How to have that ideal accounting practice: Part 2

This is Part Two of a Five -Part blog showing you how to double your accounting practice profits…

How would you like to have that “ideal accounting practice” with:

  • no capital tied up in debtors or work-in-progress,
  • no compliance deadline stress,
  • a bunch of happy clients who respect your opinion and value the benefits that you bring to their business,
  • happy team members,
  • and a constant flow of clients referred to your practice each month

 

Here are the five steps:

Step 1: Reduce Your Administration Time
Step 2: Have a Brainstorming Session and Think of All the Services That You Can Offer Your Clients…. and I mean EVERYTHING
Step 3: How to Start That Discussion With Your Client
Step 4: Transitioning to Fixed Pricing With Your Clients
Step 5: Allow Your Client to Tell You What They Want to Pay

In last week’s blog we discussed the first step in this process, being reduction of administration time and cost by identifying the cost of running your time cost system. Here is Step Two in more detail:

Step 2: Have a Brainstorming Session and Think of All the Services That You Can Offer Your Clients…. and I mean EVERYTHING

Prepare a menu of the services that you can perform so that your clients know what you have to offer. Think about your menu of services as being split into two sections, NEEDS and WANTS. Get the needs out of the way first. These will be all the compliance services that your clients need but don’t necessarily want. The services in the WANTS section are items that the client sees as growing their business, improving their bottom line and improving their lifestyle…and that is why they ‘want’ them. Remember to always show the benefits and not the process in your menu of services. Clients don’t give a hoot about how you do things they just want to know the benefits that the service will provide.

Bundle the services and always include unlimited phone calls, emails and meeting in the package. How many times have your clients purchased something in the wrong entity and they didn’t call you as they were concerned about the clock ticking and costing them money. And it turns out that you have to do a lot of extra work to rectify this problem, and who ends up paying for that? Even just explaining to the client how you have to fix the problem is costing you time and money.

When phone calls are included in the fee your clients will contact you whenever they are making a decision, which most times will result in more quality chargeable work for the practice. Encourage your clients to contact you regularly. You are the trusted adviser and they see you as the project manager for everything they do. If you are concerned about not having enough time to provide all these additional services, then you need to tune in to Step Three next week, which will show you how to free up time in your practice in order to provide these valuable services to your client.

View the introduction of Peter's plan to Double your Accounting Practice Profits
View Step 1 of Peter's plan to Double your Accounting Practice Profits
View Step 2 of Peter's plan to Double your Accounting Practice Profits
View Step 3 of Peter's plan to Double your Accounting Practice Profits
View Step 4 of Peter's plan to Double your Accounting Practice Profits
View Step 5 of Peter's plan to Double your Accounting Practice Profits

Can't wait for the rest of the steps? Then contact nhughes@morganmckinley.ie and I'd be happy to email this to you.

Gerald FitzGerald's picture
Chief Operations Officer Ireland
gfitzgerald@morganmckinley.com

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