Business owners crave information, especially when the data helps them make educated decisions about their own company. In order remain successful, they need to see how they stack up against competitors. The great part is that you do not need to be a large firm with an extensive budget to share industry facts with your clients. This is an excellent tool for small firms to use when trying to find ways to add enhance client communications.
More than twenty-five years ago, when I worked with my father, a solo CPA practitioner, he knew the value of providing relevant information to clients. He had a concentration of clients in the “under car care” niche – comprised mostly of local brake and muffler installers. Annually he gathered pertinent details about their operations, including details regarding owners’ compensation, average cost of utility bills, revenue generated from different products, inventory turnover, employee retention, etc., and then, based on additional information he gained from industry publications, he created a report that enabled our clients and non-clients to see how their shops were faring compared to others in our market (as well as nationally) on some key performance indicators.
It raised credibility for his firm and gained him a solid reputation in this area, despite the fact that his firm was very small because he had detailed, targeted information that the business owners needed.
Think about the valuable information you have and find ways to apply your knowledge to add value for your key markets.