Making Money #3 - Recruiting Accounting Firms As Referral Partners
The question is: “How do I make money with this private label?”
Why recruit accounting firms as referral partners?
National data tells us that there are currently over 90,000 independent accounting firms in the U.S. They all have the same problem. Thirty percent of their small business clients will go out of business within three years, fifty percent will fail within five years and seventy percent will be gone within seven years. For accounting firms this means they have to be constantly marketing themselves just to keep pace with the small business clients they are losing year in and year out.
Accounting firms also have the problem of being very high up on the services chopping block at times when there is a cashflow crunch for their small business clients. Those small businesses will simply use quickbooks instead of their accounting firm bookkeeping services. They will suspend or cancel their accounting services to conserve cashflow.
So, what does your private label system do to help solve this client loss problem?
Your private label system offers accounting firms the three “R’s” and those are:
R1- Retain Clients
By assisting the accounting firms' existing clients to be well capitalized and to become bankable, their small business clients are far more likely to succeed and stay in business. Their successful small business clients are therefore likely to grow and expand meaning they will need more accounting services such as; budgeting, tax planning, tax preparation and more. Retained clients means more revenue versus the expense drain of recruiting new clients.
R2 - New Revenue
As the accounting firms send you their small business client referrals your private label will first fund those clients at which point you can pay the accounting firms a referral fee. Then your private label will assist their small business clients to become bankable for which you can pay the accounting firm another referral fee. Then your private label will take their small business clients back out for much larger and better terms bankable funding for which you can pay them yet another referral fee.
R3 - Recruit Clients
Now that the accounting firm has sent their small business client over to your private to be funded, to become bankable and then to be funded again, of course that small business client is extremely happy about the assistance they have received to help them succeed. And what do very happy people do? They tell others; friends, family members, business groups, church groups, social groups which in turn become an excellent source of new clients for the accounting firm.
With your private label you have the oppotunity to stand-out and make a difference.
There are a sea of “business finance brokers” looking to get referrals from accounting firms. Their problem is they have nothing unique to offer other than expensive, short term funding that actually harms their clients when there is no become bankable solution paired with that funding.
