Fine Tuning or Expanding Your Practice Offerings
A myriad
of articles and books have been written about sales techniques and product
development, but the process is straightforward. Your firm should have a mix of
services that clients want to buy.
Most firms
have built their practices based on providing compliance services that clients
have to buy, like tax and audit. And of course, if you have been in the
profession for long, you will remember that accepting commissions and marketing
were not acceptable behaviors in the past.
But much
of the professional accounting world has moved beyond compliance with Client
Accounting Services (CAS), advisory services, wealth management and more.
Bloomberg suggests that there may be as many as 30 services provided by accounting
firms. It is easier to manage growth beyond compliance if you specialize in an
industry or specific offering. To develop an innovative offering, consider the
following steps:
- Discuss client needs
with peers
- Proactively schedule
client discovery meetings to ask about their needs
- Determine how many
other clients have similar needs
- Create a menu of
services and a fee schedule
- Approach some of the
clients with the new offering
- Refine the offering
after completing 3-5 engagements
- Market the offering
inside your client base and then externally
To manage
these steps, you need a methodology for tracking success. A business
development system helps organize your actions and ensure the next steps are
completed on a timely basis.
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