[IMGCAP(1)]Every accountant who wants to thrive, or at least survive in the ultra-competitive economy of today, must make sure that they take all the necessary steps to achieve maximum efficiency in all areas.

One of the most important parts in ensuring a profitable business is reducing client acquisition costs, which means that the cost of a new customer (CAC) has to be less than the customer lifetime value (CLF). An acceptable reality for many is when the CAC is equal to the customer’s value for one year, but in a well-run practice yearly value of a customer should be significantly higher than the CAC.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access