consultation to close

Importance of Practicing Consultations

• Nature of Consultations

  • Essential to practice consultations due to their importance.

  • Consultations are conversational, alleviating intimidation.

  • Clients come in for solutions, already viewing consultants in high esteem.

Preparation for Consultations

• Role Playing

  • Key method for practicing consultations.

  • Suggested partners to role play with:

  • Family and Friends

    • Utilize close contacts for practice.

    • Select a business scenario, problem, and client goal to simulate.

  • Facebook Groups

    • Engage in collaboration within dedicated groups.

    • Form a buddy system for off-line role plays and discussion of businesses.

  • Q & A Calls

    • Bring scenarios to Q & A calls for collaborative practice.

    • Instructors can play roles to simulate real consultations.

Muscle Memory in Consultations

• Repeated practice leads to increased confidence and muscle memory.

• Develops the ability to present value effectively during calls:

  • Confidence in bookkeeping and QuickBooks skills translates into successful phone interactions.

  • Practicing prepares consultants for various scenarios—building confidence over time.

Engaging with Clients

• Live Calls

  • Recommended to take live calls even without full practice, as it is a learning experience.

  • Important to have a consultation outline handy, ensuring all six points are addressed during calls.

  • Emphasis on maintaining the ability to adapt and learn from every interaction.

Proposal Process in Client Acquisition

• Prospect Life Cycle Overview

  • Step 1: Marketing to potential clients, leading to phone consultations.

  • Review of QuickBooks file during calls; often leading to closures of smaller clients.

  • Step 5 is the proposal phase, based on the reviewed QuickBooks file to inform pricing and services.

• Proposal Creation

  • Important to deliver a concise proposal that includes:

  • Services provided and their respective fees, avoiding unnecessary details or lengthy descriptions.

  • Possible presentation methods:

    • Send a PDF via email (recommended for no alteration risk).

    • Send a direct email proposal that succinctly captures the essential offer.

Structure of Proposals

• Recommendations for maintaining proposal simplicity:

  • Eliminate unnecessary pomp; clients care about service and price.

  • Document should be straightforward—emphasizing clarity to facilitate evaluations without overwhelming clients.

• Proposal elements to include:

  1. Company Name (Your Company)

  2. Proposal date

  3. Client company name and address

  4. Explicit listing of services offered based on client need.

  5. Clear fee structure—differentiating between cleanup fees and ongoing monthly service fees.

Engagement Letter

• Definition and Purpose

  • An engagement letter formalizes the client-consultant relationship, detailing responsibilities, fees, and work conditions.

  • Cannot commence work until a signed engagement letter and payment authorization (ACH/Credit Card) are received.

• Components of Engagement Letter

  • Clearly outlined services to be provided—monthly, cleanup engagements, and possibly annual tasks.

  • Specific outlines of the client and consultant's responsibilities.

  • Details on fees along with conditions for payment (e.g., upfront costs, recurring fees).

Payment Authorization Forms

• Types of Payment Authorizations

  • Credit Card Authorization

  • Standard form querying for client credit card information.

  • ACH Authorization

  • Queries for bank routing and account numbers for direct payments.

• Fee Structures and Comparisons

  • Emphasizes cost of credit card transactions (~3% fee) versus ACH (~1% fee or max $10).

  • Clients may have preferences—balance between convenience and transaction costs should guide process selection.

Client Onboarding Process

• Common Items Required

  • Recurring sales receipts creation in QuickBooks Online Accounting to automate monthly fee billing.

  • Access to client QuickBooks Online account—adding consultants as accountant users for efficiency.

  • Various entity formation documents (DBA, articles of incorporation, operating agreements) based on client business type.

  • EIN Letter: Required to verify and maintain accurate bookkeeping records.

  • Business Entity Documents: Maintain appropriate equity sections and accurately reflect ownership percentages.

• Access and Information for Bookkeeping

  • Obtain read-only access to online banking and credit cards—avoid sharing logins.

  • Necessary for maintaining financial records and automation of bookkeeping tasks.

  • If applicable, gather information related to payroll systems, including w-4s, I-9s, and employee details for payroll processing.

  • Information regarding liability accounts (mortgages, loans, etc.) for accurate balance tracking and amortization schedules.

Conclusion

• Client Relationship Management

  • Ensuring timely submissions of documents and maintaining organized communication throughout.

  • Identifying and customizing the onboarding process to fit each client's unique needs and business circumstances.

  • Ultimately, comprehensive understanding and well-organized processes lead to a more manageable client interaction and quality service delivery.