“You don’t want a really high-cost person doing very low-level work and charging that to the client. You shouldn’t pass on your own efficiencies to the client. You should be delivering. You should be managing your business very efficiently so that the client gets the best value, and your team gets the best value, and so forth. Everybody wins.”
Different clients can have very different ideas about what constitutes good service. For some, it may mean a 2-day turnaround and others are happy with a 2-month turnaround.
As a result, it’s essential for accounting and bookkeeping practice owners to manage their client’s expectations in order to ensure that everyone is satisfied and if you leave a void by not communicating your turnaround times the void will be filled by what their expectations are and if its 2 days and you deliver in 3 days you will have given poor service despite the fact that 3 days is exceptional against your competition.
An effective way to manage your client’s expectations is the use of an Acknowledgement letter which sets clear standards for service and then tailors the level of contact and support to each individual client. By doing so, you are not letting them manage you if their expectations are 2 days, but you are managing them by letting them know what the turnaround times are and if they need it earlier it’s at your discretion whether to charge an extra priority fee.
From the very beginning, it’s important to establish clear expectations for your team and your clients. For team members, you can use systems like budgets to help set standards, goals, and work culture. For clients, you can use correspondence, newsletters, and price lists to help them understand what to expect from your business. By setting clear expectations, you’ll be able to avoid misunderstandings and build strong working relationships with both your team and your clients.
Monitor and manage your team so they can reach their targets. This means setting deadlines, communicating expectations, and ensuring that everyone is on the same page. Remember that you can’t do the work for your team. They need to be self-motivated and responsible for their own results. Regular communication is key to keeping your team on track. Keep them informed of any changes within the business, such as new clients or projects, so they can be prepared and ready to work.
Measuring the results of everything you do is critical to managing a successful business. Our team performance is measured by feedback from regular client surveys, and we measure our staff members’ fee budgets monthly.
Consequently, each team member’s results are measured by the quality of the surveys received from their clients and their financial/budget performance. This allows us to identify areas of improvement and correct them quickly. It also helps us to reward team members who are consistently meeting or exceeding expectations. When everyone is focused on achieving results, it leads to a more efficient and effective workplace. And that’s good for everyone.
At our accounting practice, we understand the importance of rewarding our staff on a regular basis. We believe that this helps to motivate and encourage employees to maintain high levels of productivity. To this end, we have implemented a number of different reward systems. For example, we offer bonuses on a regular basis, as well as a Star Award system. The latter is designed to recognize and reward employees who have gone above and beyond the call of duty. We also organize regular social outings and lunches to celebrate achieving milestones.
These are just some of the ways in which we show our appreciation for our employees. We believe that this helps to create a positive and productive working environment.
I hope this helps.
Ed Chan | Wize Mentoring
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As a way of giving back to the Accounting Industry, Ed now contributes at a Board and Strategic level to many independent Accountancy Firms, helping them improve their efficiencies and run better businesses, resulting in better work-life balance through Wize Mentoring.
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