As the Holiday season is upon us, I always look back at the current year to plan how our company will help white-collar small business owners in the next year.
Just like any business dealing with large economic challenges such as Covid-19 shutdowns, we had to reduce our fees by 30%.
The fee reduction was not because business owners could not afford current fees but because many business owners lost some of their clients. This is the true 'trickle down economy' many people talk about, in jest.
While on the topic of fees, 321 Biz Dev consulting fees are composed of four parts:
Our 6-9 hour time spent training clients.
Fees lost while training clients
Fees to prospect for new clients.
A fractional fee connected to our clients' future success.
But, for the purpose of the article, there is compensation 321 Biz Dev cannot recoup. This are the monies lost when our 321 professional clients (attorneys, CPAs, dentists, plastic surgeons, insurance brokers, and real estate brokers) cannot close prospects after 321 Biz Dev sets appointments.
Simply put, if the CPA cannot close a client, then 321 Biz Dev does not receive any compensation for the time spent prospecting, appointment setting and cultivating the relationship between the CPA and prospect.
In previous articles and podcast episodes, I often mention that 321 Biz Dev is not a marketing company. 321 Biz Dev is a consulting firm. We do not receive upfront payments to identify prospects for white-collar professionals.
Because the consulting industry is unique, white-collar professionals are not familiar with how consultants work.
Consultants provide solutions to business challenges. As a business development consulting firm, 321 Biz Dev installs sales systems and offers business development support (identify prospects and set appointments).
These are the two obstacles for 321 Biz Dev and white-collar professionals to work together:
White-collar professionals are sometimes reluctant to pay because they are uncertain if 321 Biz Dev can find them clients.
321 Biz Dev is reluctant to provide 6-9 hour training, identify prospects and set appointments at no charge because we are unsure if white-collar professionals can close.
Both 321 Biz Dev and the white-collar professional share some concerns about risk and loss. We are unknowingly rowing in the same boat, although in opposite directions.
As a consulting firm, like I mentioned earlier, it is our job to find a solution to alleviate both 321 Biz Dev and the white-collar professional's concerns.
The 321 Biz Dev solution is to split our fees over a 12-month period, offer the training over a 3-month period, but start identifying prospects and setting appointments immediately. This solution will offer several improvements:
Remove the financial sting to white-collar professionals in paying our 6-9 hour training fee all at once.
Allow 321 Biz Dev and the white-collar professional to share the risk of making money by closing deals
Allow 321 Biz Dev and the white-collar professional to share the risk of losing money if deals cannot be closed.
321 Biz Dev can receive one-third of the training fee every month for three months plus a small compensation when white-collar professionals convert prospects to clients.
Interested parties can contact me, Rick Nappier, CEO, at (833) 321-3212, or Yeilyn Rodriguez, VP, Business Development Specialist (bilingual) for English or Spanish contacts, at (786) 697-3400.
321 Biz Dev LLC offers 6-hour sales system training to help white-collar salespeople improve skills and increase business development efforts.
Business owners can also complete a 5-minute Questionnaire by clicking the Services tab on our website. Also, click the About and Podcast tabs to see and hear more about 321 Biz Dev LLC.
I hope readers enjoyed this article.