TaxCoach Briefs:    May 1, 2008

Volume 3, Number 18

****Attention TaxCoach Subscribers****: The first issue of the new TaxCoach Lineup went out Monday. Make sure your address is up to date in TaxCoach so you don't miss a single issue!

TaxCoach Briefs archives.

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MARKETING MINUTE (EAL)
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SMART ADVICE FROM SEAN CONNERY

Back in 1987, Sean Connery played a Chicago cop named Jimmy Malone in Brian DePalma's gangster classic, The Untouchables. Connery's character teams up with Kevin Costner's Elliot Ness to bring down Al Capone. And Connery tells Ness exactly how to do it:

You wanna know how you do it? Here's how, they pull a knife, you pull a gun. He sends one of yours to the hospital, you send one of his to the morgue. That's the Chicago way, and that's how you get Capone! Now do you want to do that? Are you ready to do that?

(Of course, that's not how you get Capone. He pulls a gun, you pull a pen. He sends one of yours to the morgue, you send him to the IRS! Do not pass "Go"; do not collect $200.)

But it's still good advice, even for those of us who don't pack heat on the job. Read on . . . .

Yesterday, I spoke with All-Star subscriber Mike Johnson, from Grand Junction, Colorado. Mike's built up his practice over 21 years now, and he's ready to step away from some of the day-to-day responsibilities. He's decided to target dentists for a new venture; we're working to create a "financial flouride for dentists" information product and develop a seminar series to promote it.

A couple of weeks ago, I suggested he interview his current dentist clients to learn more about their problems and frustrations. Last Friday, he did just that. He discovered two specific problems he can focus on solving. The first, which surprised him, was dealing with staff. (That makes sense -- they go to dental school to learn how to be dentists, not how to manage dental office staff.) The second, of course, was taxes. (As one said, "If you can show me how to pay less tax, you're my hero!")

Asking clients how you can help them isn't rocket science. Think of it as a focus group, one client at a time. But it's so valuable. You can say that Mike asked his clients what they want from a tax advisor. And you would be right. But that would miss much of the point. What he really did was ask them what they're willing to buy -- so that he can give it to them.

Most of you have targeted at least one specific market, whether it be doctors, lawyers, Indian chiefs, or even Alpaca farmers. (I wouldn't have guessed Alpaca farmers were a lucrative market, but All-Star subscriber Mark Allen in Cameron Park, California, assures me they are!)

How many of you have taken the time to really investigate your markets? How many of you have asked your best clients what they're willing to pay you to do for them?

It's not hard. Just pick up the phone and call two or three of your favorite clients in that market. Here's how it would sound if I had called Keith while he was still a consultant, before we launched TaxCoach:

Me: Hi Keith, it's Ed Lyon over at TaxTuneup. Do you have a minute to talk?

Keith: Sure, Ed. I'd step on kittens to take your call!

(Don't laugh -- I actually had a client tell me this.)

Me: Well, as you know, I've enjoyed working with you over the years. I'm interested in working with more consultants just like you, and I'm interested in learning what makes you guys tick. I was hoping we could spend maybe thirty minutes over coffee, or even on the phone, so I can find out how I can do the best job possible for you.

Make sure you ask them what really frustrates them. (Remember, the most effective way to sell your service is to cure the pain your prospective clients are already feeling. Mike Roth will be discussing this in detail at next month's Tax Coach Spring Training 2008 Boot Camp.)

And don't try to guide the conversation in any particular direction. Just let them tell you what they think and how they see you solving the problems they raise.

Worried that clients will see it as an imposition? Don't be. Good clients will appreciate you taking the time to ask questions and listen to their answers. (You're not going in to ask for referrals -- but don't be surprised if you land some anyway!)

Targeting clients makes it easier for you to market your service. But targeting clients without doing your homework? Jimmy Malone from The Untouchables might call that "bringing a knife to a gunfight." Sean Connery wouldn't do it. Why should you?

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UPDATED CONTENT (KAV)
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TAX OUTLOOK LETTER

We've updated the Outlook Letter for 2008 midyear tax planning. This spring's letter introduces proactive strategies such as shifting income, accelerating deductions, and the like, along with "nuts and bolts" items like updated deduction and exemption limits, qualified plan contributions, and similar items. The Outlook Letter is a great tool for keeping your name (and your value) in front of clients, as well as generating spring and summer planning engagements.

You'll find the updated letter on the Reports screen, once you've added or selected a client in the TaxCoach system. The Outlook Letter is the third orange button on the left. The contents of each letter depend on the module selections made for that particular client, just like with the Tax Plan Report and Plan Summary. That's so clients don't see the "chaff" that doesn't apply to them.

The Outlook Letter is generated as a .DOC file, so you can either print it from TaxCoach or save it to your computer and edit it in your word processor. As it stands, though, it's ready to print directly on your letterhead and mail, giving your clients another key reminder of the proactive service they get from a trusted advisor like you.

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SUBSCRIBER EVENT (EAL)
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TAKE ME OUT TO THE BALL GAME

Wednesday, May 7, Keith and I are closing the office early to watch the Reds play the Cubs at Great American Ball Park here in Cincinnati. It's a Business Day Special, with the first pitch at 12:35 PM. And we're inviting all of you to join us. We'll even spring for the tickets! (Beer and hot dogs are on you.)

Since we first invited you to join us two weeks ago, the Reds have dropped to 12-17 on the season, 5 games behind the division-leading Cubs. (Keith says they've actually experienced "a marked turnaround in their slump-think," winning three in a row earlier this week. He'd love to be the "glass half-full" guy here, but he'll have to settle for being the "glass .414-full" guy.)

RSVP at 513/321-2820 or support@taxcoachsoftware.com by Friday, May 2, to guarantee a seat. We'll look forward to seeing you at the ball game!

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TAXCOACH "SPRING TRAINING" (KAV)
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BOOT CAMP UPDATE!

Registrations continue to arrive for the first-ever "TaxCoach Spring Training 2008" boot camp here in Cincinnati this June 20-22. We've confirmed that Jack Peters will be joining us from Elite Cost Segregation to present depreciation strategies you can offer clients with commercial and investment real estate.

Subscribers, you'll receive an updated invitation with your first TaxCoach Lineup. If you're not a subscriber, click here to learn more about the Boot Camp.

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SUBSCRIBER Q & A (KAV)
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Q: Sorry to keep asking questions, but what are the training options for your program?

A: Not at all; we're glad to hear from you. Here are some of the key TaxCoach training tools; you'll find them in the TaxCoach Playbook area:

The first set helps you USE TaxCoach:

  1. Quick-Start Guide: This is a top-down view of how TaxCoach works, with screen shots to walk you through the mechanics of gathering data, entering it into the system, and preparing a plan.
  2. Virtual Tour: This is a 12-minute tour through the complete system, with a more comprehensive look at each of the TaxCoach tools.
  3. User's Guide: This is the traditional "manual" you're familiar with from every piece of software you've ever bought.
  4. Interviewer's Guide: This report walks you through the Client Data Questionnaire and information-gathering process.

The second set helps you SELL TaxCoach:

  1. Marketing Guide: This is your overview on how to price, promote, and deliver tax planning services to grow your business
  2. How To Charge Premium Fees: You should already have received this when you signed up for the Briefs
  3. "30 Days To 30 Clients": This is a basic marketing plan for getting a running start marketing tax planning.
  4. Consultation Questionnaire: This is your chance to tell Ed about your business before scheduling your New Subscriber Consultation. Most subscribers find this sort of perspective to be the most useful of all "training."
  5. TaxCoach Briefs archive: You'll find two full years of weekly marketing strategies and advice.
  6. All-Stars program: This is our advanced mastermind group and personal coaching program.

Then, as far as the content, simply running and studying a report of all modules for a sample client will acquaint you with all the strategies TaxCoach has to recommend.

I hope that answers your question - let us know if you'd like more info.

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We're happy to answer your questions on TaxCoach content, features, marketing, or general taxation. While we give first priority to our TaxCoach All-Stars, we work to answer all questions. For best response, email support@taxcoachsoftware.com. If we can't answer immediately, or we think the answer will be useful to all of our subscribers, we'll publish it (anonymously) here in the 'Subscriber Q & A' section of TaxCoach Briefs.

Regards,

Ed Lyon
Keith VandeStadt

www.taxcoachsoftware.com
(513) 321-2820

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