To Make a Real Difference for Your Clients, Tackle the Top Line
If you want to move into advisory services, you need to help your clients improve their net income, right? Mark Wikersham says that most accountants are going about it completely the wrong way. That’s because accountants like to focus on cutting costs. But most costs are hard to cut by more than 5-6%, and that doesn’t really make much of a difference to the bottom line.
In his presentation, “Changing Clients’ Lives the Fast Way,” Mark argued that helping clients increase sales is the #1 way accountants can help their clients grow profits. One way that accountants can begin to help is by tracking KPIs (Key Performance Indicators) related to sales. For instance:
- Total # of customers
- Average sale amount`
- Average # of visits per year
- Won customers
- Lost customers
- New sales leads
- Conversion rate
By putting these financial and non-financial metrics on a dashboard for clients, accountants can begin to engage clients in conversations around how to grow revenue. Often clients are underpricing their services, or not offering enough variety. Accountants are in the perfect place to help their clients figure this out and make a real difference.
Take Control of Difficult Client Relationships
In her presentation, “Take Control: Managing Difficult Client Relationships,” CPA Stacey Byrne shared her tips for building a list of clients you actually want to work with.
Step #1 — Have a client screening process. Don’t just take on anyone.
Step #2 — Have a solid engagement letter. And make sure clients understand the details. Make sure your engagement letter includes details on what happens if clients don’t pay, and what happens if you need to fire them (or they need to fire you).