april2022 - 35

BRIDGING THE GAP
4 Growth Strategies
that Support Your Team
JON HUBBARD
Shareholder/Consultant, Boomer Consulting, Inc.
LATELY, WE'VE BEEN hearing from many firm leaders who are putting their marketing and
business development plans on the back burner to focus on their people. It's not hard to
figure out why. Talent is hard to come by these days, and talent they've been able to attract
and retain is burnt out by the pressures of the past two years.
strongly that
Despite this reality, I feel
there are growth
strategies your firm can implement
in the coming year that can help
alleviate staffing woes while setting
the firm up for future growth.
IDENTIFY YOUR
IDEAL CLIENT
Who is your ideal client? (Hint:
it's not anyone with a pulse and a
checkbook.)
Working with clients who aren't
aligned with the firm's goals can be
a major source of frustration and
burnout for employees. Having too
many clients that don't pay enough
or engage your firm for enough services
drains everyone's resources.
But if you can define, understand
and target your ideal clients,
you can reduce frustration and free
up time and energy that your people
spend on non-ideal clients.
FOCUS ON YOUR
EXISTING CLIENTS
Over decades of working with
accounting firms, we've seen that
70% to 80% of revenue growth
comes from existing clients.
When people are stretched thin,
it can be overwhelming to bring on
new clients. Instead, it's much more
manageable to deliver additional
services to your existing clients.
Again, think about which of
your clients fit the profile of your
ideal client and consider what
additional services you can provide.
For example, adding advisory
services, client accounting services,
and more to an existing client can
dramatically increase the lifetime
revenue of that client without
stretching your team too thin.
PACKAGE AND PRICE
APPROPRIATELY
Many firms have been working on
building new service lines in recent
years. If you want to focus on your
staff right now, you may feel like
putting those initiatives on hold. If
you do, think of how you can package
the services you already have
and price them appropriately in a
subscription model.
Firms that charge by the hour
for one-off services often wind up
reacting to their client's problems
rather than proactively addressing
their needs. This often happens
because when clients want to ask for
advice, they have no idea whether
their question is a 15-minute issue
or a 15-hour issue. As a result, no
matter how often you remind clients
to call you before they make
major moves, they inevitably inform
you of significant transactions after
the fact.
Group relevant services together
in various packages and price them
accordingly. " Bronze, silver and
gold " level packages (or any other
names you prefer) make it easy for
clients to understand your prices
and service levels. They also center
the conversation around the middle
option rather than encouraging
clients to pick the cheapest package.
SCHEDULE ANNUAL
CLIENT REVIEWS AND
ADJUSTMENTS
Another way to build client relationships
and expand the range of services
you provide is to talk to them
regularly. At least once a year, have
a formal discussion to review what's
working, areas of improvement and
new opportunities.
When you identify new services
your clients could benefit from
buying, make adjustments in
your workflow and processes on
both sides and increase your fee
appropriately.
When you're worried about
holding on to your talent, creating
new business opportunities
might not be top of mind. But I feel
strongly that if you focus on these
four things, you can positively
impact your people while setting
the firm up for growth.
These strategies work from a
departmental perspective and a
firmwide perspective. So start them
today and start seeing results. ■
APRIL 2022 ■ www.CPAPracticeAdvisor.com
35

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