Here are three common problems and their solutions to help you develop a successful and strategic tax planning sales pitch.
Reason #1: “I have trouble demonstrating the value to clients.”
The value of your tax plan has to be obvious to your clients, but it can be difficult to quantify. By comparison, if you spend time crafting a Code Section 139 plan that saves your client $25,000 in taxes, the value of that work is clear.
But what about tax efforts, including: a) sitting on hold with the IRS, b) preparing a tax return, or c) cleaning up retained earnings? How do you articulate the value to your clients?
My suggestion is to connect your tax efforts to something that is easier to quantify. Imagine you spent 3 hours on the line with the IRS, for example, as you work out details of a 139 plan. In this example, your phone call with the IRS is a critical, necessary step towards saving your client $25,000. Framing it this way is important!
Reason #2: “As a solo practitioner, I have less confidence.”
The first step to solving this challenge is recognizing that confidence does matter. Have you ever engaged with a salesperson who didn’t seem to truly believe in the product? I’m certain that had an impact.
The question to ask yourself is: do I recognize the value of what I am selling? Return to Reason #1 for a second. You can’t begin to demonstrate value to your clients if you don’t recognize it yourself!
Take pride in your accomplishments. Would you be excited to be paying $25,000 less in taxes? Of course, you would! If you can do that for a client, you have made a real difference to their business.
Reason #3: “I’m not reaching my target market.”
First, make sure your target market is small enough and truly a niche market. Large, undefined markets are difficult to break into because, well, they are large and undefined. Your goal is ultimately to be able to charge a premium as an expert in a specific, underserved field.
Second, I always look for a connector, a spokesperson who can advocate for you. This person should a) really believe in you and what you are doing, and b) have strong connections within your target market. This person could be a financial advisor, attorney, banker, broker, coach. If you cultivate and maintain that one relationship, it will keep producing for you.
Want to learn more proactive tax savings strategies to help your clients? Become a Certified Tax Planner through the American Institute of Certified Tax Planners.