I recently spent nearly a dozen hours reviewing discovery calls and sales calls for other Fractional CFOs.

(I sure do know how to have fun, don't I!?!) 

The differences in the calls were stark. Within just a few minutes of each call, I was able to accurately predict which calls would result in a favorable outcome and which would not.

After I finished the reviews, I realized the best-performing calls had 3 things in common that the lowest-performing calls were lacking.

These 3 commonalities were the difference between closing deals and lost opportunities - we're talking about hundreds of thousands of dollars in revenue!

In today's edition, I'm going to walk you through the three things that the winners got right that the others lacked.

Let's dive in.

The Two-Call Close

Before we delve into the details, I would like to provide an overview of the best process I have found for closing Fractional CFO clients.

Over the past decade, I've conducted hundreds of sales calls personally and reviewed and observed hundreds more from other Fractional CFOs. I've also spent 6 figures on sales coaching. Through those experiences, I have found the two-call close to be the most effective for selling Fractional CFO services. 

The two-call close is really simple.

I start with a discovery call. The discovery call has two primary objectives: to qualify the buyer and to schedule the sales call. Everything discussed on the discovery call is in service of those two objectives.

The next step in the process is the sales call. During the sales call, I work with the buyer to put together a scope of work. If we can align on the scope of work, we will then discuss pricing and next steps.

I've put together an entire YouTube video on this process, which you can view HERE if you'd like more detail on each of those calls and how I approach them.

The two-call close is extremely simple, but there's definitely skill that goes into effectively executing each call and closing sales.

So what were the missing critical elements from the discovery and sales calls that I reviewed?

1. The process

Each and every sales call I reviewed that resulted in a closed deal followed a defined process.

In other words, all the calls that had a positive outcome followed a specific process established by the firm owner. These firm owners were clearly executing a pre-defined plan for the discovery or sales call. It was as if they were going through a checklist, working through a list of questions that needed to be answered in order to move the process along to the next milestone.

Those firm owners came across as professional and experienced. More importantly, the buyers let the firm owners drive the conversation.

The other firms? They were willy-nilly!

It was obvious that they were asking the buyer any questions that came to mind in real time. The questions and discussion points were clearly random and weren't driving the conversation in any particular direction. 

These firm owners came across as less experienced. In these cases, the buyers tended to take over the conversations and go down rabbit holes.

That NEVER ends well.

2. The Agenda

All of the successful discovery and sales calls had clear agendas set for each call. The agendas were clear and explicit.

I set call agendas at three different times during the sales process:

• At the beginning of the discovery call
• At the end of the discovery call
• At the start of the sales call.

Setting the agenda helps you avoid so many problems (more on that later).

At the top of the discovery call, I let the buyer know how the call is going to flow. It usually sounds something like this:

Hey Bill. On today's call, I'd like to ask a few questions to gain a deeper understanding of your company and to determine if my firm would even be able to help you. 

At the end of the call, if it seems like there's a chance we can help, I'd like to schedule a second call with you. On that call, we'll dive into what the scope of work might look like. If we get alignment on scope, I'll be able to share pricing and next steps with you. Sound good?"

If the discovery call goes well and I want to have a sales call, I reiterate the agenda for the sales call at the end of the discovery call and then again at the top of the sales call. 

Setting the agenda does a couple of things. First, it shows the buyer that this isn't your first rodeo and establishes you as the driver.

More importantly, it lets the buyer know exactly when you're going to get into the pricing discussion. If you don't set that expectation, the buyer is likely to ask about pricing before you're ready to provide it, which, for me, is at the very end of the process. When the buyer forces you into premature pricing conversations, they usually end up self-selecting out of our process. This is a bad thing.

Don't skip this seemingly small point.
Agenda setting is huge.

3. FAM-BAM

I love the way Alex Hormozi puts this:
Finish a Meeting - Book a Meeting.
I think he calls it FAM-BAM.

The most effective discovery and sales calls I reviewed employed the FAM-BAM principle. At the end of the discovery call, they booked the sales call on the spot. If their sales calls required a follow-up call, they booked those on the spot. This ensured continuity of the sales process and made sure things kept moving along.

The other firms? They finished the discovery calls and said something like this: "OK. I'll follow up with you via email later today and we can find some time for that next call."

"That next call" usually doesn't get booked.

The Devil Is In the Details

If you're anything like me, you have a lot riding on the success of your Fractional CFO firm. And for most of us, the revenue (and profits!) from every additional client is critical.

A few minor details can be the difference between closing an additional 3-5 clients a year or not. That's a ton of lost revenue.

Dial in your sales process.
Set call agendas.
FAM-BAM.

Those three factors made all the difference in the ten calls I reviewed.

What are they costing you?