17Jul

The recipe for a professional firm to grow revenue, profit, capacity and the right clients

Inspiration from Rob Nixon
Ingredients 

  1.  the right team, 
  2. the right clients and 
  3. the right model
Recipe
  1. Pricing up front – No time sheets. It’s really simple. When you price a client project up front you are now directly motivated to do it as efficiently as possible. You get more margin and more time. Oh, and the clients love it as well.
  2. Value pricing and success based special projects. Value pricing is determining your value contribution to the project and pricing it accordingly. Without you the result is X, with you the result is Z. Your value add is Y. Price accordingly.
  3. Communicate regularly with your clients – Visits, phone calls, emails, newsletters, magazines and other touch points. Invite them to events! Show them that you care. You have to be disciplined with this but the payoff is very happy clients and lots of new projects.
  4. Systems – Workflow efficiency model. Manyfacturing 101 . Raw materials come in, it passes through a series of hands / technologies and a finished product comes out the end. To get efficient you need to take the bottlenecks out of the process.
  5. All clients on cloud accounting. When you migrate your clients across to cloud accounting and help them get more accurate numbers you have more visibility on their financial performance. You are also more efficient at your end because the data is more accurate. Research indicates up to a 60% efficiency gain at your end.
  6. Marketing that works. Leverage from others that are good at this. If you’re going to create capacity with workflow management and cloud computing, then the capacity is not going to refill itself. You’ll need to get on the front foot with direct response marketing that assists in finding new projects and new clients.
  7. Cross – selling .  Ensure that every client they want to keep is buying every service that they need. Sales is a skill that can be learned. To sell is to serve and new skills will be needed to serve properly.
  8. Business Advisory services. If you live by the following client mantra “all clients are buying all services they need that helps them achieve their goals” then you’ll find that the additional services provided are in the ‘advisory’ space. We think that Accountants should stay close to the numbers with their advice. So that would be growth, profit, cashflow, assets, structuring type advice. Financial coaching / consulting is where it’s at.
  9. Developed a programme for alliance partners to refer business – see www. BBG.business. 
  10. Referron – Be sure to track, measure, follow up and reward your referrals , and be sure to refer your clients to people you know, like and trust.(see www.referron.com)
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