Boost your income by ‘bigging up’ your colleagues

Last year forced many firms to look at their existing client base as the main source of revenue. With few new clients forecast for 2010, winning more business from existing portfolios will remain high on the agenda. But accountants often struggle cross-selling colleagues’ expertise.

For many they do not know enough about other’s work to spot opportunities and introduce additional expertise to clients.

And yet, cross-selling offers major financial benefits. For one, the client can become more dependent on you and loyal, as you bring additional value when it’s needed. Cross-selling a colleague invariably leads to reciprocity and an easier and cheaper way to win additional fee income.

One accountant told me: “My best cross-selling results come from a detailed knowledge of both my clients and colleagues. You have to familiarise yourself with the benefits colleagues bring to clients and issues you should be spotting in your portfolio.” Here are some tips from other accountants who’ve successfully introduced a colleague’s expertise:

* Think about your client relationships – are there opportunities to cross-sell? Who can help them? Ask clients about other areas of their business, not just your own specialism.

* What new legislation could affect clients? Is there an opportunity to introduce a colleague?

* Ask colleagues to give a demonstration of how they work. Offer to do the same, so you both know what each other does.

* Look for synergy between your expertise and others in the firm. Can you work or go to meetings together, create joint communications or events?

* Explain the value for your client in meeting a colleague. This has to be from their perspective and not yours, ie. what’s in it for them.

So why not invest time getting to know your colleagues? It will be time well spent. And if you are finding it difficult to phrase an introduction, then practice – “I’d like to bring along a colleague who specialises in... I think you’ll find their input valuable because...”. This invariably gets a positive response from clients… as long as they are not paying for it at that point. Make the investment.

John Timperley is managing director of The Results Consultancy.