BUSINESS SUCCESS StorIES - Canadian Institute of Chartered ...
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B U S I N E S S<br />
S U C C E S S S t o r I E S<br />
A USEr GUIDE
AUth o r S<br />
Andrew Brown and Robert Gold are the authors <strong>of</strong> Business Success Stories:<br />
A User Guide and its companion document, Business Success Stories.<br />
A N D r E w B r ow N , b a , m e s<br />
For over 16 years, Andrew Brown<br />
has successfully driven the kinds<br />
<strong>of</strong> corporate change that lead to<br />
increased revenues and strengthened<br />
reputations. With a strong<br />
track record in B2B marketing,<br />
Andrew has launched and promoted<br />
over 150 products/services spanning<br />
15 industries across North America.<br />
By developing marketing strategies<br />
for clients and working on the<br />
agency side, Andrew effectively<br />
harnesses all traditional and digital<br />
marketing tools.<br />
Andrew has written B2B marketing<br />
articles that have appeared in The<br />
Financial Post, Marketing Magazine,<br />
<strong>Canadian</strong> Retailer, DotCommerce,<br />
HR Reporter, Direct Marketing News,<br />
National Relocation and Real Estate,<br />
The <strong>Canadian</strong> Marketing Association<br />
Blog, One Degree, Tech Vibes, Vue<br />
Magazine and several other industry<br />
association journals.<br />
Copyright © 2011<br />
<strong>Chartered</strong> Accountants <strong>of</strong> Canada<br />
277 Wellington Street West<br />
Toronto, Ontario<br />
M5V 3H2<br />
r o B E r t G o lD, m b a , f c a<br />
As the managing partner <strong>of</strong> Bennett<br />
Gold LLP in Toronto, Robert<br />
has led his firm’s adoption and use<br />
<strong>of</strong> technology to expand services<br />
and satisfy client needs. Robert is<br />
an advisor to many entrepreneurs,<br />
owner-managers, start-up and technology<br />
companies.<br />
Robert has served on advisory boards<br />
<strong>of</strong> Toronto area colleges and universities<br />
and has been a board member <strong>of</strong><br />
the Young Entrepreneurs Association,<br />
eBiz Toronto Acceleration Alliance,<br />
Interactive Advertising Bureau and<br />
the CICA Privacy Advisory Group.<br />
Robert is currently a member <strong>of</strong> the<br />
CICA Small and Medium-sized Practices<br />
Advisory Group.<br />
Together, Andrew and Robert also<br />
co-produce/co-host Canada’s most<br />
successful business podcast, The<br />
BusinessCast (www.BusinessCast.ca)<br />
which was chosen by The Financial<br />
Post to power its podcast aimed at<br />
the nation’s most senior corporate<br />
leaders.
A U S E R G U I D E<br />
tAB lE o f Co NtE NtS<br />
Introduction 1<br />
Audience 1<br />
Required Skills and Resources 1<br />
Format 1<br />
Levels 2<br />
Timing 2<br />
1 How to Use Business Success Stories<br />
to attract new clients 3<br />
2 How to use Business Success Stories to retain/expand<br />
business with existing clients 5<br />
3 How to use Business Success Stories to train new<br />
and existing staff and recruit new employees 7
A U S E R G U I D E<br />
I NtroDUCtIoN<br />
The purpose <strong>of</strong> this User Guide is to provide you with practical ideas and guidance<br />
for leveraging Business Success Stories to help you achieve three key goals:<br />
1. Attract new clients<br />
2. Retain and expand business with your existing clients<br />
3. Recruit and train new and existing staff<br />
AU D I E N CE<br />
This User Guide as well as the companion document Business Success Stories<br />
is intended for all <strong>Chartered</strong> Accountants (CAs) committed to bringing their<br />
clients solutions beyond the traditional CA services <strong>of</strong> preparing financial statements,<br />
conducting audits and preparing tax returns.<br />
r Eq U I r E D S k I ll S AND r E SoUrCES<br />
While this Guide outlines methods and tactics for using Business Success<br />
Stories to achieve the three goals listed above, your efforts will only be successful<br />
if you (or your practice) either have or have access to the required skills,<br />
qualifications and resources to implement non-traditional client solutions.<br />
Business Success Stories portrays the CA as a “quarterback” for clients. While<br />
CAs do not have all the answers, they <strong>of</strong>ten have access to a network <strong>of</strong> pr<strong>of</strong>essionals<br />
who do. The key message to convey to your clients is that you, as<br />
the CA, should be their primary business advisor who, along with your network,<br />
are ready to assist them and provide valuable advice when needed.<br />
fo r mAt<br />
Business Success Stories, available at www.cica.ca/successstories, is available<br />
in the following formats to suit your needs:<br />
• All stories in one PDF<br />
• Each story in PDF or Word 1 format<br />
1 While the CICA retains full copyright over the original stories in Business Success Stories, CAs<br />
may use, alter and customize the individual stories in Word format as they wish however the<br />
altered stories must not be attributed to the CICA or Business Success Stories. Any changes<br />
to the original material are the sole responsibility <strong>of</strong> the author (and/or publisher) and have<br />
not been reviewed or endorsed by the CICA.<br />
p A G E 1
B U S I N E S S S U C C E S S S T O R I E S<br />
lE vE l S<br />
Because each CA practice has different skills and resources available to implement<br />
the recommendations in this Guide, we have provided a selection <strong>of</strong><br />
levels. Level-one recommendations should be usable by any CA pr<strong>of</strong>essional<br />
or practice. Recommendations identified as levels two and three require<br />
increasingly more interest, partner involvement and resources to be successfully<br />
implemented.<br />
tI m I N G<br />
CAs should use the critical client events identified in Business Success Stories<br />
to determine when to consider implementing the types <strong>of</strong> recommendations<br />
found in this document. These events include when clients:<br />
• are struggling with managing their own business;<br />
• have managers whose squabbling threatens the business;<br />
• handle day-to-day information in a way that threatens the business;<br />
• find their business so busy it is losing key staff;<br />
• need to have a deeper understanding <strong>of</strong> their own operations;<br />
• need help evaluating bring-to-market options;<br />
• look to start a new business;<br />
• need advice about how to grow their business;<br />
• are evaluating the pros and cons <strong>of</strong> leaving their own business;<br />
• are struggling with their own business partners;<br />
• have a key customer cancel or postpone a critical purchase transaction;<br />
• have customers who don’t pay their bills.<br />
p A G E 2
A U S E R G U I D E<br />
1<br />
h ow to U S E Business succ e s s s tories<br />
to At tr AC t N E w ClI E NtS<br />
level one<br />
Immediately after you meet with prospective clients, review Business Success<br />
Stories and identify the three stories most relevant to individual prospects.<br />
Send one story — the one that is most timely for the prospect — in hard copy<br />
via courier with a cover letter inviting the prospect to review the story. Explain<br />
how it is similar to their situation. In that same communication, inform each<br />
prospect that you will be sending some additional follow-up material relevant<br />
to the current situation as well as to other issues they will need to confront in<br />
the next six-to-twelve months.<br />
After two weeks send the second story via email and follow up with a phone call<br />
three days later inviting the potential client to your <strong>of</strong>fice for further discussion.<br />
When you next meet with the prospect, provide the third most relevant story.<br />
CAs may wish to suggest to prospective clients that engaging or seeking the<br />
advice <strong>of</strong> a CA earlier in the process may save money and/or heartache.<br />
level two<br />
Invite the lawyer, banker or insurance agent with whom you work the most<br />
to lunch and bring along a printed, colour copy <strong>of</strong> Business Success Stories.<br />
Walk them through all the stories while discussing how each <strong>of</strong> you addresses<br />
these common client issues. Ask your pr<strong>of</strong>essional colleagues whether they are<br />
working with any clients experiencing “challenges” similar to those outlined<br />
in the stories. If they are, ask them to leave a voice message with each client<br />
explaining that you will be calling to follow up. Call the clients and share one<br />
short-term action the clients can take in the next month to help them deal with<br />
the specific challenge(s) they are currently facing. Also share one longer-term<br />
strategy that would require you to get more details about the business, key<br />
players involved and critical issues.<br />
level three<br />
Host a quarterly “Breakfast Eye-Opener” or “Lunch and Learn” to which you<br />
invite 10-to-15 prospects for a 55-minute practical problem-solving and networking<br />
session. The event should be built around one <strong>of</strong> the Business Success Stories<br />
— for example, “How to Prevent Management Conflicts from Limiting Growth.”<br />
p A G E 3
B U S I N E S S S U C C E S S S T O R I E S<br />
Also invite one or two other subject-matter specialists to provide additional<br />
perspectives on the chosen issue. For example, in addressing “How to Prevent<br />
Management Conflicts from Limiting Growth,” include a lawyer skilled in conflict<br />
resolution and/or a pr<strong>of</strong>essional group facilitator. Each subject-matter specialist<br />
should be prepared to speak about the issue for five-to-seven minutes. (These<br />
specialists might also be willing to co-host or even co-sponsor the event.)<br />
Read the appropriate story (background section only) aloud to the audience.<br />
Divide the guests into groups <strong>of</strong> three, four or five to work on the problem<br />
raised in the story. After 25 minutes have the groups share their insights. Then<br />
you read the remainder <strong>of</strong> the story containing the solution. Gather and document<br />
all group solutions. Wrap up the session with common themes, the brief<br />
presentations by the subject matter specialist(s) and a “Top 10 Solutions to…”<br />
Follow up by sending all invitees (including those who confirmed but were<br />
unable to attend) the chosen story, the “Top 10” list and a calendar outlining<br />
the next three sessions — each built upon one <strong>of</strong> the stories found in Business<br />
Success Stories.<br />
p A G E 4
A U S E R G U I D E<br />
2<br />
h ow to U S E Business succ e s s s tories<br />
to r E tAIN/E xpAND B U S I N E S S<br />
wIth E xIStI N G ClI E NtS<br />
level one<br />
Review your current client files with your team and identify which clients are<br />
most likely to be confronted with the challenges listed in Business Success<br />
Stories. Construct and complete the following table — including assigning a<br />
priority level that dictates the timing <strong>of</strong> your action:<br />
ClIENt<br />
NAmE<br />
ExpECtED<br />
rEvENUES<br />
from ClIENt<br />
ABC Co. $10,000 –<br />
$15,000<br />
DEF Co. $15,000 –<br />
$20,000<br />
XYZ Co. $40,000 –<br />
$50,000<br />
thE Business<br />
success<br />
stories<br />
ChAllENGE<br />
moSt lIkEly<br />
to fACE<br />
ClIENt<br />
Client doesn’t<br />
know how to<br />
spend their<br />
money (on<br />
growth or<br />
management)<br />
A contract<br />
that has gone<br />
sour is going<br />
to jeopardize<br />
the client’s<br />
stability<br />
Client is avoiding<br />
planning<br />
for succession<br />
p A G E 5<br />
whEN thE<br />
Business<br />
success<br />
stories<br />
ChAllENGE<br />
IS moSt<br />
lIkEly to<br />
CoNfroNt<br />
ClIENt<br />
prIorIty/<br />
ACtIoN<br />
12 to 18 months Call client<br />
immediately<br />
3 to 6 months Call client<br />
in one week<br />
More than<br />
3 years<br />
Surface issue<br />
at next scheduled<br />
meeting<br />
Send the client(s) you choose to target the most appropriate story from<br />
Business Success Stories. Follow up by taking them to lunch and providing<br />
them with a one-page high-level plan that will help them address their key<br />
challenge(s).
B U S I N E S S S U C C E S S S T O R I E S<br />
level two<br />
On your corporate website, add a page for each <strong>of</strong> the client challenges<br />
identified in Business Success Stories that you are qualified (and equipped)<br />
to address. On each page include the story, your track record in addressing<br />
these specific challenges and issue-specific client testimonials. You may wish<br />
to customize the stories to suit your expertise and experiences. Also take the<br />
12 stories found in Business Success Stories and incorporate them into your<br />
permission-based email marketing to existing clients.<br />
level three<br />
Review your current client list and identify three-to-five clients who currently<br />
share one <strong>of</strong> the challenges identified in Business Success Stories. Invite them<br />
to a client-only dinner — making sure that these clients do not directly compete<br />
with one another. Use the relevant story from Business Success Stories to facilitate<br />
a discussion that answers the following questions:<br />
• What are the short- and long-term costs associated with the challenge?<br />
• What are the non-monetary risks associated with the challenge?<br />
• What are the ways that management most commonly addresses<br />
the challenge?<br />
• What are the pitfalls associated with management’s most commonly<br />
used methods?<br />
• What skill sets are required to address the challenge?<br />
• What are reasonable measures <strong>of</strong> success that should be aimed for<br />
in a 12-month period?<br />
p A G E 6
A U S E R G U I D E<br />
3<br />
h ow to U S E Business succ e s s s tories<br />
to tr AIN N E w AND E xIStI N G StAff<br />
AND r ECrUIt N E w E m p loy E E S<br />
level one<br />
Have new staff review the complete Business Success Stories. Once a month<br />
ask a new staff member either to discuss one <strong>of</strong> the stories with their colleagues<br />
or to present at an upcoming meeting. Also encourage existing or<br />
more experienced staff to “buddy up” with new staff and talk about clients<br />
who have faced, or are facing, the challenges identified in each story.<br />
Provide prospective employees with a copy <strong>of</strong> Business Success Stories to create<br />
enthusiasm and make them aware <strong>of</strong> how working at a CA firm can be both<br />
exciting and rewarding.<br />
level two<br />
Conduct quarterly meetings with staff to jointly review, discuss and brainstorm<br />
the client issues identified in Business Success Stories. Develop these sessions<br />
so that participants may be eligible for CPD credits.<br />
level three<br />
Assign responsibility to a staff member(s) to create a Business Success Stories<br />
issues checklist to be added to each client file. That person is responsible for<br />
reviewing each client’s file (along with the file owner) and identifying which<br />
issue on the checklist will likely be experienced by the client and when. In<br />
addition, this staff member should participate in the development <strong>of</strong> the table<br />
referred to in level one <strong>of</strong> the section titled “How to use Business Success<br />
Stories to retain/expand business with existing clients.”<br />
p A G E 7
A CICA Guidance & Support publication<br />
www.cica.ca