Client retention

What you're charging clients is a delicate subject even in the best of times, and the current crisis makes it even more uncomfortable. Sarah Dobek of Inovautus Consulting offers advice on how to handle this complicated topic.

The rules surrounding the Payroll Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) are evolving. It is very clear that accountants will play a critical role.

Firms need to start by identifying which clients matter most to them, and then reaching out to them, according to Sarah Dobek of Inovautus Consulting.

Now is the time for CPAs to show up as a trusted advisor with good judgment, steady energy and a great, empathetic connection with their clients.

Keeping in touch with clients is very important, especially during this period of isolation. Here is a way to provide updates to clients regarding their tax returns and to keep in touch generally.

How to deal with the emotional ramifications of coronavirus.

When a client has a problem or wants something from you, he or she needs your attention. Are you as responsive as you need to be?

How many stars would they give you?

Attracting new clients is vital for growth, but retention is even more important.

If you find yourself talking for more than 10 consecutive seconds during a client meeting, stop and ask the client an open-ended question, and give them ample time to respond.

It’s a cultural issue, largely, but it doesn’t have to stay that way.

As the trusted advisor, you need to assume the role of the point person, or integrator.

Next time you meet with a client, instead of just making small talk or asking, “How’s the family doing?” take it a step further.

I always prepare for client meetings. Sometimes I overprepare because I don’t want to be unprepared and also because I want to control the pace, direction and timing of the meeting.

Accountants should be ‘ladies and gentlemen serving ladies and gentlemen.’

A college student client may not initially provide a lot of income for the firm, but with the right guidance, there could be a big return on investment.

Accountants also report relatively low churn among their client base.

How much money will you leave on the table this busy season?

Everyone has them, but there are plenty of ways to deal with those painful clients, according to John Napolitano.

It’s the factor behind most failed mergers, but firms aren't paying enough attention to it.