January 20, 2023
Read time: 4:46 minutes
In order to close fractional CFO clients, you're going to need to learn how to overcome objections.
"I only want to work with people who are excited for my services. I shouldn't have to overcome any objections. If they don't see the value then they aren't for me."
- You, maybe.
That's a great mindset to have!
If you want to stay small and ensure your firm's impact is minimal!
The reality is that people are going to have apprehensions about working with you. That's both natural and understandable.
Today, I'm going to share with you my thoughts on how to respond to four of the top objections I see on sales calls.
Before I dive in, let me point out that a good sales call framework will mitigate many of these objections ahead of time. Click HERE to check out my free training on how to handle CFO sales calls. I reference it numerous times below.
Objection #1: We're Too Early for a Fractional CFO
Step 1 here is to determine if they are, in fact, too early for a fractional CFO. And that's your job.
If you've decided that they are NOT, in fact, too early, then I like hitting them with a metaphor!
"Listen Bill, based on what you just shared with me, you have a lot of challenges ahead. And most of those challenges have a lot of 0's on the end of them!
The last thing I want you to do is to look back 6 months or a year from now and realize you made some big mistakes.
Because fixing those mistakes is usually a lot more expensive than doing it right the first time.
So let me ask you this, wouldn't you prefer to have the map BEFORE you enter the forest?"
Then shut up and wait for the lightbulb to illuminate.
It's honestly hard to say "no" to that question!
This approach also works with this objection:
• Shouldn't we wait until we hit $x in revenue?
Objection #2: I Think I'm Looking for a Bookkeeper
During the sales call, I like to proactively explain the difference between a bookkeeper/accountant and a fractional CFO.
The bookkeeper is rear view mirror focused.
The fractional CFO is forward looking.
With a focus on hitting their goals.
And they need both on their team.
And then I explain why.
At the end of the call, if they circle back to this objection, simply explain it to them again.
💥 It's powerful to use specific examples of the goals they mentioned earlier in the call. And then detail how you can help them get there.
This approach also works with this objection:
• We already have someone doing our books and taxes. Why do we need a CFO?
Objection #3: We Want Someone That Will (insert task that your firm doesn't offer here)
This can be a big one if you aren't a one-stop-shop for all things bookkeeping/tax/accounting/CFO.
But it's not insurmountable!
In fact, my firm doesn't offer anything but CFO services - so I'm proof that this works.
Let's say I'm on a sales call and they say "We want someone that will also do bookkeeping."
Here's how I'd respond:
"I completely understand wanting to have 1 person that does all the financial things! But remember earlier when I told you that bookkeepers are rearview mirror focused? And CFOs are future looking?
The truth is that those are very different skill sets. Bookkeepers have spent 5, 10, even 20 years getting REALLY good at books. They're up to date on all the latest laws and IRS rules.
But in the same way, I've spent the last x years getting REALLY good at things like cash flow forecasts, projections, and strategies.
And more importantly, I'm world class at helping my clients put plans in place to (reference one of their specific goals here)!
Honestly, for where you're at today - and where you're going - you need a team approach to your finances."
This has been an extremely effective response for me in the past. If you nail the delivery, I know it'll work for you too.
Objection #4: You're Too Expensive
If you get hit with this more than once or twice, then I'd encourage you to:
1. Go back and watch the sales training again.
2. Watch the replay of your sales call and compare it to the framework. See where you can do better.
3. Check to see if your pricing is, in fact, too high for that size business.
The gap is normally in #2, not #3.
But this objection may still come up on a sales call.
The good news is that there IS a response that works more times than not:
"You're right Bill. CFO services are expensive.
But you listed out some pretty meaningful goals earlier! If I can help you hit those goals, wouldn't you agree that the investment on CFO services wouldn't even be a question?
So let's do this. Let's get started together and see what we can accomplish together.
And remember, I offer that 30-day money back guarantee. If you decide the value isn't there at the end of month 1 or month 100, I'll refund your money for that month.
Ah the money back guarantee.
Haters gonna hate on the MBG, but it's the ultimate de-risker for potential customers!
Overcoming objections is a super power when it comes to sales. After all, you got the lead this far. It would be a shame to lose them now!
Someone recently asked me to share the most important lesson I've learned when it comes to addressing objections.
👉 It's to address them head on.
As you handle more and more sales calls, pay attention to the objections that you're hearing.
And then proactively address those in future sales calls.
It might look like this:
"One of the biggest mistakes I see people making is that they tell themselves they're too early for a fractional CFO! So let me explain why this is misinformed and can cause BIG issues down the road..."
Now go close those clients, increase your revenue, and maximize your impact!
Whenever you are ready, here are 3 ways I can help you:
1. The Inner Circle - every month my team and I go live and share the most impactful lessons we've learned in our journey to start, scale, and optimize our own CFO firm (including live Q&A). Plus you'll get access to our private community of nearly 150 fractional CFOs.
2. The CFO Academy - This is a 7 week deep dive into the exact playbooks that I use to run my firm, KFE Solutions.
3. If you'd like more amazing (and free!) content about starting, scaling, or optimizing your Fractional CFO firm check out:
→ The CFO Report on YouTube (if you love video)
→ The CFO Report on Apple Podcast (if you prefer audio)