CPA Practice Advisor

JUN 2015

Today's Technology for Tomorrow's Firm.

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FEATURE June/July 2015 • www.CPAPracticeAdvisor.com 25 Referral/COI Touches R eque s t a n accou nt i ng f rom a l l leaders involved in business devel- opment of their top referral sources o r c i r c l e s o f i n f l u e n c e (C O I). W hether each leader has a list of 10 or 30, review the ways leaders can reach out to these sources. Let these in fuencers k now about your f rm goals and the t y pes of clients you seek . E x pl a i n t he v a lue you c a n deliver so that referred prospective clients are a good ft. Client Expanded Business Client service masters in your frm should schedule regular conversa- tions with existing clients to identif y add it iona l ser v ice need s or con- cer n s . E x pa nded bu si ness i s t he hallmark of strong client retention and satisfaction. In your clients' key markets, review industry trends that may afect them in the coming year. Discuss the account with others in your frm who may have fresh ideas. Send a leter with new recommenda- tions or schedule a discussion with prepa red quest ions a nd i nsig hts. Clients will appreciate this forward- thinking approach. New Clients A lthough a signifcant percentage of busi ness g row t h shou ld come f rom ex ist i ng cl ients, c u lt ivat i ng new clients requires a clear align- ment bet ween marketing and sales processes. Marketing staf need to k now how many new clients — and i n w h ic h i ndu s t r ie s — t he f i r m needs ever y mont h or qua r ter to reach a nnua l g row t h goa ls. Sa les s t a f f s h o u l d t a r g e t t h e a v e r a g e engagement requ i red f rom t hese ne w c l ie nt s . " We lo ok at w h ic h niches are ripe for grow th, not just in our loca l a rea but a lso nat ion- ally," said Jason Tonjes, managing pa r tner of Bla nd & A ssociates i n Omaha, Neb., and the BK R Inter- national A mericas Regional Chair. " We reach out w ith distinct mar- keting as well as sales strategies to communicate our frm's value." As new clients come into the frm, pursue a clear onboarding process to build trust in the team and deliver results, Tonjes added. If not, you risk client turnover. Pipeline 30-60-90 W h e n m a r k e t i n g a n d s a l e s a r e aligned, each function can review a pipeline that records the number a nd t y pes of m a rket i ng touc hes required to close. Marketing tees up the sales leads to contact and engage pros pe c t s w it h sol id d at a a nd a convincing ofer. Monthly pipeline meetings w ill inform the team on sales oppor tunities up to 90 days out. Tis keeps revenue on track and helps t he tea m d i sc u ss w i n/ loss rates regularly. Te pipeline meeting also provides data on which niches are performing well over time and which are lagging. Regular touches w ith COIs and ex isting clients feed your pipeline. Market research helps you identif y n e w o p p o r t u n i t i e s . S a l e s t e c h - niques reel them in. Pursue these fou r bench ma rk s consistent ly to keep your pipeline f u l l and avoid sales gaps. Four Growth Benchmarks Every Accounting Firm Managing Partner Should Use By Maureen Schwartz N ow that busy season for most accounting frms has drawn to a close, more attention s h o u l d b e f o c u s e d o n e x p a n d i n g b u s i n e s s a n d developing new business. While every frm has a diferent way of tracking growth and revenue, BKR International reminds frms of four growth benchmarks to pursue and track consistently to stay in front of your best business opportunities. Maureen Schwartz is the executive director of BK R International, one of the top 5 global accounting associa- tions, representing the combined strength and market exclusivity of more than 160 independent accounting and business advisory frms in over 500 ofces and 80 countries. Referral/ COI Touches 04 03 02 01 0 4 Pipeline 30-60-90 0 3 0 2 New Clients Client Expanded Business

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