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5 steps to uncover mid-year accounting client opportunities

Sageworks
June 20, 2014
Read Time: 0 min

Summer is a great time for accounting firms to look for fresh opportunities to grow the business. Here are five ways accounting firms can “fertilize” existing efforts in order to jump-start business and grow deeper, stronger roots with clients.

1. TRAIN YOUR TEAM – Do firm members truly understand the specific value provided by each of your service offerings? How do you assess their ability to communicate this to clients (scenario role playing, observation, etc.)? What tools do you have in place (cross-functional teams, opportunity maps, etc.) to facilitate cross-serving/sellingefforts? Learning and development efforts around pairing client needs with opportunities to offer solutions must be a priority.

2. INCENTIVIZE STAFF – Why not provide an incentive to reward staff who identify opportunities to expand your reach within your client base? Doing so will reinforce the importance of continuing to make sure that client needs are met and expectations are exceeded. Remember, incentives can take many forms: a) Monetary. b) Recognition. c) Inclusion and Expansion. Bring the staff member into the engagement. Broaden their exposure to non-compliance- based offerings and provide an opportunity to interact with a manager or partner with specific expertise and experience. This will help to build new skill sets while reinforcing the importance of evolving alongside your clients. d) Individualized. One size fits one. Allowing firm members to establish incentives around what motivates them should correlate to greater buy-in and sense of ownership in the initiative. e) Alignment with Career Goals.

3. EXPLORE CHANNELS – How do you reach your clients? Excluding the obligatory planning meetings, exit conferences, engagement letters, etc., what recurring means of connecting with your client base are in place? How do you measure their effectiveness? Remember, “One size fits all” is not the best approach. To improve your ability to offer targeted communications, consider grouping your clients together by commonalities, such as: needs, services provided, industry, stage in the business life cycle and size.

4. ASK QUESTIONS – Your ability to ask purposeful questions, to actively listen to your client’s responses, and to adjust your actions accordingly is the new competitive advantage. The moment you stop asking questions, you stop learning. The moment you stop learning, you start losing.

5. BUILD CONTEXT – For your staff, help them understand how their efforts align with where your firm is looking to go and how you’re looking to grow. For your clients, help them see how your resources, expertise and additional offerings directly provide value (as the client measures it) and facilitate their ability to achieve their goals, capitalize on their opportunities, protect their assets, etc.

By training your team, incentivizing staff, exploring new ways to reach clients, asking purposeful questions and building context, your firm will uncover mid-year opportunities to serve your clients more fully and more fruitfully for the rest of the year.

If you would like more find out more information about growing your firm through client relationships, read our whitepaper: Deepening Client Relationships.

About the Author

Sageworks

Raleigh, N.C.-based Sageworks, a leading provider of lending, credit risk, and portfolio risk software that enables banks and credit unions to efficiently grow and improve the borrower experience, was founded in 1998. Using its platform, Sageworks analyzed over 11.5 million loans, aggregated the corresponding loan data, and created the largest

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