We teach a 12 step (sales) meeting process to Accountants. If followed to the letter then a conversion rate (enquiry to sale ratio) will be around 80% – in a short time period (say less than 60 days).

Before we teach this tried and tested method we hear things like:

“I had a great meeting – they will definitely be a client”
“I met this potential client and I get the feeling they want to be a client of ours”
“I met the general manager of this business and they want to switch to us”
“I am so pumped – this prospective client is worth at least $50K per year to the firm”
“I met this person at a networking function and they moaned about their current Accountant – they are ready to join us”

It’s all rubbish. Unless you have a proper ‘pipeline management’ system and structured meeting system you are simply going on gut feel. Not good enough for forecasting new revenue!

If you have all the buyers in the meeting, you purposely develop a relationship, you understand the background of the situation, you find out their clear objectives, you attach measurement milestones to achieving them and you understand the value you bring to the table then you might just have a chance of winning the business and accurately projecting your conversion rate.

First you need to monitor what it is now. Based on an enquiry received (by whatever means), what percentage do you close in a reasonable time frame?

If you have a high conversion rate now based on limited sales skills or process then you are probably not charging enough.

If you charge appropriately based on value and you follow our meeting process then you should be at 75% or more.