start getting back.
I love it that our accountant doesn’t bother us with things that we don’t understand or need to know.
All I want to know is how I should structure my business to achieve my goals. When my accountant comes up with a solution, he doesn’t get into the details that I don’t understand. He talks about my journey and how he is taking us on this transformative journey.
I don’t need to know what he’s doing on a day to day basis. All I know is that he’s helped me achieve all of my financial goals and that’s why I continue to work with him. He understands my pain points and creates a transformational journey to help me overcome them.
I wasn’t buying the accountant’s services, but rather his ability to help me achieve my goal.
How Productising Benefits Your Practice
Let’s get more practical and talk about the main benefits of productising your practice.
You’ll Market More Easily
Your Signature System sets you apart from the competition, making it easier for your prospects to remember you. You’re no longer just one of the many accountants or accounting firms as you now have something different for your clients to remember you by.
Apart from that, it’ll also make it easier to create your marketing strategy, now that you know who your ideal clients are and their pains.
As you can imagine, this also makes it much easier to create your content. You now have a huge list of things that you can talk about. You’ll even have enough topics for your written and visual content for the next few years.
Your Practice Will Be Worth More
When an accountant first gets in touch, I always ask them whether they have an intention to sell their business in the future. Asking that question can make all the difference.
Because to be able to sell the business, they’ll have to create a VITAL firm and increase its worth. And one of the best strategies to do that is to de-commoditise the firm and productise the offering.
You can do the same if you intend to sell your business.
Think of your Signature System or your unique methodology as an asset – and a very valuable one at that. The Signature System increases your firm’s value directly so your business will fetch a higher price once it’s time for you to sell it.
You Won’t Have to Compete on Price
As said, you don’t have direct competition anymore after you’ve productised your offering. People will understand the transformational power that you offer and they won’t question your price. Your clients won’t ask you for discounts, nor do you have to compete on price.
Instead of a product, you’re selling a Signature System that nobody else has. Someone who’s buying a transformational product doesn’t say things like, “Oh, I don’t need this. Can I remove that? Can I get a discount?” Instead, they go for the entire offering.
You’ll also get to work with a completely different set of clients. These are your ideal clients who value your work and are willing to pay you accordingly.
Many accountants think that they don’t have what it takes to productise their offer. Instead, they wait for more clients, more experience, and more insights.
But believe me when I say that you have everything needed to productise your offer. You just have to do your research and find your ideal client and their pain points.
Beyond that, all you have to do is create a unique Signature System out of the services that you’re already offering.
P.S. When you are ready to have more TIME, increase your PROFITS and catapult your IMPACT here is how you can get help and increase your superpowers:
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