Just 4 years ago, the average growth rate for all CPA firms with a minimum of $2M in annual sales was 11.4%. This year, according to the recently released Rosenberg Survey of Public Accounting Firms,™ the average growth was a meager 1.4% and net income per partner was DOWN by 3.0%.
In today's challenging economic climate, CPA firms are tightening their belts and strategically trying to accomplish more with less. This frugal philosophy extends to their practice development function as well, with savvy firms insisting on a demonstrated return on their marketing investment.
What to do? Jeffrey Pawlow, the CEO and Managing Shareholder of The Growth Partnership, has several best practices he recommends. Here’s one: Do a real-time customer loyalty survey. The main question in the survey will be “how likely is it that you would recommend us to a friend or colleague?”
Through this simple survey, you’ll identify those clients who are merely satisfied, and may be easily wooed by the competition. And more importantly, you’ll find out which of your clients are loyal enthusiasts who plan to keep working with your organization. This most engaged group of clients may be your best source for referrals!
For more best practices for developing your practice, watch Jeff’s complimentary on-demand webcast, 5 Under $5,000: Five Proven Practice Development Best Practices.