monthly retainer

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monthly retainer

Kevin Izevbigie is a growth and automation specialist who helps accountants to stop doing free work and start landing monthly retainers. Meaning, turn all that consulting and extra work you do for your clients into cash.

You’ll still keep your clients, and they’ll be happy to pay you. That’s what you’re about to discover today.

In this episode of the Growing Your Firm Podcast, David Cristello and Kevin Izevbigie dive into:

  • Discover ‘hidden pockets of profits’ in your firm
  • How to position yourself to create products that sell for $7,500
  • The answer to ‘Which product should you create for your clients?’

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There Are Hidden Pockets of Profits in Your Firm RIGHT NOW

Kevin Izevbigie, the founder of KevinIzev.com, is a qualified accountant. However, seven years ago, he fell in love with marketing and helping accounting firms like yours grow.

He has a special niche that you’ll like. He uncovers ‘hidden pockets of profit’ inside your firm. What is that? It’s services you’re already performing, or your clients need. You can take these services and turn them into advisory products. Simply, bundle them up, charge them an upfront fee and then a monthly continuity retainer.

For many firms, they perform lots of ‘free’ work for clients. They also brush over the valuable services they could offer. Kevin digs these up and puts them into a bundle your clients will happily buy again and again.

Why will your clients happily pay…and pay you more?

 

This One Thing Could Make or Break the Growth of Your Firm

When you position yourself different than other firms, you can demand more. That’s what is known as “POSITIONING.” Think about it. When you tell someone “I’m an accountant”, the person you’re talking too automatically conjures up an image of a bean counter, a calculator, a starchy shirt and bland tie doing taxes. When they do that, you become a commodity. A commodity can be bargained downwards (usually never up).

That means you’re making less profit.

On top of that, many firms take on anyone who shows up on their doorstep. They “specialize” in every niche imaginable apparently. They get pulled in every which direction by multiple clients in multiple niches. That’s a surefire way to low profits and hamster-wheel management.

See…low-priced services and clients pile up. When they do, you’re forced to hire more staff, then you need more projects to support the staff, so you take on more work then need more staff…can you see the wheel spinning? It’s tiring.

Kevin calls these firms “chaos.” They live in feast-and-famine times. Feast being tax season. Famine being everything else.

You can change that now.

 

How to Position Your Firm to Make Higher Fees from What You’re Already Doing for Free

Instead of serving everywhere, let’s position your firm in one tight niche. You can serve multiple industries, but think about which type of companies have the same problem. When you know the exact problem, you can solve that problem specifically and get a nice monthly retainer out of it.

Remember, businesses are people. People have problems. They need you to solve that problem. They will pay you for it.

Here’s an example…

Kevin had a client…a firm owner with 25+ years of experience…and this client wanted to target the food business. Kevin helped the client go through their step-by-step process system, set up a strategy with automation, and this client became the virtual CFO of the businesses. To do this, the client charged $7,500 and a nice monthly retainer on continuity for $1,000/month. His service is all advisory and it solves a big problem in the food business. Those types of revenues multiplied over dozens if not hundreds of clients is a gamechanger.

A key piece to know is how to position yourself.

Well, the formula is fairly simple. It’s “I help X person do Y.” 

  1. Who do you help? Be specific.
  2. How do I bridge the gap between what they really need and what I provide?
  3. How do I position myself in the market and show them I can do it before they pay? They must see you as a trusted advisor.

Your clients are most interested in their future. They learn from the past but dream of the future. Thus, you must report on the past and advise for the future. That’s why what you package and sell to your clients must be repeatable. You’re constantly helping them with their future every month. Clients are like us. They want their dream house, to travel more, to sleep soundly at night and not just think about business and finances. It’s your goal to fill the gap in their life that keeps them awake. 

 

What Product Should You Put Together for Your Monthly Retainer Service? 

As much it hurts to say it…there is no magic bullet or template for what product to serve up to your clients. Every industry, sector, and group is a bit different. It’s up to you to dig deep and find out what the big pain points are in the area you’re looking.

Think about who you are serving, the type of people they are. You may have to do some interviews and talk with folks.

DAVID’S TIP:What is a client’s “success metric?” Most business owners aren’t looking at the inputs and outputs that make their business grow and succeed. They simply see if they have money in their bank account. You can create forward-looking, future-predicting products to help businesses like this grow.

The first place to start digging is “where do I already give away my expertise for free?”

For all your products, it’s best to make them monthly retainers aka continuity plans. That’s why an advisory service like virtual CFO would be a great direction to start.

Still, as I mentioned, you don’t want to use terms the client doesn’t understand or has preconceived notions about. “Virtual CFO” might conjure up the wrong idea to clients. That’s why present it simply as “I help X person do Y.” You’re more results-focused than title focused. 

Positioning your firm could pay off dividends quickly because clients just want their problems solved.

As I showed you above with one of Kevin’s clients, you can turn easy advisory work into $7,500 and a nice monthly retainer. That’s just with one client!

 

BONUS: 

Kevin recommends the book “Psycho-Cybernetics” by Dr. Maxwell Maltz. One of his clients called the book “life-changing.” Definitely could change your mindset after one read.

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