| The economies of running any professional practice | | | | began to develop the same skills, with the result that |
| are based on the fact that the primary product, the | | | | their practices began to grow and prosper, while the |
| professional has to sell is their time. Almost any | | | | less fortunate, struggled and floundered. |
| professional service offered must be performed | | | | However, with the advent of the Internet and a |
| directly by one or more individuals. As a result, as | | | | worldwide talent pool, new tools and techniques began |
| practitioners focus on making the most efficient use of | | | | to emerge. Among them were skilled ghostwriters, |
| their time and productivity, to the detriment of their | | | | private label publications, and self-publishing. Financial |
| marketing activities. | | | | professionals immediately flocked to these resources, |
| Most accountants and other financial professionals use | | | | adding features like platform speaking, small business |
| a basic variety of techniques such as networking, | | | | academies, and distance learning to the mix. |
| distributing client newsletters, direct mail and cold calling. | | | | Many of these resources turned out to be created by |
| Each of these methods alone can produce some | | | | young technically savvy computer types, who, although |
| results, but are usually more productive use as part of | | | | they created many breakthroughs in software |
| a coordinated marketing plan. | | | | technology and product delivery, were not experienced |
| Almost every accountant develops his or her own | | | | in the rainmaking techniques used by people in the |
| business plan when they first decide to open their own | | | | professions. |
| practice. However, the average accountants business | | | | These technically savvy, but industry ignorant, |
| plan is woefully short on marketing specifics. The | | | | individuals began to create new ways to deliver |
| reason for this is simple, almost every business school | | | | product and services. Things like online accounting and |
| in every college offering an accounting concentration, | | | | payroll were rushed to market. While these were |
| teaches technical skills focused on debit's and credit's, | | | | technical breakthroughs and increased productivity, |
| and almost nothing on the entrepreneurial skills required | | | | many times they did not answer the question "What |
| of a professional practitioner in public practice. | | | | does the client want?" |
| Despite this dearth of entrepreneurial training, the | | | | Did the client really want to enter their payroll online, or |
| economics of self-employment require any | | | | did the accountant want them to enter it online so he |
| self-employed professional in public practice to market | | | | or she wouldn't have to? What do you think? Whose |
| their services. | | | | workload was that easing? Do you think this client will |
| Back in "ye olden days" professionals were prohibited | | | | be passing along referrals? |
| by law from advertising, so many of them became | | | | Apparently one old geezer of a retired accountant |
| very adept at skills that ultimately became referred to | | | | began to see the folly and began to digitize all of the |
| as "Rainmaking." The term Rainmaker was first applied | | | | material he had accumulated during his thirty years as |
| to the high-profile attorneys who attracted the clients | | | | an accountant, and make it available online, giving |
| that were serviced by the rest of the firm. Most likely | | | | private label rights to accountants and other financial |
| a parallel was made between the way rain flowed | | | | professionals just starting their own practice. |
| down and the way the clients flowed down through | | | | By taking advantage of this type of resource material, |
| the firm. | | | | the startup professional receives a kick-start in their |
| Because they could not advertise, these "Rainmakers" | | | | Rainmaking by being able to give speeches, seminars |
| used the skills lawyers are trained to use, writing and | | | | and training courses using the textbooks, lesson |
| speaking. This came naturally; those lawyers are | | | | outlines, teachers' notes and handouts available. These |
| trained to write, things like briefs and contracts, and to | | | | professionals were able to immediately present |
| speak, especially when arguing a case. | | | | themselves as a knowledgeable expert and counselor. |
| Financial professionals, such as accountants, were not | | | | In addition, they immediately had access to a complete |
| so lucky. Their college training focused on how to add | | | | "Print on Demand" service, complete with ghostwriters |
| and subtract. Harsh as it may seem, accounting rules | | | | familiar with financial rules and regulation, printers and a |
| are basically rules of when to add and when to | | | | bindery to help them develop their own books and |
| subtract from one side of the ledger to the other. | | | | speeches. |
| Out of necessity, over the years top accountants | | | | |