So far we’ve established the perception of refund advances as well as how/why Refundo introduced the NOW program. It certainly doesn’t end there. In order to fully grasp the NOW’s capabilities, we mustn’t forget how it benefits tax professionals.
From a business perspective, it’s normal to ask the familiar sales protocol: “What’s in it for me”? Besides providing a sense of relief for our communities, the NOW program helps build brand loyalty, client trust, and a competitive edge. It’s ok to question how the NOW manages to do all that. Remember, it’s our responsibility to help shed some perspective.
Generally, after you’ve had a long tax season, what’s the one question you ask yourself when it’s over? Well, if you’re thinking about your business, you’ll ask, “how can I improve” or “how can I become more competitive next year”? You can’t expect to be complacent and successful. If you’re not asking yourself how to improve, then I pray you win the lottery. I’m kidding. But it’s certainly something to consider when challenging yourself and your competition.
Now, think about what a refund advance does to your business. Keep in mind that no one else is providing this option. This gives you a competitive edge. More clients. More referrals. More value. It’s kinda like when the first iPod came out. Apple had an edge on anyone who still sold Walkman’s. They revolutionized the music industry and became pioneers of ANYTHING cool. It’s exactly how you want taxpayers to view you.
Going off the same example, what did the innovation provide for a company like Apple? If you answered increased sales, then you’re certainly not wrong. But what was even better than that? Brand loyalty. By giving their customers a unique and innovative product, it allowed them to equate innovation/different/cool/convenient with their brand.
That’s exactly what the Refundo NOW advance does for your business. It gives EROs an enhanced image, one that trumps the rest of the industry. Take advantage of the moment and utilize a tool that helps your brand. Fortunate for everyone, it helps people in the process.
Along with brand loyalty, you develop a stronger relationship with your clients. In their eyes, you are looking out for their best interest. When all is said and done, isn’t that the point? Tax professionals have the knowledge and tools to figure out what works best. The refund advance only emphasizes their previous work to provide a good service.
Remember, it’s important to be both short-term and long-term thinkers. Brand Loyalty does not happen overnight. It’s a process. Once more people associate advances with both Refundo and your tax practice, we’ll create a market within a market. And as more people feel the benefits of the advance and tell their story, it’s only a matter of time before we realize how impactful a refund advance can be. At that point, you’ll be ahead of the game. In other words, you’ve become more of a long-term strategy thinker.
If you were unaware, there has been an increase in self-prepared returns this year. From a tax professional perspective, this means lost opportunity.
According to the IRS, more than 37 million taxpayers have filed their tax returns from home computers so far this year, an increase of almost 4.5 percent compared to last year. On the other hand, the number of returns e-filed by professional tax return preparers has declined by 2.5 percent compared to last year. As more people do their own taxes and a declining tax industry takes effect, it’s important to promote things that are unique to your tax practice.
The Refundo Now advance is your ace of spades. There’s an old Latin phrase that reads “carpe diem”. It means, “seize the day”. Interestingly enough, both the phrase and Refundo’s NOW program tell the same story. ERO’s must seize the day NOW! It’s imperative that tax professionals see the NOW advance as a tool that will give their business the competitive edge they need to be successful. Otherwise, they will be less equipped to handle the ever-changing tax industry and simply be another ERO with a declining client base.