A key indicator of your firm’s success is the transition from accepting any client to being selective and only working with your ideal clients, typically acquired through referrals. Leveraging accounting outsourcing can expedite this positive transformation.
Ideal Clients versus Any Clients
Striving to attract ideal clients involves more than merely identifying who you want to work with; it also plays a crucial role in shaping the identity of your firm itself.
Simply seeking referrals isn’t sufficient. You must offer an appropriate mix of services and expertise to effectively support these incoming clients as they are referred. Essentially, you need to position your firm as a financial establishment capable of attracting and retaining high-caliber clients.
Achieving this requires A) dedicating time to understand what top-tier clients desire, and B) having the financial flexibility necessary for experimenting with different service offerings. Accounting outsourcing can supply both essential resources.
Not all referrals hold the same value
With everything mentioned, it’s not wise to open your doors to just any and every referral. If you are moving from a survival mindset towards your envisioned ideal firm, there’s a risk that bringing in more low-tier clients could derail your progress.
To prevent this stagnation, the first step is to categorise your clients into groups – those who are ideal versus those who are not. You might consider introducing additional categories (like B-listers and C-listers) to create a sort of client hierarchy for you to ascend. This process will undoubtedly require time; utilising accounting outsourcing can assist you greatly with this.
Here’s an initial pitfall to steer clear of: don’t reduce your prices as bait for referrals. Surprisingly, some firms believe that slashing prices will help them attract new clients and that securing those clients is the only important factor.
The downside is that this triggers a series of consequences.
See: https://boz.com.au/accounting-outsourcing-help-get-referrals/
Do you offer discounts for referrals from existing clients?
They might anticipate this, especially since they were informed that reduced pricing is what encouraged their friend to choose your services. This points to a flaw in your marketing approach – you’re measuring the value of your business based on cost rather than the advantages you provide to your clients. Following this path can lead you into a troubling cycle where you have to produce high-volume work at minimal prices.
If you’re encountering such circumstances, consider utilising the resources gained through accounting outsourcing to enhance the range of services and added value available to your clientele. Take some time to develop an appealing set of services tailored for your top-tier clients.
Another pitfall you’ll want to steer clear of is soliciting referrals from every single client. Similar types attract one another; if you reach out for recommendations from lower-tier clients, they’re likely only able to refer others in the same boat.
Top-tier companies attract top-tier clients
These elite clients then contribute to increased revenue with reduced stress. Utilise accounting outsourcing to proactively transform your firm into a financial entity that is strategically tailored to draw in the client base you aspire to serve.
