On 2 July practitioner Paul Meades sent me the following story in an email (which he has kindly agreed I can share with you):
“…I just wanted to say thanks for earning me £5000 this week. Let me explain. A few weeks ago I noticed an opportunity to potentially save a client around £53000 in VAT for about half a day’s work. When I offered him the chance for us to utilise the opportunity, rather than charge for the hours at about £500 all in, I charged him 10% of whatever we could achieve in a refund (Remembering what you keep telling me and the lessons from the Masterclass). Last week he received a cheque for £53k plus £2k interest so we billed him accordingly and he happily paid us the full fee as previously agreed, we even earned a cut of the interest!”
The morals of the story are clear… when we systematically and proactively invest our own time looking for ways to save clients money then:
(A) We provide all of our clients with excellent service, and
(B) The clients who act on our advice will happily share the benefits by paying us value-based fees that recoup the speculative time cost we invest in providing this kind of proactivity to all our other clients.
So everybody wins.
PS If you want some detailed practical suggestions for the kind of proactive advice that can add serious amounts of money to your clients’ bank accounts please contact me on steve@avn.co.uk and I will gladly email you back with my key thoughts
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Practical examples of how UK practitioners are serving their clients more proactively and, as a result, earning bigger profits.
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