In 2022, the number of small businesses in the US reached 33.2 million, making up nearly all (99.9 percent) US businesses. And according to the US Small Business Administration, there are 650,000 businesses have under 500 employees, 5.4 million businesses with fewer than 20 employees, and 27 million businesses do not hire any employees. And with this many businesses in the USA, you're probably saying to yourself, "If they only knew about my payroll service, I would be able to grow my sales exponentially."
Selling a payroll service business can be a complex process, but here are some steps to consider:
#1: Determine the value of your business: You should start by valuing your payroll business by talking with an independent broker and other owners who have sold their payroll business in the last 12 months. Factors that will affect your value: The number of clients on file, what services you sell to each client, pricing, each client's annual revenue, if a small percentage of clients generate a large portion of your annual sales, etc.
Are you tired and looking like a small "me-too" payroll service? If you are, you're not alone, as many payroll pros use the same tired old lines in their marketing messaging - which can make it difficult to stand out from the competition. Some common examples include:
If you want to jump-start your sales, I have listed below some key selling tips for all owners, sales leaders, and sales pros to read.
#1: Build A Massive e-Mail Database - If you want to see an immediate increase in sales, work on building a massive e-mail database of clients, prospects, and referral partners. If you don’t have enough e-mail addresses, call or e-mail me, as we have an e-mail address acquisition service.
You just sent a proposal to a hot payroll prospect. And although this person had a strong interest in switching to a new payroll service, they ghosted you after receiving your proposal.
After receiving your proposal, the prospect had to deal with a wide range of events/decision-making, etc. (see below),
If you plan to sell your payroll business in the next 6 to 9 months, here are four tips to help make your business more appealing to a buyer.
1. Be Clear About Why You Are Selling Your Business:
2. Understand Your Clients: Prospective buyers typically want to see:
Writing content for a payroll newsletter requires a balance between providing valuable information and engaging your readers. That said, I have listed a step-by-step guide below to help you write effective content for your payroll newsletter:
In today's competitive business landscape, establishing your payroll service as a subject matter expert (SME) can provide significant advantages. More importantly, being a SME plays a key role in attracting new payroll clients AND referrals from your database of referral partners, i.e., CPAs.
#1: Develop Deep Industry Knowledge
To position your business as an SME, it is crucial to have comprehensive knowledge of the payroll
If you want to see an increase in your payroll sales, and I mean immediate, do the following:
After each campaign is sent, have a mandatory phone-blitz-follow-up session with your salespeople. Yes, it's that simple.