One of the concerns we all share is how to attract great clients and how to raise retention rates so that those "A" clients stay with us for a very long time. Over the years, many firms have grown a little lazy as clients have traditionally been reluctant to leave their CPAs. There is a strong loyalty, a sense of comfort and a general inertia that prevents (or delays) clients from making a change. But mergers between firms, retiring partners and the general economic slowdown is causing some busines owners to more closely examine their existing CPA relationships.
Not only do you want to be sure that your clients remain loyal, but you also want to be positioned to help owners who may decide to change accounting firms!
So - how do you do that? The best way, of course, is to concentrate on the client's experience with your firm. Consider these questions carefully and address them honestly: Where do you add real value? What are you doing for the client that is unique? Where can you eliminate waste and focus on deliverying what clients most want and need instead of spending time in areas that do not impact them at all?
It's hard work - but clients that stay with you for the life of their business spend more, use more services and are delghted to refer new clients as well.