In my last post we spoke about good profitability, strong cash flow, growing return and being client-focused go hand in hand in the delivery of high quality business advisory services. Here are the remaining five specific things you can do to enhance your firms value proposition.
- Communicate with your clients – Determine the most efficient way to communicate with your clients. Some clients may prefer e-mail, while others still like to receive a letter by mail. A client-centered focus demands that you find out how each client wants to be contacted. Treat all clients as individuals and understand their idiosyncrasies.
- Create systems to eliminate redundancy – Develop one team way of doing things in the practice. Partners and staff should not have different ways to set up a file. The more you develop systems and processes, the more time your staff and partners will have to spend with clients. |
- Reduce your costs of providing services – Salaries make up the largest portion of a firm’s cost. Make sure your compensation system rewards those who produce the most for the firm. Move away from annual salary increases and create a system that pays performers more than non-performers. Consider paying staff bonuses if they achieve above the budget expectation. Encourage staff to up-sell services when clients present leads and reward them for their efforts.
- Make client satisfaction a key element of your compensation system – There is nothing more valuable than a satisfied and loyal client. Reward partners and staff for achieving superior client service and satisfaction. Constantly survey clients on how well you identify and solve their problems.
- Train your staff – Professionals are good tax accountants. That does not make them good client service people. They need training in developing listening, writing and probing skills, customer service and in learning how to manage and respond to client objections. Further training in business advisory service delivery and software applications is also mandatory.
Help to define your firms value added proposition at the Smithink Business Advisory Conference at Hamilton Island on February 4 and 5, 2016. For further details click on: http://www.smithink.com/event/business-advisory-conference-2016
© Mark Holton, Smithink Pty Limited, www.smithink.com