Smart Online Finance Success Stories

Immediate Results

Very early in the promotion of SOFi we had a med/large firm who voiced concern they just wouldn’t have the client demand.  They loved the SOFi system and the ease with which it could be used to help clients – but even though they had 500+ clients they struggled to think of any that had ever asked them about finance.  Accordingly, they took a SOFi Lite which meant they had no ongoing costs, but shared the revenue 50/50 with Get Smart.  Within the first week they had done their first deal. Gross Revenue $800. Two weeks later they did another deal. Gross Revenue $550.  At this stage they hadn’t even been trained in how to use or market the new service.    This firm will likely earn in excess of $7,500 gross revenue in their first year.  They said it was a bit like when you buy a type of car - for weeks afterwards you see them everywhere. They were always there before, but now you see them.

 Competitiveness

Very few accountants would want to be the “cheapest” accountant in town!! Instead we all try to focus our clients on value rather than price.  It’s the same with SOFi. We encourage firms and their clients to consider the entire financing process – speed, competitiveness, personal service and most importantly the accountant’s value add in terms of advice on tax efficiency and structure. 

That said every now and then the competitiveness of SOFi is starkly demonstrated. One accounting firm faxed SOFi HQ the finance agreements of three high priced vehicles – all Porsches.  He asked that dreaded question “what could you do this for”.  Sadly, he had blacked out the clients quotation so we had to blindly run the numbers and send the alternative SOFi quote back.  He phoned us to make sure we hadn’t made a mistake. Concerned we had missed something and were too expensive we ran the numbers again. No – we confirmed the alternate quote.  It turns out that over the three years of the finance agreement our option would see the client save over $16,000. The “other” quote was from a dealers finance arrangement – heavily loaded with commission but reliant on capturing the client at point of sale.  The lesson learned was to consult your accountant first, before committing to finance arrangements – it could save you thousands!!

Seminars & Radars

More and more accountants are running seminars. To stay in touch with clients, promote new services and generally thank clients for their business. One SOFi accountant ran a “Back to Business” seminar in early 2007 for about 30 clients. There was a short 10 minute summary of why clients should talk to their accountants before buying assets and arranging finance. Frankly, it wasn’t very riveting stuff. Another speaker talked much more passionately about marketing and got a lot of laughs.  The next day the accountant sent me a copy of three emails from clients who had asked for quotes on vans, cars and plant & equipment.  The lesson was simple. Once clients know accountants offer this service, they feel very comfortable asking you to assist them with finance.