In today’s episode of ‘From the eLearning Trenches,’ we asked one of our learners, a partner in public practice, to identify 3 challenges that they have faced in keeping client relationships fresh in relation to business advisory services. What could they do differently to improve these relationships?
Learner Reflection
With some clients, it can be a real challenge keeping conversations fresh when we’re covering basically the same issues from month to month. Initial enthusiasm is replaced by frustration as clients realise it’s not easy to make the changes they need to make.
Key challenges
- Client can’t complete the tasks on a timely manner. Meeting can’t be conducted as planned due the client’s busy schedule, which caused delay in the following activities therefore delay in delivering results.
- A few months into the services, it is no longer new and exciting for the client. It is almost similar meeting, similar reports, similar problems each time. The main reason is that it is largely relying on the partner to give directions for analysis and strategies, when the partner does not have time, the accountants just prepare the same reports
- Information provided by the client is incomplete, resulting in the reports and analysis being unreliable.
We can look into the following areas to improve our chances of success:
- More proactively check in with the client, e.g. “how is going” calls or emails at least once a week
- Check where they are with the tasks. If they can’t complete the tasks, break it down to smaller ones
- Help the client to set up the system and train them to provide information on a timely manner
- Establish 90-day action planning cycles
- Acknowledge and celebrate small wins
Feedback from our experts
Putting on the business advisory hat can be challenging, especially when you know that the nature of the relationship has changed from transactional to relationship-focused. All of a sudden, clients have expectations! Sometimes the expectations are reasonable, other times unrealistic. Initial enthusiasm from both parties is replaced by frustration with the realisation that a change in behaviour, systems or processes is required to make things happen!
It can take 6 months or longer for new business advisory projects to start generating results. If this isn’t explained up front, client dissatisfaction may start to appear, with potential for the project to be derailed. Managing expectations from the beginning is critical!
The learner has identified a number of potential solutions to ensure that the relationship continues to grow. It’s important that, with regular meetings, we don’t create the impression that we’re just going through the same issues over and over again.
Managing and nurturing ongoing business client relationships within an accounting firm requires a strategic approach that focuses on communication, trust, and mutual benefit. Here are five steps to effectively manage and nurture these relationships:
- Ensure Accurate and Timely Financial Information
Begin by guaranteeing that all financial information and reports provided to the client are accurate and delivered promptly. This foundational step ensures that meetings with clients are productive and focused on strategy rather than correcting errors. Investing in quality control and timely delivery sets the tone for a relationship built on trust and professionalism.
- Set and Discuss Expectations Up Front
Early in the relationship, it’s crucial to discuss and align on expectations, including the anticipated “J curve” of change, which illustrates how performance might initially dip as new systems or strategies are implemented before improving. Understanding this concept helps manage client expectations and prepares them for the transformation journey, reducing frustration and promoting a long-term perspective.
- Provide Regular Touch Points Between Meetings
Maintain open lines of communication by establishing regular check-ins or progress updates between formal meetings. These touch points allow both parties to stay informed about the progress of agreed-upon tasks and adjust plans as needed. This ongoing dialogue fosters a collaborative environment and ensures that both the firm and the client are aligned on goals and expectations.
- Offer Fresh Insights at Every Meeting
Beyond the standard review of financial statements and performance metrics, strive to provide new and valuable insights at each meeting. This could involve industry trends, benchmarking analysis, or strategic advice tailored to the client’s business. Offering unique perspectives and proactive advice demonstrates your firm’s commitment to the client’s success and distinguishes your service from competitors.
- Regularly enquire About Client Needs
Actively ask clients about their current needs, challenges, and priorities. This direct feedback mechanism ensures that your services remain relevant and aligned with the client’s evolving goals. By regularly soliciting and responding to client feedback, you create a dynamic relationship that adapts to changing business landscapes and reinforces the client’s value.
Key takeaway: By focusing on accuracy, clear communication, regular engagement, insightful advice, and responsiveness to the needs of business clients, you can foster trust, loyalty, and mutual growth.
This assessment task and response is taken from the Virtual CFO Advanced eLearning course (assessment task 8.3). Click here to explore this course
Also, take a look at the Business Analytics for Managers eLearning Course
Discover the pulse of our eLearning community as we unveil daily feedback from enrolled learners. Exciting times ahead as we share this valuable information with the accounting, advisory, and administrative experts in public practice!
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