One of the milestone markers that lets you know that your firm is prospering is when you’re able to switch from taking in any sort of client to being able to accept only your ideal client, brought to you through referrals. Accounting outsourcing can help you reach this happy state at an accelerated rate.
Here’s How Accounting Outsourcing Can Transition Your Firm out of Survival Mode
Ideal clients versus any client at all
Working towards being able to cultivate ideal clients isn’t just about what kind of clients that your firm deals with; it also helps to define your firm itself.
It won’t be enough to ask people for referrals. You’re going to have the right combination of services and expertise available to fully serve the new clients as their referrals come in. In other words, you’re going to have to shape your firm to be the financial institution that can not only bring in but keep A-list clients.
This means that A) you’re going to need the time to figure out what the A-listers want and B) the financial room to experiment with service packages. Accounting outsourcing can provide you with both of those resources.
Not all referrals are equal
All the above being said, it’s not a great idea to just throw open the doors to any and all referrals. If you’re trying to make that transition out of survival mode into your own idealised version of a firm it’s entirely possible that referrals that bring in more D-list clients are going to set you on the wrong track.
To combat this atrophying you’re first going to want to separate your clients into categories – ideal and otherwise. You might want more shades in between (B-listers and C-listers) that form a kind of client ladder for you to climb. Again, this is obviously going to take some time; accounting outsourcing will be your friend.
Here’s the first mistake to avoid: don’t lower your prices as an enticement to the referrals. Oddly enough, some firms have the idea that this will help them secure the new client and that’s all that matters.
The problem is that this sets off a chain reaction. Do you lower your prices for a referral of the referral? They may be expecting it; after all, they were told that discount pricing is the reason why their friend signed up with you.
This highlights a mistake with your marketing – you’re basing your firm’s worth on your pricing instead of the benefits that you bring to your clients. This is a downward spiral that’s going to lead you into the nightmare of having to do volume work at the lowest possible prices.
If this is the situation you find yourself facing, use the time and money afforded you by accounting outsourcing to boost the services and value-adds you offer your clients. Experiment with an eye to putting together a suite of services that are appealing to your A-list clients.
The second mistake you’ll want to avoid is asking all of your clients to give you referrals. Like promotes like, and if you ask D-list clients for referrals they’re likely to come back with D-list names.
A-list firms lead to A-list clients
And A-list clients lead to more income for less stress. Use accounting outsourcing to get the jump on repositioning your firm as a financial institution designed to specifically attract your most desired form of clients.