YOU Are the. PCPS Workshop Presented by: Leo Pusateri. American Institute of CPAs

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1 YOU Are the PCPS Workshop Presented by: Leo Pusateri 1

2 The Client s Dilemma (see pg. 2 in workbook) YOU CLIENT 3

3 The Value Ladder QUESTIONS RATIONALE Why should I do business with you? What makes you different? Who have you done it for? Real Value Differentiation Client Successes How do you do what you do? Process Why do you do what you do? Business Beliefs What do you do? Who are you? Unique Value Proposition Background 4

4 Virtual Filing Cabinet Step 7 Step 4 Step 2 5

5 Key Words to Remember: Confidence Passion Speed 6

6 Step 1: Who are you? (see pg. 4-5 in your workbook) 7

7 Who Are You? Leo Pusateri President, Pusateri Consulting and Training Sales Consulting / Training Headquarters: Beautiful Buffalo Specialize Professional Considerations Unique Background Xerox Learning Systems Elias Asset Management Narrow / Deep Business Competing on Value Personal Considerations Married 31 Years 4 Children St. Bonaventure University Community Commitment Golf Coaching people to be their best 8

8 Final Thoughts to Consider 1. Use unique language (your own lexicon) that reflects you and is memorable. 2. You only have one chance to make a great first impression. 3. Don t get ahead of yourself. 4. Look for a theme in your professional and personal background. 5. Every word counts. 6. Think ahead. 7. Enumerate where possible 8. A good background answer should focus on just the facts. 9

9 Step 2: What Do You Do? Unique Value Proposition (UVP) a short statement or paragraph that clearly and concisely captures the essence of what differentiates you from your competition. 10

10 Step 2: What Do You Do? Definitions : Unique Being the only one of its kind; without equal; matchless; peerless; unparalleled; unrivaled; exclusive. Value Is determined by how well your solutions achieve your client s goals. Proposition Proposal 11

11 Examples We partner with medical professionals to enhance their practice and their own personal finances. I offer auto dealerships the business planning and management they need to grow their companies. We help non profit organizations maximize their resources so they are better able to achieve their missions We provide clients with the expertise and insights to address tax and personal financial planning concerns and meet their long term financial goals. I help people make sense of the financial aspects of their lives. 12

12 Key Points About Your UVP: Don t just say what you do Tell people what makes you unique This is your opportunity to distinguish your firm People can feel your value proposition come out of you Communicate your value proposition comfortably Shorter than a mission statement; longer than a tag line your UVP is a stepping stone for conversation 13

13 Step 2: What do you do? (see pg. 7-8 in your workbook) 14

14 Value Proposition Exercise- Steps to Develop Your UVP: Step 1: Brainstorm all words that describe the unique value of your company. Step 2: Brainstorm all words that describe the unique value of your solutions. Step 3: Brainstorm all words that describe the unique value of you! Step 4: Circle 5-10 words that really stand out to you. These are your key words for the first draft of your UVP. 15

15 Step 3: Why Do You Do What You Do? Business Beliefs: Set the Foundation and Provide Organizational Direction And/or Focus. Drive Your Organization s Business Strategy. Focus on Why You Sell What You Sell. 16

16 Step 3: Why Do You Do What You Do? Business Beliefs : Business beliefs are founded on a combination of factors: Where your business is going (trends) Where your business has been (historical patterns) What you have learned as an organization (opinions/wisdom/experience) 17

17 Examples (1 of 3) I/we believe: Smart financial decision making depends on timely and accurate information. We can and should be our clients trusted business advisors. Financial success begins with understanding the core values and goals of my clients. Even the smartest managers sometimes need help understanding the next best steps for their business or in their personal financial planning. Objectivity is a valuable asset. Most clients do not operate their businesses day to day with real profit maximization in mind. Many business owners do not have a clear picture of how they really make money. 18

18 Examples (2 of 3) I/we believe: Most business owners suffer too long before asking for professional help as their finances become more complex with growth. Most individuals take a piecemeal approach to financial planning, making it more difficult for them to achieve their shortand long-term goals. Saving clients some money on their taxes is not enough. Tax planning should lead into a broader discussion of wealth, estate or retirement planning. Retirement of the baby boomers means that many of our clients need help with succession planning in their businesses and retirement and estate planning in their personal lives. 19

19 Examples (3 of 3) I/we believe: Our profession is extraordinarily well positioned to help with the baby boomers' wealth transfer. Many CPAs focus too much on the numbers and not enough on what produces them. You can t change the past, but you can shape the future. Clear-eyed planning can connect people to their dreams. 20

20 Step 3: Why do you do what you do? (see pg in your workbook) 21

21 Final Thoughts to Consider Beliefs showcase you. Short beliefs can be more memorable. Beliefs should hold together to tell a story. They should pick up on your UVP. Enumerate. 22

22 Step 4: How Do You Do What You Do? Process : A system of operations for creating something: a series of actions, changes, or functions that achieve an end or result. R O C E S S 23

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24 Example Partner: You work together with clients to understand their needs and visions for the future. Identify: You determine the best services to meet their needs and achieve their goals. Deliver: You provide high-quality services that meet their needs. Adjust: You revisit your original approach regularly to make necessary revisions. Plan: You keep a constant eye on long-term needs and goals. Communicate: You maintain regular contact with clients to apprise them of developments that will affect them and update them on new challenges and opportunities. 25

25 Step 4: How do you do what you do? (see pg. 16 in your workbook) 26

26 Final Thoughts to Consider A good process will reduce uncertainty. Look for linkages back to your UVP and Business Beliefs. Put it into your own words. Name it! Your process can be branded into your marketing materials and remembered by clients. Show real value for the client. 27

27 Step 5: Who Have You Done It For? The Seven Emotional Issues 1. Challenges Things that are inhibiting you from achieving your goals. 2. Circumstance A situation that accompanies an event. 3. Concerns Issues that are of interest or importance. 28

28 Step 5: Who Have You Done It For? The Seven Emotional Issues 4. Frustrations Issues causing you to be disappointed or unfulfilled. 5. Needs Things that you want or require. 6. Opportunities Situations favorable to attainment of your goals. 7. Problems Questions you raise out of concern or doubt. 29

29 Individual Client Analysis (see pg. 18 in your workbook) 1. Individual Clients 2. Key Emotional Issues Challenges Circumstances Concerns Frustrations Opportunities Needs Problems 3. Solutions 4. Real Value 30

30 Market Segment Analysis (see pg. 18 in your workbook) 1. Market Segment 2. Key Emotional Issues Challenges Circumstances Concerns Frustrations Opportunities Needs Problems 3. Solutions 4. Real Value 31

31 Three Key Questions for Your Key Clients to Answer: (see pg. 20 in your workbook) Key Clients Why did you decide to do business with What do you value most about What is the real value that has provided to you 32

32 Acres of Diamonds (see pg. 21 in your workbook) Clients Services you provide Revenue $ you are paid Estimated Lifetime Value Long Term Plan for Client Banker Attorney Referrals How would they describe my value? % = % of total client assets you control ELV = Estimated Lifetime Value IPS = Investment Policy Statements 33

33 Final Thoughts to Consider How well do you really know your clients? Know your clients emotions as if they were your own. Get comfortable asking clients key questions about you, your firm, your work, and your value. Do the Acres of Diamonds chart. 34

34 Step 6: What Makes You Different? Differentiate yourself in three ways: Company Solutions YOU 35

35 Step 6: Differentiation (see pg. 23 in your workbook) 36

36 What makes us different Our Differentiation 37

37 Competitive Differentiation (see pg. 24 in your workbook) 1. Key Competitors 2. Your Competitive Uniqueness 3. Your Competitive Advantages 4. Parity 5. Your Competitor s Advantages Your Competitor s Uniqueness 38

38 Final Thoughts to Consider Asking what makes you different is a natural question for anyone with options to choose. Remember the umbrella of distinction. Knowing your competition is a real competitive advantage. Be strategic. Go to school on key differentiation terms. 39

39 Step 7: Why Should I Do Business With You? 40

40 Step 7: Why Should I Do Business With You? Real Value Real value creates emotional and/or logical connections and should align with what your client values. 41

41 Step 7: Why should I do business with you? (see pg. 28 in your workbook) 42

42 Final Thoughts to Consider This final question should be the easiest to answer. Think impact and results. Look me in the eyes and net it out. Touch my heart. Get in my head. 43

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44 The Value Ladder QUESTIONS RATIONALE Why should I do business with you? What makes you different? Who have you done it for? Real Value Differentiation Client Successes How do you do what you do? Process Why do you do what you do? Business Beliefs What do you do? Who are you? Unique Value Proposition Background 45