The Power of Partnering

I’m often asked about the best thing someone can do to market their tax planning business. If you’ve watched me answer this question before, you’ve heard me explain that relying on one idea won’t get you the success you desire. However, that doesn’t mean that all marketing ideas produce the same results. Of course there are some strategies that work, and others that don’t work so well; the magic is in finding the best combination of tactics that will produce the greatest results with minimal effort. Partnering is one of these ideas.

Throughout my career in tax planning, I’ve had a couple of very profitable and successful relationships with financial advisors that have produced outstanding results in my business. And….there are many benefits that go far beyond working with each other’s clients – but that is a topic for another day.

Can you imagine having a partner who is so excited to work with you that he (or she) shows up once a week in your office with boxes full of tax returns for you to review and sell tax plans? What if this person, made notes of your comments and sold the plans for you, collected payment up front of premium fees and gathered the needed documents for your work?

I was fortunate enough to have such a relationship, and it was integral in helping me gain valuable practice as a tax planner. Not only did I watch my revenue skyrocket from tax planning engagements, but I learned how to review old tax returns quickly, watched as my affiliate, an expert in sales, seamlessly sold the plans to his clients, and gained valuable experience in developing many plans in a short amount of time. (Looking back at my notes from 2007, I estimate I did over 100 tax plans in a single year, all at fees over $2,500!)

This experience made me a better planner, a better team player with my joint venture partner, and a better sales person too!

Of course this is just one example of how powerful a strong joint venture can be. But it takes meeting the right person and following a system that helps both people accomplish their goals in the relationship.

If you haven’t yet met the right partner to help you in areas where you are not strong, but you know they are; don’t give up! There are folks out there waiting to find ways to work together which are mutually beneficial and will help both of you grow your businesses.

Wondering where to start hunting for someone like my partner? Stay tuned, next week I’ll discuss the best hiding places for your very own secret weapon.

It's only fair to share...

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