it’s key to client retention.
by august j. aquila
price it right: how to value accounting services
let’s explore ways to provide additional services to existing clients. here is a short checklist that will help you obtain additional services for your clients.
more: client acquisition never stops | make sure you know what you will get from your marketing | three pillars support a successful accounting firm | clients have six reasons for needing you | six ways to market your technology consulting practice | sixteen marketing activities to try | the four steps of your personal marketing process | how does your firm measure up? | six questions before asking for all the referrals you deserve
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- other than accounting and tax services, what additional services do you provide to this client? create a spreadsheet listing the type of service, the fees, the year of service, the engagement leader and the client’s satisfaction on a scale of 1 to 5. if your list of additional services is lengthy, you are providing good service to the client. if it is short, continue to the following questions.
- has your client used other professionals to provide consulting advice during the past three years? if you don’t know, ask the client. if the answer is yes, ask yourself if you could have provided the same service. if you can’t, that’s okay. but if you could have and the client selected another firm, you need to ask why. perhaps the relationship with the client is not as strong as you think.
- were you consulted in the above selection process? if yes, you probably have a great relationship with the client because they asked for your counsel. if not, find out why. a major goal for client retention is to be involved whenever clients make key business and personal decisions.
- if it is a review or audit client, do you issue a management or profit improvement report at the end of the engagement? if not, what is the true value of your compliance service? the reports, unlike your technical reports, provide clients with information that they need to run the business more efficiently and with greater profitability. these may include a trend analysis, developing an annual budget, a cash flow analysis, some profit improvement ideas, etc.
- does the client call when she has a nonaccounting business problem? if you answered no, your relationship is not strong. to strengthen the relationship, consider discussing topics such as personal financial planning, estate planning, retirement planning, investment advice, annual retreats, participation in management meetings. try to strengthen your relationships with the client.
- are you preparing projections and budgets for your clients? your clients should have budgets to measure operating results and to assist them with future capital expenditures.
there are so many ways to expand your services and to please your clients with your professional ideas. by now you’ve probably thought of several value-added services you can provide your clients. remember, you don’t have to be a consulting guru to provide additional services to clients.
but you do need to provide clients with value-added services.