![]() While all clients require attention, firms should provide their best clients with a top-notch experience. Overhead and administrative costs also factor into profitability, and some firms apply these costs to individual engagements as they measure profitability. When scrutinizing profitability, firms also need to identify their most lucrative clients based on various criteria, such as realization. Are you 40% audit, 30% tax, and 30% consulting? Where are you seeing the most growth? Create a spreadsheet, slides, or a chart “so that you understand the majority of your successes and where your revenue is coming from-and then you can go out to market and find more of that,” Thomas said. Firms also must understand their practice client mix. And finally, know your competition.īuild your profile and focus on profitability. ![]() Conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis of your firm. Are you focused on the middle market? Do you mostly work with not-for-profits, family-owned businesses, or corporations? Then measure client satisfaction, and figure out which clients tend to be the most contented. ![]() For starters, examine your client demographics and service mix. Firm leaders should begin their “effective client management” process by focusing on their specialties, strengths, knowledge base, and experience. She is a former partner at The LBA Group, an accounting firm in Jacksonville, Fla., that BDO acquired last year.ĭuring a telephone interview before the conference, she offered these tips to firms that want to better manage their clients:ĭetermine your sweet spot. Jamie Thomas, director of marketing for BDO USA LLP’s Southeast region, addressed the complex topic of “effective client management” during a session Wednesday at the AICPA ENGAGE Conference in Las Vegas.įor 20 years, Thomas has helped public accounting firms identify, attract, and retain profitable and valuable clients, and in turn grow their respective businesses. And then other clients complain, treat employees badly, and pay late or not at all. Others use just one or two services but still bring in profits. Some clients are interested in many services and pay on time. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |