If you want your practice to grow it usually means getting new clients; ideally those that will want to come to you. As such, it may be time to build on your strengths.
Your current client base has many commonalities: Three large groupings are Tribes, Teams and Guilds and you likely have an inside track on at least one.
Tribes means families. You have your own plus your extended family. At least one client with whom you have a great relationship comes from a large family. If you raise your visibility in the first or get your client to talk you up in the second, business may come to you.
There’s plenty you need to know. By definition, they have family values. Confidentiality is obvious. This also often involves accountability. They judge by deeds, not words.
It’s common for family members to lend money without interest or in some cases, without the expectation of being repaid. You probably know of at least one firsthand local experience of an Asian restaurant internally funded by family savings and staffed by extended family members. How or if they are paid is a mystery.
Some families even maintain a structure of elders or extended family who monitor the financial health of members and distribute financial aid to those in need.
Here are your top three business opportunities: Estate planning is obvious because keeping the money in the family is their mantra. Business startups is another. Every business needs accounting, bookkeeping and tax filing services. Filing individual tax returns is the third need.
Teams means executives working at a particular company. Often it’s a multinational and publicly traded. If you’ve worked at one, you know recently promoted C-suite executives often bring their own people to fill high level positions. They know each other well.
They’ve gotten where they are because they can deliver results. They have sacrificed their personal lives, move often and form friendships at the office, not in the local community.
You have two great benefits if you have at least one senior executive as a client: