Pronunciation /ˈpräˌspekt/ /ˈprɑˌspɛkt/
A person regarded as likely to succeed or as a potential customer, client, etc.
Pronunciation /ˈalkəmē/ /ˈælkəmi/
The medieval forerunner of chemistry, based on the supposed transformation of matter. It was concerned particularly with attempts to convert base metals into gold or to find a universal elixir.A seemingly magical process of transformation, creation, or combination.
Pronunciation /ˈpräˌspekt/ /ˈprɑˌspɛkt//ˈalkəmē/ /ˈælkəmi/
The process of turning a prospect into a client and then transforming them into a raving fan.
Here at Prospect Alchemy we show Coaches, Consultants and Entrepreneurs how to turn prospects into paying clients and then raving fans. It’s our version of turning lead into gold. Accept instead of lead we are working with leads and the gold comes in the form of paying and referring clients.
The alchemists were convinced they could turn ordinary lead into gold using science and in a very real way that’s what we do here at Prospect Alchemy.
We start by showing you how to find the lead in the first place which is prospecting.
Prospecting is a must learn skill for every business owner. The great news is it’s something anyone can learn but most ignore.
You might wonder why prospecting is so important so let us give you an example. If you double the number of prospects in your pipeline all things being equal you will double your clients, right?
Do you see what we’re talking about?
Of course if you have zero prospects and your only way of getting new clients is waiting for a referral the first thing you must do is get your prospect pipeline started.
Most Coaches, Consultants, and Entrepreneurs are able to greatly increase the number of prospects they work with by making a few minor adjustments. When they do it gives them many additional opportunities to bring in new clients. In fact, many of our clients have doubled or tripled their practice in 30 to 90-days simply by focusing on prospecting.
With all that in mind a question we get a lot is, “Do I really need a prospecting system if I get my clients from referrals?” I bet you’ve thought the same thing.
Referrals are wonderful but even with referrals if you don’t have a process in place you have little control over whether you get them or not. Let’s face it some of your clients are great at referring clients to you while others never refer new clients at all.
Now, if you ask them why they don’t refer anyone to you chances are pretty good they will tell you they didn’t know you were looking for new clients. But even when you tell them you’re looking they still won’t refer anyone to you.
When you have a system in place to encourage referrals and testimonials at key milestones in a way that makes it easy that won’t happen.
On the other hand when you don’t have a system in place you’re relying on hope. Maybe you’ve heard the saying “Hope is not a marketing strategy.” 🙂
Another problem when you don’t have a prospecting system in place is the income roller coaster or feast and famine cycle. If you’re like most Coaches, Consultants, and Entrepreneurs you have good times and bad. The problem is sometimes the bad lasts much longer than you’d like.
When you consistently bring in new clients throughout the year you have more opportunities to diversify your income stream.
Plus, if you bundle additional services for your existing and new clients, in many cases, you can scale your income 3 to 5 fold. The best part is most of that work can be done by someone else.
Some of our clients used to go through the feast or famine cycle every year. As a general rule they waited to bill their clients until they finished the project. For some of them it was like pulling teeth to get paid.
When you follow our Prospect Alchemy process you have a steady stream of qualified prospects that become clients. This allows you to fill your practice and keep it full all year long.
The next stage of our process is increasing the value of each client. We call this our Client Alchemy process. When you increase the value of each client you are able to dramatically increase your revenues without having to work a ton of additional hours or bringing in a bunch of employees..
When you implement the Prospect Alchemy and Client Alchemy processes you have more clients and each client is worth more to you. The combination of the two free you from the income roller coaster once and for all and they help you blow past the income ceiling you may be stuck at.
Imagine having the luxury of only working with the clients you want to work with instead of taking any client you can get just to pay the bills. That’s one of the benefits of having a prospecting system in place.
Another benefit is the flexibility and the confidence to raise your rates so you finally get to earn what you are worth. You no longer have to worry about losing a client because there are others waiting to work with you.
Prospect Alchemy practically eliminates your need to sell because prospects see you as the best solution for them and they are seeking you out.
Imagine having a waiting list of prospects that want to work with you. How would that change your practice?
The final process we help you implement is our Practice Alchemy process. Practice Alchemy is all about optimizing your practice so you can scale and increase the value of your practice for when, or if, you decide to sell.
This process is not about working harder it’s all about working smarter. It’s about discovering the things you can leverage in your practice to achieve maximum value and growth. It’s also about implementing systems that allow you to handle more clients without working more hours. Plus, having a truly transformed practice means duplicating yourself so you can step away and the business will still operate and grow.
When the day comes and you want to sell your practice not only will it be easier to sell but it will command a premium price.
Let us help you transform your business into one that consistently grows while increasing the value of each client.
Doresa Ibrahim, co-founder or Prospect Alchemy is a Certified Business Coach.
Having spent more than a decade as a Software Consultant working with companies worldwide, along with 20 years of computer programming experience, she's able to handle the complex (and often confounding!) tech and software challenges that drive Professional Service providers batty and keep them from doing what they love most – helping clients, while taking away the overwhelm.
Doresa has been credited with “Making it easy”…
With her Masters in Management Information Systems and Bachelors in Computer Information Systems you can bet she brings a lot of tech background to the table.
Doresa takes the daily grind of growing your business and automates it so you can invest your time on the things you love.
Mike McMahon, co-founder of Prospect Alchemy is a Certified Business coach and business growth specialist. He is dedicated to helping Accountants double their practice and revenues.
After leaving the Navy, Mike became a business broker and sold businesses. That gave him the opportunity to evaluate over 700 business in depth. He discovered that most of them would never sell and the owner would end up closing shop.
Since most businesses they worked with were unsaleable Mike saw an opportunity. He figured if he could help them get their business to the point it was sale-able he would have more businesses to sell.
So, that is what Mike did.
He helped them implement proven sales and marketing strategies resulting in rapid growth. This earned Mike a reputation as a business growth specialist. Someone who can turn failing businesses around.
While Mike did sell more businesses, he found many of the owners decided not to sell. It turns out the real reason most of them wanted to sell in the first place was because their dream had become a burden. They were sick and tired of struggling to get by.
Once they knew how to market their products and services, they could make a steady and growing profit. That allowed them to dream again and their business was no longer a burden.
Now Mike focuses on helping accountants double their practice in as little as 90 days. He does this so they can help more business owners be successful.Mike believes every business owner needs an accountant to guide them. To help them make better choices with their cash flow and capital investments. Helping accountants allows him to help business owners, the backbone of our economy.