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• W430814726 abstract "EXECUTIVE SUMMARY * The economy may be en the road to recovery, but your clients might still be struggling. Invest in improved client service to protect your firm's bottom line and achieve growth for you and your clients in the months ahead. * Maximize business development ROI by doing what it takes to save your existing clients. * Retain your and B clients by proactively overserving them, that is, doing the unexpected without being asked. * Promote your economy-related services to strengthen your brand and position your firm for new business. * At the same time, don't abandon prospecting for new clients altogether. Employ focused, yet inexpensive, strategies to land new clients. ********** The economy may be on the road to recovery but typical clients still face uncertainty Recently, I asked a friend how business was going, and he dryly responded that even the customers who have no intention of paying are not buying. [ILLUSTRATION OMITTED] Not all of your clients may be struggling this badly, but most are likely feeling the impact of reduced consumer spending, budget deficits, financing uncertainty and a volatile stock market. Clients with a limited discretionary cash flow might be spending less on one-time project work that your firm has done in the past. In an effort to reduce costs, your clients may start to reconsider the scope of their engagements or even begin shopping around for a firm that charges less--a prospect your competitors will aggressively pursue. If any of these conditions are affecting your bottom line, now is the time for your firm to turn to its existing clients as a source for tangible growth. INVEST IN CUENTS Prospecting for new clients is probably not a first priority in a down economy Most CPAs are willing to invest 20 to 40 hours or more to attract a $50,000-a-year client but are instinctively reluctant to spend a few hours with a current $50,000 client if they can't put it in work-in-process and bill for their time. Yet, spending time doing what it takes to retain an existing client clearly has a greater return on investment after factoring in the prospecting time (in lost billable hours) and the typical first-time costs associated with new client engagements. Exhibit 1 illustrates the cost of the time investment in new vs. existing clients. A satisfied and loyal client is likely to stay with the firm longer than a new client that might shop for new CPA firms every few years looking for a better deal. Thus, more future value may be gained by retaining an existing client than by attracting a new client. While the comparative efficiency of keeping existing clients is not a new concept, few firms do what is necessary to achieve significant client satisfaction and growth through client service. START OVERSERVING YOUR CLIENTS Is your strategy to hunker down, get the basic work done, and hope difficulties pass quickly? Recent history and economic indicators have shown that recoveries after recessions of this magnitude are slow at best. Instead of maintaining the status quo, proactively address the risks by investing in outstanding client service. This means going beyond your standard high-quality work, accommodating personnel and timely delivery. Firm partners should spend regular face-to-face time with and B clients--without the clock running (see sidebar, Grading Your Clients). Client-focused contact shows your best clients that you value the relationship and want to help them through times of economic distress. You and your partners should help them explore their alternatives and share some best practices when appropriate. Stephen Smith, principal at Holbrook & Manter, a firm with locations throughout Ohio, says his firm recognized the troubles ahead for clients and decided to embark on a mission in early 2009 to become more client-focused. …" @default.
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• W430814726 date "2010-02-01" @default.
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• W430814726 title "Retain Clients and Help Them Recover" @default.
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